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)
Copies to:
| | |
Caroline Kraus, Esq. | | Stephen H. Bier, Esq. |
Goldman Sachs & Co. LLC | | Dechert LLP |
200 West Street | | 1095 Avenue of the Americas |
New York, New York 10282 | | New York, NY 10036 |
(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, 2022
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
| | The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
| | | | |
| | |
| Annual Report | | | | August 31, 2022 |
| | |
| | | | Access Fixed Income ETFs |
| | | | Access Emerging Markets USD Bond ETF (GEMD) |
| | | | 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 EMERGING MARKETS USD BOND ETF |
| ∎ | | 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 |
| | | | |
| | | |
| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs Access Fixed Income ETFs
Principal Investment Strategies
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
The Goldman Sachs Access Emerging Markets 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 Emerging Markets USD Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade and high yield bonds issued by emerging market governments or quasi-government entities denominated in U.S. dollars (“USD”) that meet certain liquidity, governance and fundamental screening criteria. As of August 31, 2022, there were 510 constituents in the Index and the Index had a weighted average maturity of 13.52 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 government and quasi-government bonds of the FTSE Emerging Markets Broad 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 sovereign and quasi-sovereign debt issued in USD with a minimum of $500 million and $250 million outstanding, respectively, that is rated at least C by S&P Global Ratings (“S&P”) or Ca by Moody’s Investors Service, Inc. (“Moody’s”). Only constituents of the Reference Index that have a minimum issue equivalent of $500 million outstanding, a minimum issuer size of $1 billion, and are rated at least B- by S&P or B3 by Moody’s are included in the Universe. The weight of each country within the Universe is capped at 5%. 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 both governance and fundamental screens to the Universe. First, issuers are ranked by improvement or deterioration in governance based on the Worldwide Governance Indicators. Based on this ranking, the bottom 10% of issuing countries are excluded from the Universe. Second, issuers are ranked by improvement or deterioration in two fundamental factors, import coverage and inflation. Based on this second ranking, the bottom 5% of issuing countries are excluded from the Universe. Inclusion or exclusion of quasi-government bonds is based on the country of domicile.
As of August 31, 2022, issuers from 44 emerging market countries were included in the Index. The majority of these countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. The countries included in the Index may change over time. The percentage of the portfolio exposed to any 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 country or geographic region at all times.
The securities included in the Index include non-investment grade fixed income securities (commonly known as “junk bonds”). Non-investment grade fixed income securities in the Index are securities rated below BBB- by S&P or Baa3 by Moody’s.
The Investment Adviser uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, governance characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.
The 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.
1
INVESTMENT PROCESS
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, 2022. there were 888 constituents in the Index and the Index had a weighted average maturity of 5.64 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of BB+ by S&P Global Ratings (“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, 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, 2022, there were 41 issues in the Index and the Index had a weighted average maturity of 7.75 years and a weighted average duration of 7.29 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 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.
2
INVESTMENT PROCESS
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 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, 2022, there were 2,837 constituents in the Index and the Index had a weighted average maturity of 11.87 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“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.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS 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.
3
INVESTMENT PROCESS
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, 2022, there were 2,168 constituents in the Index and the Index had a weighted average maturity of 3.64 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. (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 a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“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 fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.
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, 2022, there were 85 issues in the Index and the Index had a weighted average maturity of 0.38 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.
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.
4
INVESTMENT PROCESS
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, 2022, there were 8,243 constituents in the Index and the Index had a weighted average maturity of 13.34 years. In addition, as of August 31, 2022, the percentage breakdown of bonds included in the Index was as follows: U.S. Treasury securities (41.2%), corporate bonds (24.8%), mortgage-backed securities (27.2%), asset-backed securities (0.2%), government-sponsored securities (3.7%) and non-U.S. sovereign and provincial securities (0.2%). 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. (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 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 S&P Global Ratings (“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.
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.
5
INVESTMENT PROCESS
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 Emerging Markets USD Bond Index, 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.
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
6
INVESTMENT PROCESS
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, 2022, 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, CLOs 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 S&P, 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 S&P, 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.
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 S&P, 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.
| * | | Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the annualized standard deviation of returns. |
7
INVESTMENT PROCESS
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. |
* * *
At the end of the Reporting Period, we believed the major factors that would influence the fixed income markets in the coming months included geopolitical risk (especially the war in Ukraine), energy prices (particularly risks of supply constraints), inflation levels (persistently high or potentially declining), central bank policy decisions (especially U.S. Federal Reserve policy and its potential impact on the markets and the U.S. economy), relative strength of the U.S. dollar (potential impact on commodity prices and global markets) and U.S. recession risk (uncertain in terms of scope and time frame).
8
PORTFOLIO RESULTS
Goldman Sachs Access Emerging Markets USD Bond ETF
Investment Objective
The Goldman Sachs Access Emerging Markets 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 Emerging Markets USD 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 period since the Fund’s inception on February 15, 2022 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -16.11% based on net asset value (“NAV”) and -17.04% based on market price. The Index returned -17.06% during the same period. |
| | The Fund had an NAV of $49.68 per share on the date of inception and ended the Reporting Period with an NAV of $40.58 per share. The Fund’s market price on August 31, 2022 was $40.13 per share. |
| | Effective February 17, 2022, Goldman Sachs Asset Management, L.P., the Fund’s investment adviser, implemented a management fee waiver for the Fund such that total annual fund operating expenses after the fee waiver are 0.00% through at least February 17, 2023. |
| 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 and high yield bonds issued by emerging market governments or quasi-government entities denominated in U.S. dollars (“USD”) that meet certain liquidity, governance and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the government and quasi-government bonds of the FTSE Emerging Markets Broad Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month. |
| | Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
| | During the Reporting Period, the Fund posted negative absolute returns but modestly outperformed 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 invests in U.S. dollar-denominated sovereign and quasi-sovereign debt of emerging market countries, both investment grade and below investment grade bonds included. Emerging market bonds began selling off after the Russian invasion of Ukraine in late February, just weeks after the Fund’s inception. These events broadened geopolitical concerns, particularly in countries more closely tied to the Russia/Ukraine conflict. Emerging market bonds were also impacted during the Reporting Period by the broad sell-off in risk assets and by widening credit spreads, driven, in turn, by global economic and inflation pressures. (Spreads are a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries.) The strong U.S. dollar |
9
PORTFOLIO RESULTS
| | was also a factor, as many emerging market countries issue debt in U.S. dollars, effectively increasing the amount of debt they owe due to the lower valuation of their own currency. Spreads on global sovereign emerging markets debt widened approximately 121 basis points during the Reporting Period, from 304 basis points to 425 basis points. (A basis point is 1/100th of a percentage point.) |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 7.35 years, a weighted average maturity of 13.03 years and a weighted average coupon of 5.18% as of August 31, 2022. The Fund’s weighted average yield to maturity was 7.23% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 6.90%. |
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| AA | | 6.87% | | | | |
| A | | 12.70% | | | | |
| BBB | | 33.65% | | | | |
| BB | | 19.14% | | | | |
| B | | 24.10% | | | | |
| CCC | | 0.71% | | | | |
| Not Rated | | 1.07% | | | | |
| Cash | | 1.74% | | | | |
| Q | | What was the Fund’s regional allocation at the end of the Reporting Period?3 |
| A | | Of the approximately 98.26% of the Fund’s assets invested in emerging markets debt at the end of the Reporting Period, approximately 37.72% was in Latin America, 11.47% in Europe, 31.95% in the Middle East and Africa, 15.11% in Asia and 2.01% elsewhere. |
| | 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 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 | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index. |
10
FUND BASICS
Access Emerging Markets USD Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 40.13 | |
| | | Net Asset Value (NAV)1 | | $ | 40.58 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | Chile Government International Bond, 3.50%, 01/31/34 | | | 1.6 | % | | Chile |
| | Hungary Government International Bond, 5.38%, 03/25/24 | | | 1.2 | | | Hungary |
| | Indonesia Government International Bond, 7.75%, 01/17/38 | | | 1.2 | | | Indonesia |
| | Chile Government International Bond, 3.13%, 01/21/26 | | | 1.2 | | | Chile |
| | Colombia Government International Bond, 5.00%, 06/15/45 | | | 1.1 | | | Colombia |
| | Qatar Government International Bond, 4.82%, 03/14/49 | | | 1.1 | | | Qatar |
| | Saudi Arabian Oil Co., 3.50%, 04/16/29 | | | 1.1 | | | Saudi Arabia |
| | Bahrain Government International Bond, 7.00%, 01/26/26 | | | 1.1 | | | Bahrain |
| | Croatia Government International Bond, 6.00%, 01/26/24 | | | 1.1 | | | Croatia |
| | | Uruguay Government International Bond, 5.10%, 06/18/50 | | | 1.1 | | | Uruguay |
| 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 8/31/223 | | | | |
| | |
| | | Sector Name | | Fund | |
| | Government | | | 87.6 | % |
| | Energy | | | 6.0 | |
| | Basic Materials | | | 2.8 | |
| | Investment Company | | | 1.5 | |
| | Industrials | | | 0.9 | |
| | Financials | | | 0.6 | |
| | | Utilities | | | 0.6 | |
| 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. |
11
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on February 15, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Emerging Markets 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 Emerging Markets USD Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from February 15, 2022 through August 31, 2022.
| | |
| Average Annual Total Return through August 31, 2022* | | Since Inception |
Shares based on NAV (Commenced February 15, 2022) | | -16.11% |
|
Shares based on Market Price (Commenced February 15, 2022) | | -17.04% |
|
FTSE Goldman Sachs Emerging Markets USD Bond Index | | -17.06% |
|
| * | | 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. |
12
PORTFOLIO RESULTS
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -11.07% based on net asset value (“NAV”) and -11.90% based on market price. The Index returned -10.21% during the same period. |
| | The Fund had an NAV of $50.40 per share on August 31, 2021 and ended the Reporting Period with an NAV of $42.70 per share. The Fund’s market price on August 31, 2022 was $42.28 per share. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
| | The Index is designed to measure the performance of 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 negative absolute returns that 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”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. |
13
PORTFOLIO RESULTS
| | The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
| | Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. High yield corporate spreads widened from 289 basis points to 484 basis points during the Reporting Period. |
| | Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 4.29 years, a weighted average maturity of 5.66 years and a weighted average coupon of 5.46% as of August 31, 2022. The Fund’s weighted average yield to maturity was 8.15% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 7.19%. |
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| BBB | | 0.24% | | | | |
| BB | | 50.71% | | | | |
| B | | 36.21% | | | | |
| CCC | | 7.94% | | | | |
| CC | | 1.20% | | | | |
| Not Rated | | 1.15% | | | | |
| Cash | | 2.55% | | | | |
| Q | | What was the Fund’s industry allocation at the end of the Reporting Period? |
| A | | Of the approximately 95.98% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 83% was in industrials, 9% in financials and 6% 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 99.13% invested in high yield corporate bonds, 0.87% invested in emerging market corporate bonds and 0.00% in cash, the Fund was 95.98% invested in high yield corporate bonds, 1.23% in emerging market corporate bonds and 2.55% 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 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. |
14
FUND BASICS
Access High Yield Corporate Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 42.28 | |
| | | Net Asset Value (NAV)1 | | $ | 42.70 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | TransDigm, Inc., 6.25%, 03/15/26 | | | 1.0 | % | | Aerospace & Defense |
| | Medline Borrower LP, 3.88%, 04/01/29 | | | 0.9 | | | Consumer Noncyclical |
| | CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27 | | | 0.7 | | | Communications |
| | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28 | | | 0.6 | | | Consumer Cyclical |
| | Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27 | | | 0.6 | | | Communications |
| | Intelsat Jackson Holdings SA, 6.50%, 03/15/30 | | | 0.6 | | | Wireless |
| | Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 | | | 0.6 | | | Consumer Noncyclical |
| | CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 05/01/32 | | | 0.6 | | | Communications |
| | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 4.25%, 10/15/27 | | | 0.6 | | | Insurance |
| | | Sirius XM Radio, Inc., 4.00%, 07/15/28 | | | 0.6 | | | Broadcasting |
| 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 8/31/223 | | | | |
| | |
| | | Sector Name | | Fund | |
| | Consumer, Cyclical | | | 21.0 | % |
| | Consumer, Non-cyclical | | | 18.4 | |
| | Energy | | | 13.7 | |
| | Telecommunication Services | | | 13.0 | |
| | Financials | | | 11.2 | |
| | Industrials | | | 8.7 | |
| | Materials | | | 4.4 | |
| | Utilities | | | 3.7 | |
| | Information Technology | | | 3.5 | |
| | | Investment Company | | | 2.4 | |
| 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. |
15
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced September 5, 2017) | | -11.07% | | 1.89% |
|
Shares based on Market Price (Commenced September 5, 2017) | | -11.90% | | 1.69% |
|
FTSE Goldman Sachs High Yield Corporate Bond Index | | -10.21% | | 2.22% |
|
| * | | 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. |
16
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -6.08% based on net asset value (“NAV”) and -6.20% based on market price. The Index returned -6.02% during the same period. |
| | The Fund had an NAV of $58.52 per share on August 31, 2021 and ended the Reporting Period with an NAV of $51.68 per share. The Fund’s market price on August 31, 2022 was $51.64 per share. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
| | The Index is designed to 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 negative 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. |
| | Two key drivers of return for the Treasury inflation protected securities (“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 185 basis points to 3.15%. (A basis point is 1/100th of a percentage point.) The move in U.S. Treasuries reflected market expectations of slowed economic growth on the back of U.S. Federal Reserve interest rate hikes, implemented, in turn, in an effort to reduce inflation. Annualized Consumer Price Index readings rose from 5.3% at the start of the Reporting Period to 8.3% in August 2022. Inflation increased across virtually all segments of the economy, but perhaps most noticeably in energy prices, with the U.S. Gasoline National Average increasing about 20% during the Reporting Period. Still, the U.S. labor market was strong. The U.S. unemployment rate declined from 5.1% to 3.6% during the Reporting Period, and annualized average hourly earnings rose from 4.3% to 5.2%. Supply-chain issues abated later in the Reporting Period, but demand remained high. All told, heightened inflation data was positive for TIPs, but it was not enough to offset the effect of rising interest rates, which drove negative returns for the sector during the Reporting Period. |
17
PORTFOLIO RESULTS
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 7.23 years, a weighted average maturity of 7.73 years and a weighted average coupon of 0.64% as of August 31, 2022. The Fund’s weighted average yield to maturity was 3.63% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 16.80%. |
| 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 98.68% invested in U.S. TIPS and 1.32% 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. |
18
FUND BASICS
Access Inflation Protected USD Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 51.64 | |
| | | Net Asset Value (NAV)1 | | $ | 51.68 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 | | | 8.8 | % | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25 | | | 7.5 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26 | | | 6.8 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24 | | | 6.7 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25 | | | 6.6 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40 | | | 6.5 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30 | | | 6.5 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 | | | 6.4 | | | Government |
| | U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24 | | | 5.7 | | | Government |
| | | U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25 | | | 5.6 | | | Government |
| 2 | | The holdings may not be representative of the Fund’s future investments. |
| | | | | | |
| | INDUSTRY ALLOCATION AS OF 8/31/223 | |
| | |
| | | Sector Name | | Fund | |
| | Government | | | 99.8 | % |
| | | Investment Company | | | 0.2 | |
| 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. |
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.
19
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced October 2, 2018) | | -6.08% | | 4.09% |
|
Shares based on Market Price (Commenced October 2, 2018) | | -6.20% | | 4.06% |
|
FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index | | -6.02% | | 4.19% |
|
| * | | 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. |
20
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -6.30% based on net asset value (“NAV”) and -6.51% based on market price. The Index returned -6.15% during the same period. |
| | The Fund had an NAV of $50.28 per share on August 31, 2021 and ended the Reporting Period with an NAV of $46.46 per share. The Fund’s market price on August 31, 2022 was $46.38 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, 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. (the “Investment Adviser” or “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 negative 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. |
| | 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”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future |
21
PORTFOLIO RESULTS
| | economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. Shorter-term U.S. Treasury security yields rose even more dramatically, with the three-year U.S. Treasury yield increasing 311 basis points, from 0.40% to 3.51% during the Reporting Period. |
| | Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. Short-term investment grade corporate spreads widened by approximately 47 basis points, from 45 basis points to 92 basis points, during the Reporting Period. |
| | Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 2.69 years, a weighted average maturity of 3.13 years and a weighted average coupon of 3.21% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.47% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.02%. |
| | 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. |
22
PORTFOLIO RESULTS
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| AAA | | | 1.05 | % | | |
| AA | | | 5.96 | % | | |
| A | | | 33.30 | % | | |
| BBB | | | 55.46 | % | | |
| BB | | | 2.65 | % | | |
| B | | | 0.29 | % | | |
| Cash | | | 1.28 | % | | |
| Q | | What was the Fund’s industry allocation at the end of the Reporting Period? |
| A | | Of the approximately 95.52% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 37.71% was in financials, 53.83% in industrials and 3.98% 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 97.52% allocated to investment grade corporate bonds, 1.57% allocated to high yield corporate bonds, 0.09% allocated to quasi-government securities, 0.82% to emerging markets debt and 0.00% in cash, the Fund was 95.52% invested in investment grade corporate bonds, 2.05% in high yield corporate bonds, 0.25% in quasi-government securities, 0.90% in emerging markets debt and 1.28% 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. |
23
FUND BASICS
Access Investment Grade Corporate 1-5 Year Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 46.38 | |
| | | Net Asset Value (NAV)1 | | $ | 46.46 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25 | | | 1.5 | % | | Banks |
| | Santander UK Group Holdings PLC, 1.53%, 08/21/26 | | | 1.4 | | | Banks |
| | HSBC Holdings PLC, 4.30%, 03/08/26 | | | 1.4 | | | Banks |
| | Banco Santander SA, 2.75%, 05/28/25 | | | 1.2 | | | Banks |
| | Lloyds Banking Group PLC, 2.44%, 02/05/26 | | | 1.2 | | | Banks |
| | HSBC Holdings PLC, 2.25%, 11/22/27 | | | 1.1 | | | Banks |
| | Barclays PLC, 2.28%, 11/24/27 | | | 1.1 | | | Banks |
| | JPMorgan Chase & Co., 1.51%, 06/01/24 | | | 1.0 | | | Banks |
| | Deutsche Bank AG, 3.96%, 11/26/25 | | | 0.9 | | | Banks |
| | | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 01/30/26 | | | 0.8 | | | Financial Company |
| 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 8/31/223 | |
| | |
| | | Sector Name | | Fund | |
| | Financials | | | 39.5 | % |
| | Consumer, Non-cyclical | | | 10.0 | |
| | Industrials | | | 9.8 | |
| | Information Technology | | | 9.3 | |
| | Telecommunication Services | | | 8.8 | |
| | Energy | | | 8.5 | |
| | Consumer, Cyclical | | | 8.2 | |
| | Utilities | | | 4.3 | |
| | Investment Company | | | 1.0 | |
| | | Materials | | | 0.6 | |
| 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. |
24
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced July 7, 2020) | | -6.30% | | -2.17% |
|
Shares based on Market Price (Commenced July 7, 2020) | | -6.51% | | -2.25% |
|
FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index | | -6.15% | | -1.96% |
|
| * | | 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. |
25
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -14.96% based on net asset value (“NAV”) and -15.26% based on market price. The Index returned -14.79% during the same period. |
| | The Fund had an NAV of $55.24 per share on August 31, 2021 and ended the Reporting Period with an NAV of $45.81 per share. The Fund’s market price on August 31, 2022 was $45.61 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”) 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 negative 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. |
| | 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”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
26
PORTFOLIO RESULTS
| | Virtually all fixed income sectors recorded negative absolute returns during the Reporting Period, hurt by the increase in market volatility, much of which stemmed from the uncertainty around how forcefully the Fed would act to slow the economy as it sought to quell inflation. The risk asset sell-off drove a widening of credit spreads. Investment grade corporate spreads widened by approximately 53 basis points, from 87 basis points to 140 basis points, during the Reporting Period. |
| | Toward the end of the Reporting Period, Fed Chair Powell articulated what had been increasingly clear for some time — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 7.43 years, a weighted average maturity of 11.62 years and a weighted average coupon of 3.67% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.82% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.46%. |
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| AAA | | | 1.55 | % | | |
| AA | | | 7.84 | % | | |
| A | | | 38.58 | % | | |
| BBB | | | 50.39 | % | | |
| BB | | | 1.14 | % | | |
| Cash | | | 0.49 | % | | |
| Q | | What was the Fund’s industry allocation at the end of the Reporting Period? |
| A | | Of the approximately 96.66% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 33.72% was in financials, 60.27% in industrials and 2.67% 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. |
| | 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. |
27
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 97.25% allocated to investment grade corporate bonds, 1.07% allocated to high yield corporate bonds, 1.43% allocated to emerging market corporate bonds, 0.25% allocated to quasi-government securities and 0.00% in cash, the Fund was 96.66% invested in investment grade corporate bonds, 0.78% in high yield corporate bonds, 1.72% in emerging market corporate bonds, 0.34% in quasi-government securities and 0.49% in cash at the end of the Reporting Period. |
| | 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. |
28
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 45.61 | |
| | | Net Asset Value (NAV)1 | | $ | 45.81 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | American Express Co., 3.00%, 10/30/24 | | | 0.5 | % | | Banks | | United States |
| | Cigna Corp., 4.13%, 11/15/25 | | | 0.5 | | | Healthcare | | United States |
| | Verizon Communications, Inc., 0.85%, 11/20/25 | | | 0.4 | | | Wireless | | United States |
| | NVIDIA Corp., 0.58%, 06/14/24 | | | 0.4 | | | Technology | | United States |
| | BP Capital Markets America, Inc., 3.02%, 01/16/27 | | | 0.4 | | | Energy | | United States |
| | Starbucks Corp., 3.80%, 08/15/25 | | | 0.4 | | | Consumer Cyclical | | United States |
| | Bristol-Myers Squibb Co., 0.75%, 11/13/25 | | | 0.4 | | | Consumer Noncyclical | | United States |
| | Bank of Montreal, 4.34%, 10/05/28 | | | 0.3 | | | Banks | | Canada |
| | AbbVie, Inc., 3.60%, 05/14/25 | | | 0.3 | | | Consumer Noncyclical | | United States |
| | | Westpac Banking Corp., 2.89%, 02/04/30 | | | 0.3 | | | Banks | | Australia |
| 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 8/31/223 | |
| | |
| | | Sector Name | | Fund | |
| | Financials | | | 35.7 | % |
| | Consumer, Non-cyclical | | | 18.3 | |
| | Telecommunication Services | | | 13.5 | |
| | Energy | | | 10.1 | |
| | Information Technology | | | 8.6 | |
| | Consumer, Cyclical | | | 5.2 | |
| | Industrials | | | 4.5 | |
| | Utilities | | | 2.7 | |
| | Materials | | | 1.1 | |
| | | Investment Company | | | 0.3 | |
| 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. |
29
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced June 6, 2017) | | -14.96% | | 1.18% |
|
Shares based on Market Price (Commenced June 6, 2017) | | -15.26% | | 1.09% |
|
FTSE Goldman Sachs Investment Grade Corporate Bond Index | | -14.79% | | 1.39% |
|
| * | | 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. |
30
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned 0.01% based on net asset value (“NAV”) and 0.06% based on market price. The Index returned 0.18% during the same period. |
| | The Fund had an NAV of $100.09 on August 31, 2021 and ended the Reporting Period with an NAV of $99.84 per share. The Fund’s market price on August 31, 2022 was $99.88 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 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. |
| | 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 had kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic. However, higher inflation, combined with a strong labor market, resulted in the Fed beginning to hike interest rates in March 2022. Indeed, in an effort to slow the economy and dampen price increases, the Fed raised the targeted federal funds rate four times in the first eight months of 2022, for a total of 225 basis points. (A basis point is 1/100th of a percentage point.) This put upward pressure on short-term U.S. interest rates and downward pressure on short-term bond prices. In fact, short-term U.S. interest rates increased significantly, with six-month U.S. Treasury yields up from 0.05% to 3.33% during the Reporting Period. |
| | The Fund is an ultra-short bond fund, i.e. it invests in U.S. Treasury securities with maturities of one-month to one-year and thus its NAV has a low sensitivity to interest rate changes, but such Fed rate hikes resulted in the yield of the Fund increasing significantly during the Reporting Period. However, the sharp move higher in yields offset the positive effect of higher income, resulting in a rather neutral total return for the Fund for the Reporting Period. |
31
PORTFOLIO RESULTS
| | In August 2022, Fed Chair Jerome Powell articulated what had been increasingly clear throughout the Reporting Period — that the Fed has limited tools to address inflation, but it intends to continue to forcefully react to inflation. At the end of the Reporting Period, we expected key factors impacting the returns of the Fund to continue to be inflation, U.S. economic growth and Fed policy, as these factors will likely help drive the outcome and level of short-term interest rates in the U.S. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 0.38 years, a weighted average maturity of 0.38 years and a weighted average coupon of 0.14% as of August 31, 2022. The Fund’s weighted average yield to maturity was 2.96% on August 31, 2022. The 30-day net standardized yield of the Fund at the end of the Reporting Period was 2.44%. |
| 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 99.92% invested in U.S. Treasury securities at the end of the Reporting Period, with the remainder in cash. |
|
| |
On June 30, 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. On October 1, 2022, Mr. Fishman will no longer serve as a portfolio manager for the Fund. Todd Henry and David Westbrook, each a Vice President within GSAM’s Fixed Income Team, will continue to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund. |
| | 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. |
32
FUND BASICS
Access Treasury 0-1 Year ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 99.88 | |
| | | Net Asset Value (NAV)1 | | $ | 99.84 | |
| 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 8/31/222 | |
| | | |
| | | Holding | | Maturity Date | | % of Net Assets | |
| | | |
| | U.S. Treasury Bill, 2.09% | | 10/25/22 | | | 12.9 | % |
| | U.S. Treasury Bill, 3.06% | | 01/19/23 | | | 6.0 | |
| | U.S. Treasury Bill, 2.63% | | 11/03/22 | | | 5.8 | |
| | U.S. Treasury Bill, 3.34% | | 07/13/23 | | | 4.3 | |
| | U.S. Treasury Bill, 2.97% | | 12/22/22 | | | 3.9 | |
| | U.S. Treasury Bill, 3.01% | | 01/05/23 | | | 3.8 | |
| | U.S. Treasury Bill, 2.82% | | 03/23/23 | | | 3.8 | |
| | U.S. Treasury Bill, 3.21% | | 02/23/23 | | | 3.7 | |
| | U.S. Treasury Bill, 3.29% | | 02/23/23 | | | 3.7 | |
| | | U.S. Treasury Bill, 2.50% | | 12/22/22 | | | 3.6 | |
| 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.
33
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | 5 Year Return | | Since Inception |
Shares based on NAV (Commenced September 6, 2016) | | 0.01% | | 1.03% | | 0.95% |
|
Shares based on Market Price (Commenced September 6, 2016) | | 0.06% | | 1.04% | | 0.95% |
|
FTSE US Treasury 0-1 Year Composite Select Index | | 0.18% | | 1.14% | | 1.06% |
|
| * | | 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 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. |
34
PORTFOLIO RESULTS
Goldman Sachs Access 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 Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -12.12% based on net asset value (“NAV”) and -11.99% based on market price. The Index returned -12.07% during the same period. |
| | The Fund had an NAV of $49.40 per share on August 31, 2021 and ended the Reporting Period with an NAV of $42.88 per share. The Fund’s market price on August 31, 2022 was $42.93 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. (the “Investment Adviser”). 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 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. |
| | 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). |
| | During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the |
35
PORTFOLIO RESULTS
| | U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. |
| | The Fund had a duration of six to seven years during the Reporting Period, which means moves in the U.S. Treasury yield curve, particularly in the five-year to 10-year segment of the maturity spectrum, made the Fund sensitive to moves in this intermediate segment of the curve. During the Reporting Period, five-year U.S. Treasury yields increased approximately 257 basis points, and the bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. |
| | During the Reporting Period, investment grade corporate spreads ended August 2022 at approximately 319 basis points, widening by approximately 233 basis points. U.S. mortgage-backed securities spreads ended August 2022 at approximately 40 basis points, widening by approximately seven basis points 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. 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. |
| 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 6.46 years, a weighted average maturity of 13.97 years and a weighted average coupon of 2.74% as of August 31, 2022. The Fund’s weighted average yield to maturity was 3.89% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.22%. |
| | 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. |
36
PORTFOLIO RESULTS
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| U.S. Treasuries | | | 44.94 | % | | |
| Agency Securities | | | 26.57 | % | | |
| AAA | | | 0.41 | % | | |
| AA | | | 2.52 | % | | |
| A | | | 10.32 | % | | |
| BBB | | | 13.95 | % | | |
| BB | | | 0.49 | % | | |
| B | | | 0.00 | % | | |
| Not Rated | | | 0.03 | % | | |
| Cash | | | 0.76 | % | | |
| Q | | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?3 |
| | | | | | | | | | |
| | | |
| | | Sector | | Fund | | | Index | |
| | | |
| | U.S. Treasuries | | | 44.94 | % | | | 41.40 | % |
| | Quasi-Government Securities | | | 0.36 | % | | | 3.65 | % |
| | Asset-Backed Securities | | | 0.00 | % | | | 0.17 | % |
| | Commercial Mortgage-Backed Securities | | | 0.00 | % | | | 0.00 | % |
| | Residential Mortgage-Backed Securities | | | 26.57 | % | | | 27.21 | % |
| | Investment Grade Corporate Bonds | | | 24.31 | % | | | 24.49 | % |
| | High Yield Corporate Bonds | | | 0.38 | % | | | 0.28 | % |
| | Emerging Markets Debt | | | 2.68 | % | | | 2.80 | % |
| | | Cash | | | 0.76 | % | | | 0.00 | % |
| | 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 | | 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. |
37
FUND BASICS
Access U.S. Aggregate Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | Market Price1 | | $ | 42.93 | |
| | | Net Asset Value (NAV)1 | | $ | 42.88 | |
| 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 8/31/222 | |
| | |
| | | Holding | | % of Net Assets | |
| | |
| | U.S. Treasury Note, 2.00%, 11/15/26 | | | 12.1 | % |
| | Federal National Mortgage Association, 2.00%, 09/15/50 | | | 6.2 | |
| | U.S. Treasury Note, 2.75%, 02/15/28 | | | 4.8 | |
| | U.S. Treasury Note, 2.88%, 08/15/28 | | | 4.3 | |
| | Federal National Mortgage Association, 2.50%, 09/15/51 | | | 3.9 | |
| | U.S. Treasury Note, 2.00%, 02/15/25 | | | 3.6 | |
| | U.S. Treasury Note, 0.25%, 05/15/24 | | | 3.3 | |
| | U.S. Treasury Note, 2.13%, 05/31/26 | | | 2.8 | |
| | U.S. Treasury Note, 2.50%, 01/31/25 | | | 2.5 | |
| | | Federal National Mortgage Association, 3.00%, 09/15/51 | | | 2.4 | |
| 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 8/31/223 | |
| | |
| | | Sector Name | | Fund | |
| | U.S. Treasury Notes | | | 26.9 | % |
| | Mortgage-Backed Securities | | | 22.0 | |
| | Investment Company | | | 18.9 | |
| | Corporate Obligations | | | 16.7 | |
| | U.S. Treasury Bonds | | | 5.5 | |
| | U.S. Treasury Obligations | | | 4.4 | |
| | Foreign Corporate Debt | | | 4.1 | |
| | | Foreign Debt Obligations | | | 1.5 | |
| 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. |
38
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced September 8, 2020) | | -12.12% | | -6.57% |
|
Shares based on Market Price (Commenced September 8, 2020) | | -11.99% | | -6.51% |
|
FTSE Goldman Sachs US Broad Bond Market Index | | -12.07% | | -6.40% |
|
| * | | 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 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. |
39
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -0.58% based on net asset value (“NAV”) and -0.59% based on market price. The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 0.44% for the same period. |
| | The Fund had an NAV of $50.71 per share on August 31, 2021 and ended the Reporting Period with an NAV of $49.95 per share. The Fund’s market price on August 31, 2022 was $49.95 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 S&P Global Ratings (“S&P”), 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 S&P, 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 negative absolute returns that modestly underperformed the Index. The Fund, as an actively managed, broadly diversified |
40
PORTFOLIO RESULTS
| | portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, slightly underperformed the Index during the Reporting Period due primarily to differences in sector positioning and duration and yield curve positioning relative to that of the Index. |
| | Overall, short term bond returns are driven by two primary factors--short-term interest rates and sector yields. |
| | During the Reporting Period, the U.S. Federal Reserve (the “Fed”), after having kept its monetary policy accommodative for an extended span, with the targeted federal funds rate in a range of 0.00% to 0.25%, began raising interest rates in March 2022. In total, the Fed raised the targeted federal funds rate four times in the first eight months of 2022 for a total of 225 basis points, bringing the targeted federal funds to a range of 2.25% to 2.50% by the end of the Reporting Period. (A basis point is 1/100th of a percentage point.) As investors feared an economic slowdown in reaction to the interest rate hikes, the U.S. Treasury yield curve, or spectrum of maturities, flattened, meaning the spread, or yield differential, between shorter-term and longer-term maturities narrowed. Toward the end of the Reporting Period, as the Fed’s rapid responses to inflation heightened expectations it would move policy into restrictive territory and slow future economic growth, the two-year to 10-year portion of the U.S. Treasury yield curve actually inverted, meaning 10-year U.S. Treasury yields were lower than those of two-year U.S. Treasury yields, historically a foreshadow of a recession. All told, yields rose rapidly across the U.S. Treasury yield curve as the Fed began unwinding the COVID-19-related stimulus. The bellwether 10-year U.S. Treasury yield was up 185 basis points during the Reporting Period, from 1.30% to 3.15%. Short-term U.S. interest rates increased even more significantly, with six-month U.S. Treasury yields up from 0.05% to 3.33% during the Reporting Period. |
| | The increase in short-term interest rates put downward pressure on bond prices during the Reporting Period, but 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, thus mitigating the impact of higher rates. The Fund’s allocation to floating rate assets also helped reduce the effect of rising rates, enabling the yield of the strategy to increase along with the market. However, credit spread widening was a detracting factor. During the Reporting Period, short-dated, i.e. maturities of one to three years, investment grade credit yields widened by approximately 43 basis points, from 33 basis points to 76 basis points. |
| | 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. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund does not employ derivatives. 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. |
| 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 0.47 years, a weighted average maturity of 9.03 years and a weighted average coupon of 2.70% as of August 31, 2022. The Fund’s weighted average yield to maturity was 4.18% on August 31, 2022. The 30-day standardized yield of the Fund at the end of the Reporting Period was 2.69%. |
| | 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. |
41
PORTFOLIO RESULTS
| Q | | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
| | | | | | |
| U.S. Treasuries | | | 4.39 | % | | |
| Agency Securities | | | 29.42 | % | | |
| AAA | | | 16.79 | % | | |
| AA | | | 3.76 | % | | |
| A | | | 23.20 | % | | |
| BBB | | | 12.24 | % | | |
| Not Rated | | | 4.59 | % | | |
| Cash | | | 5.60 | % | | |
| 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 4.39% invested in U.S. Treasury securities, 1.31% in quasi-government securities, 14.44% in asset-backed securities, 5.75% in commercial mortgage-backed securities, 29.42% in residential mortgage-backed securities, 39.09% in investment grade corporate bonds and 5.60% in cash at the end of the Reporting Period. |
|
| |
On June 30, 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. On October 1, 2022, Mr. Fishman will no longer serve as a portfolio manager for the Fund. Todd Henry and David Westbrook, each a Vice President within GSAM’s Fixed Income Team, will continue to serve as portfolio managers for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps to ensure continuity in the Fund. |
| | 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. |
42
FUND BASICS
Access Ultra Short Bond ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 49.95 | |
| | | Net Asset Value (NAV)1 | | $ | 49.95 | |
| 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 8/31/222 | |
| | |
| | | Holding | | % of Net Assets | |
| | |
| | FNMA REMIC, Class BM, Series 2020-6347, 2.31%, 02/01/41 | | | 2.3 | % |
| | FNMA REMIC, Class AF, Series 2015-66, 2.69%, 09/25/45 | | | 2.3 | |
| | U.S. Treasury Floating Rate Note, 2.94%, 10/31/23 | | | 2.2 | |
| | FHLMC REMIC, Class F, Series 2019-4944, 2.89%, 01/25/50 | | | 2.1 | |
| | FNMA REMIC, Class FG, Series 2017-82, 2.69%, 11/25/32 | | | 1.8 | |
| | FNMA REMIC, Class FC, Series 2005-103, 2.94%, 07/25/35 | | | 1.8 | |
| | FHLMC REMIC, 2.74%, 01/01/46 | | | 1.6 | |
| | FNMA REMIC, Class NF, Series 2011-86, 2.99%, 09/25/41 | | | 1.2 | |
| | Capital One Financial Corp., 2.99%, 12/06/24 | | | 1.1 | |
| | | Federal Home Loan Bank Discount Note, 1.86%, 09/16/22 | | | 1.0 | |
| 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 8/31/223 | |
| | |
| | | Sector Name | | Fund | |
| | |
| | Mortgage-Backed Securities | | | 31.1 | % |
| | Corporate Obligations | | | 21.5 | |
| | Asset- Backed Securities | | | 18.7 | |
| | Foreign Corporate Debt | | | 17.6 | |
| | U.S. Treasury Notes | | | 3.1 | |
| | Commercial Papers | | | 2.9 | |
| | Certificate of Deposits | | | 1.7 | |
| | U.S. Treasury Bills | | | 1.3 | |
| | U.S. Government Agency Obligations | | | 1.2 | |
| | | Investment Company | | | 0.9 | |
| 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. |
43
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced April 15, 2019) | | -0.58% | | 1.19% |
|
Shares based on Market Price (Commenced April 15, 2019) | | -0.59% | | 1.19% |
|
FTSE Three-Month U.S. Treasury Bill Index | | 0.44% | | 0.76% |
|
| * | | 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 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. |
44
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 Emerging Markets 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 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
45
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 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 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 Three-Month U.S. Treasury 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.
46
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Sovereign Debt Obligations – 82.9% | |
| Angola – 1.1% | |
| | Angolan Government International Bond (NR/B3) | |
| $ | 400,000 | | | | 8.250 | % | | | 05/09/28 | | | $ | 349,632 | |
| | |
| Bahrain – 2.6% | |
| | Bahrain Government International Bond (B+/NR) | |
| | 350,000 | | | | 7.000 | | | | 01/26/26 | | | | 360,225 | |
| | 225,000 | | | | 7.375 | | | | 05/14/30 | | | | 227,119 | |
| | 325,000 | | | | 6.000 | | | | 09/19/44 | | | | 244,793 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 832,137 | |
| | |
| Chile – 3.4% | |
| | Chile Government International Bond (A/A1) | |
| | 400,000 | | | | 3.125 | | | | 01/21/26 | | | | 382,841 | |
| | 200,000 | | | | 3.240 | | | | 02/06/28 | | | | 186,272 | |
| | 600,000 | | | | 3.500 | | | | 01/31/34 | | | | 521,533 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,090,646 | |
| | |
| China – 2.3% | |
| | China Government International Bond (NR/NR) | |
| | 400,000 | | | | 2.750 | | | | 12/03/39 | | | | 344,802 | |
| | 250,000 | | | | 4.000 | | | | 10/19/48 | | | | 255,677 | |
| | 200,000 | | | | 2.250 | | | | 10/21/50 | | | | 145,837 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 746,316 | |
| | |
| Colombia – 5.4% | |
| | Colombia Government International Bond (BB+/Baa2) | |
| | 300,000 | | | | 3.875 | | | | 04/25/27 | | | | 269,130 | |
| | 200,000 | | | | 3.000 | | | | 01/30/30 | | | | 155,085 | |
| | 250,000 | | | | 3.125 | | | | 04/15/31 | | | | 188,739 | |
| | 250,000 | | | | 3.250 | | | | 04/22/32 | | | | 184,622 | |
| | 200,000 | | | | 7.375 | | | | 09/18/37 | | | | 190,395 | |
| | 100,000 | | | | 6.125 | | | | 01/18/41 | | | | 80,575 | |
| | 275,000 | | | | 5.625 | | | | 02/26/44 | | | | 200,307 | |
| | 550,000 | | | | 5.000 | | | | 06/15/45 | | | | 368,748 | |
| | 200,000 | | | | 4.125 | | | | 05/15/51 | | | | 118,327 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,755,928 | |
| | |
| Costa Rica – 1.3% | |
| | Costa Rica Government International Bond (B/B2) | |
| | 250,000 | | | | 6.125 | | | | 02/19/31 | | | | 235,625 | |
| | 200,000 | | | | 7.158 | | | | 03/12/45 | | | | 178,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 414,125 | |
| | |
| Croatia – 1.1% | |
| | Croatia Government International Bond (BBB+/Baa2) | |
| | 350,000 | | | | 6.000 | | | | 01/26/24 | | | | 360,059 | |
| | |
| Dominican Republic – 4.7% | |
| | Dominican Republic International Bond (BB-/Ba3) | |
| | 250,000 | | | | 5.950 | | | | 01/25/27 | | | | 245,625 | |
| | 225,000 | | | | 6.000 | | | | 07/19/28 | | | | 216,281 | |
| | 225,000 | | | | 4.500 | | | | 01/30/30 | | | | 189,562 | |
| | 200,000 | | | | 4.875 | | | | 09/23/32 | | | | 163,000 | |
| | 175,000 | | | | 7.450 | | | | 04/30/44 | | | | 160,563 | |
| | 225,000 | | | | 6.850 | | | | 01/27/45 | | | | 191,813 | |
| | 200,000 | | | | 6.400 | | | | 06/05/49 | | | | 158,500 | |
| | 300,000 | | | | 5.875 | | | | 01/30/60 | | | | 214,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,539,844 | |
| | |
|
| Sovereign Debt Obligations – (continued) | |
| Ecuador – 1.5% | |
| | Ecuador Government International Bond (B-/NR)(a) | |
| 250,000 | | | | 5.500 | | | | 07/31/30 | | | | 134,375 | |
| | 650,000 | | | | 2.500 | | | | 07/31/35 | | | | 258,375 | |
| | 250,000 | | | | 1.500 | | | | 07/31/40 | | | | 88,750 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 481,500 | |
| | |
| Egypt – 5.3% | |
| | Egypt Government International Bond (B/NR) | |
| | 300,000 | | | | 5.750 | | | | 05/29/24 | | | | 278,316 | |
| | 200,000 | | | | 7.500 | | | | 01/31/27 | | | | 171,998 | |
| | 300,000 | | | | 5.800 | | | | 09/30/27 | | | | 238,489 | |
| | 200,000 | | | | 6.588 | | | | 02/21/28 | | | | 159,482 | |
| | 350,000 | | | | 7.625 | | | | 05/29/32 | | | | 249,548 | |
| | 200,000 | | | | 7.300 | | | | 09/30/33 | | | | 137,568 | |
| | 200,000 | | | | 8.500 | | | | 01/31/47 | | | | 128,100 | |
| | 200,000 | | | | 8.700 | | | | 03/01/49 | | | | 127,783 | |
| | 200,000 | | | | 8.875 | | | | 05/29/50 | | | | 129,986 | |
| | 200,000 | | | | 7.500 | | | | 02/16/61 | | | | 116,359 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,737,629 | |
| | |
| Ghana – 0.7% | |
| | Ghana Government International Bond (CCC+/Caa1) | |
| | 300,000 | | | | 8.125 | | | | 03/26/32 | | | | 118,125 | |
| | 275,000 | | | | 8.950 | | | | 03/26/51 | | | | 99,688 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 217,813 | |
| | |
| Guatemala – 0.6% | |
| | Guatemala Government Bond (BB-/Ba1) | |
| | 200,000 | | | | 6.125 | | | | 06/01/50 | | | | 183,000 | |
| | |
| Hungary – 2.6% | |
| | Hungary Government International Bond (BBB/Baa2) | |
| | 200,000 | | | | 5.750 | | | | 11/22/23 | | | | 203,249 | |
| | 400,000 | | | | 5.375 | | | | 03/25/24 | | | | 403,502 | |
| | 200,000 | | | | 7.625 | | | | 03/29/41 | | | | 233,363 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 840,114 | |
| | |
| Indonesia – 4.4% | |
| | Indonesia Government International Bond (BBB/Baa2) | |
| | 330,000 | | | | 4.125 | | | | 01/15/25 | | | | 332,024 | |
| | 350,000 | | | | 2.850 | | | | 02/14/30 | | | | 320,988 | |
| | 125,000 | | | | 8.500 | | | | 10/12/35 | | | | 161,567 | |
| | 325,000 | | | | 7.750 | | | | 01/17/38 | | | | 400,546 | |
| | 275,000 | | | | 3.050 | | | | 03/12/51 | | | | 209,897 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,425,022 | |
| | |
| Ivory Coast – 0.3% | |
| | Ivory Coast Government International Bond(a) (BB-/NR) | |
| | 94,042 | | | | 5.750 | | | | 12/31/32 | | | | 85,108 | |
| | |
| Jamaica – 0.4% | |
| | Jamaica Government International Bond (B+/B2) | |
| | 100,000 | | | | 8.000 | | | | 03/15/39 | | | | 118,250 | |
| | |
| Jordan – 1.5% | |
| | Jordan Government International Bond (B+/B1) | |
| | 200,000 | | | | 6.125 | | | | 01/29/26 | | | | 194,440 | |
| | 350,000 | | | | 5.850 | | | | 07/07/30 | | | | 308,529 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 502,969 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Sovereign Debt Obligations – (continued) | |
| Kazakhstan – 0.7% | |
| | Kazakhstan Government International Bond (BBB-/Baa2) | |
| $ | 225,000 | | | | 6.500 | % | | | 07/21/45 | | | $ | 226,800 | |
| | |
| Kenya – 0.8% | |
| | Republic of Kenya Government International Bond (B/NR) | |
| | 350,000 | | | | 7.000 | | | | 05/22/27 | | | | 277,564 | |
| | |
| Mexico – 2.4% | |
| | Mexico Government International Bond (BBB/Baa2) | |
| | 325,000 | | | | 4.500 | | | | 04/22/29 | | | | 318,900 | |
| | 50,000 | | | | 6.050 | | | | 01/11/40 | | | | 50,054 | |
| | 150,000 | | | | 5.550 | | | | 01/21/45 | | | | 140,297 | |
| | Mexico Government International Bond, MTN (BBB/Baa2) | |
| | 50,000 | | | | 8.300 | | | | 08/15/31 | | | | 62,358 | |
| | 75,000 | | | | 7.500 | | | | 04/08/33 | | | | 88,640 | |
| | 150,000 | | | | 4.750 | | | | 03/08/44 | | | | 127,228 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 787,477 | |
| | |
| Morocco – 0.7% | |
| | Morocco Government International Bond (BB+/NR) | |
| | 350,000 | | | | 4.000 | | | | 12/15/50 | | | | 230,541 | |
| | |
| Nigeria – 2.7% | |
| | Nigeria Government International Bond (B-/B2) | |
| | 200,000 | | | | 6.500 | | | | 11/28/27 | | | | 154,480 | |
| | 275,000 | | | | 7.875 | | | | 02/16/32 | | | | 200,617 | |
| | 200,000 | | | | 7.375 | | | | 09/28/33 | | | | 134,909 | |
| | 200,000 | | | | 7.696 | | | | 02/23/38 | | | | 129,469 | |
| | 200,000 | | | | 7.625 | | | | 11/28/47 | | | | 124,148 | |
| | 200,000 | | | | 8.250 | | | | 09/28/51 | | | | 128,149 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 871,772 | |
| | |
| Pakistan – 1.3% | |
| | Pakistan Government International Bond (NR/B3) | |
| | 200,000 | | | | 8.250 | | | | 04/15/24 | | | | 145,750 | |
| | 300,000 | | | | 7.375 | | | | 04/08/31 | | | | 173,190 | |
| | 200,000 | | | | 8.875 | | | | 04/08/51 | | | | 109,024 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 427,964 | |
| | |
| Panama – 4.5% | |
| | Panama Government International Bond (BBB/Baa2) | |
| | 150,000 | | | | 8.875 | | | | 09/30/27 | | | | 178,500 | |
| | 50,000 | | | | 9.375 | | | | 04/01/29 | | | | 61,250 | |
| | 200,000 | | | | 3.160 | | | | 01/23/30 | | | | 176,750 | |
| | 200,000 | | | | 2.252 | | | | 09/29/32 | | | | 156,500 | |
| | 150,000 | | | | 6.700 | | | | 01/26/36 | | | | 162,375 | |
| | 250,000 | | | | 4.500 | | | | 04/16/50 | | | | 199,688 | |
| | 200,000 | | | | 4.300 | | | | 04/29/53 | | | | 154,000 | |
| | 275,000 | | | | 4.500 | | | | 04/01/56 | | | | 214,500 | |
| | 245,000 | | | | 3.870 | | | | 07/23/60 | | | | 170,581 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,474,144 | |
| | |
| Paraguay – 0.9% | |
| | Paraguay Government International Bond (BB/Ba1) | |
| | 100,000 | | | | 5.000 | | | | 04/15/26 | | | | 99,860 | |
| | 225,000 | | | | 5.400 | | | | 03/30/50 | | | | 188,438 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 288,298 | |
| | |
|
| Sovereign Debt Obligations – (continued) | |
| Peru – 4.0% | |
| | Peruvian Government International Bond (BBB/Baa1) | |
| 350,000 | | | | 2.783 | | | | 01/23/31 | | | | 298,634 | |
| | 100,000 | | | | 1.862 | | | | 12/01/32 | | | | 76,102 | |
| | 200,000 | | | | 8.750 | | | | 11/21/33 | | | | 257,877 | |
| | 150,000 | | | | 3.000 | | | | 01/15/34 | | | | 122,717 | |
| | 75,000 | | | | 6.550 | | | | 03/14/37 | | | | 82,266 | |
| | 250,000 | | | | 5.625 | | | | 11/18/50 | | | | 259,382 | |
| | 150,000 | | | | 3.550 | | | | 03/10/51 | | | | 111,647 | |
| | 100,000 | | | | 2.780 | | | | 12/01/60 | | | | 62,336 | |
| | 60,000 | | | | 3.600 | | | | 01/15/72 | | | | 41,439 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,312,400 | |
| | |
| Qatar – 4.2% | |
| | Qatar Government International Bond (AA-/Aa3) | |
| | 200,000 | | | | 3.400 | | | | 04/16/25 | | | | 198,878 | |
| | 350,000 | | | | 3.750 | | | | 04/16/30 | | | | 352,741 | |
| | 200,000 | | | | 4.625 | | | | 06/02/46 | | | | 202,968 | |
| | 220,000 | | | | 5.103 | | | | 04/23/48 | | | | 237,209 | |
| | 350,000 | | | | 4.817 | | | | 03/14/49 | | | | 362,605 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,354,401 | |
| | |
| Romania – 2.4% | |
| | Romanian Government International Bond (BBB-/Baa3) | |
| | 150,000 | | | | 4.375 | | | | 08/22/23 | | | | 150,188 | |
| | 170,000 | | | | 4.875 | | | | 01/22/24 | | | | 171,085 | |
| | 170,000 | | | | 3.000 | | | | 02/14/31 | | | | 135,588 | |
| | 180,000 | | | | 6.125 | | | | 01/22/44 | | | | 171,579 | |
| | 180,000 | | | | 5.125 | | | | 06/15/48 | | | | 149,397 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 777,837 | |
| | |
| Saudi Arabia – 3.0% | |
| | Saudi Government International Bond (NR/A1) | |
| | 225,000 | | | | 4.375 | | | | 04/16/29 | | | | 234,095 | |
| | 225,000 | | | | 4.500 | | | | 04/17/30 | | | | 235,015 | |
| | 350,000 | | | | 4.500 | | | | 10/26/46 | | | | 328,352 | |
| | 200,000 | | | | 4.625 | | | | 10/04/47 | | | | 189,582 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 987,044 | |
| | |
| South Africa – 5.3% | |
| Republic of South Africa Government International Bond
(BB-/Ba2) |
|
| | 350,000 | | | | 5.875 | | | | 09/16/25 | | | | 356,426 | |
| | 335,000 | | | | 4.850 | | | | 09/27/27 | | | | 317,199 | |
| | 350,000 | | | | 4.300 | | | | 10/12/28 | | | | 311,848 | |
| | 350,000 | | | | 5.875 | | | | 06/22/30 | | | | 330,947 | |
| | 200,000 | | | | 5.375 | | | | 07/24/44 | | | | 145,138 | |
| | 350,000 | | | | 5.750 | | | | 09/30/49 | | | | 251,399 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,712,957 | |
| | |
| Trinidad and Tobago – 0.8% | |
| | Trinidad & Tobago Government International Bond (BBB-/Ba2) | |
| | 250,000 | | | | 4.375 | | | | 01/16/24 | | | | 248,299 | |
| | |
| Turkey – 5.2% | |
| | Turkey Government International Bond (NR/B3) | |
| | 325,000 | | | | 6.350 | | | | 08/10/24 | | | | 308,486 | |
| | 325,000 | | | | 5.600 | | | | 11/14/24 | | | | 300,266 | |
| | 350,000 | | | | 7.375 | | | | 02/05/25 | | | | 334,787 | |
| | |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Sovereign Debt Obligations – (continued) | |
| Turkey – (continued) | |
| | Turkey Government International Bond (NR/B3) – (continued) | |
| $ | 330,000 | | | | 4.250 | % | | | 03/13/25 | | | $ | 290,078 | |
| | 325,000 | | | | 4.875 | | | | 10/09/26 | | | | 271,693 | |
| | 100,000 | | | | 11.875 | | | | 01/15/30 | | | | 108,403 | |
| | 100,000 | | | | 6.875 | | | | 03/17/36 | | | | 76,201 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,689,914 | |
| | |
| United Arab Emirates – 1.8% | |
| | UAE Government International Bond (NR/Aa2) | |
| | 350,000 | | | | 2.000 | | | | 10/19/31 | | | | 303,229 | |
| | 375,000 | | | | 3.250 | | | | 10/19/61 | | | | 300,088 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 603,317 | |
| | |
| Uruguay – 3.0% | |
| | Uruguay Government International Bond (BBB/Baa2) | |
| | 150,000 | | | | 4.375 | | | | 10/27/27 | | | | 154,875 | |
| | 200,000 | | | | 4.375 | | | | 01/23/31 | | | | 205,500 | |
| | 350,000 | | | | 5.100 | | | | 06/18/50 | | | | 358,531 | |
| | 240,000 | | | | 4.975 | | | | 04/20/55 | | | | 243,600 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 962,506 | |
| | |
| | TOTAL SOVEREIGN DEBT OBLIGATIONS | |
| | (Cost $30,751,710) | | | | | | | $ | 26,913,327 | |
| | |
| | | | | | | | | | | | | | |
|
| Corporate Obligations – 13.9% | |
| Chile – 2.7% | |
| | Corp. Nacional del Cobre de Chile (A/A3) | |
| $ | 200,000 | | | | 3.625 | % | | | 08/01/27 | | | $ | 190,478 | |
| | 200,000 | | | | 3.000 | | | | 09/30/29 | | | | 177,500 | |
| | 200,000 | | | | 3.150 | | | | 01/14/30 | | | | 177,750 | |
| | 400,000 | | | | 4.500 | | | | 08/01/47 | | | | 339,780 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 885,508 | |
| | |
| China – 1.7% | |
| | China Development Bank Financial Leasing Co. Ltd.(b) (BBB+/NR) | |
| | (US 5 Year CMT T-Note + 2.750%) | |
| | 200,000 | | | | 2.875 | | | | 09/28/30 | | | | 188,746 | |
| | Export-Import Bank of China (The) (A+/A1) | |
| | 350,000 | | | | 3.625 | | | | 07/31/24 | | | | 349,013 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 537,759 | |
| | |
| India – 3.0% | |
| | Export-Import Bank of India (BBB-/Baa3) | |
| | 200,000 | | | | 3.875 | | | | 02/01/28 | | | | 190,255 | |
| | 250,000 | | | | 3.250 | | | | 01/15/30 | | | | 223,102 | |
| | Export-Import Bank of India, GMTN (NR/Baa3) | |
| | 275,000 | | | | 3.875 | | | | 03/12/24 | | | | 273,085 | |
| | Indian Railway Finance Corp Ltd. (BBB-/Baa3) | |
| | 350,000 | | | | 2.800 | | | | 02/10/31 | | | | 290,418 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 976,860 | |
| | |
| Indonesia – 1.5% | |
| | Pertamina Persero PT (NR/Baa2) | |
| | 325,000 | | | | 3.100 | | | | 08/27/30 | | | | 292,094 | |
| | 200,000 | | | | 6.450 | | | | 05/30/44 | | | | 207,750 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 499,844 | |
| | |
|
| Corporate Obligations – (continued) | |
| Mexico – 2.1% | |
| | Petroleos Mexicanos (BBB/B1) | |
| 100,000 | | | | 6.875 | | | | 10/16/25 | | | | 97,306 | |
| | 180,000 | | | | 6.500 | | | | 03/13/27 | | | | 158,548 | |
| | 25,000 | | | | 5.350 | | | | 02/12/28 | | | | 20,308 | |
| | 50,000 | | | | 6.500 | | | | 01/23/29 | | | | 41,618 | |
| | 100,000 | | | | 6.840 | | | | 01/23/30 | | | | 81,265 | |
| | 50,000 | | | | 5.950 | | | | 01/28/31 | | | | 37,495 | |
| | 25,000 | | | | 6.625 | | | | 06/15/35 | | | | 17,873 | |
| | 25,000 | | | | 6.500 | | | | 06/02/41 | | | | 16,031 | |
| | 50,000 | | | | 5.625 | | | | 01/23/46 | | | | 29,552 | |
| | 100,000 | | | | 6.750 | | | | 09/21/47 | | | | 62,934 | |
| | 75,000 | | | | 7.690 | | | | 01/23/50 | | | | 51,836 | |
| | 100,000 | | | | 6.950 | | | | 01/28/60 | | | | 62,917 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 677,683 | |
| | |
| Peru – 0.4% | |
| | Petroleos del Peru SA (BB/NR) | |
| | 200,000 | | | | 5.625 | | | | 06/19/47 | | | | 141,631 | |
| | |
| Qatar – 0.8% | |
| | Qatar Energy (AA-/Aa3) | |
| | 300,000 | | | | 3.300 | | | | 07/12/51 | | | | 241,358 | |
| | |
| Saudi Arabia – 1.1% | |
| | Saudi Arabian Oil Co. (NR/A1) | |
| | 375,000 | | | | 3.500 | | | | 04/16/29 | | | | 362,345 | |
| | |
| South Africa – 0.6% | |
| | Eskom Holdings SOC Ltd. (BB-/Ba2) | |
| | 200,000 | | | | 4.314 | | | | 07/23/27 | | | | 177,250 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $4,862,563) | | | | | | | $ | 4,500,238 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Investment Company – 1.5%(c) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 483,412 | | | 2.154 | % | | $ | 483,412 | |
| (Cost $483,412) | |
| |
| TOTAL INVESTMENTS – 98.3% | |
| (Cost $36,097,685) | | | $ | 31,896,977 | |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.7% | | | | 565,269 | |
| |
| NET ASSETS – 100.0% | | | $ | 32,462,246 | |
| |
| | |
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
(a) | | Step coupon. |
| |
(b) | | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2022. |
| |
(c) | | Represents an affiliated issuer. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | |
|
Investment Abbreviations: |
CMT | | —Constant Maturity Treasury Index |
GMTN | | —Global Medium Term Note |
MTN | | —Medium Term Note |
|
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – 90.8% | |
| Advertising – 1.6% | |
| | Clear Channel Outdoor Holdings, Inc.(a) (B/B1) | |
| $ | 476,000 | | | | 5.125 | % | | | 08/15/27 | | | $ | 427,805 | |
| | 260,000 | | | | 7.500 | | | | 06/01/29 | | | | 210,925 | |
| | Lamar Media Corp. (BB/Ba3) | |
| | 179,000 | | | | 3.750 | | | | 02/15/28 | | | | 161,100 | |
| | 536,000 | | | | 4.000 | | | | 02/15/30 | | | | 474,360 | |
| | Nielsen Finance LLC / Nielsen Finance Co.(a) (BB/B2) | |
| | 540,000 | | | | 5.625 | | | | 10/01/28 | | | | 543,375 | |
| Outfront Media Capital LLC / Outfront Media Capital Corp.(a)
(B+/B2) |
|
| | 375,000 | | | | 6.250 | | | | 06/15/25 | | | | 373,594 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,191,159 | |
| | |
| Aerospace – 0.2% | |
| | Triumph Group, Inc.(a) (B/B1) | |
| | 200,000 | | | | 8.875 | | | | 06/01/24 | | | | 202,000 | |
| | |
| Aerospace & Defense – 2.5% | |
| | Howmet Aerospace, Inc. (BB+/Ba1) | |
| | 600,000 | | | | 6.875 | | | | 05/01/25 | | | | 619,500 | |
| | Spirit AeroSystems, Inc. (CCC+/Caa1) | |
| | 245,000 | | | | 4.600 | | | | 06/15/28 | | | | 195,387 | |
| | TransDigm, Inc. (B+/Ba3) | |
| | 101,000 | | | | 8.000 | (a) | | | 12/15/25 | | | | 103,336 | |
| | 1,405,000 | | | | 6.250 | (a) | | | 03/15/26 | | | | 1,383,925 | |
| | 180,000 | | | | 6.375 | | | | 06/15/26 | | | | 173,700 | |
| | 46,000 | | | | 7.500 | | | | 03/15/27 | | | | 45,080 | |
| | 300,000 | | | | 5.500 | | | | 11/15/27 | | | | 271,500 | |
| | 542,000 | | | | 4.625 | | | | 01/15/29 | | | | 462,055 | |
| | Wesco Aircraft Holdings, Inc.(a) (CCC-/WR) | |
| | 97,000 | | | | 9.000 | | | | 11/15/26 | | | | 59,655 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,314,138 | |
| | |
| Banks – 0.5% | |
| | Freedom Mortgage Corp.(a) (B/B2) | |
| | 642,000 | | | | 8.250 | | | | 04/15/25 | | | | 560,947 | |
| | 197,000 | | | | 7.625 | | | | 05/01/26 | | | | 162,279 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 723,226 | |
| | |
| Basic Industry – 1.3% | |
| | Chemours Co. (The)(a) (BB/B1) | |
| | 455,000 | | | | 5.750 | | | | 11/15/28 | | | | 411,206 | |
| | Olin Corp. (BB+/Ba1) | |
| | 386,000 | | | | 5.625 | | | | 08/01/29 | | | | 369,112 | |
| | 70,000 | | | | 5.000 | | | | 02/01/30 | | | | 64,925 | |
| | SCIH Salt Holdings, Inc.(a) (CCC+/Caa2) | |
| | 303,000 | | | | 6.625 | | | | 05/01/29 | | | | 250,733 | |
| | Tronox, Inc.(a) (BB-/B1) | |
| | 279,000 | | | | 4.625 | | | | 03/15/29 | | | | 232,268 | |
| | Valvoline, Inc.(a) (BB-/Ba3) | |
| | 340,000 | | | | 3.625 | | | | 06/15/31 | | | | 274,550 | |
| | WR Grace Holdings LLC(a) (CCC+/B3) | |
| | 200,000 | | | | 5.625 | | | | 08/15/29 | | | | 159,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,762,294 | |
| | |
| Broadcasting – 3.9% | |
| | Audacy Capital Corp.(a) (CCC-/B3) | |
| | 100,000 | | | | 6.750 | | | | 03/31/29 | | | | 33,000 | |
| | |
|
| Corporate Obligations – (continued) | |
| Broadcasting – (continued) | |
| | CMG Media Corp.(a) (CCC+/Caa1) | |
| 301,000 | | | | 8.875 | | | | 12/15/27 | | | | 263,375 | |
| Diamond Sports Group LLC / Diamond Sports Finance Co.(a)
(CCC+/Caa2) |
|
| | 632,000 | | | | 5.375 | | | | 08/15/26 | | | | 121,660 | |
| | 382,000 | | | | 6.625 | | | | 08/15/27 | | | | 36,290 | |
| | iHeartCommunications, Inc. (BB-/B1) | |
| | 229,000 | | | | 8.375 | | | | 05/01/27 | | | | 201,520 | |
| | 666,000 | | | | 4.750 | (a) | | | 01/15/28 | | | | 577,755 | |
| | Nexstar Media, Inc.(a) (B+/B2) | |
| | 730,000 | | | | 5.625 | | | | 07/15/27 | | | | 699,887 | |
| | Scripps Escrow, Inc.(a) (B/B3) | |
| | 154,000 | | | | 5.875 | | | | 07/15/27 | | | | 141,488 | |
| | Sinclair Television Group, Inc.(a) (B+/Ba2) | |
| | 299,000 | | | | 4.125 | | | | 12/01/30 | | | | 243,685 | |
| | Sirius XM Radio, Inc.(a) (BB/Ba3) | |
| | 200,000 | | | | 5.000 | | | | 08/01/27 | | | | 188,500 | |
| | 838,000 | | | | 4.000 | | | | 07/15/28 | | | | 735,345 | |
| | 730,000 | | | | 3.875 | | | | 09/01/31 | | | | 590,388 | |
| | TEGNA, Inc. (BB/Ba3) | |
| | 140,000 | | | | 4.625 | | | | 03/15/28 | | | | 134,050 | |
| | 361,000 | | | | 5.000 | | | | 09/15/29 | | | | 346,560 | |
| | Univision Communications, Inc.(a) (B+/B1) | |
| | 176,000 | | | | 5.125 | | | | 02/15/25 | | | | 171,380 | |
| | 254,000 | | | | 6.625 | | | | 06/01/27 | | | | 246,380 | |
| | 540,000 | | | | 4.500 | | | | 05/01/29 | | | | 475,200 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,206,463 | |
| | |
| Brokerage – 0.6% | |
| | Coinbase Global, Inc.(a) (BB/Ba1) | |
| | 130,000 | | | | 3.375 | | | | 10/01/28 | | | | 85,313 | |
| | Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1) | |
| | 470,000 | | | | 5.000 | | | | 08/15/28 | | | | 412,819 | |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance
Corp.(a) (BB-/Ba2) |
|
| | 383,000 | | | | 4.750 | | | | 06/15/29 | | | | 323,635 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 821,767 | |
| | |
| Building Materials – 0.9% | |
| | American Builders & Contractors Supply Co., Inc.(a) (BB+/Ba2) | |
| | 314,000 | | | | 4.000 | | | | 01/15/28 | | | | 285,347 | |
| | Builders FirstSource, Inc.(a) (BB-/Ba2) | |
| | 355,000 | | | | 4.250 | | | | 02/01/32 | | | | 284,000 | |
| | Standard Industries, Inc. (a) (BB/B1) | |
| | 369,000 | | | | 4.375 | | | | 07/15/30 | | | | 293,363 | |
| | 409,000 | | | | 3.375 | | | | 01/15/31 | | | | 305,263 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,167,973 | |
| | |
| Capital Goods – 3.6% | |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC(a) (B+/B3) |
|
| | 700,000 | | | | 4.000 | | | | 09/01/29 | | | | 575,312 | |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(a)
(B-/Caa1) |
|
| | 400,000 | | | | 5.250 | | | | 08/15/27 | | | | 292,390 | |
| | 200,000 | | | | 5.250 | | | | 08/15/27 | | | | 146,446 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Capital Goods – (continued) | |
| | ASP Unifrax Holdings, Inc.(a) (CCC+/Caa2) | |
| $ | 204,000 | | | | 7.500 | % | | | 09/30/29 | | | $ | 149,940 | |
| | Ball Corp. (BB+/Ba1) | |
| | 85,000 | | | | 4.000 | | | | 11/15/23 | | | | 84,362 | |
| | 359,000 | | | | 4.875 | | | | 03/15/26 | | | | 349,128 | |
| | 452,000 | | | | 3.125 | | | | 09/15/31 | | | | 368,380 | |
| | Covanta Holding Corp.(a) (B/B2) | |
| | 440,000 | | | | 4.875 | | | | 12/01/29 | | | | 371,230 | |
| Crown Americas LLC / Crown Americas Capital Corp V
(BB+/Ba2) |
|
| | 228,000 | | | | 4.250 | | | | 09/30/26 | | | | 214,035 | |
| Crown Americas LLC / Crown Americas Capital Corp. VI
(BB+/Ba2) |
|
| | 167,000 | | | | 4.750 | | | | 02/01/26 | | | | 161,572 | |
| | Herc Holdings, Inc.(a) (B+/B1) | |
| | 488,000 | | | | 5.500 | | | | 07/15/27 | | | | 463,600 | |
| | LABL, Inc.(a) (B-/B2) | |
| | 283,000 | | | | 6.750 | | | | 07/15/26 | | | | 270,265 | |
| | 152,000 | | | | 10.500 | | | | 07/15/27 | | | | 144,400 | |
| | Madison IAQ LLC(a) (CCC+/Caa1) | |
| | 366,000 | | | | 5.875 | | | | 06/30/29 | | | | 301,950 | |
| | Mauser Packaging Solutions Holding Co.(a) (B-/B2) | |
| | 350,000 | | | | 5.500 | | | | 04/15/24 | | | | 341,250 | |
| | Owens-Brockway Glass Container, Inc.(a) (B/B2) | |
| | 115,000 | | | | 5.875 | | | | 08/15/23 | | | | 114,425 | |
| | Sealed Air Corp.(a) (BB+/Ba2) | |
| | 115,000 | | | | 5.125 | | | | 12/01/24 | | | | 114,138 | |
| | 130,000 | | | | 5.500 | | | | 09/15/25 | | | | 130,325 | |
| | 177,000 | | | | 6.875 | | | | 07/15/33 | | | | 181,425 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,774,573 | |
| | |
| Communications – 4.6% | |
| | AMC Networks, Inc. (BB/Ba3) | |
| | 93,000 | | | | 5.000 | | | | 04/01/24 | | | | 90,617 | |
| | 429,000 | | | | 4.750 | | | | 08/01/25 | | | | 400,042 | |
| | CCO Holdings LLC / CCO Holdings Capital Corp.(a) (BB-/B1) | |
| | 340,000 | | | | 5.500 | | | | 05/01/26 | | | | 336,600 | |
| | 1,000,000 | | | | 5.125 | | | | 05/01/27 | | | | 956,250 | |
| | 760,000 | | | | 5.000 | | | | 02/01/28 | | | | 698,250 | |
| | 200,000 | | | | 5.375 | | | | 06/01/29 | | | | 184,750 | |
| | 700,000 | | | | 4.750 | | | | 02/01/32 | | | | 583,625 | |
| | 964,000 | | | | 4.500 | | | | 05/01/32 | | | | 784,455 | |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a)
(BB/Ba3) |
|
| | 889,000 | | | | 5.875 | | | | 08/15/27 | | | | 818,991 | |
| | Lions Gate Capital Holdings LLC(a) (CCC+/B3) | |
| | 279,000 | | | | 5.500 | | | | 04/15/29 | | | | 222,503 | |
| | Live Nation Entertainment, Inc.(a) (B-/B3) | |
| | 518,000 | | | | 4.750 | | | | 10/15/27 | | | | 475,265 | |
| | Radiate Holdco LLC / Radiate Finance, Inc.(a) (CCC+/Caa1) | |
| | 396,000 | | | | 6.500 | | | | 09/15/28 | | | | 297,000 | |
| | WMG Acquisition Corp.(a) (BB+/Ba3) | |
| | 379,000 | | | | 3.000 | | | | 02/15/31 | | | | 302,726 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,151,074 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – 18.1% | |
| | ADT Security Corp. (The)(a) (BB-/Ba3) | |
| 258,000 | | | | 4.125 | | | | 08/01/29 | | | | 221,880 | |
| | 169,000 | | | | 4.875 | | | | 07/15/32 | | | | 142,805 | |
| | Allison Transmission, Inc.(a) (NR/Ba2) | |
| | 454,000 | | | | 3.750 | | | | 01/30/31 | | | | 371,145 | |
| AMC Entertainment Holdings, Inc.(a) (b) (PIK 12.000%, Cash
10.000%) (CCC-/Caa3) |
|
| | 452,000 | | | | 10.000 | | | | 06/15/26 | | | | 364,990 | |
| | American Axle & Manufacturing, Inc. (B+/B2) | |
| | 278,000 | | | | 6.875 | | | | 07/01/28 | | | | 264,447 | |
| | 136,000 | | | | 5.000 | | | | 10/01/29 | | | | 116,280 | |
| | APX Group, Inc.(a) (B/B1) | |
| | 200,000 | | | | 6.750 | | | | 02/15/27 | | | | 196,500 | |
| | Asbury Automotive Group, Inc.(a) (BB/B1) | |
| | 537,000 | | | | 4.625 | | | | 11/15/29 | | | | 461,820 | |
| | Bath & Body Works, Inc. (BB/Ba2) | |
| | 333,000 | | | | 5.250 | | | | 02/01/28 | | | | 299,060 | |
| | 315,000 | | | | 6.625 | (a) | | | 10/01/30 | | | | 287,165 | |
| | 320,000 | | | | 6.875 | | | | 11/01/35 | | | | 280,928 | |
| | Boyd Gaming Corp. (BB-/B3) | |
| | 108,000 | | | | 4.750 | | | | 12/01/27 | | | | 101,054 | |
| | 298,000 | | | | 4.750 | (a) | | | 06/15/31 | | | | 260,750 | |
| | Caesars Entertainment, Inc.(a) (B/B1) | |
| | 550,000 | | | | 6.250 | | | | 07/01/25 | | | | 536,587 | |
| | 423,000 | | | | 8.125 | | | | 07/01/27 | | | | 416,823 | |
| | 185,000 | | | | 4.625 | | | | 10/15/29 | | | | 148,694 | |
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum
Management Corp. / Millennium Op(a) (BB-/Ba2) |
|
| | 245,000 | | | | 5.500 | | | | 05/01/25 | | | | 240,712 | |
| | Century Communities, Inc.(a) (BB-/Ba2) | |
| | 90,000 | | | | 3.875 | | | | 08/15/29 | | | | 72,900 | |
| | Churchill Downs, Inc.(a) (B+/B1) | |
| | 241,000 | | | | 5.500 | | | | 04/01/27 | | | | 231,962 | |
| | 236,000 | | | | 4.750 | | | | 01/15/28 | | | | 215,350 | |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc.(a) (B/B2) |
|
| | 400,000 | | | | 4.625 | | | | 01/15/29 | | | | 349,500 | |
| | 200,000 | | | | 6.750 | | | | 01/15/30 | | | | 163,500 | |
| | Ford Motor Co. (BB+/Ba2) | |
| | 119,000 | | | | 9.000 | | | | 04/22/25 | | | | 133,281 | |
| | 151,000 | | | | 4.346 | | | | 12/08/26 | | | | 145,924 | |
| | 358,000 | | | | 6.625 | | | | 10/01/28 | | | | 367,977 | |
| | 301,000 | | | | 7.450 | | | | 07/16/31 | | | | 322,199 | |
| | Ford Motor Credit Co. LLC (BB+/Ba2) | |
| | 200,000 | | | | 3.810 | | | | 01/09/24 | | | | 195,482 | |
| | 200,000 | | | | 3.664 | | | | 09/08/24 | | | | 192,323 | |
| | 200,000 | | | | 4.063 | | | | 11/01/24 | | | | 194,526 | |
| | 200,000 | | | | 4.687 | | | | 06/09/25 | | | | 192,457 | |
| | 500,000 | | | | 5.125 | | | | 06/16/25 | | | | 488,291 | |
| | 400,000 | | | | 4.134 | | | | 08/04/25 | | | | 378,832 | |
| | 200,000 | | | | 4.542 | | | | 08/01/26 | | | | 186,966 | |
| | 400,000 | | | | 2.700 | | | | 08/10/26 | | | | 349,305 | |
| | 200,000 | | | | 4.271 | | | | 01/09/27 | | | | 183,702 | |
| | 590,000 | | | | 5.113 | | | | 05/03/29 | | | | 551,608 | |
| | 200,000 | | | | 4.000 | | | | 11/13/30 | | | | 167,062 | |
| | |
| | |
| 52 | | 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) | |
| | Ford Motor Credit Co. LLC, GMTN (BB+/Ba2) | |
| $ | 200,000 | | | | 4.389 | % | | | 01/08/26 | | | $ | 188,506 | |
| | Goodyear Tire & Rubber Co. (The) (BB-/B2) | |
| | 469,000 | | | | 4.875 | | | | 03/15/27 | | | | 442,032 | |
| | 306,000 | | | | 5.250 | | | | 04/30/31 | | | | 264,690 | |
| | Hilton Domestic Operating Co., Inc. (BB+/Ba2) | |
| | 165,000 | | | | 3.750 | (a) | | | 05/01/29 | | | | 142,718 | |
| | 267,000 | | | | 4.875 | | | | 01/15/30 | | | | 243,637 | |
| | 429,000 | | | | 4.000 | (a) | | | 05/01/31 | | | | 365,513 | |
| | 299,000 | | | | 3.625 | (a) | | | 02/15/32 | | | | 241,709 | |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand
Vacations Borrower Esc(a) (B/B2) |
|
| | 585,000 | | | | 5.000 | | | | 06/01/29 | | | | 520,650 | |
| | Iron Mountain, Inc.(a) (BB-/Ba3) | |
| | 242,000 | | | | 4.875 | | | | 09/15/27 | | | | 223,245 | |
| | 362,000 | | | | 5.250 | | | | 03/15/28 | | | | 334,850 | |
| | 665,000 | | | | 5.250 | | | | 07/15/30 | | | | 591,850 | |
| | 551,000 | | | | 4.500 | | | | 02/15/31 | | | | 460,085 | |
| | Lithia Motors, Inc.(a) (BB+/Ba2) | |
| | 300,000 | | | | 3.875 | | | | 06/01/29 | | | | 256,500 | |
| | Macy’s Retail Holdings LLC(a) (BB/Ba2) | |
| | 480,000 | | | | 6.125 | | | | 03/15/32 | | | | 406,488 | |
| | MGM Resorts International (B+/B1) | |
| | 365,000 | | | | 5.750 | | | | 06/15/25 | | | | 355,419 | |
| | 210,000 | | | | 4.625 | | | | 09/01/26 | | | | 191,887 | |
| | 190,000 | | | | 5.500 | | | | 04/15/27 | | | | 175,513 | |
| | 180,000 | | | | 4.750 | | | | 10/15/28 | | | | 158,625 | |
| | Michaels Cos., Inc. (The)(a) (CCC+/Caa1) | |
| | 367,000 | | | | 7.875 | | | | 05/01/29 | | | | 245,890 | |
| | Mohegan Gaming & Entertainment(a) (B-/Caa1) | |
| | 341,000 | | | | 8.000 | | | | 02/01/26 | | | | 299,227 | |
| | NCL Corp Ltd.(a) (B-/Caa1) | |
| | 277,000 | | | | 3.625 | | | | 12/15/24 | | | | 241,682 | |
| | NCL Corp. Ltd.(a) (B-/Caa1) | |
| | 130,000 | | | | 5.875 | | | | 03/15/26 | | | | 105,950 | |
| | 385,000 | | | | 7.750 | | | | 02/15/29 | | | | 313,775 | |
| | Nordstrom, Inc. (BB+/Ba1) | |
| | 350,000 | | | | 4.375 | | | | 04/01/30 | | | | 270,375 | |
| Peninsula Pacific Entertainment LLC / Peninsula Pacific
Entertainment Finance In(a) (B/B3) |
|
| | 447,000 | | | | 8.500 | | | | 11/15/27 | | | | 481,642 | |
| | PetSmart, Inc. / PetSmart Finance Corp.(a) (CCC+/B3) | |
| | 250,000 | | | | 4.750 | | | | 02/15/28 | | | | 225,625 | |
| | 250,000 | | | | 7.750 | | | | 02/15/29 | | | | 235,937 | |
| | Picasso Finance Sub, Inc.(a) (B+/B2) | |
| | 220,000 | | | | 6.125 | | | | 06/15/25 | | | | 220,825 | |
| Premier Entertainment Sub LLC / Premier Entertainment Finance
Corp.(a) (CCC+/B3) |
|
| | 255,000 | | | | 5.625 | | | | 09/01/29 | | | | 189,337 | |
| | 223,000 | | | | 5.875 | | | | 09/01/31 | | | | 156,379 | |
| Prime Security Services Borrower LLC / Prime Finance, Inc.(a)
(B-/B3) |
|
| | 272,000 | | | | 3.375 | | | | 08/31/27 | | | | 234,600 | |
| | 932,000 | | | | 6.250 | | | | 01/15/28 | | | | 825,985 | |
| | QVC, Inc. (BB+/Ba2) | |
| | 240,000 | | | | 4.750 | | | | 02/15/27 | | | | 198,872 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1) | |
| 185,000 | | | | 4.500 | | | | 02/15/29 | | | | 161,413 | |
| | Royal Caribbean Cruises Ltd. (B/B3) | |
| | 380,000 | | | | 11.500 | (a) | | | 06/01/25 | | | | 399,950 | |
| | 404,000 | | | | 3.700 | | | | 03/15/28 | | | | 275,730 | |
| | 627,000 | | | | 5.500 | (a) | | | 04/01/28 | | | | 476,520 | |
| | Scientific Games International, Inc.(a) (B+/B3) | |
| | 145,000 | | | | 7.000 | | | | 05/15/28 | | | | 142,100 | |
| | 270,000 | | | | 7.250 | | | | 11/15/29 | | | | 266,288 | |
| | Six Flags Entertainment Corp.(a) (B-/B3) | |
| | 150,000 | | | | 5.500 | | | | 04/15/27 | | | | 137,813 | |
| | Sonic Automotive, Inc.(a) (BB-/B1) | |
| | 200,000 | | | | 4.625 | | | | 11/15/29 | | | | 170,750 | |
| | Staples, Inc.(a) (B/B3) | |
| | 442,000 | | | | 7.500 | | | | 04/15/26 | | | | 375,700 | |
| | 202,000 | | | | 10.750 | | | | 04/15/27 | | | | 153,773 | |
| | Taylor Morrison Communities, Inc.(a) (BB/Ba3) | |
| | 143,000 | | | | 5.125 | | | | 08/01/30 | | | | 122,801 | |
| | Tenneco, Inc. (B+/Ba3) | |
| | 85,000 | | | | 5.000 | | | | 07/15/26 | | | | 81,813 | |
| | 400,000 | | | | 5.125 | (a) | | | 04/15/29 | | | | 393,000 | |
| | Travel + Leisure Co.(a) (BB-/Ba3) | |
| | 321,000 | | | | 6.625 | | | | 07/31/26 | | | | 312,162 | |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(a)
(B+/B2) |
|
| | 284,000 | | | | 5.250 | | | | 05/15/27 | | | | 257,020 | |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a)
(B+/B2) |
|
| | 282,000 | | | | 5.125 | | | | 10/01/29 | | | | 237,233 | |
| | Yum! Brands, Inc. (BB/Ba3) | |
| | 475,000 | | | | 4.750 | (a) | | | 01/15/30 | | | | 435,813 | |
| | 350,000 | | | | 3.625 | | | | 03/15/31 | | | | 299,250 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 24,303,934 | |
| | |
| Consumer Noncyclical – 4.5% | |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP /
Albertsons LLC(a) (BB/Ba3) |
|
| | 240,000 | | | | 4.625 | | | | 01/15/27 | | | | 219,900 | |
| | 488,000 | | | | 3.500 | | | | 03/15/29 | | | | 403,210 | |
| | 433,000 | | | | 4.875 | | | | 02/15/30 | | | | 380,499 | |
| Allied Universal Holdco LLC / Allied Universal Finance Corp.(a)
(CCC+/Caa1) |
|
| | 241,000 | | | | 6.625 | | | | 07/15/26 | | | | 225,335 | |
| | 680,000 | | | | 6.000 | | | | 06/01/29 | | | | 511,700 | |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./
Atlas Luxco 4 Sarl(a) (B/B2) |
|
| | 200,000 | | | | 4.625 | | | | 06/01/28 | | | | 168,000 | |
| | Avantor Funding, Inc.(a) (BB-/B2) | |
| | 440,000 | | | | 4.625 | | | | 07/15/28 | | | | 401,500 | |
| Change Healthcare Holdings LLC / Change Healthcare Finance,
Inc.(a) (B-/Caa1) |
|
| | 170,000 | | | | 5.750 | | | | 03/01/25 | | | | 167,131 | |
| | Hologic, Inc. (BB+/Ba2) | |
| | 119,000 | | | | 4.625 | (a) | | | 02/01/28 | | | | 112,455 | |
| | 261,000 | | | | 3.250 | (a) | | | 02/15/29 | | | | 225,765 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Consumer Noncyclical – (continued) | |
| | Medline Borrower LP(a) (B+/B1) | |
| $ | 1,469,000 | | | | 3.875 | % | | | 04/01/29 | | | $ | 1,243,141 | |
| | 106,000 | | | | 5.250 | | | | 10/01/29 | | | | 89,570 | |
| | Molina Healthcare, Inc.(a) (BB-/Ba3) | |
| | 200,000 | | | | 4.375 | | | | 06/15/28 | | | | 185,500 | |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV(a)
(BB/Ba2) |
|
| | 900,000 | | | | 4.125 | | | | 04/30/28 | | | | 807,750 | |
| | 470,000 | | | | 5.125 | | | | 04/30/31 | | | | 411,838 | |
| | Perrigo Finance Unlimited Co. (BB-/Ba2) | |
| | 200,000 | | | | 3.900 | | | | 12/15/24 | | | | 190,750 | |
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health,
Inc.(a) (CCC+/Caa1) |
|
| | 338,000 | | | | 9.750 | | | | 12/01/26 | | | | 323,486 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,067,530 | |
| | |
| Consumer Products – 0.5% | |
| | Coty, Inc.(a) (BB-/Ba3) | |
| | 390,000 | | | | 5.000 | | | | 04/15/26 | | | | 370,988 | |
| | Mattel, Inc.(a) (BB+/Ba2) | |
| | 332,000 | | | | 5.875 | | | | 12/15/27 | | | | 332,415 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 703,403 | |
| | |
| Distribution & Logistics – 0.5% | |
| | IAA, Inc.(a) (B/B2) | |
| | 121,000 | | | | 5.500 | | | | 06/15/27 | | | | 114,345 | |
| | WESCO Distribution, Inc.(a) (BB/B1) | |
| | 591,000 | | | | 7.250 | | | | 06/15/28 | | | | 596,910 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 711,255 | |
| | |
| Electric – 3.3% | |
| | Calpine Corp.(a) (B+/B2) | |
| | 542,000 | | | | 4.625 | | | | 02/01/29 | | | | 464,765 | |
| | 278,000 | | | | 5.000 | | | | 02/01/31 | | | | 234,215 | |
| | 161,000 | | | | 3.750 | | | | 03/01/31 | | | | 133,227 | |
| | Clearway Energy Operating LLC(a) (BB/Ba2) | |
| | 298,000 | | | | 3.750 | | | | 02/15/31 | | | | 251,810 | |
| | FirstEnergy Corp. (BB+/Ba1) | |
| | 710,000 | | | | 2.650 | | | | 03/01/30 | | | | 609,666 | |
| | FirstEnergy Corp., Series B (BB+/Ba1) | |
| | 340,000 | | | | 4.400 | | | | 07/15/27 | | | | 325,332 | |
| | NRG Energy, Inc. a) (BB+/Ba2) | |
| | 258,000 | | | | 5.250 | | | | 06/15/29 | | | | 232,200 | |
| | 535,000 | | | | 3.625 | | | | 02/15/31 | | | | 425,325 | |
| | 232,000 | | | | 3.875 | | | | 02/15/32 | | | | 185,600 | |
| | PG&E Corp. (BB-/B1) | |
| | 389,000 | | | | 5.000 | | | | 07/01/28 | | | | 346,210 | |
| | 185,000 | | | | 5.250 | | | | 07/01/30 | | | | 160,719 | |
| | TerraForm Power Operating LLC(a) (BB-/Ba3) | |
| | 348,000 | | | | 4.750 | | | | 01/15/30 | | | | 311,460 | |
| | Vistra Operations Co. LLC(a) (BB/Ba2) | |
| | 87,000 | | | | 5.625 | | | | 02/15/27 | | | | 83,901 | |
| | 340,000 | | | | 5.000 | | | | 07/31/27 | | | | 317,050 | |
| | 484,000 | | | | 4.375 | | | | 05/01/29 | | | | 422,895 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,504,375 | |
| | |
|
| Corporate Obligations – (continued) | |
| Energy – 11.5% | |
| Antero Midstream Partners LP / Antero Midstream Finance
Corp.(a) (BB/Ba3) |
|
| 403,000 | | | | 5.750 | | | | 01/15/28 | | | | 383,857 | |
| | Antero Resources Corp.(a) (BB+/Ba2) | |
| | 136,000 | | | | 7.625 | | | | 02/01/29 | | | | 140,080 | |
| | Apache Corp. (BB+/Ba1) | |
| | 185,000 | | | | 6.000 | | | | 01/15/37 | | | | 175,750 | |
| Archrock Partners LP / Archrock Partners Finance Corp.(a)
(B+/B2) |
|
| | 307,000 | | | | 6.875 | | | | 04/01/27 | | | | 291,266 | |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a)
(B+/B3) |
|
| | 169,000 | | | | 5.875 | | | | 06/30/29 | | | | 152,734 | |
| | Buckeye Partners LP (BB/B1) | |
| | 132,000 | | | | 3.950 | | | | 12/01/26 | | | | 117,154 | |
| | 94,000 | | | | 4.125 | | | | 12/01/27 | | | | 83,595 | |
| | 162,000 | | | | 4.500 | (a) | | | 03/01/28 | | | | 143,775 | |
| | Callon Petroleum Co.(a) (B+/B3) | |
| | 261,000 | | | | 8.000 | | | | 08/01/28 | | | | 251,865 | |
| | Cheniere Energy Partners LP (BB+/Ba2) | |
| | 333,000 | | | | 4.500 | | | | 10/01/29 | | | | 307,192 | |
| | 541,000 | | | | 4.000 | | | | 03/01/31 | | | | 470,670 | |
| | Cheniere Energy, Inc. (BB+/Ba3) | |
| | 435,000 | | | | 4.625 | | | | 10/15/28 | | | | 418,687 | |
| | Comstock Resources, Inc.(a) (B+/B2) | |
| | 250,000 | | | | 6.750 | | | | 03/01/29 | | | | 239,375 | |
| | 226,000 | | | | 5.875 | | | | 01/15/30 | | | | 208,485 | |
| | CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (B+/B2) | |
| | 500,000 | | | | 5.500 | | | | 06/15/31 | | | | 443,750 | |
| | CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1) | |
| | 387,000 | | | | 5.625 | | | | 10/15/25 | | | | 382,162 | |
| | DCP Midstream Operating LP (BBB+/Ba1) | |
| | 58,000 | | | | 5.375 | | | | 07/15/25 | | | | 58,145 | |
| | 260,000 | | | | 5.625 | | | | 07/15/27 | | | | 263,900 | |
| | DT Midstream, Inc.(a) (BB+/Ba2) | |
| | 456,000 | | | | 4.375 | | | | 06/15/31 | | | | 391,590 | |
| | Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2) | |
| | 231,000 | | | | 5.750 | | | | 01/30/28 | | | | 228,112 | |
| | EnLink Midstream LLC (BB+/Ba1) | |
| | 143,000 | | | | 5.375 | | | | 06/01/29 | | | | 134,442 | |
| | EnLink Midstream Partners LP (BB+/Ba1) | |
| | 469,000 | | | | 4.850 | | | | 07/15/26 | | | | 462,587 | |
| | EQM Midstream Partners LP (BB-/Ba3) | |
| | 421,000 | | | | 6.000 | (a) | | | 07/01/25 | | | | 408,370 | |
| | 220,000 | | | | 6.500 | (a) | | | 07/01/27 | | | | 213,125 | |
| | 185,000 | | | | 5.500 | | | | 07/15/28 | | | | 169,737 | |
| | 200,000 | | | | 4.500 | (a) | | | 01/15/29 | | | | 173,000 | |
| | 320,000 | | | | 4.750 | (a) | | | 01/15/31 | | | | 276,800 | |
| | Hess Midstream Operations LP(a) (BB+/Ba2) | |
| | 471,000 | | | | 5.125 | | | | 06/15/28 | | | | 440,385 | |
| | 100,000 | | | | 5.500 | | | | 10/15/30 | | | | 91,750 | |
| | Hilcorp Energy I LP / Hilcorp Finance Co.(a) (BB+/Ba3) | |
| | 231,000 | | | | 6.250 | | | | 11/01/28 | | | | 219,450 | |
| | 287,000 | | | | 5.750 | | | | 02/01/29 | | | | 264,757 | |
| | ITT Holdings LLC(a) (B/B2) | |
| | 220,000 | | | | 6.500 | | | | 08/01/29 | | | | 188,100 | |
| | |
| | |
| 54 | | 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) | |
| Energy – (continued) | |
| | Moss Creek Resources Holdings, Inc.(a) (B/B3) | |
| $ | 151,000 | | | | 7.500 | % | | | 01/15/26 | | | $ | 137,788 | |
| | 161,000 | | | | 10.500 | | | | 05/15/27 | | | | 156,975 | |
| | Nabors Industries Ltd.(a) (CCC/Caa1) | |
| | 119,000 | | | | 7.250 | | | | 01/15/26 | | | | 108,588 | |
| | Nabors Industries, Inc. (CCC/Caa2) | |
| | 325,000 | | | | 5.750 | | | | 02/01/25 | | | | 301,438 | |
| | New Fortress Energy, Inc.(a) (BB-/B1) | |
| | 418,000 | | | | 6.500 | | | | 09/30/26 | | | | 397,100 | |
| | Occidental Petroleum Corp. (BB+/Ba1) | |
| | 87,000 | | | | 6.950 | | | | 07/01/24 | | | | 90,853 | |
| | 170,000 | | | | 6.375 | | | | 09/01/28 | | | | 178,288 | |
| | 83,000 | | | | 8.875 | | | | 07/15/30 | | | | 97,110 | |
| | 439,000 | | | | 6.625 | | | | 09/01/30 | | | | 470,279 | |
| | 235,000 | | | | 6.125 | | | | 01/01/31 | | | | 244,988 | |
| | 295,000 | | | | 7.500 | | | | 05/01/31 | | | | 332,756 | |
| | 157,000 | | | | 7.875 | | | | 09/15/31 | | | | 180,860 | |
| | 554,000 | | | | 6.450 | | | | 09/15/36 | | | | 592,779 | |
| | 401,000 | | | | 0.00 | (c) | | | 10/10/36 | | | | 209,967 | |
| | PBF Holding Co. LLC / PBF Finance Corp. (BB-/B1) | |
| | 100,000 | | | | 7.250 | | | | 06/15/25 | | | | 97,250 | |
| | 459,000 | | | | 6.000 | | | | 02/15/28 | | | | 415,395 | |
| | Range Resources Corp. (BB/Ba3) | |
| | 199,000 | | | | 4.875 | | | | 05/15/25 | | | | 194,025 | |
| | 182,000 | | | | 8.250 | | | | 01/15/29 | | | | 192,010 | |
| | SM Energy Co. (BB-/B2) | |
| | 100,000 | | | | 6.750 | | | | 09/15/26 | | | | 98,250 | |
| | 273,000 | | | | 6.625 | | | | 01/15/27 | | | | 264,128 | |
| | Southwestern Energy Co. (BB+/Ba2) | |
| | 71,000 | | | | 7.750 | | | | 10/01/27 | | | | 73,485 | |
| | 250,000 | | | | 5.375 | | | | 03/15/30 | | | | 233,750 | |
| | 232,000 | | | | 4.750 | | | | 02/01/32 | | | | 207,060 | |
| | Sunoco LP / Sunoco Finance Corp. (BB/Ba3) | |
| | 130,000 | | | | 6.000 | | | | 04/15/27 | | | | 127,400 | |
| | 200,000 | | | | 4.500 | | | | 05/15/29 | | | | 172,000 | |
| | Transocean, Inc.(a) (CCC/Caa3) | |
| | 307,000 | | | | 11.500 | | | | 01/30/27 | | | | 297,790 | |
| USA Compression Partners LP / USA Compression Finance
Corp. (B+/B3) |
|
| | 414,000 | | | | 6.875 | | | | 04/01/26 | | | | 387,090 | |
| | Venture Global Calcasieu Pass LLC(a) (BB/Ba2) | |
| | 652,000 | | | | 3.875 | | | | 08/15/29 | | | | 571,315 | |
| | Weatherford International Ltd.(a) (B+/Ba3) | |
| | 515,000 | | | | 6.500 | | | | 09/15/28 | | | | 487,963 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 15,513,327 | |
| | |
| Financial Company – 4.4% | |
| | Coinbase Global, Inc.(a) (BB/Ba1) | |
| | 278,000 | | | | 3.625 | | | | 10/01/31 | | | | 172,012 | |
| | HUB International Ltd.(a) (CCC+/Caa2) | |
| | 416,000 | | | | 7.000 | | | | 05/01/26 | | | | 409,240 | |
| | Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3) | |
| | 444,000 | | | | 6.375 | | | | 12/15/25 | | | | 433,683 | |
| | 627,000 | | | | 5.250 | | | | 05/15/27 | | | | 572,921 | |
| | LD Holdings Group LLC(a) (CCC+/B3) | |
| | 335,000 | | | | 6.125 | | | | 04/01/28 | | | | 181,738 | |
| | |
|
| Corporate Obligations – (continued) | |
| Financial Company – (continued) | |
| | Midcap Financial Issuer Trust(a) (B+/B1) | |
| 500,000 | | | | 6.500 | | | | 05/01/28 | | | | 430,000 | |
| | Nationstar Mortgage Holdings, Inc.(a) (B+/B1) | |
| | 310,000 | | | | 6.000 | | | | 01/15/27 | | | | 277,450 | |
| | 626,000 | | | | 5.500 | | | | 08/15/28 | | | | 530,535 | |
| | Navient Corp. (B+/Ba3) | |
| | 130,000 | | | | 5.875 | | | | 10/25/24 | | | | 125,310 | |
| | 380,000 | | | | 6.750 | | | | 06/25/25 | | | | 367,391 | |
| | 391,000 | | | | 6.750 | | | | 06/15/26 | | | | 370,400 | |
| | Navient Corp., MTN (B+/Ba3) | |
| | 154,000 | | | | 6.125 | | | | 03/25/24 | | | | 150,369 | |
| | 247,000 | | | | 5.625 | | | | 08/01/33 | | | | 186,297 | |
| | NFP Corp.(a) (CCC+/Caa2) | |
| | 680,000 | | | | 6.875 | | | | 08/15/28 | | | | 561,850 | |
| | Rocket Mortgage LLC(a) (BB+/Ba1) | |
| | 244,000 | | | | 5.250 | | | | 01/15/28 | | | | 217,718 | |
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a)
(BB+/Ba1) |
|
| | 751,000 | | | | 3.875 | | | | 03/01/31 | | | | 586,692 | |
| | United Wholesale Mortgage LLC(a) (NR/Ba3) | |
| | 364,000 | | | | 5.500 | | | | 04/15/29 | | | | 284,830 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,858,436 | |
| | |
| Food and Beverage – 1.9% | |
| | Aramark Services, Inc.(a) (B+/B1) | |
| | 380,000 | | | | 5.000 | | | | 02/01/28 | | | | 352,925 | |
| | Lamb Weston Holdings, Inc.(a) (BB+/Ba3) | |
| | 681,000 | | | | 4.125 | | | | 01/31/30 | | | | 616,305 | |
| | Performance Food Group, Inc.(a) (BB-/B2) | |
| | 200,000 | | | | 5.500 | | | | 10/15/27 | | | | 190,750 | |
| | Post Holdings, Inc.(a) (B+/B2) | |
| | 200,000 | | | | 5.750 | | | | 03/01/27 | | | | 196,500 | |
| | 180,000 | | | | 5.625 | | | | 01/15/28 | | | | 171,900 | |
| | 500,000 | | | | 5.500 | | | | 12/15/29 | | | | 459,375 | |
| | 500,000 | | | | 4.500 | | | | 09/15/31 | | | | 427,500 | |
| | US Foods, Inc.(a) (B+/B3) | |
| | 200,000 | | | | 4.750 | | | | 02/15/29 | | | | 178,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,593,755 | |
| | |
| Hardware – 0.7% | |
| | CommScope Technologies LLC(a) (CCC+/Caa1) | |
| | 240,000 | | | | 5.000 | | | | 03/15/27 | | | | 191,100 | |
| | NCR Corp. (B/B3) | |
| | 240,000 | | | | 5.750 | (a) | | | 09/01/27 | | | | 233,700 | |
| | 240,000 | | | | 5.000 | (a) | | | 10/01/28 | | | | 226,200 | |
| | 240,000 | | | | 5.250 | (a) | | | 10/01/30 | | | | 225,300 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 876,300 | |
| | |
| Healthcare – 5.3% | |
| | Catalent Pharma Solutions, Inc.(a) (BB-/B1) | |
| | 434,000 | | | | 3.125 | | | | 02/15/29 | | | | 361,848 | |
| | CHS/Community Health Systems, Inc.(a) (B/B2) | |
| | 425,000 | | | | 8.000 | | | | 03/15/26 | | | | 398,969 | |
| | 285,000 | | | | 5.625 | | | | 03/15/27 | | | | 244,387 | |
| | 350,000 | | | | 8.000 | | | | 12/15/27 | | | | 309,750 | |
| | 187,000 | | | | 6.875 | | | | 04/01/28 | | | | 97,707 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Healthcare – (continued) | |
| | CHS/Community Health Systems, Inc.(a) (B/B2) – (continued) | |
| $ | 428,000 | | | | 6.875 | % | | | 04/15/29 | | | $ | 268,570 | |
| | 366,000 | | | | 6.125 | | | | 04/01/30 | | | | 228,293 | |
| | 540,000 | | | | 4.750 | | | | 02/15/31 | | | | 406,350 | |
| | DaVita, Inc.(a) (B+/Ba3) | |
| | 240,000 | | | | 4.625 | | | | 06/01/30 | | | | 193,800 | |
| | 240,000 | | | | 3.750 | | | | 02/15/31 | | | | 177,000 | |
| | Encompass Health Corp. (B+/B1) | |
| | 491,000 | | | | 4.750 | | | | 02/01/30 | | | | 422,874 | |
| | IQVIA, Inc.(a) (BB/Ba3) | |
| | 600,000 | | | | 5.000 | | | | 05/15/27 | | | | 580,500 | |
| | Legacy LifePoint Health LLC(a) (B/B1) | |
| | 384,000 | | | | 4.375 | | | | 02/15/27 | | | | 343,200 | |
| | MPH Acquisition Holdings LLC(a) (B-/B3) | |
| | 300,000 | | | | 5.750 | | | | 11/01/28 | | | | 239,625 | |
| | Service Corp. International (BB/Ba3) | |
| | 125,000 | | | | 4.625 | | | | 12/15/27 | | | | 117,500 | |
| | 403,000 | | | | 3.375 | | | | 08/15/30 | | | | 333,986 | |
| | Tenet Healthcare Corp. (B-/B3) | |
| | 114,000 | | | | 4.625 | | | | 07/15/24 | | | | 111,364 | |
| | 148,000 | | | | 4.625 | (a) | | | 09/01/24 | | | | 144,368 | |
| | 407,000 | | | | 4.875 | (a) | | | 01/01/26 | | | | 387,922 | |
| | 300,000 | | | | 6.250 | (a) | | | 02/01/27 | | | | 289,774 | |
| | 397,000 | | | | 5.125 | (a) | | | 11/01/27 | | | | 367,721 | |
| | 327,000 | | | | 4.625 | (a) | | | 06/15/28 | | | | 298,387 | |
| | 660,000 | | | | 6.125 | (a) | | | 10/01/28 | | | | 608,850 | |
| | 220,000 | | | | 4.250 | (a) | | | 06/01/29 | | | | 191,812 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,124,557 | |
| | |
| Insurance – 0.9% | |
| | Acrisure LLC / Acrisure Finance, Inc.(a) (CCC+/Caa2) | |
| | 329,000 | | | | 7.000 | | | | 11/15/25 | | | | 311,411 | |
| | 185,000 | | | | 10.125 | | | | 08/01/26 | | | | 186,850 | |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-
Issuer(a) (B/B2) |
|
| | 839,000 | | | | 4.250 | | | | 10/15/27 | | | | 761,392 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,259,653 | |
| | |
| Metals – 0.6% | |
| | Alcoa Nederland Holding BV(a) (BB+/Baa3) | |
| | 200,000 | | | | 5.500 | | | | 12/15/27 | | | | 191,750 | |
| | Novelis Corp.(a) (BB/Ba3) | |
| | 494,000 | | | | 4.750 | | | | 01/30/30 | | | | 434,720 | |
| | 210,000 | | | | 3.875 | | | | 08/15/31 | | | | 171,150 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 797,620 | |
| | |
| Metals and Mining – 0.5% | |
| | Cleveland-Cliffs, Inc.(a) (BB/Ba2) | |
| | 342,000 | | | | 6.750 | | | | 03/15/26 | | | | 346,702 | |
| | 340,000 | | | | 4.875 | | | | 03/01/31 | | | | 299,625 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 646,327 | |
| | |
| Natural Gas – 2.4% | |
| | AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1) | |
| | 352,000 | | | | 5.500 | | | | 05/20/25 | | | | 335,720 | |
| | 361,000 | | | | 5.750 | | | | 05/20/27 | | | | 342,950 | |
| | |
|
| Corporate Obligations – (continued) | |
| Natural Gas – (continued) | |
| Crestwood Midstream Partners LP / Crestwood Midstream
Finance Corp.(a) (BB/Ba3) |
|
| 69,000 | | | | 5.625 | | | | 05/01/27 | | | | 64,515 | |
| | 132,000 | | | | 6.000 | | | | 02/01/29 | | | | 122,595 | |
| | Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2) | |
| | 444,000 | | | | 5.375 | | | | 04/01/26 | | | | 392,940 | |
| | Genesis Energy LP / Genesis Energy Finance Corp. (B/B2) | |
| | 384,000 | | | | 8.000 | | | | 01/15/27 | | | | 363,360 | |
| NGL Energy Operating LLC / NGL Energy Finance Corp.(a)
(B+/B1) |
|
| | 650,000 | | | | 7.500 | | | | 02/01/26 | | | | 594,750 | |
| NGL Energy Partners LP / NGL Energy Finance Corp.
(CCC/Caa1) |
|
| | 100,000 | | | | 7.500 | | | | 11/01/23 | | | | 95,000 | |
| | NuStar Logistics LP (BB-/Ba3) | |
| | 100,000 | | | | 6.000 | | | | 06/01/26 | | | | 95,000 | |
| | 100,000 | | | | 5.625 | | | | 04/28/27 | | | | 92,250 | |
| | Rockies Express Pipeline LLC(a) (BB+/Ba2) | |
| | 288,000 | | | | 4.950 | | | | 07/15/29 | | | | 261,720 | |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(a)
(BB-/B1) |
|
| | 153,000 | | | | 6.000 | | | | 03/01/27 | | | | 140,760 | |
| | 361,000 | | | | 5.500 | | | | 01/15/28 | | | | 314,070 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,215,630 | |
| | |
| Pharmaceuticals – 1.6% | |
| | Bausch Health Americas, Inc.(a) (CC/Caa3) | |
| | 627,000 | | | | 9.250 | | | | 04/01/26 | | | | 376,940 | |
| | 648,000 | | | | 8.500 | | | | 01/31/27 | | | | 311,736 | |
| | Bausch Health Cos., Inc.(a) (B/B3) | |
| | 347,000 | | | | 5.500 | | | | 11/01/25 | | | | 289,745 | |
| | 352,000 | | | | 9.000 | | | | 12/15/25 | | | | 222,174 | |
| | 330,000 | | | | 5.750 | | | | 08/15/27 | | | | 241,624 | |
| | 349,000 | | | | 7.000 | | | | 01/15/28 | | | | 134,711 | |
| | 469,000 | | | | 6.250 | | | | 02/15/29 | | | | 176,408 | |
| | 454,000 | | | | 5.250 | | | | 01/30/30 | | | | 169,682 | |
| | 476,000 | | | | 5.250 | | | | 02/15/31 | | | | 184,450 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,107,470 | |
| | |
| REITs and Real Estate – 2.3% | |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR
Nimbus LLC / GGSI Sellco LL(a) (BB+/B1) |
|
| | 320,000 | | | | 5.750 | | | | 05/15/26 | | | | 300,734 | |
| | Diversified Healthcare Trust (BB/B2) | |
| | 371,000 | | | | 4.375 | | | | 03/01/31 | | | | 255,256 | |
| | Howard Hughes Corp. (The)(a) (BB-/Ba3) | |
| | 416,000 | | | | 4.375 | | | | 02/01/31 | | | | 332,800 | |
| | iStar, Inc. (BB/Ba2) | |
| | 439,000 | | | | 4.750 | | | | 10/01/24 | | | | 439,585 | |
| | Kennedy-Wilson, Inc. (BB/B1) | |
| | 616,000 | | | | 5.000 | | | | 03/01/31 | | | | 509,355 | |
| Park Intermediate Holdings LLC / PK Domestic Property LLC /
PK Finance Co.-Issuer(a) (B+/B1) |
|
| | 402,000 | | | | 4.875 | | | | 05/15/29 | | | | 355,770 | |
| | Realogy Group LLC / Realogy Co.-Issuer Corp.(a) (B+/B2) | |
| | 559,000 | | | | 5.250 | | | | 04/15/30 | | | | 420,997 | |
| | |
| | |
| 56 | | 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) | |
| REITs and Real Estate – (continued) | |
| | Service Properties Trust (B+/B1) | |
| $ | 369,000 | | | | 4.950 | % | | | 10/01/29 | | | $ | 281,624 | |
| | 292,000 | | | | 4.375 | | | | 02/15/30 | | | | 214,849 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,110,970 | |
| | |
| Rental Equipment – 2.1% | |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a)
(BB-/B2) |
|
| | 498,000 | | | | 5.375 | | | | 03/01/29 | | | | 435,750 | |
| | H&E Equipment Services, Inc.(a) (BB-/B2) | |
| | 582,000 | | | | 3.875 | | | | 12/15/28 | | | | 493,245 | |
| | Hertz Corp. (The)(a) (B+/Caa1) | |
| | 677,000 | | | | 5.000 | | | | 12/01/29 | | | | 544,985 | |
| | United Rentals North America, Inc. (BB+/Ba2) | |
| | 84,000 | | | | 5.500 | | | | 05/15/27 | | | | 83,205 | |
| | 266,000 | | | | 4.875 | | | | 01/15/28 | | | | 249,375 | |
| | 459,000 | | | | 5.250 | | | | 01/15/30 | | | | 435,476 | |
| | 691,000 | | | | 3.875 | | | | 02/15/31 | | | | 599,992 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,842,028 | |
| | |
| Software – 2.5% | |
| | Clarivate Science Holdings Corp.(a) (B/B1) | |
| | 736,000 | | | | 3.875 | | | | 07/01/28 | | | | 634,800 | |
| | Gartner, Inc.(a) (BB+/Ba1) | |
| | 778,000 | | | | 4.500 | | | | 07/01/28 | | | | 720,622 | |
| | MSCI, Inc.(a) (BB+/Ba1) | |
| | 185,000 | | | | 3.625 | | | | 09/01/30 | | | | 157,250 | |
| | 625,000 | | | | 3.875 | | | | 02/15/31 | | | | 537,500 | |
| | 549,000 | | | | 3.250 | | | | 08/15/33 | | | | 437,141 | |
| | SS&C Technologies, Inc.(a) (B+/B2) | |
| | 689,000 | | | | 5.500 | | | | 09/30/27 | | | | 652,674 | |
| | Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3) | |
| | 300,000 | | | | 7.500 | | | | 09/01/25 | | | | 231,143 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,371,130 | |
| | |
| Technology – 1.5% | |
| | Arches Buyer, Inc.(a) (B/B1) | |
| | 160,000 | | | | 4.250 | | | | 06/01/28 | | | | 130,000 | |
| | 107,000 | | | | 6.125 | | | | 12/01/28 | | | | 84,262 | |
| | Condor Merger Sub, Inc.(a) (CCC+/Caa2) | |
| | 600,000 | | | | 7.375 | | | | 02/15/30 | | | | 501,000 | |
| | Imola Merger Corp.(a) (BB-/B1) | |
| | 459,000 | | | | 4.750 | | | | 05/15/29 | | | | 394,740 | |
| | Rackspace Technology Global, Inc.(a) (B-/Caa1) | |
| | 185,000 | | | | 5.375 | | | | 12/01/28 | | | | 104,525 | |
| | Seagate HDD Cayman (BB+/Ba1) | |
| | 332,000 | | | | 3.375 | | | | 07/15/31 | | | | 260,620 | |
| | 363,000 | | | | 5.750 | | | | 12/01/34 | | | | 323,978 | |
| | Verscend Escrow Corp.(a) (CCC+/Caa2) | |
| | 225,000 | | | | 9.750 | | | | 08/15/26 | | | | 227,433 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,026,558 | |
| | |
| Transportation – 2.1% | |
| | American Airlines, Inc.(a) (B/Ba3) | |
| | 489,000 | | | | 11.750 | | | | 07/15/25 | | | | 538,888 | |
| | American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) (NR/Ba2) | |
| | 697,000 | | | | 5.500 | | | | 04/20/26 | | | | 665,635 | |
| | 677,000 | | | | 5.750 | | | | 04/20/29 | | | | 612,134 | |
| | |
|
| Corporate Obligations – (continued) | |
| Transportation – (continued) | |
| Fortress Transportation and Infrastructure Investors LLC(a)
(B/Ba2) |
|
| 240,000 | | | | 6.500 | | | | 10/01/25 | | | | 225,600 | |
| | United Airlines, Inc.(a) (BB-/Ba1) | |
| | 516,000 | | | | 4.375 | | | | 04/15/26 | | | | 470,710 | |
| | 391,000 | | | | 4.625 | | | | 04/15/29 | | | | 344,529 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,857,496 | |
| | |
| Wireless – 0.7% | |
| | Ligado Networks LLC(a) (b) (PIK) (NR/Caa1) | |
| | 696,028 | | | | 15.500 | | | | 11/01/23 | | | | 358,454 | |
| | SBA Communications Corp. (BB-/B1) | |
| | 300,000 | | | | 3.875 | | | | 02/15/27 | | | | 274,196 | |
| | Viasat, Inc.(a) (BB/Ba3) | |
| | 180,000 | | | | 5.625 | | | | 04/15/27 | | | | 166,950 | |
| | 170,000 | | | | 6.500 | | | | 07/15/28 | | | | 131,963 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 931,563 | |
| | |
| Wirelines – 3.2% | |
| | Consolidated Communications, Inc.(a) (B-/B2) | |
| | 494,000 | | | | 6.500 | | | | 10/01/28 | | | | 405,080 | |
| | Frontier Communications Holdings LLC(a) (B/B3) | |
| | 369,000 | | | | 5.875 | | | | 10/15/27 | | | | 344,784 | |
| | 822,000 | | | | 5.000 | | | | 05/01/28 | | | | 720,278 | |
| | 451,000 | | | | 6.750 | | | | 05/01/29 | | | | 389,551 | |
| | Level 3 Financing, Inc.(a) (BB/Ba3) | |
| | 240,000 | | | | 4.625 | | | | 09/15/27 | | | | 212,400 | |
| | Lumen Technologies, Inc.(a) (BB-/B2) | |
| | 240,000 | | | | 4.500 | | | | 01/15/29 | | | | 179,700 | |
| | 240,000 | | | | 5.375 | | | | 06/15/29 | | | | 187,800 | |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a)
(B/B2) |
|
| | 392,000 | | | | 7.875 | | | | 02/15/25 | | | | 387,345 | |
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a)
(B/B2) |
|
| | 530,000 | | | | 4.750 | | | | 04/15/28 | | | | 446,525 | |
| | 141,000 | | | | 6.500 | | | | 02/15/29 | | | | 107,689 | |
| Windstream Escrow LLC / Windstream Escrow Finance Corp.(a)
(B/B3) |
|
| | 384,000 | | | | 7.750 | | | | 08/15/28 | | | | 336,000 | �� |
| | Zayo Group Holdings, Inc.(a) (B/B2) | |
| | 644,000 | | | | 4.000 | | | | 03/01/27 | | | | 553,035 | |
| | 73,000 | | | | 6.125 | | | | 03/01/28 | | | | 55,936 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,326,123 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $137,840,229) | | | $ | 122,064,107 | |
| | |
| | | | | | | | | | | | | | |
|
| Foreign Corporate Debt – 5.3% | |
| Aerospace & Defense – 0.6% | |
| | Bombardier, Inc.(a) (Canada) (B-/B3) | |
| $ | 302,000 | | | | 7.500 | % | | | 03/15/25 | | | $ | 297,847 | |
| | 247,000 | | | | 7.125 | | | | 06/15/26 | | | | 235,268 | |
| | 353,000 | | | | 7.875 | | | | 04/15/27 | | | | 337,556 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 870,671 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Foreign Corporate Debt – (continued) | |
| Basic Industry – 0.6% | |
| | Methanex Corp. (Canada) (BB/Ba1) | |
| $ | 449,000 | | | | 5.250 | % | | | 12/15/29 | | | $ | 379,370 | |
| | NOVA Chemicals Corp.(a) (Canada) (BB/Ba3) | |
| | 281,000 | | | | 5.000 | | | | 05/01/25 | | | | 263,744 | |
| | 271,000 | | | | 5.250 | | | | 06/01/27 | | | | 241,190 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 884,304 | |
| | |
| Capital Goods – 0.7% | |
| ARD Finance SA(a) (b) (Luxembourg) (PIK 7.250%, Cash 6.500%)
(B-/Caa3) |
|
| | 400,000 | | | | 6.500 | | | | 06/30/27 | | | | 309,399 | |
| | GFL Environmental, Inc.(a) (Canada) (BB-/Ba3) | |
| | 325,000 | | | | 4.250 | | | | 06/01/25 | | | | 314,031 | |
| | 340,000 | | | | 4.750 | | | | 06/15/29 | | | | 297,674 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 921,104 | |
| | |
| Consumer Cyclical – 1.1% | |
| | 1011778 BC ULC / New Red Finance, Inc. (a) (Canada) (B+/B2) | |
| | 284,000 | | | | 3.875 | | | | 01/15/28 | | | | 254,180 | |
| | 172,000 | | | | 4.375 | | | | 01/15/28 | | | | 155,445 | |
| | 127,000 | | | | 3.500 | | | | 02/15/29 | | | | 110,014 | |
| | 530,000 | | | | 4.000 | | | | 10/15/30 | | | | 435,925 | |
| | Garda World Security Corp. a) (Canada) (B/B2) | |
| | 167,000 | | | | 4.625 | | | | 02/15/27 | | | | 149,048 | |
| | 145,000 | | | | 9.500 | | | | 11/01/27 | | | | 132,312 | |
| | Mattamy Group Corp.(a) (Canada) (BB/Ba3) | |
| | 216,000 | | | | 5.250 | | | | 12/15/27 | | | | 191,802 | |
| | 60,000 | | | | 4.625 | | | | 03/01/30 | | | | 49,275 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,478,001 | |
| | |
| Energy – 0.2% | |
| | MEG Energy Corp.(a) (Canada) (BB-/B2) | |
| | 232,000 | | | | 7.125 | | | | 02/01/27 | | | | 234,320 | |
| | |
| Food – 0.3% | |
| | NBM US Holdings, Inc.(a) (Brazil) (BB+/NR) | |
| | 400,000 | | | | 7.000 | | | | 05/14/26 | | | | 404,000 | |
| | |
| Mining – 1.2% | |
| | First Quantum Minerals Ltd.(a) (Zambia) (B+/NR) | |
| | 361,000 | | | | 6.500 | | | | 03/01/24 | | | | 357,515 | |
| | 414,000 | | | | 7.500 | | | | 04/01/25 | | | | 409,061 | |
| | 450,000 | | | | 6.875 | | | | 03/01/26 | | | | 434,580 | |
| | Hudbay Minerals, Inc.(a) (Canada) (B/B2) | |
| | 407,000 | | | | 4.500 | | | | 04/01/26 | | | | 369,861 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,571,017 | |
| | |
| Wireless – 0.6% | |
| | Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3) | |
| | 896,000 | | | | 6.500 | | | | 03/15/30 | | | | 814,240 | |
| | |
| | TOTAL FOREIGN CORPORATE DEBT | |
| | (Cost $7,720,708) | | | $ | 7,177,657 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Investment Company – 2.3%(d) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 3,157,357 | | | 2.154 | % | | $ | 3,157,357 | |
| (Cost $3,157,357) | |
| |
| TOTAL INVESTMENTS – 98.4% | |
| (Cost $148,718,294) | | | $ | 132,399,121 | |
|
OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.6% | | | | 2,110,233 | |
| |
| NET ASSETS – 100.0% | | | $ | 134,509,354 | |
| |
| | |
|
| 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) | | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| |
(d) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
GMTN | | —Global Medium Term Note |
LP | | —Limited Partnership |
MTN | | —Medium Term Note |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Inflation Indexed Bonds – 98.6% | |
| | U.S. Treasury Inflation Indexed Bonds | |
| $ | 9,547,259 | | | | 0.625 | % | | | 01/15/24 | | | $ | 9,458,829 | |
| | 1,376,948 | | | | 0.500 | | | | 04/15/24 | | | | 1,362,325 | |
| | 11,267,400 | | | | 0.125 | | | | 10/15/24 | | | | 11,092,504 | |
| | 9,392,733 | | | | 0.250 | | | | 01/15/25 | | | | 9,248,857 | |
| | 11,055,576 | | | | 0.375 | | | | 07/15/25 | | | | 10,920,141 | |
| | 12,607,570 | | | | 0.125 | | | | 10/15/25 | | | | 12,372,948 | |
| | 11,294,441 | | | | 0.625 | | | | 01/15/26 | | | | 11,224,259 | |
| | 10,723,816 | | | | 0.375 | | | | 07/15/27 | | | | 10,572,268 | |
| | 14,675,916 | | | | 0.500 | | | | 01/15/28 | | | | 14,462,653 | |
| | 8,173,367 | | | | 0.750 | | | | 07/15/28 | | | | 8,200,853 | |
| | 3,792,355 | | | | 3.875 | | | | 04/15/29 | | | | 4,538,287 | |
| | 6,557,702 | | | | 0.250 | | | | 07/15/29 | | | | 6,367,458 | |
| | 11,169,090 | | | | 0.125 | | | | 01/15/30 | | | | 10,669,453 | |
| | 5,867,489 | | | | 0.125 | | | | 07/15/30 | | | | 5,612,774 | |
| | 5,366,340 | | | | 0.125 | | | | 07/15/31 | | | | 5,099,716 | |
| | 9,101,538 | | | | 2.125 | | | | 02/15/40 | | | | 10,806,598 | |
| | 7,264,824 | | | | 0.750 | | | | 02/15/42 | | | | 6,800,736 | |
| | 4,844,982 | | | | 0.875 | | | | 02/15/47 | | | | 4,540,940 | |
| | 3,906,402 | | | | 1.000 | | | | 02/15/48 | | | | 3,785,178 | |
| | 1,270,566 | | | | 1.000 | | | | 02/15/49 | | | | 1,243,541 | |
| | 5,807,599 | | | | 0.250 | | | | 02/15/50 | | | | 4,677,073 | |
| | |
| | TOTAL U.S. TREASURY INFLATION INDEXED BONDS | |
| | (Cost $182,183,611) | | | $ | 163,057,391 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Investment Company – 0.2%(a) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 350,717 | | | 2.154 | % | | $ | 350,717 | |
| (Cost $350,717) | |
| |
| TOTAL INVESTMENTS – 98.8% | |
| (Cost $182,534,328) | | | $ | 163,408,108 | |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.2% | | | | 1,963,936 | |
| |
| NET ASSETS – 100.0% | | | $ | 165,372,044 | |
| |
| | |
|
| 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. | | 59 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – 79.6% | |
| Aerospace & Defense – 2.6% | |
| | General Dynamics Corp. | |
| $ | 50,000 | | | | 3.250 | % | | | 04/01/25 | | | $ | 49,180 | |
| | 50,000 | | | | 3.500 | | | | 05/15/25 | | | | 49,572 | |
| | 50,000 | | | | 1.150 | | | | 06/01/26 | | | | 45,142 | |
| | Hexcel Corp. | |
| | 50,000 | | | | 4.950 | | | | 08/15/25 | | | | 49,608 | |
| | L3Harris Technologies, Inc. | |
| | 50,000 | | | | 3.850 | | | | 12/15/26 | | | | 48,704 | |
| | Northrop Grumman Corp. | |
| | 65,000 | | | | 2.930 | | | | 01/15/25 | | | | 63,354 | |
| | 25,000 | | | | 3.200 | | | | 02/01/27 | | | | 24,049 | |
| | Raytheon Technologies Corp. | |
| | 50,000 | | | | 3.500 | | | | 03/15/27 | | | | 48,564 | |
| | Textron, Inc. | |
| | 40,000 | | | | 3.650 | | | | 03/15/27 | | | | 38,311 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 416,484 | |
| | |
| Banks – 18.0% | |
| | American Express Co. | |
| | 55,000 | | | | 3.700 | | | | 08/03/23 | | | | 54,934 | |
| | 90,000 | | | | 3.125 | | | | 05/20/26 | | | | 86,827 | |
| | Bank of America Corp. (a) | |
| | (SOFR + 0.960%) | |
| | 100,000 | | | | 1.734 | | | | 07/22/27 | | | | 88,710 | |
| | (SOFR + 1.050%) | |
| | 75,000 | | | | 2.551 | | | | 02/04/28 | | | | 67,970 | |
| | (SOFR + 1.580%) | |
| | 100,000 | | | | 4.376 | | | | 04/27/28 | | | | 97,553 | |
| | Bank of America Corp., MTN | |
| | 39,000 | | | | 4.200 | | | | 08/26/24 | | | | 38,999 | |
| | 30,000 | | | | 4.000 | | | | 01/22/25 | | | | 29,682 | |
| | (SOFR + 1.150%) | |
| | 50,000 | | | | 1.319 | (a) | | | 06/19/26 | | | | 45,497 | |
| | (SOFR + 1.010%) | |
| | 99,000 | | | | 1.197 | (a) | | | 10/24/26 | | | | 88,408 | |
| | (3M USD LIBOR + 1.060%) | |
| | 76,000 | | | | 3.559 | (a) | | | 04/23/27 | | | | 72,764 | |
| | Bank of America Corp.(a), Series N | |
| | (SOFR + 0.910%) | |
| | 50,000 | | | | 1.658 | | | | 03/11/27 | | | | 44,882 | |
| | Bank of New York Mellon Corp. (The)(a), MTN | |
| | (3M USD LIBOR + 1.069%) | |
| | 50,000 | | | | 3.442 | | | | 02/07/28 | | | | 47,945 | |
| | Capital One Financial Corp. | |
| | 50,000 | | | | 3.300 | | | | 10/30/24 | | | | 49,015 | |
| | 75,000 | | | | 4.200 | | | | 10/29/25 | | | | 74,075 | |
| | Charles Schwab Corp. (The) | |
| | 40,000 | | | | 3.000 | | | | 03/10/25 | | | | 39,103 | |
| | 30,000 | | | | 3.850 | | | | 05/21/25 | | | | 30,056 | |
| | Comerica, Inc. | |
| | 40,000 | | | | 3.800 | | | | 07/22/26 | | | | 39,151 | |
| | Fifth Third Bancorp | |
| | 50,000 | | | | 3.650 | | | | 01/25/24 | | | | 49,756 | |
| | Huntington Bancshares, Inc. | |
| | 56,000 | | | | 4.000 | | | | 05/15/25 | | | | 55,579 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | JPMorgan Chase & Co. | |
| | (SOFR + 1.455%) | |
| 168,000 | | | | 1.514 | (a) | | | 06/01/24 | | | | 164,451 | |
| | (3M USD LIBOR + 0.890%) | |
| | 50,000 | | | | 3.797 | (a) | | | 07/23/24 | | | | 49,749 | |
| | 50,000 | | | | 3.875 | | | | 09/10/24 | | | | 49,797 | |
| | (3M U.S. T-Bill MMY + 1.585%) | |
| | 87,000 | | | | 2.005 | (a) | | | 03/13/26 | | | | 81,529 | |
| | (SOFR + 1.850%) | |
| | 30,000 | | | | 2.083 | (a) | | | 04/22/26 | | | | 28,070 | |
| | 39,000 | | | | 3.200 | | | | 06/15/26 | | | | 37,591 | |
| | 96,000 | | | | 2.950 | | | | 10/01/26 | | | | 91,200 | |
| | (SOFR + 0.800%) | |
| | 25,000 | | | | 1.045 | (a) | | | 11/19/26 | | | | 22,269 | |
| | (SOFR + 0.885%) | |
| | 80,000 | | | | 1.578 | (a) | | | 04/22/27 | | | | 71,344 | |
| | (SOFR + 1.560%) | |
| | 70,000 | | | | 4.323 | (a) | | | 04/26/28 | | | | 68,427 | |
| | Morgan Stanley(a) | |
| | (SOFR + 1.990%) | |
| | 63,000 | | | | 2.188 | | | | 04/28/26 | | | | 59,093 | |
| | (SOFR + 0.879%) | |
| | 60,000 | | | | 1.593 | | | | 05/04/27 | | | | 53,451 | |
| | (SOFR + 1.610%) | |
| | 50,000 | | | | 4.210 | | | | 04/20/28 | | | | 48,849 | |
| | (3M USD LIBOR + 1.340%) | |
| | 50,000 | | | | 3.591 | | | | 07/22/28 | | | | 47,245 | |
| | Morgan Stanley, GMTN | |
| | 50,000 | | | | 3.875 | | | | 01/27/26 | | | | 49,359 | |
| | 40,000 | | | | 4.350 | | | | 09/08/26 | | | | 39,487 | |
| | (SOFR + 0.858%) | |
| | 30,000 | | | | 1.512 | (a) | | | 07/20/27 | | | | 26,528 | |
| | Morgan Stanley, MTN | |
| | 45,000 | | | | 3.125 | | | | 07/27/26 | | | | 42,864 | |
| | PNC Financial Services Group, Inc. (The) | |
| | 55,000 | | | | 3.900 | | | | 04/29/24 | | | | 55,061 | |
| | Santander Holdings USA, Inc. | |
| | 40,000 | | | | 3.450 | | | | 06/02/25 | | | | 38,429 | |
| | State Street Corp.(a) | |
| | (SOFR + 2.600%) | |
| | 40,000 | | | | 2.901 | | | | 03/30/26 | | | | 38,423 | |
| | Synchrony Financial | |
| | 45,000 | | | | 4.250 | | | | 08/15/24 | | | | 44,442 | |
| | Truist Bank(a) | |
| | (3M USD LIBOR + 0.735%) | |
| | 68,000 | | | | 3.689 | | | | 08/02/24 | | | | 67,723 | |
| | Truist Financial Corp., MTN | |
| | 96,000 | | | | 2.850 | | | | 10/26/24 | | | | 94,059 | |
| | US Bancorp(a), MTN | |
| | (SOFR + 0.730%) | |
| | 30,000 | | | | 2.215 | | | | 01/27/28 | | | | 27,439 | |
| | US Bancorp, Series X | |
| | 30,000 | | | | 3.150 | | | | 04/27/27 | | | | 28,961 | |
| | Wells Fargo & Co. | |
| | 50,000 | | | | 4.480 | | | | 01/16/24 | | | | 50,198 | |
| | 8,000 | | | | 3.000 | | | | 04/22/26 | | | | 7,603 | |
| | |
| | |
| 60 | | 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) | |
| Banks – (continued) | |
| | Wells Fargo & Co. – (continued) | |
| | (SOFR + 2.000%) | |
| $ | 81,000 | | | | 2.188 | %(a) | | | 04/30/26 | | | $ | 75,731 | |
| | 70,000 | | | | 3.000 | | | | 10/23/26 | | | | 66,269 | |
| | Wells Fargo & Co., MTN(a) | |
| | (3M USD LIBOR + 0.750%) | |
| | 75,000 | | | | 2.164 | | | | 02/11/26 | | | | 70,500 | |
| | (3M USD LIBOR + 1.170%) | |
| | 33,000 | | | | 3.196 | | | | 06/17/27 | | | | 31,131 | |
| | (SOFR + 1.510%) | |
| | 50,000 | | | | 3.526 | | | | 03/24/28 | | | | 47,179 | |
| | (SOFR + 1.980%) | |
| | 50,000 | | | | 4.808 | | | | 07/25/28 | | | | 49,917 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,925,274 | |
| | |
| Basic Industry – 0.4% | |
| | Linde, Inc. | |
| | 75,000 | | | | 3.200 | | | | 01/30/26 | | | | 73,637 | |
| | |
| Broadcasting – 0.8% | |
| | Discovery Communications LLC | |
| | 50,000 | | | | 3.800 | | | | 03/13/24 | | | | 49,490 | |
| | Fox Corp. | |
| | 75,000 | | | | 4.030 | | | | 01/25/24 | | | | 74,785 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 124,275 | |
| | |
| Brokerage – 0.7% | |
| | Ameriprise Financial, Inc. | |
| | 40,000 | | | | 4.000 | | | | 10/15/23 | | | | 40,030 | |
| | BlackRock, Inc. | |
| | 40,000 | | | | 3.500 | | | | 03/18/24 | | | | 39,899 | |
| | Invesco Finance PLC | |
| | 40,000 | | | | 3.750 | | | | 01/15/26 | | | | 39,076 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 119,005 | |
| | |
| Building Materials – 0.6% | |
| | Fortune Brands Home & Security, Inc. | |
| | 50,000 | | | | 4.000 | | | | 09/21/23 | | | | 49,922 | |
| | Owens Corning | |
| | 50,000 | | | | 4.200 | | | | 12/01/24 | | | | 49,995 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 99,917 | |
| | |
| Capital Goods – 4.0% | |
| | Carrier Global Corp. | |
| | 35,000 | | | | 2.242 | | | | 02/15/25 | | | | 33,233 | |
| | Caterpillar Financial Services Corp. | |
| | 50,000 | | | | 0.900 | | | | 03/02/26 | | | | 45,485 | |
| | Illinois Tool Works, Inc. | |
| | 50,000 | | | | 3.500 | | | | 03/01/24 | | | | 49,726 | |
| | John Deere Capital Corp. | |
| | 50,000 | | | | 3.650 | | | | 10/12/23 | | | | 50,035 | |
| | John Deere Capital Corp., MTN | |
| | 50,000 | | | | 3.450 | | | | 03/13/25 | | | | 49,699 | |
| | 50,000 | | | | 2.350 | | | | 03/08/27 | | | | 46,953 | |
| | Johnson Controls International PLC | |
| | 75,000 | | | | 3.900 | | | | 02/14/26 | | | | 74,192 | |
| | Republic Services, Inc. | |
| | 20,000 | | | | 2.500 | | | | 08/15/24 | | | | 19,409 | |
| | 29,000 | | | | 2.900 | | | | 07/01/26 | | | | 27,625 | |
| | |
|
| Corporate Obligations – (continued) | |
| Capital Goods – (continued) | |
| | Roper Technologies, Inc. | |
| 50,000 | | | | 3.650 | | | | 09/15/23 | | | | 49,842 | |
| | Sonoco Products Co. | |
| | 50,000 | | | | 2.250 | | | | 02/01/27 | | | | 45,425 | |
| | Waste Management, Inc. | |
| | 75,000 | | | | 0.750 | | | | 11/15/25 | | | | 68,036 | |
| | Westinghouse Air Brake Technologies Corp. | |
| | 40,000 | | | | 4.375 | | | | 08/15/23 | | | | 39,856 | |
| | 50,000 | | | | 4.400 | | | | 03/15/24 | | | | 49,715 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 649,231 | |
| | |
| Communications – 4.1% | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital |
|
| | 50,000 | | | | 4.908 | | | | 07/23/25 | | | | 49,899 | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital, Series USD |
|
| | 75,000 | | | | 4.500 | | | | 02/01/24 | | | | 75,056 | |
| | Comcast Corp. | |
| | 90,000 | | | | 3.150 | | | | 03/01/26 | | | | 87,569 | |
| | 40,000 | | | | 3.300 | | | | 02/01/27 | | | | 38,623 | |
| | Magallanes, Inc.(b) | |
| | 50,000 | | | | 3.755 | | | | 03/15/27 | | | | 46,777 | |
| | Netflix, Inc. | |
| | 50,000 | | | | 5.750 | | | | 03/01/24 | | | | 50,750 | |
| | 50,000 | | | | 5.875 | | | | 02/15/25 | | | | 51,250 | |
| | 50,000 | | | | 4.375 | | | | 11/15/26 | | | | 48,750 | |
| | Paramount Global | |
| | 25,000 | | | | 4.750 | | | | 05/15/25 | | | | 25,210 | |
| | TWDC Enterprises 18 Corp., GMTN | |
| | 10,000 | | | | 3.150 | | | | 09/17/25 | | | | 9,781 | |
| | TWDC Enterprises 18 Corp., MTN | |
| | 25,000 | | | | 1.850 | | | | 07/30/26 | | | | 23,091 | |
| | Walt Disney Co. (The) | |
| | 85,000 | | | | 1.750 | | | | 08/30/24 | | | | 81,654 | |
| | 75,000 | | | | 3.350 | | | | 03/24/25 | | | | 73,923 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 662,333 | |
| | |
| Consumer Cyclical – 6.1% | |
| | Amazon.com, Inc. | |
| | 105,000 | | | | 1.000 | | | | 05/12/26 | | | | 95,057 | |
| | American Honda Finance Corp., MTN | |
| | 40,000 | | | | 1.200 | | | | 07/08/25 | | | | 37,068 | |
| | 40,000 | | | | 1.300 | | | | 09/09/26 | | | | 36,051 | |
| | AutoNation, Inc. | |
| | 55,000 | | | | 3.500 | | | | 11/15/24 | | | | 53,881 | |
| | Booking Holdings, Inc. | |
| | 40,000 | | | | 3.600 | | | | 06/01/26 | | | | 39,441 | |
| | DR Horton, Inc. | |
| | 40,000 | | | | 2.500 | | | | 10/15/24 | | | | 38,561 | |
| | 30,000 | | | | 1.300 | | | | 10/15/26 | | | | 26,020 | |
| | eBay, Inc. | |
| | 40,000 | | | | 3.450 | | | | 08/01/24 | | | | 39,590 | |
| | Hyatt Hotels Corp. | |
| | 25,000 | | | | 3.375 | | | | 07/15/23 | | | | 24,600 | |
| | 30,000 | | | | 5.625 | | | | 04/23/25 | | | | 30,357 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | Las Vegas Sands Corp. | |
| $ | 50,000 | | | | 3.200 | % | | | 08/08/24 | | | $ | 47,341 | |
| | 30,000 | | | | 3.500 | | | | 08/18/26 | | | | 26,945 | |
| | Lennar Corp. | |
| | 37,000 | | | | 4.750 | | | | 05/30/25 | | | | 37,519 | |
| | Marriott International, Inc., Series EE | |
| | 25,000 | | | | 5.750 | | | | 05/01/25 | | | | 25,770 | |
| | Marriott International, Inc., Series Z | |
| | 70,000 | | | | 4.150 | | | | 12/01/23 | | | | 70,044 | |
| | O’Reilly Automotive, Inc. | |
| | 75,000 | | | | 3.550 | | | | 03/15/26 | | | | 73,247 | |
| | Ross Stores, Inc. | |
| | 40,000 | | | | 4.600 | | | | 04/15/25 | | | | 40,284 | |
| | Starbucks Corp. | |
| | 50,000 | | | | 2.000 | | | | 03/12/27 | | | | 45,783 | |
| | Toll Brothers Finance Corp. | |
| | 50,000 | | | | 4.875 | | | | 11/15/25 | | | | 49,375 | |
| | Toyota Motor Credit Corp., MTN | |
| | 50,000 | | | | 0.800 | | | | 01/09/26 | | | | 45,192 | |
| | Visa, Inc. | |
| | 50,000 | | | | 1.900 | | | | 04/15/27 | | | | 46,139 | |
| | Walmart, Inc. | |
| | 75,000 | | | | 1.050 | | | | 09/17/26 | | | | 68,086 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 996,351 | |
| | |
| Consumer Noncyclical – 5.3% | |
| | AbbVie, Inc. | |
| | 75,000 | | | | 2.600 | | | | 11/21/24 | | | | 72,556 | |
| | 96,000 | | | | 3.600 | | | | 05/14/25 | | | | 94,342 | |
| | Altria Group, Inc. | |
| | 70,000 | | | | 4.000 | | | | 01/31/24 | | | | 70,035 | |
| | 75,000 | | | | 3.800 | | | | 02/14/24 | | | | 74,717 | |
| | Becton Dickinson and Co. | |
| | 55,000 | | | | 3.734 | | | | 12/15/24 | | | | 54,582 | |
| | Equifax, Inc. | |
| | 60,000 | | | | 2.600 | | | | 12/01/24 | | | | 57,883 | |
| | Johnson & Johnson | |
| | 25,000 | | | | 0.550 | | | | 09/01/25 | | | | 22,862 | |
| | 50,000 | | | | 2.450 | | | | 03/01/26 | | | | 48,173 | |
| | Kroger Co. (The) | |
| | 25,000 | | | | 3.850 | | | | 08/01/23 | | | | 24,992 | |
| | Laboratory Corp of America Holdings | |
| | 75,000 | | | | 3.600 | | | | 02/01/25 | | | | 73,981 | |
| | Merck & Co., Inc. | |
| | 50,000 | | | | 0.750 | | | | 02/24/26 | | | | 45,275 | |
| | Philip Morris International, Inc. | |
| | 68,000 | | | | 2.875 | | | | 05/01/24 | | | | 66,894 | |
| | Utah Acquisition Sub, Inc. | |
| | 40,000 | | | | 3.950 | | | | 06/15/26 | | | | 37,605 | |
| | Walgreens Boots Alliance, Inc. | |
| | 119,000 | | | | 3.800 | | | | 11/18/24 | | | | 118,540 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 862,437 | |
| | |
| Consumer Products – 0.7% | |
| | Hasbro, Inc. | |
| | 40,000 | | | | 3.550 | | | | 11/19/26 | | | | 38,227 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Products – (continued) | |
| | Newell Brands, Inc. | |
| 50,000 | | | | 4.875 | | | | 06/01/25 | | | | 49,187 | |
| | Procter & Gamble Co. (The) | |
| | 25,000 | | | | 1.900 | | | | 02/01/27 | | | | 23,366 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 110,780 | |
| | |
| Electric – 3.9% | |
| | AEP Transmission Co. LLC | |
| | 50,000 | | | | 3.100 | | | | 12/01/26 | | | | 47,607 | |
| | AES Corp. (The) | |
| | 50,000 | | | | 1.375 | | | | 01/15/26 | | | | 44,271 | |
| | CenterPoint Energy, Inc. | |
| | 50,000 | | | | 1.450 | | | | 06/01/26 | | | | 44,890 | |
| | CMS Energy Corp. | |
| | 50,000 | | | | 3.000 | | | | 05/15/26 | | | | 47,346 | |
| | Dominion Energy, Inc., Series A | |
| | 50,000 | | | | 1.450 | | | | 04/15/26 | | | | 45,536 | |
| | DTE Energy Co., Series F | |
| | 75,000 | | | | 1.050 | | | | 06/01/25 | | | | 68,685 | |
| | Duke Energy Corp. | |
| | 50,000 | | | | 2.650 | | | | 09/01/26 | | | | 46,956 | |
| | Exelon Corp. | |
| | 35,000 | | | | 3.400 | | | | 04/15/26 | | | | 33,805 | |
| | NextEra Energy Capital Holdings, Inc. | |
| | 39,000 | | | | 1.875 | | | | 01/15/27 | | | | 35,058 | |
| | Pacific Gas and Electric Co. | |
| | 20,000 | | | | 3.450 | | | | 07/01/25 | | | | 19,072 | |
| | 25,000 | | | | 3.300 | | | | 03/15/27 | | | | 22,221 | |
| | San Diego Gas & Electric Co. | |
| | 50,000 | | | | 6.000 | | | | 06/01/26 | | | | 52,883 | |
| | Southern Co. (The) | |
| | 50,000 | | | | 3.250 | | | | 07/01/26 | | | | 47,934 | |
| | Southern Co. Gas Capital Corp. | |
| | 50,000 | | | | 3.875 | | | | 11/15/25 | | | | 49,128 | |
| | Southwestern Electric Power Co., Series N | |
| | 40,000 | | | | 1.650 | | | | 03/15/26 | | | | 36,293 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 641,685 | |
| | |
| Energy – 7.4% | |
| | Chevron Corp. | |
| | 75,000 | | | | 3.326 | | | | 11/17/25 | | | | 74,345 | |
| | Energy Transfer LP | |
| | 40,000 | | | | 7.600 | | | | 02/01/24 | | | | 41,400 | |
| | 5,000 | | | | 4.750 | | | | 01/15/26 | | | | 4,970 | |
| | Enterprise Products Operating LLC | |
| | 50,000 | | | | 3.750 | | | | 02/15/25 | | | | 49,575 | |
| | Exxon Mobil Corp. | |
| | 30,000 | | | | 3.176 | | | | 03/15/24 | | | | 29,803 | |
| | 75,000 | | | | 3.043 | | | | 03/01/26 | | | | 73,220 | |
| | 40,000 | | | | 2.275 | | | | 08/16/26 | | | | 37,866 | |
| | Kinder Morgan Energy Partners LP | |
| | 75,000 | | | | 4.150 | | | | 02/01/24 | | | | 74,744 | |
| | Kinder Morgan, Inc. | |
| | 50,000 | | | | 4.300 | | | | 06/01/25 | | | | 49,843 | |
| | Magellan Midstream Partners LP | |
| | 75,000 | | | | 5.000 | | | | 03/01/26 | | | | 76,382 | |
| | |
| | |
| 62 | | 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) | |
| Energy – (continued) | |
| | Marathon Petroleum Corp. | |
| $ | 35,000 | | | | 4.700 | % | | | 05/01/25 | | | $ | 35,350 | |
| | MPLX LP | |
| | 75,000 | | | | 4.875 | | | | 12/01/24 | | | | 75,634 | |
| | 38,000 | | | | 1.750 | | | | 03/01/26 | | | | 34,390 | |
| | National Fuel Gas Co. | |
| | 50,000 | | | | 5.500 | | | | 01/15/26 | | | | 50,486 | |
| | ONEOK, Inc. | |
| | 45,000 | | | | 7.500 | | | | 09/01/23 | | | | 45,967 | |
| | Phillips 66 | |
| | 20,000 | | | | 0.900 | | | | 02/15/24 | | | | 19,096 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | |
| | 50,000 | | | | 4.650 | | | | 10/15/25 | | | | 49,518 | |
| | Sabine Pass Liquefaction LLC | |
| | 30,000 | | | | 5.625 | | | | 03/01/25 | | | | 30,581 | |
| | 100,000 | | | | 5.000 | | | | 03/15/27 | | | | 99,938 | |
| | Spectra Energy Partners LP | |
| | 55,000 | | | | 4.750 | | | | 03/15/24 | | | | 55,322 | |
| | Valero Energy Corp. | |
| | 50,000 | | | | 2.850 | | | | 04/15/25 | | | | 48,305 | |
| | Western Midstream Operating LP | |
| | 50,000 | | | | 3.350 | | | | 02/01/25 | | | | 47,375 | |
| | 50,000 | | | | 3.950 | | | | 06/01/25 | | | | 47,875 | |
| | Williams Cos., Inc. (The) | |
| | 50,000 | | | | 4.000 | | | | 09/15/25 | | | | 49,445 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,201,430 | |
| | |
| Financial Company – 1.8% | |
| | Ares Capital Corp. | |
| | 50,000 | | | | 2.875 | | | | 06/15/27 | | | | 43,748 | |
| | BGC Partners, Inc. | |
| | 65,000 | | | | 5.375 | | | | 07/24/23 | | | | 65,299 | |
| | FS KKR Capital Corp. | |
| | 40,000 | | | | 4.625 | | | | 07/15/24 | | | | 39,735 | |
| | 50,000 | | | | 3.250 | | | | 07/15/27 | | | | 43,430 | |
| | GATX Corp. | |
| | 50,000 | | | | 3.250 | | | | 09/15/26 | | | | 47,429 | |
| | Sixth Street Specialty Lending, Inc. | |
| | 50,000 | | | | 3.875 | | | | 11/01/24 | | | | 48,024 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 287,665 | |
| | |
| Food and Beverage – 0.8% | |
| | Keurig Dr Pepper, Inc. | |
| | 30,000 | | | | 3.130 | | | | 12/15/23 | | | | 29,748 | |
| | McCormick & Co., Inc. | |
| | 50,000 | | | | 0.900 | | | | 02/15/26 | | | | 44,665 | |
| | PepsiCo, Inc. | |
| | 35,000 | | | | 2.850 | | | | 02/24/26 | | | | 34,019 | |
| | Tyson Foods, Inc. | |
| | 30,000 | | | | 3.950 | | | | 08/15/24 | | | | 29,915 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 138,347 | |
| | |
| Hardware – 0.3% | |
| | Micron Technology, Inc. | |
| | 50,000 | | | | 4.185 | | | | 02/15/27 | | | | 49,000 | |
| | |
|
| Corporate Obligations – (continued) | |
| Healthcare – 2.7% | |
| | CVS Health Corp. | |
| 75,000 | | | | 2.625 | | | | 08/15/24 | | | | 73,284 | |
| | 39,000 | | | | 3.000 | | | | 08/15/26 | | | | 37,535 | |
| | Evernorth Health, Inc. | |
| | 40,000 | | | | 3.500 | | | | 06/15/24 | | | | 39,723 | |
| | HCA, Inc. | |
| | 75,000 | | | | 5.000 | | | | 03/15/24 | | | | 75,516 | |
| | 30,000 | | | | 5.375 | | | | 02/01/25 | | | | 30,337 | |
| | 50,000 | | | | 4.500 | | | | 02/15/27 | | | | 48,969 | |
| | McKesson Corp. | |
| | 30,000 | | | | 3.796 | | | | 03/15/24 | | | | 29,981 | |
| | Quest Diagnostics, Inc. | |
| | 50,000 | | | | 3.450 | | | | 06/01/26 | | | | 48,776 | |
| | UnitedHealth Group, Inc. | |
| | 50,000 | | | | 3.375 | | | | 04/15/27 | | | | 48,948 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 433,069 | |
| | |
| Insurance – 0.3% | |
| | CNA Financial Corp. | |
| | 40,000 | | | | 3.950 | | | | 05/15/24 | | | | 39,744 | |
| | Prudential Financial, Inc.(a) | |
| | (3M USD LIBOR + 3.920%) | |
| | 15,000 | | | | 5.625 | | | | 06/15/43 | | | | 14,924 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 54,668 | |
| | |
| Other – 1.8% | |
| | 3M Co., MTN | |
| | 50,000 | | | | 3.000 | | | | 08/07/25 | | | | 48,772 | |
| | 50,000 | | | | 2.250 | | | | 09/19/26 | | | | 46,883 | |
| | Otis Worldwide Corp. | |
| | 50,000 | | | | 2.056 | | | | 04/05/25 | | | | 47,283 | |
| | Roper Technologies, Inc. | |
| | 50,000 | | | | 1.000 | | | | 09/15/25 | | | | 45,325 | |
| | 50,000 | | | | 3.850 | | | | 12/15/25 | | | | 49,272 | |
| | Westinghouse Air Brake Technologies Corp. | |
| | 50,000 | | | | 3.200 | | | | 06/15/25 | | | | 47,626 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 285,161 | |
| | |
| Pharmaceuticals – 0.3% | |
| | Viatris, Inc. | |
| | 50,000 | | | | 2.300 | | | | 06/22/27 | | | | 43,168 | |
| | |
| REITs and Real Estate – 2.7% | |
| | Equinix, Inc. | |
| | 70,000 | | | | 1.800 | | | | 07/15/27 | | | | 61,352 | |
| | ERP Operating LP | |
| | 50,000 | | | | 3.375 | | | | 06/01/25 | | | | 48,750 | |
| | GLP Capital LP / GLP Financing II, Inc. | |
| | 50,000 | | | | 5.375 | | | | 11/01/23 | | | | 49,787 | |
| | 28,000 | | | | 5.375 | | | | 04/15/26 | | | | 27,700 | |
| | Healthpeak Properties, Inc. | |
| | 50,000 | | | | 3.250 | | | | 07/15/26 | | | | 48,062 | |
| | Kimco Realty Corp. | |
| | 10,000 | | | | 3.250 | | | | 08/15/26 | | | | 9,467 | |
| | Public Storage | |
| | 40,000 | | | | 1.500 | | | | 11/09/26 | | | | 36,332 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| REITs and Real Estate – (continued) | |
| | Simon Property Group LP | |
| $ | 50,000 | | | | 3.500 | % | | | 09/01/25 | | | $ | 49,329 | |
| | 50,000 | | | | 3.300 | | | | 01/15/26 | | | | 48,559 | |
| | Spirit Realty LP | |
| | 20,000 | | | | 3.200 | | | | 01/15/27 | | | | 18,358 | |
| | Welltower, Inc. | |
| | 50,000 | | | | 4.000 | | | | 06/01/25 | | | | 49,461 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 447,157 | |
| | |
| Revenue – 0.2% | |
| | CommonSpirit Health | |
| | 40,000 | | | | 4.200 | | | | 08/01/23 | | | | 40,127 | |
| | |
| Software – 0.6% | |
| | Oracle Corp. | |
| | 100,000 | | | | 2.800 | | | | 04/01/27 | | | | 91,693 | |
| | |
| Technology – 8.1% | |
| | Alphabet, Inc. | |
| | 50,000 | | | | 0.450 | | | | 08/15/25 | | | | 45,653 | |
| | 50,000 | | | | 1.998 | | | | 08/15/26 | | | | 47,094 | |
| | Apple, Inc. | |
| | 113,000 | | | | 0.700 | | | | 02/08/26 | | | | 102,217 | |
| | 75,000 | | | | 2.450 | | | | 08/04/26 | | | | 71,365 | |
| | 50,000 | | | | 2.050 | | | | 09/11/26 | | | | 46,811 | |
| | 100,000 | | | | 3.350 | | | | 02/09/27 | | | | 98,338 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | |
| | 50,000 | | | | 3.875 | | | | 01/15/27 | | | | 48,108 | |
| | Dell International LLC / EMC Corp. | |
| | 55,000 | | | | 4.000 | | | | 07/15/24 | | | | 54,844 | |
| | 30,000 | | | | 4.900 | | | | 10/01/26 | | | | 30,133 | |
| | Fiserv, Inc. | |
| | 37,000 | | | | 3.850 | | | | 06/01/25 | | | | 36,440 | |
| | 75,000 | | | | 3.200 | | | | 07/01/26 | | | | 71,509 | |
| | Genpact Luxembourg Sarl | |
| | 50,000 | | | | 3.375 | | | | 12/01/24 | | | | 48,938 | |
| | Hewlett Packard Enterprise Co. | |
| | 45,000 | | | | 4.900 | | | | 10/15/25 | | | | 45,746 | |
| | HP, Inc. | |
| | 30,000 | | | | 2.200 | | | | 06/17/25 | | | | 28,364 | |
| | Intel Corp. | |
| | 75,000 | | | | 3.400 | | | | 03/25/25 | | | | 74,032 | |
| | International Business Machines Corp. | |
| | 100,000 | | | | 2.200 | | | | 02/09/27 | | | | 92,226 | |
| | Intuit, Inc. | |
| | 50,000 | | | | 1.350 | | | | 07/15/27 | | | | 43,853 | |
| | Microchip Technology, Inc. | |
| | 50,000 | | | | 4.250 | | | | 09/01/25 | | | | 49,336 | |
| | Microsoft Corp. | |
| | 100,000 | | | | 3.300 | | | | 02/06/27 | | | | 98,338 | |
| | Motorola Solutions, Inc. | |
| | 40,000 | | | | 7.500 | | | | 05/15/25 | | | | 41,861 | |
| | NetApp, Inc. | |
| | 40,000 | | | | 3.300 | | | | 09/29/24 | | | | 39,131 | |
| | QUALCOMM, Inc. | |
| | 80,000 | | | | 2.900 | | | | 05/20/24 | | | | 79,100 | |
| | 20,000 | | | | 3.450 | | | | 05/20/25 | | | | 19,790 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,313,227 | |
| | |
|
| Corporate Obligations – (continued) | |
| Transportation – 2.4% | |
| | CSX Corp. | |
| 50,000 | | | | 3.250 | | | | 06/01/27 | | | | 48,198 | |
| | Delta Air Lines, Inc. | |
| | 50,000 | | | | 2.900 | | | | 10/28/24 | | | | 46,860 | |
| | Norfolk Southern Corp. | |
| | 50,000 | | | | 3.850 | | | | 01/15/24 | | | | 49,902 | |
| | Ryder System, Inc., MTN | |
| | 15,000 | | | | 1.750 | | | | 09/01/26 | | | | 13,543 | |
| | 25,000 | | | | 2.900 | | | | 12/01/26 | | | | 23,264 | |
| | Southwest Airlines Co. | |
| | 50,000 | | | | 5.250 | | | | 05/04/25 | | | | 51,241 | |
| | Union Pacific Corp. | |
| | 53,000 | | | | 3.250 | | | | 08/15/25 | | | | 52,170 | |
| | United Airlines Pass Through Trust, Series A | |
| | 38,992 | | | | 4.150 | | | | 04/11/24 | | | | 37,427 | |
| | United Airlines Pass Through Trust, Class A, Series 20-1 | |
| | 40,931 | | | | 5.875 | | | | 10/15/27 | | | | 40,726 | |
| | United Airlines Pass-Through Trust, Series A | |
| | 30,155 | | | | 4.300 | | | | 08/15/25 | | | | 28,359 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 391,690 | |
| | |
| Wireless – 3.0% | |
| | American Tower Corp. | |
| | 126,000 | | | | 5.000 | | | | 02/15/24 | | | | 126,927 | |
| | 40,000 | | | | 3.375 | | | | 10/15/26 | | | | 37,842 | |
| | AT&T, Inc. | |
| | 20,000 | | | | 0.900 | | | | 03/25/24 | | | | 19,165 | |
| | 66,000 | | | | 1.700 | | | | 03/25/26 | | | | 60,344 | |
| | Crown Castle, Inc. | |
| | 102,000 | | | | 3.200 | | | | 09/01/24 | | | | 100,420 | |
| | Sprint Corp. | |
| | 50,000 | | | | 7.625 | | | | 03/01/26 | | | | 53,081 | |
| | T-Mobile USA, Inc. | |
| | 50,000 | | | | 3.750 | | | | 04/15/27 | | | | 47,836 | |
| | Verizon Communications, Inc. | |
| | 50,000 | | | | 1.450 | | | | 03/20/26 | | | | 45,664 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 491,279 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $13,651,256) | | | $ | 12,949,090 | |
| | |
| | | | | | | | | | | | | | |
|
| Foreign Corporate Debt – 18.3% | |
| Banks – 12.9% | |
| | Banco Santander SA (Spain) | |
| $ | 200,000 | | | | 2.746 | % | | | 05/28/25 | | | $ | 189,179 | |
| | Bank of Montreal(a) (Canada) | |
| | (5 Year USD Swap + 1.280%) | |
| | 25,000 | | | | 4.338 | | | | 10/05/28 | | | | 24,969 | |
| | Bank of Montreal, Series E (Canada) | |
| | 30,000 | | | | 3.300 | | | | 02/05/24 | | | | 29,732 | |
| | Bank of Nova Scotia (The) (Canada) | |
| | 50,000 | | | | 1.050 | | | | 03/02/26 | | | | 44,900 | |
| | 50,000 | | | | 2.700 | | | | 08/03/26 | | | | 47,179 | |
| | 30,000 | | | | 1.300 | | | | 09/15/26 | | | | 26,559 | |
| | |
| | |
| 64 | | 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) | |
| Banks – (continued) | |
| | Barclays PLC(a) (United Kingdom) | |
| | (US 1 Year CMT T-Note + 1.050%) | |
| $ | 200,000 | | | | 2.279 | % | | | 11/24/27 | | | $ | 175,397 | |
| | Canadian Imperial Bank of Commerce (Canada) | |
| | 50,000 | | | | 1.250 | | | | 06/22/26 | | | | 44,528 | |
| | Cooperatieve Rabobank UA, MTN (Netherlands) | |
| | 250,000 | | | | 3.375 | | | | 05/21/25 | | | | 244,644 | |
| | Deutsche Bank AG(a) (Germany) | |
| | (SOFR + 2.581%) | |
| | 150,000 | | | | 3.961 | | | | 11/26/25 | | | | 144,257 | |
| | HSBC Holdings PLC (United Kingdom) | |
| | 225,000 | | | | 4.300 | | | | 03/08/26 | | | | 222,446 | |
| | (SOFR + 1.100%) | |
| | 200,000 | | | | 2.251 | (a) | | | 11/22/27 | | | | 176,323 | |
| | Lloyds Banking Group PLC(a) (United Kingdom) | |
| | (US 1 Year CMT T-Note + 1.000%) | |
| | 200,000 | | | | 2.438 | | | | 02/05/26 | | | | 188,087 | |
| | Royal Bank of Canada, MTN (Canada) | |
| | 72,000 | | | | 1.150 | | | | 06/10/25 | | | | 66,328 | |
| | Santander UK Group Holdings PLC(a) (United Kingdom) | |
| | (US 1 Year CMT T-Note + 1.250%) | |
| | 250,000 | | | | 1.532 | | | | 08/21/26 | | | | 224,213 | |
| | Toronto-Dominion Bank (The), MTN (Canada) | |
| | 50,000 | | | | 0.750 | | | | 01/06/26 | | | | 44,720 | |
| | 50,000 | | | | 1.250 | | | | 09/10/26 | | | | 44,277 | |
| | Toronto-Dominion Bank (The), GMTN (Canada) | |
| | 90,000 | | | | 3.250 | | | | 03/11/24 | | | | 88,946 | |
| | Westpac Banking Corp. (Australia) | |
| | 73,000 | | | | 1.150 | | | | 06/03/26 | | | | 65,449 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,092,133 | |
| | |
| Brokerage – 0.2% | |
| | Brookfield Finance, Inc. (Canada) | |
| | 25,000 | | | | 4.000 | | | | 04/01/24 | | | | 24,951 | |
| | |
| Capital Goods – 0.2% | |
| | CNH Industrial NV (United Kingdom) | |
| | 40,000 | | | | 4.500 | | | | 08/15/23 | | | | 40,094 | |
| | |
| Consumer Cyclical – 0.5% | |
| | Toyota Motor Corp. (Japan) | |
| | 90,000 | | | | 1.339 | | | | 03/25/26 | | | | 82,606 | |
| | |
| Consumer Noncyclical – 1.2% | |
| | BAT International Finance PLC (United Kingdom) | |
| | 50,000 | | | | 1.668 | | | | 03/25/26 | | | | 44,546 | |
| | Bayer US Finance II LLC(b) (Germany) | |
| | 55,000 | | | | 3.375 | | | | 07/15/24 | | | | 53,820 | |
| | GlaxoSmithKline Capital PLC (United Kingdom) | |
| | 90,000 | | | | 3.000 | | | | 06/01/24 | | | | 89,109 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 187,475 | |
| | |
| Energy – 0.4% | |
| | Enbridge, Inc. (Canada) | |
| | 20,000 | | | | 3.500 | | | | 06/10/24 | | | | 19,778 | |
| | Shell International Finance BV (Netherlands) | |
| | 50,000 | | | | 3.250 | | | | 05/11/25 | | | | 49,228 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 69,006 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Financial Company – 0.8% | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust
(Ireland) |
|
| 150,000 | | | | 1.750 | | | | 01/30/26 | | | | 132,712 | |
| | |
| Metals – 0.2% | |
| | ArcelorMittal SA (Luxembourg) | |
| | 25,000 | | | | 3.600 | | | | 07/16/24 | | | | 24,625 | |
| | |
| Oil Company-Integrated – 0.9% | |
| | Ecopetrol SA (Colombia) | |
| | 50,000 | | | | 5.875 | | | | 09/18/23 | | | | 50,187 | |
| | 100,000 | | | | 4.125 | | | | 01/16/25 | | | | 94,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 144,687 | |
| | |
| Technology – 0.2% | |
| | NXP BV / NXP Funding LLC (China) | |
| | 30,000 | | | | 4.875 | | | | 03/01/24 | | | | 30,170 | |
| | |
| Wireless – 0.8% | |
| | Rogers Communications, Inc. (Canada) | |
| | 50,000 | | | | 4.100 | | | | 10/01/23 | | | | 50,009 | |
| | 50,000 | | | | 3.200 | (b) | | | 03/15/27 | | | | 47,586 | |
| | Vodafone Group PLC (United Kingdom) | |
| | 40,000 | | | | 4.125 | | | | 05/30/25 | | | | 39,838 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 137,433 | |
| | |
| | TOTAL FOREIGN CORPORATE DEBT | |
| | (Cost $3,214,111) | | | $ | 2,965,892 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Investment Company – 1.0%(c) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 155,769 | | | 2.154 | % | | $ | 155,769 | |
| (Cost $155,769) | |
| |
| TOTAL INVESTMENTS – 98.9% | |
| (Cost $17,021,136) | | | $ | 16,070,751 | |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.1% | | | | 191,693 | |
| |
| NET ASSETS – 100.0% | | | $ | 16,262,444 | |
| |
| | |
|
| 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, 2022. |
| |
(b) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| |
(c) | | Represents an affiliated issuer. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2022
| | |
|
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 |
|
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – 78.1% | |
| Aerospace & Defense – 1.8% | |
| | Boeing Co. (The) | |
| $ | 2,000,000 | | | | 2.950 | % | | | 02/01/30 | | | $ | 1,718,614 | |
| | 2,000,000 | | | | 3.900 | | | | 05/01/49 | | | | 1,465,830 | |
| | 100,000 | | | | 5.805 | | | | 05/01/50 | | | | 96,334 | |
| | General Dynamics Corp. | |
| | 50,000 | | | | 3.250 | | | | 04/01/25 | | | | 49,180 | |
| | 300,000 | | | | 3.500 | | | | 04/01/27 | | | | 294,039 | |
| | 650,000 | | | | 3.750 | | | | 05/15/28 | | | | 637,819 | |
| | 84,000 | | | | 4.250 | | | | 04/01/50 | | | | 81,071 | |
| | Lockheed Martin Corp. | |
| | 820,000 | | | | 4.070 | | | | 12/15/42 | | | | 762,718 | |
| | 380,000 | | | | 3.800 | | | | 03/01/45 | | | | 337,799 | |
| | 100,000 | | | | 4.700 | | | | 05/15/46 | | | | 101,765 | |
| | 68,000 | | | | 4.090 | | | | 09/15/52 | | | | 63,431 | |
| | Northrop Grumman Corp. | |
| | 476,000 | | | | 2.930 | | | | 01/15/25 | | | | 463,946 | |
| | 290,000 | | | | 3.200 | | | | 02/01/27 | | | | 278,967 | |
| | 738,000 | | | | 3.250 | | | | 01/15/28 | | | | 703,816 | |
| | 300,000 | | | | 4.400 | | | | 05/01/30 | | | | 299,185 | |
| | 406,000 | | | | 4.030 | | | | 10/15/47 | | | | 356,569 | |
| | 267,000 | | | | 5.250 | | | | 05/01/50 | | | | 282,954 | |
| | Raytheon Technologies Corp. | |
| | 1,080,000 | | | | 3.950 | | | | 08/16/25 | | | | 1,077,949 | |
| | 100,000 | | | | 3.125 | | | | 05/04/27 | | | | 95,680 | |
| | 300,000 | | | | 4.125 | | | | 11/16/28 | | | | 292,564 | |
| | 243,000 | | | | 4.450 | | | | 11/16/38 | | | | 230,504 | |
| | 500,000 | | | | 4.500 | | | | 06/01/42 | | | | 473,008 | |
| | 100,000 | | | | 4.150 | | | | 05/15/45 | | | | 88,674 | |
| | 208,000 | | | | 3.750 | | | | 11/01/46 | | | | 174,632 | |
| | 304,000 | | | | 4.350 | | | | 04/15/47 | | | | 279,085 | |
| | 292,000 | | | | 4.625 | | | | 11/16/48 | | | | 278,990 | |
| | 486,000 | | | | 3.125 | | | | 07/01/50 | | | | 363,189 | |
| | 260,000 | | | | 2.820 | | | | 09/01/51 | | | | 183,435 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 11,531,747 | |
| | |
| Agriculture – 0.0% | |
| | Archer-Daniels-Midland Co. | |
| | 162,000 | | | | 3.250 | | | | 03/27/30 | | | | 152,637 | |
| | |
| Banks – 18.9% | |
| | American Express Co. | |
| | 50,000 | | | | 3.700 | | | | 08/03/23 | | | | 49,940 | |
| | 240,000 | | | | 3.400 | | | | 02/22/24 | | | | 237,616 | |
| | 250,000 | | | | 2.500 | | | | 07/30/24 | | | | 243,677 | |
| | 3,432,000 | | | | 3.000 | | | | 10/30/24 | | | | 3,367,796 | |
| | 819,000 | | | | 4.200 | | | | 11/06/25 | | | | 821,842 | |
| | 470,000 | | | | 3.125 | | | | 05/20/26 | | | | 453,427 | |
| | 250,000 | | | | 1.650 | | | | 11/04/26 | | | | 226,392 | |
| | (SOFR + 2.255%) | |
| | 192,000 | | | | 4.989 | (a) | | | 05/26/33 | | | | 190,933 | |
| | 305,000 | | | | 4.050 | | | | 12/03/42 | | | | 277,778 | |
| | Bank of America Corp. | |
| | 100,000 | | | | 4.100 | | | | 07/24/23 | | | | 100,178 | |
| | (SOFR + 0.690%) | |
| | 500,000 | | | | 0.976 | (a) | | | 04/22/25 | | | | 470,919 | |
| | (3M USD LIBOR + 0.810%) | |
| | 584,000 | | | | 3.366 | (a) | | | 01/23/26 | | | | 564,922 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Bank of America Corp. – (continued) | |
| | (SOFR + 0.960%) | |
| 944,000 | | | | 1.734 | (a) | | | 07/22/27 | | | | 837,422 | |
| | (3M USD LIBOR + 1.512%) | |
| | 548,000 | | | | 3.705 | (a) | | | 04/24/28 | | | | 520,427 | |
| | (3M USD LIBOR + 1.040%) | |
| | 1,398,000 | | | | 3.419 | (a) | | | 12/20/28 | | | | 1,296,831 | |
| | (SOFR + 2.150%) | |
| | 941,000 | | | | 2.592 | (a) | | | 04/29/31 | | | | 794,579 | |
| | (SOFR + 1.320%) | |
| | 1,300,000 | | | | 2.687 | (a) | | | 04/22/32 | | | | 1,087,288 | |
| | (SOFR + 1.220%) | |
| | 290,000 | | | | 2.299 | (a) | | | 07/21/32 | | | | 232,929 | |
| | (SOFR + 1.210%) | |
| | 500,000 | | | | 2.572 | (a) | | | 10/20/32 | | | | 410,069 | |
| | (US 5 Year CMT T-Note + 1.200%) | |
| | 570,000 | | | | 2.482 | (a) | | | 09/21/36 | | | | 442,207 | |
| | 560,000 | | | | 6.110 | | | | 01/29/37 | | | | 597,285 | |
| | (3M USD LIBOR + 1.814%) | |
| | 555,000 | | | | 4.244 | (a) | | | 04/24/38 | | | | 505,125 | |
| | 370,000 | | | | 7.750 | | | | 05/14/38 | | | | 457,806 | |
| | (SOFR + 1.580%) | |
| | 588,000 | | | | 3.311 | (a) | | | 04/22/42 | | | | 465,666 | |
| | (SOFR + 1.560%) | |
| | 597,000 | | | | 2.972 | (a) | | | 07/21/52 | | | | 417,983 | |
| | Bank of America Corp., GMTN | |
| | 220,000 | | | | 3.500 | | | | 04/19/26 | | | | 214,392 | |
| | (3M USD LIBOR + 1.370%) | |
| | 488,000 | | | | 3.593 | (a) | | | 07/21/28 | | | | 460,679 | |
| | Bank of America Corp., Series L | |
| | 110,000 | | | | 3.950 | | | | 04/21/25 | | | | 108,818 | |
| | 258,000 | | | | 4.183 | | | | 11/25/27 | | | | 251,859 | |
| | Bank of America Corp., MTN | |
| | 500,000 | | | | 4.125 | | | | 01/22/24 | | | | 501,787 | |
| | 380,000 | | | | 4.000 | | | | 04/01/24 | | | | 380,184 | |
| | (3M USD LIBOR + 0.940%) | |
| | 200,000 | | | | 3.864 | (a) | | | 07/23/24 | | | | 198,718 | |
| | 836,000 | | | | 4.200 | | | | 08/26/24 | | | | 835,971 | |
| | (SOFR + 0.740%) | |
| | 710,000 | | | | 0.810 | (a) | | | 10/24/24 | | | | 679,949 | |
| | 340,000 | | | | 4.000 | | | | 01/22/25 | | | | 336,398 | |
| | (3M USD LIBOR + 0.970%) | |
| | 500,000 | | | | 3.458 | (a) | | | 03/15/25 | | | | 491,995 | |
| | 215,000 | | | | 3.875 | | | | 08/01/25 | | | | 214,624 | |
| | (3M USD LIBOR + 1.090%) | |
| | 490,000 | | | | 3.093 | (a) | | | 10/01/25 | | | | 474,946 | |
| | (3M USD LIBOR + 0.870%) | |
| | 800,000 | | | | 2.456 | (a) | | | 10/22/25 | | | | 762,192 | |
| | (3M USD LIBOR + 0.640%) | |
| | 700,000 | | | | 2.015 | (a) | | | 02/13/26 | | | | 654,779 | |
| | 180,000 | | | | 4.450 | | | | 03/03/26 | | | | 179,338 | |
| | (SOFR + 1.150%) | |
| | 2,014,000 | | | | 1.319 | (a) | | | 06/19/26 | | | | 1,832,607 | |
| | 486,000 | | | | 4.250 | | | | 10/22/26 | | | | 480,105 | |
| | (3M USD LIBOR + 1.060%) | |
| | 570,000 | | | | 3.559 | (a) | | | 04/23/27 | | | | 545,733 | |
| | 760,000 | | | | 3.248 | | | | 10/21/27 | | | | 718,366 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Bank of America Corp., MTN – (continued) | |
| | (3M USD LIBOR + 1.575%) | |
| $ | 462,000 | | | | 3.824 | %(a) | | | 01/20/28 | | | $ | 442,142 | |
| | (3M USD LIBOR + 1.070%) | |
| | 150,000 | | | | 3.970 | (a) | | | 03/05/29 | | | | 142,542 | |
| | (3M USD LIBOR + 1.310%) | |
| | 886,000 | | | | 4.271 | (a) | | | 07/23/29 | | | | 848,853 | |
| | (3M USD LIBOR + 1.210%) | |
| | 570,000 | | | | 3.974 | (a) | | | 02/07/30 | | | | 535,212 | |
| | (3M USD LIBOR + 1.180%) | |
| | 280,000 | | | | 3.194 | (a) | | | 07/23/30 | | | | 249,310 | |
| | (3M USD LIBOR + 1.190%) | |
| | 317,000 | | | | 2.884 | (a) | | | 10/22/30 | | | | 276,319 | |
| | (3M USD LIBOR + 0.990%) | |
| | 425,000 | | | | 2.496 | (a) | | | 02/13/31 | | | | 356,251 | |
| | (SOFR + 1.530%) | |
| | 830,000 | | | | 1.898 | (a) | | | 07/23/31 | | | | 659,217 | |
| | (SOFR + 1.370%) | |
| | 500,000 | | | | 1.922 | (a) | | | 10/24/31 | | | | 396,844 | |
| | (3M USD LIBOR + 1.320%) | |
| | 296,000 | | | | 4.078 | (a) | | | 04/23/40 | | | | 260,261 | |
| | (SOFR + 1.930%) | |
| | 880,000 | | | | 2.676 | (a) | | | 06/19/41 | | | | 635,264 | |
| | 248,000 | | | | 5.875 | | | | 02/07/42 | | | | 270,605 | |
| | 364,000 | | | | 5.000 | | | | 01/21/44 | | | | 353,765 | |
| | (3M USD LIBOR + 1.990%) | |
| | 354,000 | | | | 4.443 | (a) | | | 01/20/48 | | | | 325,435 | |
| | (3M USD LIBOR + 1.520%) | |
| | 570,000 | | | | 4.330 | (a) | | | 03/15/50 | | | | 514,614 | |
| | (3M USD LIBOR + 3.150%) | |
| | 990,000 | | | | 4.083 | (a) | | | 03/20/51 | | | | 853,286 | |
| | Bank of America Corp.(a), Series N | |
| | (SOFR + 1.220%) | |
| | 500,000 | | | | 2.651 | | | | 03/11/32 | | | | 414,916 | |
| | Bank of New York Mellon Corp. (The), MTN | |
| | 120,000 | | | | 0.350 | | | | 12/07/23 | | | | 115,658 | |
| | 100,000 | | | | 2.100 | | | | 10/24/24 | | | | 96,884 | |
| | 50,000 | | | | 2.800 | | | | 05/04/26 | | | | 48,425 | |
| | 690,000 | | | | 3.400 | | | | 01/29/28 | | | | 659,758 | |
| | (3M USD LIBOR + 1.069%) | |
| | 598,000 | | | | 3.442 | (a) | | | 02/07/28 | | | | 573,417 | |
| | 400,000 | | | | 3.850 | | | | 04/28/28 | | | | 392,170 | |
| | 314,000 | | | | 3.300 | | | | 08/23/29 | | | | 292,449 | |
| | Capital One Financial Corp. | |
| | 255,000 | | | | 3.900 | | | | 01/29/24 | | | | 253,854 | |
| | 339,000 | | | | 3.300 | | | | 10/30/24 | | | | 332,318 | |
| | 557,000 | | | | 3.200 | | | | 02/05/25 | | | | 543,379 | |
| | 50,000 | | | | 4.250 | | | | 04/30/25 | | | | 49,971 | |
| | 280,000 | | | | 4.200 | | | | 10/29/25 | | | | 276,547 | |
| | 510,000 | | | | 3.750 | | | | 07/28/26 | | | | 490,372 | |
| | 888,000 | | | | 3.750 | | | | 03/09/27 | | | | 852,841 | |
| | 100,000 | | | | 3.650 | | | | 05/11/27 | | | | 95,744 | |
| | 100,000 | | | | 3.800 | | | | 01/31/28 | | | | 94,949 | |
| | (SOFR + 1.337%) | |
| | 300,000 | | | | 2.359 | (a) | | | 07/29/32 | | | | 233,874 | |
| | (SOFR + 2.370%) | |
| | 260,000 | | | | 5.268 | (a) | | | 05/10/33 | | | | 255,534 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Charles Schwab Corp. (The) | |
| 244,000 | | | | 0.750 | | | | 03/18/24 | | | | 233,121 | |
| | 500,000 | | | | 2.300 | | | | 05/13/31 | | | | 426,584 | |
| | 300,000 | | | | 1.950 | | | | 12/01/31 | | | | 245,291 | |
| | Fifth Third Bancorp | |
| | 792,000 | | | | 3.650 | | | | 01/25/24 | | | | 788,136 | |
| | 650,000 | | | | 2.550 | | | | 05/05/27 | | | | 598,868 | |
| | 190,000 | | | | 8.250 | | | | 03/01/38 | | | | 245,227 | |
| | Fifth Third Bank NA | |
| | 560,000 | | | | 3.850 | | | | 03/15/26 | | | | 547,394 | |
| | Huntington Bancshares, Inc. | |
| | 1,040,000 | | | | 2.625 | | | | 08/06/24 | | | | 1,009,125 | |
| | 400,000 | | | | 2.550 | | | | 02/04/30 | | | | 342,787 | |
| | JPMorgan Chase & Co. | |
| | 150,000 | | | | 3.875 | | | | 02/01/24 | | | | 150,263 | |
| | 320,000 | | | | 3.625 | | | | 05/13/24 | | | | 319,280 | |
| | (3M USD LIBOR + 0.890%) | |
| | 410,000 | | | | 3.797 | (a) | | | 07/23/24 | | | | 407,941 | |
| | 495,000 | | | | 3.875 | | | | 09/10/24 | | | | 492,991 | |
| | (3M U.S. T-Bill MMY + 0.600%) | |
| | 200,000 | | | | 0.653 | (a) | | | 09/16/24 | | | | 192,320 | |
| | (3M USD LIBOR + 1.000%) | |
| | 550,000 | | | | 4.023 | (a) | | | 12/05/24 | | | | 547,468 | |
| | 240,000 | | | | 3.125 | | | | 01/23/25 | | | | 236,642 | |
| | (3M USD LIBOR + 1.155%) | |
| | 284,000 | | | | 3.220 | (a) | | | 03/01/25 | | | | 278,470 | |
| | 378,000 | | | | 3.900 | | | | 07/15/25 | | | | 375,781 | |
| | (SOFR + 1.160%) | |
| | 300,000 | | | | 2.301 | (a) | | | 10/15/25 | | | | 286,270 | |
| | (SOFR + 0.915%) | |
| | 150,000 | | | | 2.595 | (a) | | | 02/24/26 | | | | 142,633 | |
| | (3M U.S. T-Bill MMY + 1.585%) | |
| | 170,000 | | | | 2.005 | (a) | | | 03/13/26 | | | | 159,310 | |
| | 930,000 | | | | 3.300 | | | | 04/01/26 | | | | 902,165 | |
| | (SOFR + 1.850%) | |
| | 840,000 | | | | 2.083 | (a) | | | 04/22/26 | | | | 785,947 | |
| | 890,000 | | | | 3.200 | | | | 06/15/26 | | | | 857,838 | |
| | 460,000 | | | | 4.125 | | | | 12/15/26 | | | | 454,872 | |
| | (3M USD LIBOR + 1.245%) | |
| | 300,000 | | | | 3.960 | (a) | | | 01/29/27 | | | | 291,651 | |
| | (SOFR + 0.885%) | |
| | 600,000 | | | | 1.578 | (a) | | | 04/22/27 | | | | 535,083 | |
| | 463,000 | | | | 4.250 | | | | 10/01/27 | | | | 458,749 | |
| | 184,000 | | | | 3.625 | | | | 12/01/27 | | | | 176,498 | |
| | (3M USD LIBOR + 1.337%) | |
| | 383,000 | | | | 3.782 | (a) | | | 02/01/28 | | | | 367,752 | |
| | (3M USD LIBOR + 1.380%) | |
| | 1,234,000 | | | | 3.540 | (a) | | | 05/01/28 | | | | 1,162,050 | |
| | (SOFR + 1.890%) | |
| | 550,000 | | | | 2.182 | (a) | | | 06/01/28 | | | | 489,372 | |
| | (3M USD LIBOR + 0.945%) | |
| | 1,162,000 | | | | 3.509 | (a) | | | 01/23/29 | | | | 1,073,708 | |
| | (3M USD LIBOR + 1.120%) | |
| | 518,000 | | | | 4.005 | (a) | | | 04/23/29 | | | | 493,073 | |
| | (3M USD LIBOR + 1.330%) | |
| | 450,000 | | | | 4.452 | (a) | | | 12/05/29 | | | | 436,044 | |
| | |
| | |
| 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) | |
| Banks – (continued) | |
| | JPMorgan Chase & Co. – (continued) | |
| | (3M USD LIBOR + 1.160%) | |
| $ | 114,000 | | | | 3.702 | %(a) | | | 05/06/30 | | | $ | 104,850 | |
| | (SOFR + 1.510%) | |
| | 942,000 | | | | 2.739 | (a) | | | 10/15/30 | | | | 818,407 | |
| | (SOFR + 3.790%) | |
| | 400,000 | | | | 4.493 | (a) | | | 03/24/31 | | | | 388,520 | |
| | (SOFR + 2.040%) | |
| | 1,500,000 | | | | 2.522 | (a) | | | 04/22/31 | | | | 1,271,656 | |
| | (SOFR + 2.515%) | |
| | 672,000 | | | | 2.956 | (a) | | | 05/13/31 | | | | 576,659 | |
| | (3M U.S. T-Bill MMY + 1.105%) | |
| | 250,000 | | | | 1.764 | (a) | | | 11/19/31 | | | | 197,389 | |
| | (SOFR + 1.065%) | |
| | 752,000 | | | | 1.953 | (a) | | | 02/04/32 | | | | 596,577 | |
| | (SOFR + 1.250%) | |
| | 1,104,000 | | | | 2.580 | (a) | | | 04/22/32 | | | | 923,036 | |
| | (SOFR + 1.180%) | |
| | 1,500,000 | | | | 2.545 | (a) | | | 11/08/32 | | | | 1,239,508 | |
| | (SOFR + 1.260%) | |
| | 600,000 | | | | 2.963 | (a) | | | 01/25/33 | | | | 509,646 | |
| | 582,000 | | | | 6.400 | | | | 05/15/38 | | | | 663,264 | |
| | (3M USD LIBOR + 1.360%) | |
| | 485,000 | | | | 3.882 | (a) | | | 07/24/38 | | | | 426,203 | |
| | 147,000 | | | | 5.500 | | | | 10/15/40 | | | | 154,279 | |
| | (SOFR + 2.460%) | |
| | 250,000 | | | | 3.109 | (a) | | | 04/22/41 | | | | 195,565 | |
| | 126,000 | | | | 5.600 | | | | 07/15/41 | | | | 132,897 | |
| | 450,000 | | | | 5.400 | | | | 01/06/42 | | | | 461,039 | |
| | (SOFR + 1.460%) | |
| | 100,000 | | | | 3.157 | (a) | | | 04/22/42 | | | | 78,295 | |
| | 10,000 | | | | 5.625 | | | | 08/16/43 | | | | 10,468 | |
| | 560,000 | | | | 4.850 | | | | 02/01/44 | | | | 553,319 | |
| | 230,000 | | | | 4.950 | | | | 06/01/45 | | | | 221,397 | |
| | (3M USD LIBOR + 1.580%) | |
| | 734,000 | | | | 4.260 | (a) | | | 02/22/48 | | | | 652,164 | |
| | (3M USD LIBOR + 1.460%) | |
| | 304,000 | | | | 4.032 | (a) | | | 07/24/48 | | | | 260,786 | |
| | (3M USD LIBOR + 1.380%) | |
| | 923,000 | | | | 3.964 | (a) | | | 11/15/48 | | | | 778,469 | |
| | (3M USD LIBOR + 1.220%) | |
| | 140,000 | | | | 3.897 | (a) | | | 01/23/49 | | | | 117,599 | |
| | (SOFR + 2.440%) | |
| | 584,000 | | | | 3.109 | (a) | | | 04/22/51 | | | | 423,582 | |
| | (SOFR + 1.580%) | |
| | 650,000 | | | | 3.328 | (a) | | | 04/22/52 | | | | 495,050 | |
| | KeyCorp, MTN | |
| | 700,000 | | | | 2.250 | | | | 04/06/27 | | | | 629,661 | |
| | 570,000 | | | | 4.100 | | | | 04/30/28 | | | | 554,609 | |
| | 390,000 | | | | 2.550 | | | | 10/01/29 | | | | 334,177 | |
| | Morgan Stanley | |
| | 890,000 | | | | 5.000 | | | | 11/24/25 | | | | 902,455 | |
| | (SOFR + 0.720%) | |
| | 500,000 | | | | 0.985 | (a) | | | 12/10/26 | | | | 444,066 | |
| | 328,000 | | | | 3.625 | | | | 01/20/27 | | | | 319,560 | |
| | 562,000 | | | | 3.950 | | | | 04/23/27 | | | | 538,393 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Morgan Stanley – (continued) | |
| | (SOFR + 1.000%) | |
| 500,000 | | | | 2.475 | (a) | | | 01/21/28 | | | | 454,389 | |
| | (3M USD LIBOR + 1.340%) | |
| | 85,000 | | | | 3.591 | (a) | | | 07/22/28 | | | | 80,318 | |
| | 290,000 | | | | 7.250 | | | | 04/01/32 | | | | 342,167 | |
| | (3M USD LIBOR + 1.455%) | |
| | 68,000 | | | | 3.971 | (a) | | | 07/22/38 | | | | 60,582 | |
| | (SOFR + 1.485%) | |
| | 290,000 | | | | 3.217 | (a) | | | 04/22/42 | | | | 226,897 | |
| | 758,000 | | | | 6.375 | | | | 07/24/42 | | | | 869,005 | |
| | 608,000 | | | | 4.300 | | | | 01/27/45 | | | | 546,249 | |
| | 340,000 | | | | 4.375 | | | | 01/22/47 | | | | 312,960 | |
| | Morgan Stanley, Series F | |
| | 1,055,000 | | | | 3.875 | | | | 04/29/24 | | | | 1,051,313 | |
| | Morgan Stanley, GMTN | |
| | 125,000 | | | | 3.700 | | | | 10/23/24 | | | | 123,987 | |
| | 427,000 | | | | 4.000 | | | | 07/23/25 | | | | 423,789 | |
| | 780,000 | | | | 3.875 | | | | 01/27/26 | | | | 770,003 | |
| | 754,000 | | | | 4.350 | | | | 09/08/26 | | | | 744,340 | |
| | (3M USD LIBOR + 1.628%) | |
| | 990,000 | | | | 4.431 | (a) | | | 01/23/30 | | | | 962,819 | |
| | (SOFR + 1.143%) | |
| | 1,750,000 | | | | 2.699 | (a) | | | 01/22/31 | | | | 1,515,473 | |
| | (SOFR + 1.178%) | |
| | 520,000 | | | | 2.239 | (a) | | | 07/21/32 | | | | 419,984 | |
| | (SOFR + 4.840%) | |
| | 629,000 | | | | 5.597 | (a) | | | 03/24/51 | | | | 684,027 | |
| | Morgan Stanley(a), Series I | |
| | (SOFR + 0.745%) | |
| | 850,000 | | | | 0.864 | | | | 10/21/25 | | | | 787,633 | |
| | Morgan Stanley, MTN | |
| | (SOFR + 1.152%) | |
| | 500,000 | | | | 2.720 | (a) | | | 07/22/25 | | | | 483,644 | |
| | (SOFR + 0.560%) | |
| | 576,000 | | | | 1.164 | (a) | | | 10/21/25 | | | | 534,023 | |
| | 1,120,000 | | | | 3.125 | | | | 07/27/26 | | | | 1,066,848 | |
| | (SOFR + 3.120%) | |
| | 380,000 | | | | 3.622 | (a) | | | 04/01/31 | | | | 349,147 | |
| | (SOFR + 1.034%) | |
| | 841,000 | | | | 1.794 | (a) | | | 02/13/32 | | | | 660,532 | |
| | (SOFR + 1.020%) | |
| | 175,000 | | | | 1.928 | (a) | | | 04/28/32 | | | | 138,522 | |
| | (SOFR + 1.430%) | |
| | 500,000 | | | | 2.802 | (a) | | | 01/25/52 | | | | 342,084 | |
| | PNC Bank NA | |
| | 860,000 | | | | 3.100 | | | | 10/25/27 | | | | 819,352 | |
| | 260,000 | | | | 2.700 | | | | 10/22/29 | | | | 226,335 | |
| | PNC Financial Services Group, Inc. (The) | |
| | 100,000 | | | | 3.900 | | | | 04/29/24 | | | | 100,111 | |
| | 900,000 | | | | 2.600 | | | | 07/23/26 | | | | 848,972 | |
| | 290,000 | | | | 3.150 | | | | 05/19/27 | | | | 278,823 | |
| | 100,000 | | | | 3.450 | | | | 04/23/29 | | | | 94,726 | |
| | 410,000 | | | | 2.550 | | | | 01/22/30 | | | | 359,485 | |
| | (SOFR + 0.979%) | |
| | 500,000 | | | | 2.307 | (a) | | | 04/23/32 | | | | 418,657 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Santander Holdings USA, Inc. | |
| $ | 1,310,000 | | | | 3.500 | % | | | 06/07/24 | | | $ | 1,290,872 | |
| | 580,000 | | | | 3.450 | | | | 06/02/25 | | | | 557,226 | |
| | (SOFR + 1.249%) | |
| | 850,000 | | | | 2.490 | (a) | | | 01/06/28 | | | | 738,948 | |
| | State Street Corp. | |
| | 670,000 | | | | 3.700 | | | | 11/20/23 | | | | 671,428 | |
| | 40,000 | | | | 3.550 | | | | 08/18/25 | | | | 39,580 | |
| | 160,000 | | | | 2.650 | | | | 05/19/26 | | | | 153,743 | |
| | 100,000 | | | | 2.200 | | | | 03/03/31 | | | | 83,320 | |
| | Synchrony Financial | |
| | 770,000 | | | | 4.250 | | | | 08/15/24 | | | | 760,446 | |
| | 392,000 | | | | 4.500 | | | | 07/23/25 | | | | 382,672 | |
| | 224,000 | | | | 3.950 | | | | 12/01/27 | | | | 203,478 | |
| | Truist Bank | |
| | 674,000 | | | | 3.200 | | | | 04/01/24 | | | | 667,979 | |
| | 500,000 | | | | 1.500 | | | | 03/10/25 | | | | 471,521 | |
| | 550,000 | | | | 2.250 | | | | 03/11/30 | | | | 461,357 | |
| | Truist Financial Corp., MTN | |
| | 1,120,000 | | | | 3.750 | | | | 12/06/23 | | | | 1,121,979 | |
| | 250,000 | | | | 2.500 | | | | 08/01/24 | | | | 243,511 | |
| | 605,000 | | | | 2.850 | | | | 10/26/24 | | | | 592,765 | |
| | 280,000 | | | | 3.700 | | | | 06/05/25 | | | | 277,338 | |
| | 150,000 | | | | 1.200 | | | | 08/05/25 | | | | 137,818 | |
| | (SOFR + 0.609%) | |
| | 550,000 | | | | 1.267 | (a) | | | 03/02/27 | | | | 493,386 | |
| | 750,000 | | | | 1.950 | | | | 06/05/30 | | | | 621,716 | |
| | US Bancorp | |
| | 250,000 | | | | 2.400 | | | | 07/30/24 | | | | 244,097 | |
| | 250,000 | | | | 1.450 | | | | 05/12/25 | | | | 235,144 | |
| | (US 5 Year CMT T-Note + 0.950%) | |
| | 300,000 | | | | 2.491 | (a) | | | 11/03/36 | | | | 243,118 | |
| | US Bancorp, MTN | |
| | 630,000 | | | | 3.700 | | | | 01/30/24 | | | | 629,687 | |
| | 290,000 | | | | 3.600 | | | | 09/11/24 | | | | 288,902 | |
| | 537,000 | | | | 3.100 | | | | 04/27/26 | | | | 519,206 | |
| | 755,000 | | | | 3.900 | | | | 04/26/28 | | | | 742,853 | |
| | 736,000 | | | | 3.000 | | | | 07/30/29 | | | | 666,989 | |
| | 300,000 | | | | 1.375 | | | | 07/22/30 | | | | 240,332 | |
| | US Bancorp, Series V | |
| | 100,000 | | | | 2.375 | | | | 07/22/26 | | | | 94,186 | |
| | US Bancorp, Series X | |
| | 535,000 | | | | 3.150 | | | | 04/27/27 | | | | 516,478 | |
| | US Bank NA | |
| | 550,000 | | | | 2.050 | | | | 01/21/25 | | | | 527,495 | |
| | Wells Fargo & Co. | |
| | 98,000 | | | | 4.125 | | | | 08/15/23 | | | | 98,096 | |
| | 626,000 | | | | 3.000 | | | | 04/22/26 | | | | 594,907 | |
| | (SOFR + 2.000%) | |
| | 600,000 | | | | 2.188 | (a) | | | 04/30/26 | | | | 560,970 | |
| | 1,300,000 | | | | 3.000 | | | | 10/23/26 | | | | 1,230,715 | |
| | (SOFR + 2.530%) | |
| | 1,259,000 | | �� | | 3.068 | (a) | | | 04/30/41 | | | | 971,405 | |
| | 550,000 | | | | 5.375 | | | | 11/02/43 | | | | 549,938 | |
| | 492,000 | | | | 3.900 | | | | 05/01/45 | | | | 418,195 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | Wells Fargo & Co., GMTN | |
| 250,000 | | | | 4.300 | | | | 07/22/27 | | | | 246,057 | |
| | 654,000 | | | | 4.900 | | | | 11/17/45 | | | | 605,913 | |
| | Wells Fargo & Co., MTN | |
| | 1,100,000 | | | | 3.750 | | | | 01/24/24 | | | | 1,097,521 | |
| | (SOFR + 1.600%) | |
| | 862,000 | | | | 1.654 | (a) | | | 06/02/24 | | | | 844,602 | |
| | 50,000 | | | | 3.300 | | | | 09/09/24 | | | | 49,303 | |
| | 460,000 | | | | 3.000 | | | | 02/19/25 | | | | 447,706 | |
| | 272,000 | | | | 3.550 | | | | 09/29/25 | | | | 267,489 | |
| | (SOFR + 1.087%) | |
| | 500,000 | | | | 2.406 | (a) | | | 10/30/25 | | | | 478,327 | |
| | (3M USD LIBOR + 0.750%) | |
| | 700,000 | | | | 2.164 | (a) | | | 02/11/26 | | | | 658,002 | |
| | 250,000 | | | | 4.100 | | | | 06/03/26 | | | | 245,345 | |
| | (3M USD LIBOR + 1.170%) | |
| | 320,000 | | | | 3.196 | (a) | | | 06/17/27 | | | | 301,878 | |
| | (3M USD LIBOR + 1.310%) | |
| | 168,000 | | | | 3.584 | (a) | | | 05/22/28 | | | | 158,408 | |
| | (SOFR + 2.100%) | |
| | 1,125,000 | | | | 2.393 | (a) | | | 06/02/28 | | | | 1,006,508 | |
| | 900,000 | | | | 4.150 | | | | 01/24/29 | | | | 873,973 | |
| | (SOFR + 1.432%) | |
| | 1,666,000 | | | | 2.879 | (a) | | | 10/30/30 | | | | 1,462,983 | |
| | (SOFR + 1.262%) | |
| | 680,000 | | | | 2.572 | (a) | | | 02/11/31 | | | | 579,648 | |
| | (SOFR + 4.032%) | |
| | 200,000 | | | | 4.478 | (a) | | | 04/04/31 | | | | 192,424 | |
| | (SOFR + 1.500%) | |
| | 750,000 | | | | 3.350 | (a) | | | 03/02/33 | | | | 660,604 | |
| | 293,000 | | | | 4.400 | | | | 06/14/46 | | | | 258,842 | |
| | 150,000 | | | | 4.750 | | | | 12/07/46 | | | | 137,502 | |
| | (SOFR + 4.502%) | |
| | 1,442,000 | | | | 5.013 | (a) | | | 04/04/51 | | | | 1,423,897 | |
| | Wells Fargo Bank NA | |
| | 400,000 | | | | 6.600 | | | | 01/15/38 | | | | 460,415 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 119,970,045 | |
| | |
| Basic Industry – 0.4% | |
| | CF Industries, Inc. | |
| | 300,000 | | | | 4.950 | | | | 06/01/43 | | | | 268,125 | |
| | 375,000 | | | | 5.375 | | | | 03/15/44 | | | | 352,653 | |
| | Dow Chemical Co. (The) | |
| | 500,000 | | | | 7.375 | | | | 11/01/29 | | | | 577,181 | |
| | 200,000 | | | | 4.375 | | | | 11/15/42 | | | | 175,584 | |
| | 150,000 | | | | 5.550 | | | | 11/30/48 | | | | 153,525 | |
| | 200,000 | | | | 3.600 | | | | 11/15/50 | | | | 153,521 | |
| | LYB International Finance BV | |
| | 220,000 | | | | 4.875 | | | | 03/15/44 | | | | 199,424 | |
| | LYB International Finance III LLC | |
| | 240,000 | | | | 4.200 | | | | 10/15/49 | | | | 193,464 | |
| | 350,000 | | | | 4.200 | | | | 05/01/50 | | | | 283,232 | |
| | LyondellBasell Industries NV | |
| | 200,000 | | | | 4.625 | | | | 02/26/55 | | | | 170,232 | |
| | Sherwin-Williams Co. (The) | |
| | 188,000 | | | | 3.450 | | | | 06/01/27 | | | | 179,909 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,706,850 | |
| | |
| | |
| 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) | |
| Broadcasting – 0.5% | |
| | Discovery Communications LLC | |
| $ | 335,000 | | | | 3.950 | % | | | 03/20/28 | | | $ | 308,946 | |
| | 152,000 | | | | 4.125 | | | | 05/15/29 | | | | 138,935 | |
| | 264,000 | | | | 3.625 | | | | 05/15/30 | | | | 231,316 | |
| | 293,000 | | | | 5.200 | | | | 09/20/47 | | | | 245,548 | |
| | 232,000 | | | | 5.300 | | | | 05/15/49 | | | | 193,450 | |
| | 365,000 | | | | 4.000 | | | | 09/15/55 | | | | 242,799 | |
| | Fox Corp. | |
| | 990,000 | | | | 4.030 | | | | 01/25/24 | | | | 987,170 | |
| | 690,000 | | | | 4.709 | | | | 01/25/29 | | | | 683,749 | |
| | 280,000 | | | | 5.476 | | | | 01/25/39 | | | | 272,989 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,304,902 | |
| | |
| Brokerage – 0.6% | |
| | BlackRock, Inc. | |
| | 70,000 | | | | 3.500 | | | | 03/18/24 | | | | 69,824 | |
| | 200,000 | | | | 2.400 | | | | 04/30/30 | | | | 176,010 | |
| | 200,000 | | | | 1.900 | | | | 01/28/31 | | | | 166,528 | |
| | 150,000 | | | | 2.100 | | | | 02/25/32 | | | | 124,792 | |
| | Intercontinental Exchange, Inc. | |
| | 500,000 | | | | 2.100 | | | | 06/15/30 | | | | 422,334 | |
| | 330,000 | | | | 1.850 | | | | 09/15/32 | | | | 261,141 | |
| | 360,000 | | | | 4.600 | | | | 03/15/33 | | | | 357,372 | |
| | 680,000 | | | | 3.000 | | | | 06/15/50 | | | | 497,720 | |
| | 392,000 | | | | 4.950 | | | | 06/15/52 | | | | 387,599 | |
| | 520,000 | | | | 3.000 | | | | 09/15/60 | | | | 356,280 | |
| | Jefferies Group LLC / Jefferies Group Capital Finance, Inc. | |
| | 125,000 | | | | 4.150 | | | | 01/23/30 | | | | 112,247 | |
| | 794,000 | | | | 2.625 | | | | 10/15/31 | | | | 616,842 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,548,689 | |
| | |
| Capital Goods – 1.3% | |
| | 3M Co. | |
| | 65,000 | | | | 2.000 | | | | 02/14/25 | | | | 61,977 | |
| | 140,000 | | | | 2.875 | | | | 10/15/27 | | | | 132,251 | |
| | 274,000 | | | | 3.250 | | | | 08/26/49 | | | | 205,011 | |
| | 3M Co., MTN | |
| | 310,000 | | | | 4.000 | | | | 09/14/48 | | | | 262,149 | |
| | Berry Global, Inc. | |
| | 270,000 | | | | 0.950 | | | | 02/15/24 | | | | 255,600 | |
| | 600,000 | | | | 1.570 | | | | 01/15/26 | | | | 536,250 | |
| | Carrier Global Corp. | |
| | 40,000 | | | | 2.493 | | | | 02/15/27 | | | | 36,856 | |
| | 800,000 | | | | 2.722 | | | | 02/15/30 | | | | 697,419 | |
| | 426,000 | | | | 2.700 | | | | 02/15/31 | | | | 363,299 | |
| | 531,000 | | | | 3.377 | | | | 04/05/40 | | | | 420,171 | |
| | 250,000 | | | | 3.577 | | | | 04/05/50 | | | | 191,443 | |
| | Caterpillar Financial Services Corp. | |
| | 154,000 | | | | 0.650 | | | | 07/07/23 | | | | 150,284 | |
| | Caterpillar, Inc. | |
| | 155,000 | | | | 3.400 | | | | 05/15/24 | | | | 154,994 | |
| | 40,000 | | | | 2.600 | | | | 04/09/30 | | | | 36,232 | |
| | 80,000 | | | | 5.200 | | | | 05/27/41 | | | | 85,980 | |
| | 258,000 | | | | 3.803 | | | | 08/15/42 | | | | 234,543 | |
| | 246,000 | | | | 3.250 | | | | 09/19/49 | | | | 203,886 | |
| | Deere & Co. | |
| | 266,000 | | | | 3.900 | | | | 06/09/42 | | | | 249,180 | |
| | 190,000 | | | | 3.750 | | | | 04/15/50 | | | | 174,029 | |
| | |
|
| Corporate Obligations – (continued) | |
| Capital Goods – (continued) | |
| | Emerson Electric Co. | |
| 180,000 | | | | 2.800 | | | | 12/21/51 | | | | 131,736 | |
| | General Electric Co., MTN | |
| | 135,000 | | | | 6.750 | | | | 03/15/32 | | | | 153,233 | |
| | Honeywell International, Inc. | |
| | 112,000 | | | | 2.300 | | | | 08/15/24 | | | | 109,178 | |
| | 865,000 | | | | 2.500 | | | | 11/01/26 | | | | 820,397 | |
| | 250,000 | | | | 2.700 | | | | 08/15/29 | | | | 229,338 | |
| | Illinois Tool Works, Inc. | |
| | 491,000 | | | | 2.650 | | | | 11/15/26 | | | | 470,010 | |
| | 290,000 | | | | 3.900 | | | | 09/01/42 | | | | 256,795 | |
| | Otis Worldwide Corp. | |
| | 404,000 | | | | 2.565 | | | | 02/15/30 | | | | 348,767 | |
| | Republic Services, Inc. | |
| | 420,000 | | | | 3.950 | | | | 05/15/28 | | | | 411,715 | |
| | Westinghouse Air Brake Technologies Corp. | |
| | 326,000 | | | | 3.450 | | | | 11/15/26 | | | | 304,710 | |
| | 340,000 | | | | 4.950 | | | | 09/15/28 | | | | 330,349 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,017,782 | |
| | |
| Communications – 5.0% | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital |
|
| | 798,000 | | | | 4.908 | | | | 07/23/25 | | | | 796,389 | |
| | 381,000 | | | | 3.750 | | | | 02/15/28 | | | | 352,063 | |
| | 644,000 | | | | 4.200 | | | | 03/15/28 | | | | 607,152 | |
| | 250,000 | | | | 2.250 | | | | 01/15/29 | | | | 205,969 | |
| | 400,000 | | | | 5.050 | | | | 03/30/29 | | | | 384,505 | |
| | 400,000 | | | | 2.800 | | | | 04/01/31 | | | | 323,582 | |
| | 425,000 | | | | 6.384 | | | | 10/23/35 | | | | 423,175 | |
| | 130,000 | | | | 5.375 | | | | 04/01/38 | | | | 114,711 | |
| | 300,000 | | | | 3.500 | | | | 06/01/41 | | | | 209,663 | |
| | 590,000 | | | | 6.484 | | | | 10/23/45 | | | | 567,560 | |
| | 502,000 | | | | 5.375 | | | | 05/01/47 | | | | 428,597 | |
| | 495,000 | | | | 5.750 | | | | 04/01/48 | | | | 441,706 | |
| | 487,000 | | | | 5.125 | | | | 07/01/49 | | | | 395,030 | |
| | 350,000 | | | | 4.800 | | | | 03/01/50 | | | | 277,285 | |
| | 600,000 | | | | 3.700 | | | | 04/01/51 | | | | 404,546 | |
| | 250,000 | | | | 3.900 | | | | 06/01/52 | | | | 170,333 | |
| | 354,000 | | | | 3.850 | | | | 04/01/61 | | | | 229,833 | |
| | 254,000 | | | | 4.400 | | | | 12/01/61 | | | | 181,136 | |
| | 282,000 | | | | 3.950 | | | | 06/30/62 | | | | 187,005 | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital, Series USD |
|
| | 548,000 | | | | 4.500 | | | | 02/01/24 | | | | 548,408 | |
| | Comcast Corp. | |
| | 1,236,000 | | | | 3.700 | | | | 04/15/24 | | | | 1,233,972 | |
| | 240,000 | | | | 3.375 | | | | 02/15/25 | | | | 236,350 | |
| | 92,000 | | | | 3.375 | | | | 08/15/25 | | | | 90,315 | |
| | 184,000 | | | | 3.150 | | | | 03/01/26 | | | | 179,030 | |
| | 92,000 | | | | 3.300 | | | | 02/01/27 | | | | 88,831 | |
| | 73,000 | | | | 3.150 | | | | 02/15/28 | | | | 69,298 | |
| | 92,000 | | | | 3.550 | | | | 05/01/28 | | | | 88,789 | |
| | 398,000 | | | | 4.150 | | | | 10/15/28 | | | | 394,105 | |
| | 100,000 | | | | 2.650 | | | | 02/01/30 | | | | 88,565 | |
| | 220,000 | | | | 3.400 | | | | 04/01/30 | | | | 206,164 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Communications – (continued) | |
| | Comcast Corp. – (continued) | |
| $ | 400,000 | | | | 4.250 | % | | | 10/15/30 | | | $ | 394,284 | |
| | 352,000 | | | | 1.950 | | | | 01/15/31 | | | | 292,792 | |
| | 300,000 | | | | 1.500 | | | | 02/15/31 | | | | 240,296 | |
| | 595,000 | | | | 4.250 | | | | 01/15/33 | | | | 578,355 | |
| | 240,000 | | | | 7.050 | | | | 03/15/33 | | | | 285,546 | |
| | 360,000 | | | | 4.200 | | | | 08/15/34 | | | | 345,154 | |
| | 430,000 | | | | 3.200 | | | | 07/15/36 | | | | 362,823 | |
| | 130,000 | | | | 3.900 | | | | 03/01/38 | | | | 117,201 | |
| | 272,000 | | | | 4.600 | | | | 10/15/38 | | | | 263,139 | |
| | 447,000 | | | | 3.250 | | | | 11/01/39 | | | | 365,038 | |
| | 92,000 | | | | 3.750 | | | | 04/01/40 | | | | 79,568 | |
| | 403,000 | | | | 3.400 | | | | 07/15/46 | | | | 317,830 | |
| | 156,000 | | | | 4.000 | | | | 08/15/47 | | | | 135,036 | |
| | 446,000 | | | | 3.969 | | | | 11/01/47 | | | | 383,566 | |
| | 225,000 | | | | 4.000 | | | | 03/01/48 | | | | 194,282 | |
| | 486,000 | | | | 4.700 | | | | 10/15/48 | | | | 465,149 | |
| | 475,000 | | | | 3.999 | | | | 11/01/49 | | | | 409,592 | |
| | 600,000 | | | | 2.800 | | | | 01/15/51 | | | | 417,197 | |
| | 400,000 | | | | 2.887 | | | | 11/01/51 | | | | 281,951 | |
| | 184,000 | | | | 2.450 | | | | 08/15/52 | | | | 120,582 | |
| | 477,000 | | | | 4.049 | | | | 11/01/52 | | | | 409,685 | |
| | 450,000 | | | | 2.937 | | | | 11/01/56 | | | | 307,643 | |
| | 439,000 | | | | 4.950 | | | | 10/15/58 | | | | 431,220 | |
| | 400,000 | | | | 2.987 | | | | 11/01/63 | | | | 268,864 | |
| | Magallanes, Inc. | |
| | 1,100,000 | | | | 4.279 | (b) | | | 03/15/32 | | | | 954,041 | |
| | 1,100,000 | | | | 5.050 | (b) | | | 03/15/42 | | | | 906,120 | |
| | 1,100,000 | | | | 5.141 | (b) | | | 03/15/52 | | | | 884,370 | |
| | Netflix, Inc. | |
| | 400,000 | | | | 5.875 | | | | 02/15/25 | | | | 410,000 | |
| | 325,000 | | | | 4.375 | | | | 11/15/26 | | | | 316,875 | |
| | 690,000 | | | | 5.875 | | | | 11/15/28 | | | | 699,487 | |
| | 397,000 | | | | 6.375 | | | | 05/15/29 | | | | 414,369 | |
| | Omnicom Group, Inc. | |
| | 125,000 | | | | 2.600 | | | | 08/01/31 | | | | 104,367 | |
| | Omnicom Group, Inc. / Omnicom Capital, Inc. | |
| | 532,000 | | | | 3.650 | | | | 11/01/24 | | | | 526,693 | |
| | 850,000 | | | | 3.600 | | | | 04/15/26 | | | | 833,391 | |
| | Paramount Global | |
| | 120,000 | | | | 7.875 | | | | 07/30/30 | | | | 135,680 | |
| | 432,000 | | | | 4.950 | | | | 01/15/31 | | | | 411,856 | |
| | 360,000 | | | | 4.200 | | | | 05/19/32 | | | | 317,083 | |
| | 250,000 | | | | 6.875 | | | | 04/30/36 | | | | 259,672 | |
| | 480,000 | | | | 5.850 | | | | 09/01/43 | | | | 441,043 | |
| | 200,000 | | | | 4.950 | | | | 05/19/50 | | | | 164,503 | |
| | Time Warner Cable LLC | |
| | 70,000 | | | | 6.550 | | | | 05/01/37 | | | | 69,377 | |
| | 474,000 | | | | 7.300 | | | | 07/01/38 | | | | 490,353 | |
| | 352,000 | | | | 6.750 | | | | 06/15/39 | | | | 345,809 | |
| | 180,000 | | | | 5.875 | | | | 11/15/40 | | | | 162,545 | |
| | 411,000 | | | | 5.500 | | | | 09/01/41 | | | | 358,363 | |
| | Time Warner Entertainment Co. LP | |
| | 386,000 | | | | 8.375 | | | | 07/15/33 | | | | 443,951 | |
| | TWDC Enterprises 18 Corp., GMTN | |
| | 190,000 | | | | 4.125 | | | | 06/01/44 | | | | 173,595 | |
| | |
|
| Corporate Obligations – (continued) | |
| Communications – (continued) | |
| | TWDC Enterprises 18 Corp., MTN | |
| 705,000 | | | | 1.850 | | | | 07/30/26 | | | | 651,169 | |
| | 202,000 | | | | 2.950 | | | | 06/15/27 | | | | 192,575 | |
| | Walt Disney Co. (The) | |
| | 632,000 | | | | 1.750 | | | | 08/30/24 | | | | 607,124 | |
| | 202,000 | | | | 2.200 | | | | 01/13/28 | | | | 183,776 | |
| | 330,000 | | | | 2.000 | | | | 09/01/29 | | | | 285,214 | |
| | 498,000 | | | | 3.800 | | | | 03/22/30 | | | | 480,242 | |
| | 1,180,000 | | | | 2.650 | | | | 01/13/31 | | | | 1,042,078 | |
| | 75,000 | | | | 6.400 | | | | 12/15/35 | | | | 87,071 | |
| | 420,000 | | | | 4.625 | | | | 03/23/40 | | | | 414,285 | |
| | 300,000 | | | | 2.750 | | | | 09/01/49 | | | | 216,740 | |
| | 270,000 | | | | 4.700 | | | | 03/23/50 | | | | 270,713 | |
| | 383,000 | | | | 3.800 | | | | 05/13/60 | | | | 323,319 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 31,968,709 | |
| | |
| Consumer Cyclical – 6.7% | |
| | Amazon.com, Inc. | |
| | 500,000 | | | | 2.730 | | | | 04/13/24 | | | | 494,235 | |
| | 812,000 | | | | 0.450 | | | | 05/12/24 | | | | 768,137 | |
| | 212,000 | | | | 2.800 | | | | 08/22/24 | | | | 208,964 | |
| | 179,000 | | | | 3.800 | | | | 12/05/24 | | | | 179,712 | |
| | 70,000 | | | | 0.800 | | | | 06/03/25 | | | | 64,713 | |
| | 18,000 | | | | 5.200 | | | | 12/03/25 | | | | 18,704 | |
| | 200,000 | | | | 1.200 | | | | 06/03/27 | | | | 177,786 | |
| | 780,000 | | | | 3.150 | | | | 08/22/27 | | | | 753,522 | |
| | 575,000 | | | | 1.500 | | | | 06/03/30 | | | | 478,748 | |
| | 600,000 | | | | 3.600 | | | | 04/13/32 | | | | 576,747 | |
| | 420,000 | | | | 4.800 | | | | 12/05/34 | | | | 443,716 | |
| | 715,000 | | | | 3.875 | | | | 08/22/37 | | | | 672,225 | |
| | 400,000 | | | | 2.875 | | | | 05/12/41 | | | | 320,057 | |
| | 284,000 | | | | 4.950 | | | | 12/05/44 | | | | 297,786 | |
| | 860,000 | | | | 4.050 | | | | 08/22/47 | | | | 798,335 | |
| | 444,000 | | | | 2.500 | | | | 06/03/50 | | | | 310,255 | |
| | 1,020,000 | | | | 3.100 | | | | 05/12/51 | | | | 796,377 | |
| | 530,000 | | | | 4.250 | | | | 08/22/57 | | | | 501,323 | |
| | 400,000 | | | | 2.700 | | | | 06/03/60 | | | | 270,297 | |
| | 400,000 | | | | 3.250 | | | | 05/12/61 | | | | 304,558 | |
| | American Honda Finance Corp., MTN | |
| | 188,000 | | | | 0.875 | | | | 07/07/23 | | | | 183,741 | |
| | 444,000 | | | | 0.650 | | | | 09/08/23 | | | | 430,506 | |
| | 430,000 | | | | 2.150 | | | | 09/10/24 | | | | 416,006 | |
| | 40,000 | | | | 1.200 | | | | 07/08/25 | | | | 37,068 | |
| | Aptiv PLC / Aptiv Corp. | |
| | 496,000 | | | | 4.150 | | | | 05/01/52 | | | | 366,353 | |
| | Costco Wholesale Corp. | |
| | 232,000 | | | | 3.000 | | | | 05/18/27 | | | | 225,443 | |
| | 200,000 | | | | 1.375 | | | | 06/20/27 | | | | 179,615 | |
| | 100,000 | | | | 1.600 | | | | 04/20/30 | | | | 84,301 | |
| | 876,000 | | | | 1.750 | | | | 04/20/32 | | | | 721,532 | |
| | Dollar Tree, Inc. | |
| | 665,000 | | | | 4.000 | | | | 05/15/25 | | | | 658,402 | |
| | 236,000 | | | | 4.200 | | | | 05/15/28 | | | | 230,279 | |
| | eBay, Inc. | |
| | 50,000 | | | | 3.450 | | | | 08/01/24 | | | | 49,487 | |
| | 188,000 | | | | 3.600 | | | | 06/05/27 | | | | 181,969 | |
| | 248,000 | | | | 2.700 | | | | 03/11/30 | | | | 214,175 | |
| | 100,000 | | | | 4.000 | | | | 07/15/42 | | | | 83,916 | |
| | |
| | |
| 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) | |
| Consumer Cyclical – (continued) | |
| | Expedia Group, Inc. | |
| $ | 1,200,000 | | | | 2.950 | % | | | 03/15/31 | | | $ | 1,008,345 | |
| | Home Depot, Inc. (The) | |
| | 220,000 | | | | 3.350 | | | | 09/15/25 | | | | 217,375 | |
| | 726,000 | | | | 3.000 | | | | 04/01/26 | | | | 705,091 | |
| | 244,000 | | | | 3.900 | | | | 12/06/28 | | | | 241,844 | |
| | 560,000 | | | | 2.950 | | | | 06/15/29 | | | | 519,639 | |
| | 400,000 | | | | 1.375 | | | | 03/15/31 | | | | 320,788 | |
| | 400,000 | | | | 1.875 | | | | 09/15/31 | | | | 331,084 | |
| | 680,000 | | | | 5.875 | | | | 12/16/36 | | | | 764,804 | |
| | 460,000 | | | | 3.300 | | | | 04/15/40 | | | | 384,903 | |
| | 150,000 | | | | 4.875 | | | | 02/15/44 | | | | 149,948 | |
| | 300,000 | | | | 4.400 | | | | 03/15/45 | | | | 282,465 | |
| | 300,000 | | | | 4.250 | | | | 04/01/46 | | | | 277,247 | |
| | 300,000 | | | | 4.500 | | | | 12/06/48 | | | | 288,462 | |
| | 300,000 | | | | 3.125 | | | | 12/15/49 | | | | 232,070 | |
| | 300,000 | | | | 3.350 | | | | 04/15/50 | | | | 238,453 | |
| | 548,000 | | | | 2.375 | | | | 03/15/51 | | | | 363,884 | |
| | 300,000 | | | | 3.500 | | | | 09/15/56 | | | | 239,677 | |
| | Las Vegas Sands Corp. | |
| | 116,000 | | | | 3.200 | | | | 08/08/24 | | | | 109,832 | |
| | 190,000 | | | | 3.500 | | | | 08/18/26 | | | | 170,651 | |
| | 170,000 | | | | 3.900 | | | | 08/08/29 | | | | 144,746 | |
| | Lowe’s Cos., Inc. | |
| | 300,000 | | | | 3.375 | | | | 09/15/25 | | | | 293,987 | |
| | 300,000 | | | | 3.650 | | | | 04/05/29 | | | | 284,353 | |
| | 1,678,000 | | | | 4.500 | | | | 04/15/30 | | | | 1,658,740 | |
| | 1,026,000 | | | | 1.700 | | | | 10/15/30 | | | | 824,255 | |
| | 568,000 | | | | 4.050 | | | | 05/03/47 | | | | 475,489 | |
| | Marriott International, Inc., Series FF | |
| | 420,000 | | | | 4.625 | | | | 06/15/30 | | | | 401,810 | |
| | Marriott International, Inc., Series GG | |
| | 300,000 | | | | 3.500 | | | | 10/15/32 | | | | 257,777 | |
| | Marriott International, Inc., Series R | |
| | 200,000 | | | | 3.125 | | | | 06/15/26 | | | | 190,717 | |
| | Mastercard, Inc. | |
| | 90,000 | | | | 2.000 | | | | 03/03/25 | | | | 86,349 | |
| | 313,000 | | | | 2.950 | | | | 11/21/26 | | | | 303,339 | |
| | 144,000 | | | | 3.300 | | | | 03/26/27 | | | | 141,089 | |
| | 132,000 | | | | 2.950 | | | | 06/01/29 | | | | 123,565 | |
| | 240,000 | | | | 3.350 | | | | 03/26/30 | | | | 228,835 | |
| | 162,000 | | | | 3.650 | | | | 06/01/49 | | | | 143,547 | |
| | 300,000 | | | | 3.850 | | | | 03/26/50 | | | | 274,452 | |
| | McDonald’s Corp., MTN | |
| | 370,000 | | | | 3.700 | | | | 01/30/26 | | | | 367,064 | |
| | 474,000 | | | | 3.500 | | | | 03/01/27 | | | | 465,194 | |
| | 350,000 | | | | 3.800 | | | | 04/01/28 | | | | 343,817 | |
| | 100,000 | | | | 2.625 | | | | 09/01/29 | | | | 89,826 | |
| | 282,000 | | | | 2.125 | | | | 03/01/30 | | | | 241,977 | |
| | 150,000 | | | | 3.600 | | | | 07/01/30 | | | | 142,752 | |
| | 741,000 | | | | 4.700 | | | | 12/09/35 | | | | 737,354 | |
| | 320,000 | | | | 4.875 | | | | 12/09/45 | | | | 313,205 | |
| | 296,000 | | | | 4.450 | | | | 09/01/48 | | | | 275,723 | |
| | 122,000 | | | | 4.200 | | | | 04/01/50 | | | | 109,373 | |
| | NIKE, Inc. | |
| | 80,000 | | | | 2.400 | | | | 03/27/25 | | | | 77,389 | |
| | 115,000 | | | | 2.375 | | | | 11/01/26 | | | | 108,990 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | NIKE, Inc. – (continued) | |
| 300,000 | | | | 2.850 | | | | 03/27/30 | | | | 275,376 | |
| | 250,000 | | | | 3.250 | | | | 03/27/40 | | | | 212,672 | |
| | 140,000 | | | | 3.875 | | | | 11/01/45 | | | | 126,898 | |
| | 370,000 | | | | 3.375 | | | | 03/27/50 | | | | 309,124 | |
| | Starbucks Corp. | |
| | 100,000 | | | | 3.850 | | | | 10/01/23 | | | | 100,078 | |
| | 2,382,000 | | | | 3.800 | | | | 08/15/25 | | | | 2,370,471 | |
| | 100,000 | | | | 4.000 | | | | 11/15/28 | | | | 98,177 | |
| | 512,000 | | | | 3.550 | | | | 08/15/29 | | | | 480,340 | |
| | 300,000 | | | | 3.000 | | | | 02/14/32 | | | | 263,448 | |
| | 388,000 | | | | 4.450 | | | | 08/15/49 | | | | 347,715 | |
| | 290,000 | | | | 3.500 | | | | 11/15/50 | | | | 224,804 | |
| | Toyota Motor Credit Corp., GMTN | |
| | 368,000 | | | | 3.450 | | | | 09/20/23 | | | | 367,141 | |
| | Toyota Motor Credit Corp., MTN | |
| | 248,000 | | | | 0.500 | | | | 08/14/23 | | | | 240,575 | |
| | 20,000 | | | | 1.800 | | | | 02/13/25 | | | | 18,992 | |
| | 1,598,000 | | | | 1.900 | | | | 01/13/27 | | | | 1,471,726 | |
| | 595,000 | | | | 2.150 | | | | 02/13/30 | | | | 516,634 | |
| | 657,000 | | | | 3.375 | | | | 04/01/30 | | | | 620,931 | |
| | Visa, Inc. | |
| | 706,000 | | | | 3.150 | | | | 12/14/25 | | | | 690,183 | |
| | 100,000 | | | | 1.900 | | | | 04/15/27 | | | | 92,278 | |
| | 55,000 | | | | 2.750 | | | | 09/15/27 | | | | 52,441 | |
| | 459,000 | | | | 2.050 | | | | 04/15/30 | | | | 403,451 | |
| | 510,000 | | | | 4.150 | | | | 12/14/35 | | | | 505,136 | |
| | 300,000 | | | | 2.700 | | | | 04/15/40 | | | | 243,731 | |
| | 895,000 | | | | 4.300 | | | | 12/14/45 | | | | 874,452 | |
| | 40,000 | | | | 3.650 | | | | 09/15/47 | | | | 35,750 | |
| | 200,000 | | | | 2.000 | | | | 08/15/50 | | | | 131,185 | |
| | Walmart, Inc. | |
| | 696,000 | | | | 3.700 | | | | 06/26/28 | | | | 685,373 | |
| | 250,000 | | | | 1.800 | | | | 09/22/31 | | | | 210,720 | |
| | 515,000 | | | | 5.250 | | | | 09/01/35 | | | | 564,860 | |
| | 375,000 | | | | 6.500 | | | | 08/15/37 | | | | 466,196 | |
| | 608,000 | | | | 4.050 | | | | 06/29/48 | | | | 584,544 | |
| | 400,000 | | | | 2.650 | | | | 09/22/51 | | | | 301,798 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 42,338,466 | |
| | |
| Consumer Noncyclical – 7.7% | |
| | Abbott Laboratories | |
| | 278,000 | | | | 3.400 | | | | 11/30/23 | | | | 277,356 | |
| | 363,000 | | | | 2.950 | | | | 03/15/25 | | | | 357,188 | |
| | 68,000 | | | | 3.750 | | | | 11/30/26 | | | | 68,158 | |
| | 308,000 | | | | 4.750 | | | | 11/30/36 | | | | 325,095 | |
| | 540,000 | | | | 4.900 | | | | 11/30/46 | | | | 570,647 | |
| | AbbVie, Inc. | |
| | 1,452,000 | | | | 2.600 | | | | 11/21/24 | | | | 1,404,687 | |
| | 1,452,000 | | | | 3.800 | | | | 03/15/25 | | | | 1,434,032 | |
| | 1,932,000 | | | | 3.600 | | | | 05/14/25 | | | | 1,898,640 | |
| | 500,000 | | | | 3.200 | | | | 05/14/26 | | | | 479,929 | |
| | 125,000 | | | | 3.200 | | | | 11/21/29 | | | | 114,223 | |
| | 425,000 | | | | 4.550 | | | | 03/15/35 | | | | 408,966 | |
| | 1,116,000 | | | | 4.050 | | | | 11/21/39 | | | | 983,059 | |
| | 300,000 | | | | 4.850 | | | | 06/15/44 | | | | 287,216 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Consumer Noncyclical – (continued) | |
| | AbbVie, Inc. – (continued) | |
| $ | 730,000 | | | | 4.750 | % | | | 03/15/45 | | | $ | 693,373 | |
| | 500,000 | | | | 4.700 | | | | 05/14/45 | | | | 466,830 | |
| | 304,000 | | | | 4.450 | | | | 05/14/46 | | | | 275,125 | |
| | 400,000 | | | | 4.875 | | | | 11/14/48 | | | | 389,342 | |
| | 950,000 | | | | 4.250 | | | | 11/21/49 | | | | 840,512 | |
| | Altria Group, Inc. | |
| | 250,000 | | | | 4.000 | | | | 01/31/24 | | | | 250,127 | |
| | 800,000 | | | | 2.350 | | | | 05/06/25 | | | | 766,285 | |
| | 780,000 | | | | 4.800 | | | | 02/14/29 | | | | 754,661 | |
| | 70,000 | | | | 2.450 | | | | 02/04/32 | | | | 53,001 | |
| | 100,000 | | | | 5.800 | | | | 02/14/39 | | | | 93,047 | |
| | 440,000 | | | | 3.400 | | | | 02/04/41 | | | | 297,817 | |
| | 220,000 | | | | 4.250 | | | | 08/09/42 | | | | 164,701 | |
| | 310,000 | | | | 5.375 | | | | 01/31/44 | | | | 274,105 | |
| | 563,000 | | | | 3.875 | | | | 09/16/46 | | | | 389,053 | |
| | 360,000 | | | | 5.950 | | | | 02/14/49 | | | | 324,670 | |
| | 70,000 | | | | 3.700 | | | | 02/04/51 | | | | 45,666 | |
| | 150,000 | | | | 4.000 | | | | 02/04/61 | | | | 100,253 | |
| | Amgen, Inc. | |
| | 500,000 | | | | 2.200 | | | | 02/21/27 | | | | 460,266 | |
| | 300,000 | | | | 3.150 | | | | 02/21/40 | | | | 236,814 | |
| | 1,500,000 | | | | 4.563 | | | | 06/15/48 | | | | 1,398,188 | |
| | 882,000 | | | | 3.375 | | | | 02/21/50 | | | | 672,972 | |
| | 900,000 | | | | 4.663 | | | | 06/15/51 | | | | 844,593 | |
| | 682,000 | | | | 2.770 | | | | 09/01/53 | | | | 456,729 | |
| | 480,000 | | | | 4.400 | | | | 02/22/62 | | | | 418,911 | |
| | Biogen, Inc. | |
| | 372,000 | | | | 5.200 | | | | 09/15/45 | | | | 361,308 | |
| | Bristol-Myers Squibb Co. | |
| | 2,412,000 | | | | 0.750 | | | | 11/13/25 | | | | 2,193,367 | |
| | 600,000 | | | | 4.550 | | | | 02/20/48 | | | | 586,018 | |
| | 980,000 | | | | 4.250 | | | | 10/26/49 | | | | 912,996 | |
| | 600,000 | | | | 2.550 | | | | 11/13/50 | | | | 415,212 | |
| | 500,000 | | | | 3.700 | | | | 03/15/52 | | | | 425,604 | |
| | Centene Corp. | |
| | 1,500,000 | | | | 4.250 | | | | 12/15/27 | | | | 1,425,000 | |
| | 1,000,000 | | | | 4.625 | | | | 12/15/29 | | | | 943,750 | |
| | 750,000 | | | | 3.000 | | | | 10/15/30 | | | | 630,000 | |
| | 1,386,000 | | | | 2.500 | | | | 03/01/31 | | | | 1,103,024 | |
| | Eli Lilly & Co. | |
| | 190,000 | | | | 3.950 | | | | 03/15/49 | | | | 183,734 | |
| | 300,000 | | | | 2.250 | | | | 05/15/50 | | | | 207,101 | |
| | 92,000 | | | | 2.500 | | | | 09/15/60 | | | | 62,624 | |
| | Gilead Sciences, Inc. | |
| | 500,000 | | | | 3.700 | | | | 04/01/24 | | | | 498,816 | |
| | 500,000 | | | | 2.950 | | | | 03/01/27 | | | | 475,220 | |
| | 500,000 | | | | 4.000 | | | | 09/01/36 | | | | 458,304 | |
| | 500,000 | | | | 2.800 | | | | 10/01/50 | | | | 342,358 | |
| | Johnson & Johnson | |
| | 110,200 | | | | 2.625 | | | | 01/15/25 | | | | 107,867 | |
| | 100,000 | | | | 0.550 | | | | 09/01/25 | | | | 91,450 | |
| | 98,000 | | | | 2.450 | | | | 03/01/26 | | | | 94,418 | |
| | 83,000 | | | | 2.950 | | | | 03/03/27 | | | | 80,865 | |
| | 382,000 | | | | 0.950 | | | | 09/01/27 | | | | 336,969 | |
| | 250,000 | | | | 2.900 | | | | 01/15/28 | | | | 240,554 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Noncyclical – (continued) | |
| | Johnson & Johnson – (continued) | |
| 50,000 | | | | 1.300 | | | | 09/01/30 | | | | 42,115 | |
| | 360,000 | | | | 4.375 | | | | 12/05/33 | | | | 368,378 | |
| | 665,000 | | | | 3.550 | | | | 03/01/36 | | | | 621,302 | |
| | 372,000 | | | | 3.625 | | | | 03/03/37 | | | | 348,075 | |
| | 250,000 | | | | 5.950 | | | | 08/15/37 | | | | 292,396 | |
| | 245,000 | | | | 3.400 | | | | 01/15/38 | | | | 219,266 | |
| | 46,000 | | | | 2.100 | | | | 09/01/40 | | | | 33,528 | |
| | 208,000 | | | | 3.700 | | | | 03/01/46 | | | | 186,886 | |
| | 388,000 | | | | 3.750 | | | | 03/03/47 | | | | 348,578 | |
| | 125,000 | | | | 2.450 | | | | 09/01/60 | | | | 83,902 | |
| | Medtronic, Inc. | |
| | 580,000 | | | | 4.375 | | | | 03/15/35 | | | | 575,973 | |
| | 516,000 | | | | 4.625 | | | | 03/15/45 | | | | 518,059 | |
| | Merck & Co., Inc. | |
| | 128,000 | | | | 2.750 | | | | 02/10/25 | | | | 125,183 | |
| | 272,000 | | | | 0.750 | | | | 02/24/26 | | | | 246,299 | |
| | 240,000 | | | | 3.400 | | | | 03/07/29 | | | | 231,139 | |
| | 500,000 | | | | 2.150 | | | | 12/10/31 | | | | 427,861 | |
| | 250,000 | | | | 4.150 | | | | 05/18/43 | | | | 233,020 | |
| | 540,000 | | | | 3.700 | | | | 02/10/45 | | | | 467,845 | |
| | 300,000 | | | | 4.000 | | | | 03/07/49 | | | | 274,400 | |
| | 1,112,000 | | | | 2.450 | | | | 06/24/50 | | | | 773,615 | |
| | Mylan, Inc. | |
| | 195,000 | | | | 4.550 | | | | 04/15/28 | | | | 182,945 | |
| | 370,000 | | | | 5.200 | | | | 04/15/48 | | | | 287,243 | |
| | Pfizer, Inc. | |
| | 579,000 | | | | 3.200 | | | | 09/15/23 | | | | 577,050 | |
| | 100,000 | | | | 2.950 | | | | 03/15/24 | | | | 99,039 | |
| | 50,000 | | | | 3.400 | | | | 05/15/24 | | | | 49,890 | |
| | 92,000 | | | | 0.800 | | | | 05/28/25 | | | | 85,208 | |
| | 276,000 | | | | 3.450 | | | | 03/15/29 | | | | 266,324 | |
| | 532,000 | | | | 2.625 | | | | 04/01/30 | | | | 480,277 | |
| | 400,000 | | | | 3.900 | | | | 03/15/39 | | | | 374,661 | |
| | 100,000 | | | | 7.200 | | | | 03/15/39 | | | | 129,072 | |
| | 260,000 | | | | 2.550 | | | | 05/28/40 | | | | 200,431 | |
| | 100,000 | | | | 4.300 | | | | 06/15/43 | | | | 96,441 | |
| | 280,000 | | | | 4.400 | | | | 05/15/44 | | | | 270,567 | |
| | 300,000 | | | | 4.125 | | | | 12/15/46 | | | | 287,627 | |
| | 400,000 | | | | 4.200 | | | | 09/15/48 | | | | 389,864 | |
| | 100,000 | | | | 4.000 | | | | 03/15/49 | | | | 94,262 | |
| | 594,000 | | | | 2.700 | | | | 05/28/50 | | | | 447,399 | |
| | Philip Morris International, Inc. | |
| | 50,000 | | | | 3.250 | | | | 11/10/24 | | | | 49,242 | |
| | 770,000 | | | | 3.375 | | | | 08/11/25 | | | | 754,483 | |
| | 525,000 | | | | 2.750 | | | | 02/25/26 | | | | 497,867 | |
| | 200,000 | | | | 2.100 | | | | 05/01/30 | | | | 160,558 | |
| | 390,000 | | | | 6.375 | | | | 05/16/38 | | | | 404,037 | |
| | 200,000 | | | | 4.375 | | | | 11/15/41 | | | | 164,306 | |
| | 110,000 | | | | 3.875 | | | | 08/21/42 | | | | 83,569 | |
| | 411,000 | | | | 4.125 | | | | 03/04/43 | | | | 318,624 | |
| | 150,000 | | | | 4.875 | | | | 11/15/43 | | | | 130,489 | |
| | 145,000 | | | | 4.250 | | | | 11/10/44 | | | | 114,124 | |
| | Regeneron Pharmaceuticals, Inc. | |
| | 426,000 | | | | 2.800 | | | | 09/15/50 | | | | 285,705 | |
| | Stryker Corp. | |
| | 220,000 | | | | 4.625 | | | | 03/15/46 | | | | 208,590 | |
| | |
| | |
| 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 | |
|
| Corporate Obligations – (continued) | |
| Consumer Noncyclical – (continued) | |
| | Utah Acquisition Sub, Inc. | |
| $ | 807,000 | | | | 3.950 | % | | | 06/15/26 | | | $ | 758,675 | |
| | 370,000 | | | | 5.250 | | | | 06/15/46 | | | | 295,075 | |
| | Viatris, Inc. | |
| | 480,000 | | | | 4.000 | | | | 06/22/50 | | | | 311,552 | |
| | Walgreens Boots Alliance, Inc. | |
| | 474,000 | | | | 3.800 | | | | 11/18/24 | | | | 472,167 | |
| | 450,000 | | | | 3.450 | | | | 06/01/26 | | | | 436,459 | |
| | 106,000 | | | | 4.800 | | | | 11/18/44 | | | | 93,534 | |
| | 50,000 | | | | 4.100 | | | | 04/15/50 | | | | 39,761 | |
| | Wyeth LLC | |
| | 388,000 | | | | 6.500 | | | | 02/01/34 | | | | 457,497 | |
| | 100,000 | | | | 5.950 | | | | 04/01/37 | | | | 114,124 | |
| | Zoetis, Inc. | |
| | 158,000 | | | | 3.000 | | | | 09/12/27 | | | | 149,973 | |
| | 410,000 | | | | 4.700 | | | | 02/01/43 | | | | 392,916 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 48,882,243 | |
| | |
| Consumer Products – 0.3% | |
| | Procter & Gamble Co. (The) | |
| | 250,000 | | | | 0.550 | | | | 10/29/25 | | | | 227,130 | |
| | 50,000 | | | | 2.450 | | | | 11/03/26 | | | | 47,882 | |
| | 384,000 | | | | 1.900 | | | | 02/01/27 | | | | 358,894 | |
| | 250,000 | | | | 2.850 | | | | 08/11/27 | | | | 239,831 | |
| | 300,000 | | | | 3.000 | | | | 03/25/30 | | | | 282,581 | |
| | 670,000 | | | | 1.200 | | | | 10/29/30 | | | | 545,050 | |
| | 300,000 | | | | 1.950 | | | | 04/23/31 | | | | 258,687 | |
| | 110,000 | | | | 2.300 | | | | 02/01/32 | | | | 97,404 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,057,459 | |
| | |
| Electric – 2.6% | |
| | Consolidated Edison Co. of New York, Inc. | |
| | 150,000 | | | | 4.625 | | | | 12/01/54 | | | | 142,920 | |
| | 304,000 | | | | 3.600 | | | | 06/15/61 | | | | 241,045 | |
| | Consolidated Edison Co. of New York, Inc., Series 20B | |
| | 430,000 | | | | 3.950 | | | | 04/01/50 | | | | 371,595 | |
| | Constellation Energy Generation LLC | |
| | 200,000 | | | | 3.250 | | | | 06/01/25 | | | | 194,383 | |
| | 410,000 | | | | 6.250 | | | | 10/01/39 | | | | 434,443 | |
| | 88,000 | | | | 5.600 | | | | 06/15/42 | | | | 87,454 | |
| | Duke Energy Carolinas LLC | |
| | 375,000 | | | | 3.200 | | | | 08/15/49 | | | | 289,627 | |
| | Duke Energy Corp. | |
| | 500,000 | | | | 3.750 | | | | 04/15/24 | | | | 498,357 | |
| | 390,000 | | | | 2.650 | | | | 09/01/26 | | | | 366,254 | |
| | 100,000 | | | | 2.450 | | | | 06/01/30 | | | | 84,548 | |
| | 504,000 | | | | 3.750 | | | | 09/01/46 | | | | 398,694 | |
| | 380,000 | | | | 3.500 | | | | 06/15/51 | | | | 288,763 | |
| | Duke Energy Florida LLC | |
| | 300,000 | | | | 6.400 | | | | 06/15/38 | | | | 345,878 | |
| | Entergy Louisiana LLC | |
| | 330,000 | | | | 4.000 | | | | 03/15/33 | | | | 311,247 | |
| | 272,000 | | | | 4.200 | | | | 09/01/48 | | | | 243,637 | |
| | Exelon Corp. | |
| | 92,000 | | | | 4.050 | | | | 04/15/30 | | | | 88,789 | |
| | 288,000 | | | | 4.700 | | | | 04/15/50 | | | | 270,573 | |
| | |
|
| Corporate Obligations – (continued) | |
| Electric – (continued) | |
| | Florida Power & Light Co. | |
| 50,000 | | | | 3.950 | | | | 03/01/48 | | | | 45,304 | |
| | 352,000 | | | | 3.150 | | | | 10/01/49 | | | | 282,382 | |
| | Georgia Power Co., Series A | |
| | 436,000 | | | | 3.250 | | | | 03/15/51 | | | | 320,880 | |
| | NextEra Energy Capital Holdings, Inc. | |
| | 1,220,000 | | | | 2.250 | | | | 06/01/30 | | | | 1,030,055 | |
| | 500,000 | | | | 2.440 | | | | 01/15/32 | | | | 416,456 | |
| | NiSource, Inc. | |
| | 100,000 | | | | 0.950 | | | | 08/15/25 | | | | 90,928 | |
| | 192,000 | | | | 3.600 | | | | 05/01/30 | | | | 176,463 | |
| | 1,832,000 | | | | 1.700 | | | | 02/15/31 | | | | 1,435,967 | |
| | 376,000 | | | | 4.375 | | | | 05/15/47 | | | | 335,036 | |
| | 68,000 | | | | 3.950 | | | | 03/30/48 | | | | 56,215 | |
| | Pacific Gas and Electric Co. | |
| | 50,000 | | | | 3.450 | | | | 07/01/25 | | | | 47,681 | |
| | 600,000 | | | | 2.100 | | | | 08/01/27 | | | | 507,748 | |
| | 650,000 | | | | 3.300 | | | | 12/01/27 | | | | 571,413 | |
| | 70,000 | | | | 3.750 | | | | 07/01/28 | | | | 62,188 | |
| | 600,000 | | | | 4.550 | | | | 07/01/30 | | | | 533,347 | |
| | 731,000 | | | | 3.300 | | | | 08/01/40 | | | | 517,991 | |
| | 340,000 | | | | 3.950 | | | | 12/01/47 | | | | 237,165 | |
| | 100,000 | | | | 4.950 | | | | 07/01/50 | | | | 79,678 | |
| | 400,000 | | | | 3.500 | | | | 08/01/50 | | | | 266,002 | |
| | Sempra Energy | |
| | 718,000 | | | | 3.250 | | | | 06/15/27 | | | | 680,752 | |
| | 250,000 | | | | 3.400 | | | | 02/01/28 | | | | 235,567 | |
| | 300,000 | | | | 6.000 | | | | 10/15/39 | | | | 321,386 | |
| | 240,000 | | | | 4.000 | | | | 02/01/48 | | | | 201,407 | |
| | Southern California Edison Co. | |
| | 494,000 | | | | 4.000 | | | | 04/01/47 | | | | 404,954 | |
| | 470,000 | | | | 3.650 | | | | 02/01/50 | | | | 361,543 | |
| | Southern California Edison Co., Series 20A | |
| | 300,000 | | | | 2.950 | | | | 02/01/51 | | | | 202,751 | |
| | Southern California Edison Co., Series C | |
| | 200,000 | | | | 4.125 | | | | 03/01/48 | | | | 167,387 | |
| | Southern Co. (The) | |
| | 114,000 | | | | 2.950 | | | | 07/01/23 | | | | 113,214 | |
| | 1,050,000 | | | | 3.250 | | | | 07/01/26 | | | | 1,006,622 | |
| | 430,000 | | | | 4.400 | | | | 07/01/46 | | | | 380,431 | |
| | Southern Co. (The)(a), Series B | |
| | (US 5 Year CMT T-Note + 3.733%) | |
| | 300,000 | | | | 4.000 | | | | 01/15/51 | | | | 277,714 | |
| | Virginia Electric and Power Co. | |
| | 500,000 | | | | 2.450 | | | | 12/15/50 | | | | 336,105 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,360,939 | |
| | |
| Energy – 7.0% | |
| | Baker Hughes Holdings LLC | |
| | 50,000 | | | | 5.125 | | | | 09/15/40 | | | | 48,452 | |
| | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | |
| | 240,000 | | | | 3.337 | | | | 12/15/27 | | | | 223,987 | |
| | 200,000 | | | | 4.080 | | | | 12/15/47 | | | | 166,119 | |
| | BP Capital Markets America, Inc. | |
| | 150,000 | | | | 3.119 | | | | 05/04/26 | | | | 145,119 | |
| | 2,500,000 | | | | 3.017 | | | | 01/16/27 | | | | 2,391,170 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Energy – (continued) | |
| | BP Capital Markets America, Inc. – (continued) | |
| $ | 400,000 | | | | 1.749 | % | | | 08/10/30 | | | $ | 331,065 | |
| | 700,000 | | | | 2.721 | | | | 01/12/32 | | | | 611,512 | |
| | 1,150,000 | | | | 2.772 | | | | 11/10/50 | | | | 808,995 | |
| | Cheniere Corpus Christi Holdings LLC | |
| | 500,000 | | | | 7.000 | | | | 06/30/24 | | | | 513,125 | |
| | 367,000 | | | | 5.875 | | | | 03/31/25 | | | | 374,799 | |
| | 1,196,000 | | | | 5.125 | | | | 06/30/27 | | | | 1,194,505 | |
| | Chevron Corp. | |
| | 200,000 | | | | 1.554 | | | | 05/11/25 | | | | 188,857 | |
| | 280,000 | | | | 3.326 | | | | 11/17/25 | | | | 277,554 | |
| | 425,000 | | | | 1.995 | | | | 05/11/27 | | | | 392,377 | |
| | 500,000 | | | | 2.236 | | | | 05/11/30 | | | | 437,896 | |
| | 400,000 | | | | 3.078 | | | | 05/11/50 | | | | 318,655 | |
| | Chevron USA, Inc. | |
| | 174,000 | | | | 0.687 | | | | 08/12/25 | | | | 158,821 | |
| | ConocoPhillips | |
| | 580,000 | | | | 6.500 | | | | 02/01/39 | | | | 681,179 | |
| | ConocoPhillips Co. | |
| | 100,000 | | | | 6.950 | | | | 04/15/29 | | | | 112,994 | |
| | 300,000 | | | | 4.300 | | | | 11/15/44 | | | | 276,438 | |
| | Devon Energy Corp. | |
| | 170,000 | | | | 5.600 | | | | 07/15/41 | | | | 170,000 | |
| | 205,000 | | | | 4.750 | | | | 05/15/42 | | | | 186,806 | |
| | 100,000 | | | | 5.000 | | | | 06/15/45 | | | | 93,250 | |
| | Diamondback Energy, Inc. | |
| | 515,000 | | | | 3.250 | | | | 12/01/26 | | | | 495,688 | |
| | 92,000 | | | | 3.500 | | | | 12/01/29 | | | | 83,558 | |
| | Energy Transfer LP | |
| | 200,000 | | | | 4.500 | | | | 04/15/24 | | | | 199,654 | |
| | 608,000 | | | | 4.050 | | | | 03/15/25 | | | | 598,071 | |
| | 838,000 | | | | 2.900 | | | | 05/15/25 | | | | 795,020 | |
| | 200,000 | | | | 4.750 | | | | 01/15/26 | | | | 198,806 | |
| | 200,000 | | | | 5.500 | | | | 06/01/27 | | | | 202,780 | |
| | 100,000 | | | | 4.000 | | | | 10/01/27 | | | | 95,276 | |
| | 230,000 | | | | 4.950 | | | | 06/15/28 | | | | 226,945 | |
| | 151,000 | | | | 5.250 | | | | 04/15/29 | | | | 149,023 | |
| | 100,000 | | | | 3.750 | | | | 05/15/30 | | | | 90,582 | |
| | 100,000 | | | | 6.500 | | | | 02/01/42 | | | | 102,000 | |
| | 201,000 | | | | 5.300 | | | | 04/15/47 | | | | 176,444 | |
| | 453,000 | | | | 5.400 | | | | 10/01/47 | | | | 407,326 | |
| | 277,000 | | | | 6.000 | | | | 06/15/48 | | | | 265,382 | |
| | 461,000 | | | | 6.250 | | | | 04/15/49 | | | | 454,959 | |
| | 480,000 | | | | 5.000 | | | | 05/15/50 | | | | 414,844 | |
| | Enterprise Products Operating LLC | |
| | 157,000 | | | | 3.900 | | | | 02/15/24 | | | | 156,411 | |
| | 207,000 | | | | 3.750 | | | | 02/15/25 | | | | 205,242 | |
| | 478,000 | | | | 3.125 | | | | 07/31/29 | | | | 431,633 | |
| | 150,000 | | | | 2.800 | | | | 01/31/30 | | | | 132,323 | |
| | 150,000 | | | | 5.950 | | | | 02/01/41 | | | | 157,883 | |
| | 207,000 | | | | 4.850 | | | | 08/15/42 | | | | 195,841 | |
| | 250,000 | | | | 4.450 | | | | 02/15/43 | | | | 221,223 | |
| | 304,000 | | | | 4.850 | | | | 03/15/44 | | | | 281,102 | |
| | 346,000 | | | | 5.100 | | | | 02/15/45 | | | | 330,392 | |
| | 250,000 | | | | 4.900 | | | | 05/15/46 | | | | 234,256 | |
| | 414,000 | | | | 4.800 | | | | 02/01/49 | | | | 379,920 | |
| | 368,000 | | | | 4.200 | | | | 01/31/50 | | | | 312,286 | |
| | 128,000 | | | | 3.950 | | | | 01/31/60 | | | | 99,746 | |
| | |
|
| Corporate Obligations – (continued) | |
| Energy – (continued) | |
| | Enterprise Products Operating LLC(a), Series E | |
| | (3M USD LIBOR + 3.033%) | |
| 164,000 | | | | 5.250 | | | | 08/16/77 | | | | 144,730 | |
| | EOG Resources, Inc. | |
| | 916,000 | | | | 4.150 | | | | 01/15/26 | | | | 916,664 | |
| | 312,000 | | | | 4.375 | | | | 04/15/30 | | | | 311,536 | |
| | 236,000 | | | | 4.950 | | | | 04/15/50 | | | | 245,550 | |
| | Exxon Mobil Corp. | |
| | 472,000 | | | | 2.019 | | | | 08/16/24 | | | | 457,439 | |
| | 912,000 | | | | 2.992 | | | | 03/19/25 | | | | 892,676 | |
| | 480,000 | | | | 3.043 | | | | 03/01/26 | | | | 468,604 | |
| | 300,000 | | | | 2.275 | | | | 08/16/26 | | | | 283,995 | |
| | 100,000 | | | | 3.294 | | | | 03/19/27 | | | | 97,859 | |
| | 700,000 | | | | 3.482 | | | | 03/19/30 | | | | 669,780 | |
| | 100,000 | | | | 4.227 | | | | 03/19/40 | | | | 95,072 | |
| | 600,000 | | | | 3.567 | | | | 03/06/45 | | | | 507,417 | |
| | 100,000 | | | | 4.114 | | | | 03/01/46 | | | | 92,477 | |
| | 600,000 | | | | 3.095 | | | | 08/16/49 | | | | 471,410 | |
| | 798,000 | | | | 4.327 | | | | 03/19/50 | | | | 759,034 | |
| | 260,000 | | | | 3.452 | | | | 04/15/51 | | | | 215,362 | |
| | Halliburton Co. | |
| | 598,000 | | | | 2.920 | | | | 03/01/30 | | | | 531,201 | |
| | 958,000 | | | | 4.850 | | | | 11/15/35 | | | | 919,680 | |
| | 250,000 | | | | 7.450 | | | | 09/15/39 | | | | 292,812 | |
| | 200,000 | | | | 5.000 | | | | 11/15/45 | | | | 183,000 | |
| | Hess Corp. | |
| | 290,000 | | | | 4.300 | | | | 04/01/27 | | | | 284,246 | |
| | 148,000 | | | | 6.000 | | | | 01/15/40 | | | | 152,070 | |
| | 373,000 | | | | 5.600 | | | | 02/15/41 | | | | 364,607 | |
| | Kinder Morgan Energy Partners LP | |
| | 439,000 | | | | 5.500 | | | | 03/01/44 | | | | 414,891 | |
| | Kinder Morgan, Inc. | |
| | 396,000 | | | | 5.550 | | | | 06/01/45 | | | | 386,347 | |
| | 432,000 | | | | 5.050 | | | | 02/15/46 | | | | 394,166 | |
| | 100,000 | | | | 3.600 | | | | 02/15/51 | | | | 74,825 | |
| | Kinder Morgan, Inc., GMTN | |
| | 300,000 | | | | 7.750 | | | | 01/15/32 | | | | 350,235 | |
| | Marathon Petroleum Corp. | |
| | 680,000 | | | | 4.700 | | | | 05/01/25 | | | | 686,800 | |
| | 200,000 | | | | 4.750 | | | | 09/15/44 | | | | 177,750 | |
| | MPLX LP | |
| | 256,000 | | | | 4.500 | | | | 07/15/23 | | | | 256,398 | |
| | 136,000 | | | | 4.125 | | | | 03/01/27 | | | | 132,107 | |
| | 100,000 | | | | 4.800 | | | | 02/15/29 | | | | 98,188 | |
| | 1,356,000 | | | | 2.650 | | | | 08/15/30 | | | | 1,133,955 | |
| | 350,000 | | | | 4.500 | | | | 04/15/38 | | | | 311,026 | |
| | 349,000 | | | | 5.200 | | | | 03/01/47 | | | | 321,275 | |
| | 550,000 | | | | 5.500 | | | | 02/15/49 | | | | 527,039 | |
| | ONEOK, Inc. | |
| | 280,000 | | | | 4.550 | | | | 07/15/28 | | | | 270,772 | |
| | 634,000 | | | | 3.100 | | | | 03/15/30 | | | | 547,737 | |
| | 100,000 | | | | 5.200 | | | | 07/15/48 | | | | 90,297 | |
| | Phillips 66 | |
| | 1,000,000 | | | | 0.900 | | | | 02/15/24 | | | | 954,829 | |
| | 390,000 | | | | 4.650 | | | | 11/15/34 | | | | 378,598 | |
| | 150,000 | | | | 5.875 | | | | 05/01/42 | | | | 159,830 | |
| | 200,000 | | | | 4.875 | | | | 11/15/44 | | | | 192,171 | |
| | |
| | |
| 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 | |
|
| Corporate Obligations – (continued) | |
| Energy – (continued) | |
| | Plains All American Pipeline LP / PAA Finance Corp. | |
| $ | 846,000 | | | | 4.650 | % | | | 10/15/25 | | | $ | 837,849 | |
| | 240,000 | | | | 4.500 | | | | 12/15/26 | | | | 233,944 | |
| | 414,000 | | | | 3.550 | | | | 12/15/29 | | | | 362,690 | |
| | Sabine Pass Liquefaction LLC | |
| | 600,000 | | | | 5.750 | | | | 05/15/24 | | | | 608,955 | |
| | 500,000 | | | | 5.625 | | | | 03/01/25 | | | | 509,687 | |
| | 1,252,000 | | | | 5.875 | | | | 06/30/26 | | | | 1,292,659 | |
| | 430,000 | | | | 5.000 | | | | 03/15/27 | | | | 429,731 | |
| | 108,000 | | | | 4.200 | | | | 03/15/28 | | | | 103,680 | |
| | Schlumberger Investment SA | |
| | 480,000 | | | | 3.650 | | | | 12/01/23 | | | | 479,211 | |
| | 300,000 | | | | 2.650 | | | | 06/26/30 | | | | 264,712 | |
| | Spectra Energy Partners LP | |
| | 400,000 | | | | 4.750 | | | | 03/15/24 | | | | 402,343 | |
| | Transcontinental Gas Pipe Line Co. LLC | |
| | 144,000 | | | | 7.850 | | | | 02/01/26 | | | | 157,071 | |
| | Valero Energy Corp. | |
| | 610,000 | | | | 4.350 | | | | 06/01/28 | | | | 599,912 | |
| | 257,000 | | | | 4.000 | | | | 04/01/29 | | | | 246,417 | |
| | 320,000 | | | | 6.625 | | | | 06/15/37 | | | | 348,361 | |
| | Western Midstream Operating LP | |
| | 300,000 | | | | 5.500 | | | | 02/01/50 | | | | 261,000 | |
| | Williams Cos., Inc. (The) | |
| | 280,000 | | | | 4.000 | | | | 09/15/25 | | | | 276,891 | |
| | 318,000 | | | | 3.750 | | | | 06/15/27 | | | | 306,955 | |
| | 480,000 | | | | 3.500 | | | | 11/15/30 | | | | 433,593 | |
| | 432,000 | | | | 6.300 | | | | 04/15/40 | | | | 464,589 | |
| | 200,000 | | | | 5.100 | | | | 09/15/45 | | | | 186,536 | |
| | 240,000 | | | | 4.850 | | | | 03/01/48 | | | | 216,977 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 44,438,511 | |
| | |
| Financial Company – 0.6% | |
| | Air Lease Corp. | |
| | 250,000 | | | | 1.875 | | | | 08/15/26 | | | | 219,778 | |
| | Air Lease Corp., MTN | |
| | 200,000 | | | | 2.875 | | | | 01/15/26 | | | | 184,789 | |
| | Ally Financial, Inc. | |
| | 789,000 | | | | 1.450 | | | | 10/02/23 | | | | 765,471 | |
| | 270,000 | | | | 3.875 | | | | 05/21/24 | | | | 268,980 | |
| | 532,000 | | | | 8.000 | | | | 11/01/31 | | | | 592,640 | |
| | Blackstone Private Credit Fund | |
| | 49,000 | | | | 2.625 | | | | 12/15/26 | | | | 41,400 | |
| | GE Capital International Funding Co. Unlimited | |
| | 1,772,000 | | | | 4.418 | | | | 11/15/35 | | | | 1,668,983 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,742,041 | |
| | |
| Food and Beverage – 2.6% | |
| | Coca-Cola Co. (The) | |
| | 50,000 | | | | 3.375 | | | | 03/25/27 | | | | 49,406 | |
| | 50,000 | | | | 1.450 | | | | 06/01/27 | | | | 45,214 | |
| | 240,000 | | | | 1.000 | | | | 03/15/28 | | | | 207,023 | |
| | 272,000 | | | | 2.125 | | | | 09/06/29 | | | | 241,772 | |
| | 462,000 | | | | 3.450 | | | | 03/25/30 | | | | 446,622 | |
| | 500,000 | | | | 1.650 | | | | 06/01/30 | | | | 423,493 | |
| | 300,000 | | | | 2.000 | | | | 03/05/31 | | | | 256,744 | |
| | 360,000 | | | | 2.500 | | | | 06/01/40 | | | | 279,583 | |
| | |
|
| Corporate Obligations – (continued) | |
| Food and Beverage – (continued) | |
| | Coca-Cola Co. (The) – (continued) | |
| 280,000 | | | | 2.875 | | | | 05/05/41 | | | | 227,570 | |
| | 430,000 | | | | 2.600 | | | | 06/01/50 | | | | 315,214 | |
| | 100,000 | | | | 3.000 | | | | 03/05/51 | | | | 78,633 | |
| | 250,000 | | | | 2.500 | | | | 03/15/51 | | | | 177,953 | |
| | 220,000 | | | | 2.750 | | | | 06/01/60 | | | | 156,768 | |
| | Keurig Dr Pepper, Inc. | |
| | 300,000 | | | | 0.750 | | | | 03/15/24 | | | | 284,956 | |
| | 1,019,000 | | | | 3.200 | | | | 05/01/30 | | | | 915,352 | |
| | Kraft Heinz Foods Co. | |
| | 890,000 | | | | 3.000 | | | | 06/01/26 | | | | 844,600 | |
| | 250,000 | | | | 6.875 | | | | 01/26/39 | | | | 277,338 | |
| | 653,000 | | | | 5.000 | | | | 06/04/42 | | | | 612,974 | |
| | 552,000 | | | | 4.375 | | | | 06/01/46 | | | | 473,542 | |
| | 490,000 | | | | 4.875 | | | | 10/01/49 | | | | 446,433 | |
| | Molson Coors Beverage Co. | |
| | 1,370,000 | | | | 3.000 | | | | 07/15/26 | | | | 1,285,037 | |
| | 190,000 | | | | 5.000 | | | | 05/01/42 | | | | 176,950 | |
| | 540,000 | | | | 4.200 | | | | 07/15/46 | | | | 446,278 | |
| | Mondelez International, Inc. | |
| | 760,000 | | | | 2.750 | | | | 04/13/30 | | | | 672,995 | |
| | 600,000 | | | | 2.625 | | | | 09/04/50 | | | | 402,010 | |
| | PepsiCo, Inc. | |
| | 56,000 | | | | 2.250 | | | | 03/19/25 | | | | 53,973 | |
| | 112,000 | | | | 2.750 | | | | 04/30/25 | | | | 109,255 | |
| | 160,000 | | | | 2.850 | | | | 02/24/26 | | | | 155,514 | |
| | 166,000 | | | | 2.375 | | | | 10/06/26 | | | | 157,424 | |
| | 68,000 | | | | 3.000 | | | | 10/15/27 | | | | 65,543 | |
| | 96,000 | | | | 2.625 | | | | 07/29/29 | | | | 88,002 | |
| | 210,000 | | | | 2.750 | | | | 03/19/30 | | | | 192,900 | |
| | 380,000 | | | | 1.625 | | | | 05/01/30 | | | | 321,077 | |
| | 100,000 | | | | 1.400 | | | | 02/25/31 | | | | 81,771 | |
| | 400,000 | | | | 1.950 | | | | 10/21/31 | | | | 338,572 | |
| | 460,000 | | | | 2.625 | | | | 10/21/41 | | | | 362,505 | |
| | 300,000 | | | | 4.450 | | | | 04/14/46 | | | | 304,657 | |
| | 280,000 | | | | 3.450 | | | | 10/06/46 | | | | 244,273 | |
| | 200,000 | | | | 2.875 | | | | 10/15/49 | | | | 155,959 | |
| | 300,000 | | | | 3.625 | | | | 03/19/50 | | | | 267,500 | |
| | Sysco Corp. | |
| | 604,000 | | | | 3.300 | | | | 07/15/26 | | | | 586,088 | |
| | 547,000 | | | | 3.250 | | | | 07/15/27 | | | | 518,708 | |
| | 365,000 | | | | 5.950 | | | | 04/01/30 | | | | 390,349 | |
| | 270,000 | | | | 6.600 | | | | 04/01/50 | | | | 314,970 | |
| | Tyson Foods, Inc. | |
| | 120,000 | | | | 3.950 | | | | 08/15/24 | | | | 119,659 | |
| | 342,000 | | | | 4.000 | | | | 03/01/26 | | | | 338,460 | |
| | 340,000 | | | | 3.550 | | | | 06/02/27 | | | | 326,494 | |
| | 110,000 | | | | 4.550 | | | | 06/02/47 | | | | 101,578 | |
| | 834,000 | | | | 5.100 | | | | 09/28/48 | | | | 833,635 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,173,326 | |
| | |
| Hardware – 0.2% | |
| | Micron Technology, Inc. | |
| | 677,000 | | | | 4.185 | | | | 02/15/27 | | | | 663,460 | |
| | 250,000 | | | | 4.663 | | | | 02/15/30 | | | | 237,500 | |
| | 628,000 | | | | 2.703 | | | | 04/15/32 | | | | 490,439 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,391,399 | |
| | |
| | |
| 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, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Healthcare – 4.2% | |
| | Aetna, Inc. | |
| $ | 250,000 | | | | 3.500 | % | | | 11/15/24 | | | $ | 247,206 | |
| | 310,000 | | | | 6.625 | | | | 06/15/36 | | | | 344,274 | |
| | 248,000 | | | | 3.875 | | | | 08/15/47 | | | | 205,595 | |
| | Cigna Corp. | |
| | 2,852,000 | | | | 4.125 | | | | 11/15/25 | | | | 2,834,674 | |
| | 300,000 | | | | 4.800 | | | | 07/15/46 | | | | 282,425 | |
| | 674,000 | | | | 4.900 | | | | 12/15/48 | | | | 640,616 | |
| | 290,000 | | | | 3.400 | | | | 03/15/50 | | | | 218,776 | |
| | 552,000 | | | | 3.400 | | | | 03/15/51 | | | | 421,120 | |
| | CVS Health Corp. | |
| | 520,000 | | | | 2.625 | | | | 08/15/24 | | | | 508,102 | |
| | 154,000 | | | | 4.100 | | | | 03/25/25 | | | | 154,349 | |
| | 256,000 | | | | 3.875 | | | | 07/20/25 | | | | 254,215 | |
| | 100,000 | | | | 2.875 | | | | 06/01/26 | | | | 95,392 | |
| | 368,000 | | | | 3.000 | | | | 08/15/26 | | | | 354,179 | |
| | 488,000 | | | | 3.625 | | | | 04/01/27 | | | | 475,368 | |
| | 825,000 | | | | 4.300 | | | | 03/25/28 | | | | 814,511 | |
| | 672,000 | | | | 3.250 | | | | 08/15/29 | | | | 615,856 | |
| | 1,116,000 | | | | 4.780 | | | | 03/25/38 | | | | 1,066,148 | |
| | 246,000 | | | | 4.125 | | | | 04/01/40 | | | | 215,972 | |
| | 350,000 | | | | 2.700 | | | | 08/21/40 | | | | 255,471 | |
| | 176,000 | | | | 5.300 | | | | 12/05/43 | | | | 175,482 | |
| | 616,000 | | | | 5.125 | | | | 07/20/45 | | | | 594,890 | |
| | 1,372,000 | | | | 5.050 | | | | 03/25/48 | | | | 1,324,875 | |
| | Danaher Corp. | |
| | 340,000 | | | | 2.800 | | | | 12/10/51 | | | | 244,419 | |
| | Elevance Health, Inc. | |
| | 306,000 | | | | 3.500 | | | | 08/15/24 | | | | 302,883 | |
| | 50,000 | | | | 3.350 | | | | 12/01/24 | | | | 49,297 | |
| | 552,000 | | | | 3.650 | | | | 12/01/27 | | | | 535,682 | |
| | 84,000 | | | | 4.625 | | | | 05/15/42 | | | | 81,319 | |
| | 428,000 | | | | 4.650 | | | | 01/15/43 | | | | 414,460 | |
| | 254,000 | | | | 4.650 | | | | 08/15/44 | | | | 241,771 | |
| | 385,000 | | | | 4.375 | | | | 12/01/47 | | | | 359,845 | |
| | 318,000 | | | | 4.550 | | | | 03/01/48 | | | | 302,866 | |
| | 300,000 | | | | 3.125 | | | | 05/15/50 | | | | 226,158 | |
| | HCA, Inc. | |
| | 556,000 | | | | 5.000 | | | | 03/15/24 | | | | 559,823 | |
| | 520,000 | | | | 5.250 | | | | 04/15/25 | | | | 525,200 | |
| | 600,000 | | | | 5.250 | | | | 06/15/26 | | | | 603,750 | |
| | 100,000 | | | | 5.375 | | | | 09/01/26 | | | | 100,875 | |
| | 555,000 | | | | 4.500 | | | | 02/15/27 | | | | 543,553 | |
| | 300,000 | | | | 5.625 | | | | 09/01/28 | | | | 303,375 | |
| | 404,000 | | | | 4.125 | | | | 06/15/29 | | | | 377,235 | |
| | 500,000 | | | | 3.500 | | | | 09/01/30 | | | | 439,375 | |
| | 345,000 | | | | 5.500 | | | | 06/15/47 | | | | 321,713 | |
| | 476,000 | | | | 5.250 | | | | 06/15/49 | | | | 431,375 | |
| | 492,000 | | | | 3.500 | | | | 07/15/51 | | | | 340,255 | |
| | 448,000 | | | | 4.625 | (b) | | | 03/15/52 | | | | 374,043 | |
| | MPT Operating Partnership LP / MPT Finance Corp. | |
| | 700,000 | | | | 4.625 | | | | 08/01/29 | | | | 588,000 | |
| | 270,000 | | | | 3.500 | | | | 03/15/31 | | | | 204,010 | |
| | UnitedHealth Group, Inc. | |
| | 700,000 | | | | 3.750 | | | | 07/15/25 | | | | 699,267 | |
| | 600,000 | | | | 2.300 | | | | 05/15/31 | | | | 514,825 | |
| | |
|
| Corporate Obligations – (continued) | |
| Healthcare – (continued) | |
| | UnitedHealth Group, Inc. – (continued) | |
| 800,000 | | | | 4.200 | | | | 05/15/32 | | | | 796,966 | |
| | 916,000 | | | | 4.625 | | | | 07/15/35 | | | | 918,119 | |
| | 880,000 | | | | 4.250 | | | | 03/15/43 | | | | 822,548 | |
| | 818,000 | | | | 4.450 | | | | 12/15/48 | | | | 779,913 | |
| | 300,000 | | | | 3.700 | | | | 08/15/49 | | | | 256,917 | |
| | 700,000 | | | | 3.250 | | | | 05/15/51 | | | | 548,469 | |
| | 698,000 | | | | 4.750 | | | | 05/15/52 | | | | 697,084 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 26,604,886 | |
| | |
| Insurance – 1.5% | |
| | American International Group, Inc. | |
| | 600,000 | | | | 2.500 | | | | 06/30/25 | | | | 573,006 | |
| | 100,000 | | | | 3.900 | | | | 04/01/26 | | | | 98,835 | |
| | 204,000 | | | | 4.800 | | | | 07/10/45 | | | | 190,830 | |
| | 40,000 | | | | 4.750 | | | | 04/01/48 | | | | 37,955 | |
| | 100,000 | | | | 4.375 | | | | 06/30/50 | | | | 90,235 | |
| | American International Group, Inc.(a), Series A-9 | |
| | (3M USD LIBOR + 2.868%) | |
| | 540,000 | | | | 5.750 | | | | 04/01/48 | | | | 516,239 | |
| | Berkshire Hathaway Finance Corp. | |
| | 300,000 | | | | 1.450 | | | | 10/15/30 | | | | 244,259 | |
| | 500,000 | | | | 2.875 | | | | 03/15/32 | | | | 444,578 | |
| | Chubb INA Holdings, Inc. | |
| | 472,000 | | | | 4.350 | | | | 11/03/45 | | | | 447,454 | |
| | Corebridge Financial, Inc.(b) | |
| | 444,000 | | | | 3.650 | | | | 04/05/27 | | | | 417,622 | |
| | Equitable Holdings, Inc. | |
| | 626,000 | | | | 5.000 | | | | 04/20/48 | | | | 588,563 | |
| | Everest Reinsurance Holdings, Inc. | |
| | 470,000 | | | | 3.500 | | | | 10/15/50 | | | | 356,682 | |
| | Marsh & McLennan Cos., Inc. | |
| | 175,000 | | | | 4.375 | | | | 03/15/29 | | | | 174,919 | |
| | 100,000 | | | | 2.250 | | | | 11/15/30 | | | | 85,440 | |
| | 376,000 | | | | 4.900 | | | | 03/15/49 | | | | 377,539 | |
| | MetLife, Inc. | |
| | 500,000 | | | | 3.600 | | | | 04/10/24 | | | | 500,412 | |
| | 796,000 | | | | 6.400 | | | | 12/15/36 | | | | 817,800 | |
| | 440,000 | | | | 4.125 | | | | 08/13/42 | | | | 397,533 | |
| | 50,000 | | | | 4.875 | | | | 11/13/43 | | | | 49,131 | |
| | 200,000 | | | | 4.600 | | | | 05/13/46 | | | | 193,350 | |
| | Prudential Financial, Inc. | |
| | (3M USD LIBOR + 3.920%) | |
| | 420,000 | | | | 5.625 | (a) | | | 06/15/43 | | | | 417,871 | |
| | (3M USD LIBOR + 3.031%) | |
| | 332,000 | | | | 5.375 | (a) | | | 05/15/45 | | | | 324,826 | |
| | (3M USD LIBOR + 2.380%) | |
| | 228,000 | | | | 4.500 | (a) | | | 09/15/47 | | | | 214,900 | |
| | 210,000 | | | | 3.905 | | | | 12/07/47 | | | | 183,917 | |
| | 46,000 | | | | 3.935 | | | | 12/07/49 | | | | 40,131 | |
| | (US 5 Year CMT T-Note + 3.035%) | |
| | 192,000 | | | | 3.700 | (a) | | | 10/01/50 | | | | 165,580 | |
| | Prudential Financial, Inc., MTN | |
| | 300,000 | | | | 5.700 | | | | 12/14/36 | | | | 324,029 | |
| | 376,000 | | | | 4.350 | | | | 02/25/50 | | | | 351,751 | |
| | 350,000 | | | | 3.700 | | | | 03/13/51 | | | | 291,161 | |
| | |
| | |
| 78 | | 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) | |
| Insurance – (continued) | |
| | Travelers Cos., Inc. (The) | |
| $ | 400,000 | | | | 3.050 | % | | | 06/08/51 | | | $ | 306,071 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,222,619 | |
| | |
| Mining – 0.1% | |
| | Freeport-McMoRan, Inc. | |
| | 70,000 | | | | 5.400 | | | | 11/14/34 | | | | 67,113 | |
| | 550,000 | | | | 5.450 | | | | 03/15/43 | | | | 500,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 567,613 | |
| | |
| Pharmaceuticals – 0.0% | |
| | Viatris, Inc. | |
| | 360,000 | | | | 3.850 | | | | 06/22/40 | | | | 250,604 | |
| | |
| REITs and Real Estate – 0.7% | |
| | Boston Properties LP | |
| | 916,000 | | | | 2.550 | | | | 04/01/32 | | | | 729,981 | |
| | 420,000 | | | | 2.450 | | | | 10/01/33 | | | | 318,847 | |
| | Equinix, Inc. | |
| | 250,000 | | | | 2.625 | | | | 11/18/24 | | | | 240,737 | |
| | 500,000 | | | | 3.200 | | | | 11/18/29 | | | | 448,088 | |
| | 300,000 | | | | 2.150 | | | | 07/15/30 | | | | 245,787 | |
| | 200,000 | | | | 2.500 | | | | 05/15/31 | | | | 164,262 | |
| | GLP Capital LP / GLP Financing II, Inc. | |
| | 675,000 | | | | 5.375 | | | | 04/15/26 | | | | 667,779 | |
| | 340,000 | | | | 5.300 | | | | 01/15/29 | | | | 328,793 | |
| | 150,000 | | | | 3.250 | | | | 01/15/32 | | | | 121,779 | |
| | Simon Property Group LP | |
| | 68,000 | | | | 3.250 | | | | 11/30/26 | | | | 65,343 | |
| | 300,000 | | | | 2.650 | | | | 07/15/30 | | | | 257,807 | |
| | 284,000 | | | | 3.250 | | | | 09/13/49 | | | | 209,844 | |
| | 100,000 | | | | 3.800 | | | | 07/15/50 | | | | 81,754 | |
| | Welltower, Inc. | |
| | 300,000 | | | | 4.250 | | | | 04/15/28 | | | | 293,030 | |
| | 604,000 | | | | 3.100 | | | | 01/15/30 | | | | 532,790 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,706,621 | |
| | |
| Revenue – 0.3% | |
| | Ascension Health | |
| | 200,000 | | | | 3.945 | | | | 11/15/46 | | | | 181,521 | |
| | Ascension Health, Series B | |
| | 588,000 | | | | 2.532 | | | | 11/15/29 | | | | 527,638 | |
| | CommonSpirit Health | |
| | 100,000 | | | | 2.760 | | | | 10/01/24 | | | | 96,932 | |
| | 220,000 | | | | 3.347 | | | | 10/01/29 | | | | 196,372 | |
| | 239,000 | | | | 4.350 | | | | 11/01/42 | | | | 214,055 | |
| | 200,000 | | | | 4.187 | | | | 10/01/49 | | | | 165,617 | |
| | Kaiser Foundation Hospitals | |
| | 375,000 | | | | 4.150 | | | | 05/01/47 | | | | 348,112 | |
| | Kaiser Foundation Hospitals, Series 2019 | |
| | 396,000 | | | | 3.266 | | | | 11/01/49 | | | | 312,901 | |
| | Kaiser Foundation Hospitals, Series 2021 | |
| | 125,000 | | | | 2.810 | | | | 06/01/41 | | | | 96,317 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,139,465 | |
| | |
| Technology – 8.5% | |
| | Activision Blizzard, Inc. | |
| | 536,000 | | | | 3.400 | | | | 09/15/26 | | | | 524,625 | |
| | 280,000 | | | | 2.500 | | | | 09/15/50 | | | | 189,793 | |
| | |
|
| Corporate Obligations – (continued) | |
| Technology – (continued) | |
| | Adobe, Inc. | |
| 192,000 | | | | 3.250 | | | | 02/01/25 | | | | 190,057 | |
| | 82,000 | | | | 2.150 | | | | 02/01/27 | | | | 76,912 | |
| | 500,000 | | | | 2.300 | | | | 02/01/30 | | | | 442,676 | |
| | Alphabet, Inc. | |
| | 182,000 | | | | 1.998 | | | | 08/15/26 | | | | 171,421 | |
| | 50,000 | | | | 0.800 | | | | 08/15/27 | | | | 43,638 | |
| | 132,000 | | | | 1.100 | | | | 08/15/30 | | | | 107,584 | |
| | 400,000 | | | | 1.900 | | | | 08/15/40 | | | | 283,921 | |
| | 823,000 | | | | 2.050 | | | | 08/15/50 | | | | 543,515 | |
| | 803,000 | | | | 2.250 | | | | 08/15/60 | | | | 512,920 | |
| | Analog Devices, Inc. | |
| | 75,000 | | | | 3.500 | | | | 12/05/26 | | | | 73,877 | |
| | 250,000 | | | | 1.700 | | | | 10/01/28 | | | | 219,160 | |
| | Apple, Inc. | |
| | 75,000 | | | | 3.000 | | | | 02/09/24 | | | | 74,371 | |
| | 188,000 | | | | 3.450 | | | | 05/06/24 | | | | 187,519 | |
| | 138,000 | | | | 2.850 | | | | 05/11/24 | | | | 136,322 | |
| | 184,000 | | | | 2.750 | | | | 01/13/25 | | | | 179,909 | |
| | 112,000 | | | | 2.500 | | | | 02/09/25 | | | | 108,975 | |
| | 91,000 | | | | 1.125 | | | | 05/11/25 | | | | 84,881 | |
| | 40,000 | | | | 3.200 | | | | 05/13/25 | | | | 39,491 | |
| | 50,000 | | | | 0.550 | | | | 08/20/25 | | | | 45,603 | |
| | 129,000 | | | | 0.700 | | | | 02/08/26 | | | | 116,691 | |
| | 531,000 | | | | 3.250 | | | | 02/23/26 | | | | 522,489 | |
| | 144,000 | | | | 2.450 | | | | 08/04/26 | | | | 137,021 | |
| | 150,000 | | | | 2.050 | | | | 09/11/26 | | | | 140,432 | |
| | 100,000 | | | | 3.000 | | | | 06/20/27 | | | | 96,856 | |
| | 692,000 | | | | 2.900 | | | | 09/12/27 | | | | 662,380 | |
| | 218,000 | | | | 3.000 | | | | 11/13/27 | | | | 208,963 | |
| | 88,000 | | | | 1.200 | | | | 02/08/28 | | | | 76,599 | |
| | 500,000 | | | | 1.400 | | | | 08/05/28 | | | | 435,337 | |
| | 400,000 | | | | 1.650 | | | | 05/11/30 | | | | 339,286 | |
| | 250,000 | | | | 1.250 | | | | 08/20/30 | | | | 203,533 | |
| | 850,000 | | | | 1.650 | | | | 02/08/31 | | | | 706,275 | |
| | 625,000 | | | | 4.500 | | | | 02/23/36 | | | | 648,798 | |
| | 102,000 | | | | 2.375 | | | | 02/08/41 | | | | 76,961 | |
| | 617,000 | | | | 3.850 | | | | 05/04/43 | | | | 568,087 | |
| | 310,000 | | | | 4.450 | | | | 05/06/44 | | | | 308,383 | |
| | 305,000 | | | | 3.450 | | | | 02/09/45 | | | | 263,512 | |
| | 380,000 | | | | 4.375 | | | | 05/13/45 | | | | 373,385 | |
| | 858,000 | | | | 4.650 | | | | 02/23/46 | | | | 877,416 | |
| | 306,000 | | | | 3.850 | | | | 08/04/46 | | | | 279,269 | |
| | 208,000 | | | | 4.250 | | | | 02/09/47 | | | | 202,234 | |
| | 300,000 | | | | 3.750 | | | | 09/12/47 | | | | 268,867 | |
| | 506,000 | | | | 3.750 | | | | 11/13/47 | | | | 454,309 | |
| | 861,000 | | | | 2.950 | | | | 09/11/49 | | | | 671,895 | |
| | 878,000 | | | | 2.650 | | | | 05/11/50 | | | | 642,593 | |
| | 239,000 | | | | 2.400 | | | | 08/20/50 | | | | 166,030 | |
| | 680,000 | | | | 2.650 | | | | 02/08/51 | | | | 498,696 | |
| | 125,000 | | | | 2.800 | | | | 02/08/61 | | | | 87,934 | |
| | Applied Materials, Inc. | |
| | 300,000 | | | | 3.300 | | | | 04/01/27 | | | | 293,763 | |
| | 150,000 | | | | 1.750 | | | | 06/01/30 | | | | 126,033 | |
| | 136,000 | | | | 4.350 | | | | 04/01/47 | | | | 132,861 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 79 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Technology – (continued) | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | |
| $ | 100,000 | | | | 3.625 | % | | | 01/15/24 | | | $ | 99,274 | |
| | 659,000 | | | | 3.875 | | | | 01/15/27 | | | | 634,062 | |
| | 98,000 | | | | 3.500 | | | | 01/15/28 | | | | 90,500 | |
| | Broadcom, Inc. | |
| | 500,000 | | | | 3.150 | | | | 11/15/25 | | | | 482,853 | |
| | 431,000 | | | | 3.459 | | | | 09/15/26 | | | | 414,188 | |
| | 686,000 | | | | 4.750 | | | | 04/15/29 | | | | 674,039 | |
| | 656,000 | | | | 4.150 | | | | 11/15/30 | | | | 600,974 | |
| | 600,000 | | | | 2.450 | (b) | | | 02/15/31 | | | | 479,806 | |
| | 640,000 | | | | 4.300 | | | | 11/15/32 | | | | 580,741 | |
| | 725,000 | | | | 3.419 | (b) | | | 04/15/33 | | | | 599,007 | |
| | 290,000 | | | | 3.469 | (b) | | | 04/15/34 | | | | 235,858 | |
| | 600,000 | | | | 3.137 | (b) | | | 11/15/35 | | | | 456,254 | |
| | 600,000 | | | | 3.500 | (b) | | | 02/15/41 | | | | 452,714 | |
| | 360,000 | | | | 3.750 | (b) | | | 02/15/51 | | | | 264,690 | |
| | Dell International LLC / EMC Corp. | |
| | 748,000 | | | | 6.020 | | | | 06/15/26 | | | | 779,267 | |
| | 494,000 | | | | 4.900 | | | | 10/01/26 | | | | 496,184 | |
| | 379,000 | | | | 8.100 | | | | 07/15/36 | | | | 441,954 | |
| | 464,000 | | | | 8.350 | | | | 07/15/46 | | | | 564,578 | |
| | Fidelity National Information Services, Inc. | |
| | 220,000 | | | | 1.650 | | | | 03/01/28 | | | | 188,256 | |
| | Fiserv, Inc. | |
| | 150,000 | | | | 3.800 | | | | 10/01/23 | | | | 149,690 | |
| | 400,000 | | | | 2.750 | | | | 07/01/24 | | | | 390,351 | |
| | 500,000 | | | | 3.200 | | | | 07/01/26 | | | | 476,725 | |
| | 300,000 | | | | 4.200 | | | | 10/01/28 | | | | 291,151 | |
| | 500,000 | | | | 3.500 | | | | 07/01/29 | | | | 459,037 | |
| | 400,000 | | | | 4.400 | | | | 07/01/49 | | | | 347,592 | |
| | Hewlett Packard Enterprise Co. | |
| | 280,000 | | | | 4.450 | | | | 10/02/23 | | | | 281,047 | |
| | 300,000 | | | | 4.900 | | | | 10/15/25 | | | | 304,974 | |
| | 300,000 | | | | 6.350 | | | | 10/15/45 | | | | 302,061 | |
| | HP, Inc. | |
| | 300,000 | | | | 3.400 | | | | 06/17/30 | | | | 261,182 | |
| | 40,000 | | | | 2.650 | | | | 06/17/31 | | | | 32,004 | |
| | 368,000 | | | | 6.000 | | | | 09/15/41 | | | | 363,259 | |
| | Intel Corp. | |
| | 204,000 | | | | 2.875 | | | | 05/11/24 | | | | 201,092 | |
| | 203,000 | | | | 3.700 | | | | 07/29/25 | | | | 202,153 | |
| | 60,000 | | | | 2.600 | | | | 05/19/26 | | | | 57,545 | |
| | 168,000 | | | | 3.150 | | | | 05/11/27 | | | | 161,596 | |
| | 916,000 | | | | 2.450 | | | | 11/15/29 | | | | 805,277 | |
| | 250,000 | | | | 2.000 | | | | 08/12/31 | | | | 206,386 | |
| | 292,000 | | | | 4.600 | | | | 03/25/40 | | | | 279,855 | |
| | 300,000 | | | | 4.800 | | | | 10/01/41 | | | | 291,953 | |
| | 290,000 | | | | 4.100 | | | | 05/19/46 | | | | 257,087 | |
| | 224,000 | | | | 4.100 | | | | 05/11/47 | | | | 196,156 | |
| | 295,000 | | | | 3.734 | | | | 12/08/47 | | | | 240,731 | |
| | 542,000 | | | | 3.250 | | | | 11/15/49 | | | | 401,630 | |
| | 483,000 | | | | 4.750 | | | | 03/25/50 | | | | 460,684 | |
| | 440,000 | | | | 3.050 | | | | 08/12/51 | | | | 315,431 | |
| | 50,000 | | | | 3.100 | | | | 02/15/60 | | | | 34,422 | |
| | 100,000 | | | | 4.950 | | | | 03/25/60 | | | | 96,383 | |
| | 150,000 | | | | 3.200 | | | | 08/12/61 | | | | 105,242 | |
| | |
|
| Corporate Obligations – (continued) | |
| Technology – (continued) | |
| | International Business Machines Corp. | |
| 300,000 | | | | 3.375 | | | | 08/01/23 | | | | 298,998 | |
| | 445,000 | | | | 3.625 | | | | 02/12/24 | | | | 443,865 | |
| | 250,000 | | | | 3.450 | | | | 02/19/26 | | | | 245,124 | |
| | 1,510,000 | | | | 3.300 | | | | 05/15/26 | | | | 1,465,460 | |
| | 300,000 | | | | 1.700 | | | | 05/15/27 | | | | 269,875 | |
| | 1,086,000 | | | | 1.950 | | | | 05/15/30 | | | | 905,937 | |
| | 540,000 | | | | 4.150 | | | | 05/15/39 | | | | 485,884 | |
| | 407,000 | | | | 4.000 | | | | 06/20/42 | | | | 352,211 | |
| | 300,000 | | | | 4.250 | | | | 05/15/49 | | | | 264,379 | |
| | 300,000 | | | | 2.950 | | | | 05/15/50 | | | | 212,697 | |
| | KLA Corp. | |
| | 87,000 | | | | 4.650 | | | | 11/01/24 | | | | 88,377 | |
| | 300,000 | | | | 4.100 | | | | 03/15/29 | | | | 297,198 | |
| | 100,000 | | | | 3.300 | | | | 03/01/50 | | | | 78,460 | |
| | Lam Research Corp. | |
| | 238,000 | | | | 4.000 | | | | 03/15/29 | | | | 233,527 | |
| | 258,000 | | | | 1.900 | | | | 06/15/30 | | | | 216,405 | |
| | 220,000 | | | | 4.875 | | | | 03/15/49 | | | | 226,095 | |
| | 440,000 | | | | 2.875 | | | | 06/15/50 | | | | 327,889 | |
| | Microchip Technology, Inc. | |
| | 120,000 | | | | 4.250 | | | | 09/01/25 | | | | 118,407 | |
| | Microsoft Corp. | |
| | 262,000 | | | | 2.000 | | | | 08/08/23 | | | | 257,958 | |
| | 516,000 | | | | 2.875 | | | | 02/06/24 | | | | 510,860 | |
| | 548,000 | | | | 2.700 | | | | 02/12/25 | | | | 537,159 | |
| | 154,000 | | | | 3.125 | | | | 11/03/25 | | | | 151,363 | |
| | 80,000 | | | | 2.400 | | | | 08/08/26 | | | | 76,553 | |
| | 87,000 | | | | 3.300 | | | | 02/06/27 | | | | 85,554 | |
| | 260,000 | | | | 3.500 | | | | 02/12/35 | | | | 248,773 | |
| | 470,000 | | | | 3.450 | | | | 08/08/36 | | | | 442,637 | |
| | 81,000 | | | | 4.100 | | | | 02/06/37 | | | | 81,282 | |
| | 200,000 | | | | 4.450 | | | | 11/03/45 | | | | 204,239 | |
| | 300,000 | | | | 3.700 | | | | 08/08/46 | | | | 275,760 | |
| | 250,000 | | | | 4.250 | | | | 02/06/47 | | | | 249,722 | |
| | 1,251,000 | | | | 2.525 | | | | 06/01/50 | | | | 910,898 | |
| | 1,500,000 | | | | 2.921 | | | | 03/17/52 | | | | 1,179,352 | |
| | 861,000 | | | | 2.675 | | | | 06/01/60 | | | | 611,552 | |
| | 580,000 | | | | 3.041 | | | | 03/17/62 | | | | 449,219 | |
| | Motorola Solutions, Inc. | |
| | 692,000 | | | | 4.600 | | | | 05/23/29 | | | | 668,207 | |
| | NVIDIA Corp. | |
| | 2,538,000 | | | | 0.584 | | | | 06/14/24 | | | | 2,402,025 | |
| | 250,000 | | | | 1.550 | | | | 06/15/28 | | | | 217,930 | |
| | 500,000 | | | | 2.850 | | | | 04/01/30 | | | | 451,343 | |
| | 400,000 | | | | 2.000 | | | | 06/15/31 | | | | 338,159 | |
| | 400,000 | | | | 3.500 | | | | 04/01/50 | | | | 333,321 | |
| | PayPal Holdings, Inc. | |
| | 1,060,000 | | | | 4.400 | | | | 06/01/32 | | | | 1,044,576 | |
| | QUALCOMM, Inc. | |
| | 152,000 | | | | 2.900 | | | | 05/20/24 | | | | 150,290 | |
| | 135,000 | | | | 3.450 | | | | 05/20/25 | | | | 133,582 | |
| | 474,000 | | | | 3.250 | | | | 05/20/27 | | | | 462,354 | |
| | 126,000 | | | | 2.150 | | | | 05/20/30 | | | | 110,056 | |
| | 320,000 | | | | 4.650 | | | | 05/20/35 | | | | 323,270 | |
| | 596,000 | | | | 4.800 | | | | 05/20/45 | | | | 602,293 | |
| | 250,000 | | | | 4.300 | | | | 05/20/47 | | | | 237,584 | |
| | 320,000 | | | | 4.500 | | | | 05/20/52 | | | | 310,885 | |
| | |
| | |
| 80 | | 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) | |
| | Texas Instruments, Inc. | |
| $ | 232,000 | | | | 2.250 | % | | | 09/04/29 | | | $ | 206,937 | |
| | 532,000 | | | | 4.150 | | | | 05/15/48 | | | | 510,926 | |
| | Western Digital Corp. | |
| | 1,182,000 | | | | 4.750 | | | | 02/15/26 | | | | 1,140,630 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 53,779,990 | |
| | |
| Transportation – 1.2% | |
| | CSX Corp. | |
| | 664,000 | | | | 3.250 | | | | 06/01/27 | | | | 640,073 | |
| | 120,000 | | | | 3.800 | | | | 03/01/28 | | | | 117,618 | |
| | 46,000 | | | | 4.100 | | | | 03/15/44 | | | | 41,000 | |
| | 470,000 | | | | 3.800 | | | | 11/01/46 | | | | 401,782 | |
| | 378,000 | | | | 4.300 | | | | 03/01/48 | | | | 346,150 | |
| | FedEx Corp. Pass Through Trust, Series 2020-1 | |
| | 44,653 | | | | 1.875 | | | | 02/20/34 | | | | 38,176 | |
| | Southwest Airlines Co. | |
| | 270,000 | | | | 5.250 | | | | 05/04/25 | | | | 276,703 | |
| | 125,000 | | | | 5.125 | | | | 06/15/27 | | | | 127,433 | |
| | Union Pacific Corp. | |
| | 500,000 | | | | 2.400 | | | | 02/05/30 | | | | 440,095 | |
| | 1,980,000 | | | | 2.800 | | | | 02/14/32 | | | | 1,764,947 | |
| | 278,000 | | | | 3.799 | | | | 10/01/51 | | | | 239,232 | |
| | 95,000 | | | | 2.950 | | | | 03/10/52 | | | | 70,101 | |
| | 408,000 | | | | 3.839 | | | | 03/20/60 | | | | 343,983 | |
| | 676,000 | | | | 3.799 | | | | 04/06/71 | | | | 547,158 | |
| | United Parcel Service, Inc. | |
| | 292,000 | | | | 3.050 | | | | 11/15/27 | | | | 283,609 | |
| | 792,000 | | | | 3.400 | | | | 03/15/29 | | | | 764,232 | |
| | 330,000 | | | | 3.750 | | | | 11/15/47 | | | | 295,228 | |
| | 200,000 | | | | 4.250 | | | | 03/15/49 | | | | 193,524 | |
| | 558,000 | | | | 5.300 | | | | 04/01/50 | | | | 620,914 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,551,958 | |
| | |
| Water – 0.1% | |
| | American Water Capital Corp. | |
| | 426,000 | | | | 4.450 | | | | 06/01/32 | | | | 423,766 | |
| | |
| Wireless – 5.3% | |
| | American Tower Corp. | |
| | 250,000 | | | | 4.000 | | | | 06/01/25 | | | | 246,220 | |
| | 666,000 | | | | 3.375 | | | | 10/15/26 | | | | 630,065 | |
| | 200,000 | | | | 2.750 | | | | 01/15/27 | | | | 183,306 | |
| | 631,000 | | | | 3.800 | | | | 08/15/29 | | | | 584,313 | |
| | 80,000 | | | | 2.900 | | | | 01/15/30 | | | | 69,355 | |
| | 300,000 | | | | 1.875 | | | | 10/15/30 | | | | 236,806 | |
| | 251,000 | | | | 3.100 | | | | 06/15/50 | | | | 175,269 | |
| | AT&T, Inc. | |
| | 111,000 | | | | 3.800 | | | | 02/15/27 | | | | 108,866 | |
| | 346,000 | | | | 4.250 | | | | 03/01/27 | | | | 342,860 | |
| | 339,000 | | | | 2.300 | | | | 06/01/27 | | | | 308,313 | |
| | 75,000 | | | | 1.650 | | | | 02/01/28 | | | | 64,421 | |
| | 300,000 | | | | 4.100 | | | | 02/15/28 | | | | 292,200 | |
| | 1,595,000 | | | | 4.350 | | | | 03/01/29 | | | | 1,553,974 | |
| | 459,000 | | | | 4.300 | | | | 02/15/30 | | | | 440,368 | |
| | 595,000 | | | | 2.750 | | | | 06/01/31 | | | | 506,155 | |
| | 620,000 | | | | 2.250 | | | | 02/01/32 | | | | 500,165 | |
| | |
|
| Corporate Obligations – (continued) | |
| Wireless – (continued) | |
| | AT&T, Inc. – (continued) | |
| 800,000 | | | | 2.550 | | | | 12/01/33 | | | | 640,292 | |
| | 435,000 | | | | 4.500 | | | | 05/15/35 | | | | 408,769 | |
| | 140,000 | | | | 4.850 | | | | 03/01/39 | | | | 134,117 | |
| | 330,000 | | | | 4.350 | | | | 06/15/45 | | | | 282,875 | |
| | 435,000 | | | | 4.750 | | | | 05/15/46 | | | | 400,151 | |
| | 401,000 | | | | 4.500 | | | | 03/09/48 | | | | 349,931 | |
| | 399,000 | | | | 4.550 | | | | 03/09/49 | | | | 354,525 | |
| | 738,000 | | | | 3.650 | | | | 06/01/51 | | | | 565,502 | |
| | 300,000 | | | | 3.300 | | | | 02/01/52 | | | | 219,548 | |
| | 1,430,000 | | | | 3.500 | | | | 09/15/53 | | | | 1,056,112 | |
| | 1,928,000 | | | | 3.550 | | | | 09/15/55 | | | | 1,416,856 | |
| | 300,000 | | | | 3.800 | | | | 12/01/57 | | | | 226,281 | |
| | 1,654,000 | | | | 3.650 | | | | 09/15/59 | | | | 1,205,295 | |
| | 92,000 | | | | 3.850 | | | | 06/01/60 | | | | 69,621 | |
| | Crown Castle, Inc. | |
| | 60,000 | | | | 3.150 | | | | 07/15/23 | | | | 59,650 | |
| | 760,000 | | | | 4.450 | | | | 02/15/26 | | | | 757,838 | |
| | 930,000 | | | | 3.700 | | | | 06/15/26 | | | | 902,837 | |
| | 1,000,000 | | | | 1.050 | | | | 07/15/26 | | | | 879,046 | |
| | 98,000 | | | | 3.650 | | | | 09/01/27 | | | | 93,448 | |
| | 200,000 | | | | 3.800 | | | | 02/15/28 | | | | 189,424 | |
| | 300,000 | | | | 3.300 | | | | 07/01/30 | | | | 268,127 | |
| | 180,000 | | | | 2.250 | | | | 01/15/31 | | | | 146,955 | |
| | 301,000 | | | | 2.100 | | | | 04/01/31 | | | | 240,243 | |
| | 300,000 | | | | 2.900 | | | | 04/01/41 | | | | 217,445 | |
| | 100,000 | | | | 3.250 | | | | 01/15/51 | | | | 70,894 | |
| | T-Mobile USA, Inc. | |
| | 900,000 | | | | 3.875 | | | | 04/15/30 | | | | 833,700 | |
| | 680,000 | | | | 2.550 | | | | 02/15/31 | | | | 565,971 | |
| | 300,000 | | | | 2.250 | | | | 11/15/31 | | | | 240,549 | |
| | 600,000 | | | | 2.700 | | | | 03/15/32 | | | | 500,890 | |
| | 600,000 | | | | 4.500 | | | | 04/15/50 | | | | 523,860 | |
| | Verizon Communications, Inc. | |
| | 650,000 | | | | 3.500 | | | | 11/01/24 | | | | 643,400 | |
| | 184,000 | | | | 3.376 | | | | 02/15/25 | | | | 181,438 | |
| | 2,942,000 | | | | 0.850 | | | | 11/20/25 | | | | 2,647,800 | |
| | 559,000 | | | | 4.125 | | | | 03/16/27 | | | | 555,736 | |
| | 710,000 | | | | 2.100 | | | | 03/22/28 | | | | 628,210 | |
| | 722,000 | | | | 4.329 | | | | 09/21/28 | | | | 712,334 | |
| | 840,000 | | | | 4.016 | | | | 12/03/29 | | | | 807,692 | |
| | 471,000 | | | | 3.150 | | | | 03/22/30 | | | | 422,680 | |
| | 280,000 | | | | 1.500 | | | | 09/18/30 | | | | 223,373 | |
| | 940,000 | | | | 1.680 | | | | 10/30/30 | | | | 746,206 | |
| | 1,330,000 | | | | 2.550 | | | | 03/21/31 | | | | 1,120,091 | |
| | 50,000 | | | | 2.355 | | | | 03/15/32 | | | | 40,853 | |
| | 220,000 | | | | 4.272 | | | | 01/15/36 | | | | 204,763 | |
| | 478,000 | | | | 5.250 | | | | 03/16/37 | | | | 484,311 | |
| | 710,000 | | | | 2.650 | | | | 11/20/40 | | | | 511,445 | |
| | 510,000 | | | | 3.400 | | | | 03/22/41 | | | | 412,172 | |
| | 60,000 | | | | 6.550 | | | | 09/15/43 | | | | 71,502 | |
| | 704,000 | | | | 4.862 | | | | 08/21/46 | | | | 686,706 | |
| | 455,000 | | | | 4.522 | | | | 09/15/48 | | | | 423,908 | |
| | 400,000 | | | | 2.875 | | | | 11/20/50 | | | | 275,068 | |
| | 800,000 | | | | 3.550 | | | | 03/22/51 | | | | 634,305 | |
| | 394,000 | | | | 5.012 | | | | 08/21/54 | | | | 396,761 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 81 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Wireless – (continued) | |
| | Verizon Communications, Inc. – (continued) | |
| $ | 150,000 | | | | 2.987 | % | | | 10/30/56 | | | $ | 101,186 | |
| | 500,000 | | | | 3.000 | | | | 11/20/60 | | | | 334,805 | |
| | 725,000 | | | | 3.700 | | | | 03/22/61 | | | | 563,759 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 33,893,912 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $569,052,632) | | | $ | 495,727,179 | |
| | |
| | | | | | | | | | | | | | |
|
| Foreign Corporate Debt – 20.5% | |
| Banks – 10.8% | |
| | Banco Bilbao Vizcaya Argentaria SA (Spain) | |
| $ | 1,000,000 | | | | 0.875 | % | | | 09/18/23 | | | $ | 965,293 | |
| | 200,000 | | | | 1.125 | | | | 09/18/25 | | | | 181,020 | |
| | Banco Santander SA (Spain) | |
| | 200,000 | | | | 2.706 | | | | 06/27/24 | | | | 194,167 | |
| | 1,432,000 | | | | 2.746 | | | | 05/28/25 | | | | 1,354,519 | |
| | 600,000 | | | | 1.849 | | | | 03/25/26 | | | | 534,357 | |
| | 600,000 | | | | 4.250 | | | | 04/11/27 | | | | 575,792 | |
| | (US 1 Year CMT T-Note + 0.900%) | |
| | 600,000 | | | | 1.722 | (a) | | | 09/14/27 | | | | 517,123 | |
| | 925,000 | | | | 3.490 | | | | 05/28/30 | | | | 804,386 | |
| | 800,000 | | | | 2.958 | | | | 03/25/31 | | | | 655,467 | |
| | (US 1 Year CMT T-Note + 1.600%) | |
| | 536,000 | | | | 3.225 | (a) | | | 11/22/32 | | | | 408,015 | |
| | Bank of Montreal (Canada) | |
| | (5 Year USD Swap + 1.280%) | |
| | 2,104,000 | | | | 4.338 | (a) | | | 10/05/28 | | | | 2,101,370 | |
| | (5 Year USD Swap + 1.432%) | |
| | 983,000 | | | | 3.803 | (a) | | | 12/15/32 | | | | 903,131 | |
| | (US 5 Year CMT T-Note + 1.400%) | |
| | 204,000 | | | | 3.088 | (a) | | | 01/10/37 | | | | 164,628 | |
| | Bank of Montreal, MTN (Canada) | |
| | 230,000 | | | | 0.625 | | | | 07/09/24 | | | | 216,325 | |
| | 75,000 | | | | 1.250 | | | | 09/15/26 | | | | 66,594 | |
| | (SOFR + 0.603%) | |
| | 40,000 | | | | 0.949 | (a) | | | 01/22/27 | | | | 35,797 | |
| | Bank of Montreal, Series E (Canada) | |
| | 50,000 | | | | 3.300 | | | | 02/05/24 | | | | 49,553 | |
| | Bank of Nova Scotia (The) (Canada) | |
| | 800,000 | | | | 3.400 | | | | 02/11/24 | | | | 793,514 | |
| | 400,000 | | | | 0.700 | | | | 04/15/24 | | | | 377,974 | |
| | 75,000 | | | | 0.650 | | | | 07/31/24 | | | | 70,216 | |
| | 368,000 | | | | 1.300 | | | | 06/11/25 | | | | 339,892 | |
| | 280,000 | | | | 4.500 | | | | 12/16/25 | | | | 279,840 | |
| | 220,000 | | | | 2.700 | | | | 08/03/26 | | | | 207,588 | |
| | 250,000 | | | | 1.950 | | | | 02/02/27 | | | | 224,611 | |
| | 500,000 | | | | 2.450 | | | | 02/02/32 | | | | 412,508 | |
| | Barclays PLC (United Kingdom) | |
| | 890,000 | | | | 3.650 | | | | 03/16/25 | | | | 863,914 | |
| | 1,035,000 | | | | 4.375 | | | | 01/12/26 | | | | 1,016,690 | |
| | (SOFR + 2.714%) | |
| | 200,000 | | | | 2.852 | (a) | | | 05/07/26 | | | | 187,508 | |
| | 210,000 | | | | 5.200 | | | | 05/12/26 | | | | 208,079 | |
| | 600,000 | | | | 4.836 | | | | 05/09/28 | | | | 565,576 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Banks – (continued) | |
| | Barclays PLC (United Kingdom) – (continued) | |
| | (US 1 Year CMT T-Note + 1.200%) | |
| 900,000 | | | | 2.667 | (a) | | | 03/10/32 | | | | 707,414 | |
| | (US 5 Year CMT T-Note + 2.900%) | |
| | 960,000 | | | | 3.564 | (a) | | | 09/23/35 | | | | 768,752 | |
| | (US 1 Year CMT T-Note + 1.700%) | |
| | 500,000 | | | | 3.811 | (a) | | | 03/10/42 | | | | 362,968 | |
| | 330,000 | | | | 5.250 | | | | 08/17/45 | | | | 306,061 | |
| | 736,000 | | | | 4.950 | | | | 01/10/47 | | | | 671,307 | |
| | Canadian Imperial Bank of Commerce (Canada) | |
| | 1,064,000 | | | | 3.500 | | | | 09/13/23 | | | | 1,059,908 | |
| | 450,000 | | | | 3.100 | | | | 04/02/24 | | | | 443,632 | |
| | 280,000 | | | | 2.250 | | | | 01/28/25 | | | | 267,017 | |
| | Cooperatieve Rabobank UA (Netherlands) | |
| | 815,000 | | | | 3.750 | | | | 07/21/26 | | | | 778,862 | |
| | 186,000 | | | | 5.250 | | | | 05/24/41 | | | | 203,060 | |
| | 745,000 | | | | 5.250 | | | | 08/04/45 | | | | 724,844 | |
| | Credit Suisse AG (Switzerland) | |
| | 950,000 | | | | 2.950 | | | | 04/09/25 | | | | 903,239 | |
| | 950,000 | | | | 1.250 | | | | 08/07/26 | | | | 820,265 | |
| | Credit Suisse Group AG (Switzerland) | |
| | 850,000 | | | | 3.750 | | | | 03/26/25 | | | | 812,895 | |
| | 250,000 | | | | 4.550 | | | | 04/17/26 | | | | 240,137 | |
| | (SOFR + 3.730%) | |
| | 1,000,000 | | | | 4.194 | (a) (b) | | | 04/01/31 | | | | 843,993 | |
| | 300,000 | | | | 4.875 | | | | 05/15/45 | | | | 242,382 | |
| | Deutsche Bank AG (Germany) | |
| | 130,000 | | | | 3.700 | | | | 05/30/24 | | | | 127,640 | |
| | (SOFR + 2.581%) | |
| | 800,000 | | | | 3.961 | (a) | | | 11/26/25 | | | | 769,370 | |
| | (SOFR + 1.219%) | |
| | 1,694,000 | | | | 2.311 | (a) | | | 11/16/27 | | | | 1,446,807 | |
| | (SOFR + 1.318%) | |
| | 1,702,000 | | | | 2.552 | (a) | | | 01/07/28 | | | | 1,450,688 | |
| | HSBC Holdings PLC (United Kingdom) | |
| | 540,000 | | | | 4.250 | | | | 03/14/24 | | | | 537,985 | |
| | 400,000 | | | | 4.250 | | | | 08/18/25 | | | | 393,088 | |
| | (SOFR + 1.402%) | |
| | 800,000 | | | | 2.633 | (a) | | | 11/07/25 | | | | 758,810 | |
| | 750,000 | | | | 4.300 | | | | 03/08/26 | | | | 741,486 | |
| | (SOFR + 1.538%) | |
| | 250,000 | | | | 1.645 | (a) | | | 04/18/26 | | | | 227,745 | |
| | 1,326,000 | | | | 3.900 | | | | 05/25/26 | | | | 1,289,735 | |
| | (3M USD LIBOR + 1.348%) | |
| | 500,000 | | | | 4.292 | (a) | | | 09/12/26 | | | | 485,944 | |
| | (SOFR + 1.100%) | |
| | 480,000 | | | | 2.251 | (a) | | | 11/22/27 | | | | 423,176 | |
| | (SOFR + 1.732%) | |
| | 250,000 | | | | 2.013 | (a) | | | 09/22/28 | | | | 210,936 | |
| | (3M USD LIBOR + 1.535%) | |
| | 1,450,000 | | | | 4.583 | (a) | | | 06/19/29 | | | | 1,370,543 | |
| | 1,080,000 | | | | 4.950 | | | | 03/31/30 | | | | 1,051,842 | |
| | (3M USD LIBOR + 1.610%) | |
| | 800,000 | | | | 3.973 | (a) | | | 05/22/30 | | | | 726,818 | |
| | (SOFR + 2.387%) | |
| | 205,000 | | | | 2.848 | (a) | | | 06/04/31 | | | | 169,462 | |
| | (SOFR + 1.947%) | |
| | 1,050,000 | | | | 2.357 | (a) | | | 08/18/31 | | | | 832,639 | |
| | |
| | |
| 82 | | 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) – (continued) | |
| | (SOFR + 1.187%) | |
| $ | 550,000 | | | | 2.804 | %(a) | | | 05/24/32 | | | $ | 439,420 | |
| | (SOFR + 1.410%) | |
| | 400,000 | | | | 2.871 | (a) | | | 11/22/32 | | | | 317,758 | |
| | 250,000 | | | | 6.500 | | | | 05/02/36 | | | | 261,979 | |
| | 546,000 | | | | 6.500 | | | | 09/15/37 | | | | 570,862 | |
| | 405,000 | | | | 6.800 | | | | 06/01/38 | | | | 434,323 | |
| | 90,000 | | | | 6.100 | | | | 01/14/42 | | | | 98,453 | |
| | 300,000 | | | | 5.250 | | | | 03/14/44 | | | | 273,893 | |
| | ING Groep NV (Netherlands) | |
| | 590,000 | | | | 4.100 | | | | 10/02/23 | | | | 589,421 | |
| | 300,000 | | | | 3.550 | | | | 04/09/24 | | | | 296,605 | |
| | 200,000 | | | | 3.950 | | | | 03/29/27 | | | | 191,984 | |
| | 490,000 | | | | 4.550 | | | | 10/02/28 | | | | 473,705 | |
| | 330,000 | | | | 4.050 | | | | 04/09/29 | | | | 309,115 | |
| | Lloyds Banking Group PLC (United Kingdom) | |
| | 700,000 | | | | 4.050 | | | | 08/16/23 | | | | 699,118 | |
| | 1,060,000 | | | | 4.450 | | | | 05/08/25 | | | | 1,050,829 | |
| | (US 1 Year CMT T-Note + 3.500%) | |
| | 300,000 | | | | 3.870 | (a) | | | 07/09/25 | | | | 294,030 | |
| | 400,000 | | | | 4.582 | | | | 12/10/25 | | | | 391,818 | |
| | 1,880,000 | | | | 3.750 | | | | 01/11/27 | | | | 1,792,714 | |
| | 940,000 | | | | 4.375 | | | | 03/22/28 | | | | 907,626 | |
| | (3M USD LIBOR + 1.205%) | |
| | 500,000 | | | | 3.574 | (a) | | | 11/07/28 | | | | 462,287 | |
| | 200,000 | | | | 5.300 | | | | 12/01/45 | | | | 183,369 | |
| | 490,000 | | | | 4.344 | | | | 01/09/48 | | | | 398,498 | |
| | Mizuho Financial Group, Inc. (Japan) | |
| | (3M USD LIBOR + 1.000%) | |
| | 500,000 | | | | 3.922 | (a) | | | 09/11/24 | | | | 496,276 | |
| | (US 1 Year CMT T-Note + 0.670%) | |
| | 500,000 | | | | 1.234 | (a) | | | 05/22/27 | | | | 434,357 | |
| | National Australia Bank Ltd. (Australia) | |
| | 940,000 | | | | 2.500 | | | | 07/12/26 | | | | 883,057 | |
| | NatWest Group PLC (United Kingdom) | |
| | (3M USD LIBOR + 1.550%) | |
| | 460,000 | | | | 4.519 | (a) | | | 06/25/24 | | | | 457,722 | |
| | (3M USD LIBOR + 1.762%) | |
| | 885,000 | | | | 4.269 | (a) | | | 03/22/25 | | | | 874,987 | |
| | 1,066,000 | | | | 4.800 | | | | 04/05/26 | | | | 1,060,669 | |
| | (US 1 Year CMT T-Note + 2.550%) | |
| | 355,000 | | | | 3.073 | (a) | | | 05/22/28 | | | | 321,298 | |
| | (3M USD LIBOR + 1.754%) | |
| | 345,000 | | | | 4.892 | (a) | | | 05/18/29 | | | | 331,952 | |
| | (US 5 Year CMT T-Note + 2.100%) | |
| | 558,000 | | | | 3.754 | (a) | | | 11/01/29 | | | | 530,732 | |
| | (3M USD LIBOR + 1.905%) | |
| | 470,000 | | | | 5.076 | (a) | | | 01/27/30 | | | | 456,265 | |
| | (3M USD LIBOR + 1.871%) | |
| | 370,000 | | | | 4.445 | (a) | | | 05/08/30 | | | | 345,880 | |
| | (US 5 Year CMT T-Note + 2.350%) | |
| | 420,000 | | | | 3.032 | (a) | | | 11/28/35 | | | | 330,836 | |
| | Royal Bank of Canada, GMTN (Canada) | |
| | 740,000 | | | | 3.700 | | | | 10/05/23 | | | | 739,924 | |
| | 500,000 | | | | 2.250 | | | | 11/01/24 | | | | 481,283 | |
| | 50,000 | | | | 0.875 | | | | 01/20/26 | | | | 44,712 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Banks – (continued) | |
| | Royal Bank of Canada, GMTN (Canada) – (continued) | |
| 320,000 | | | | 4.650 | | | | 01/27/26 | | | | 321,558 | |
| | 300,000 | | | | 1.400 | | | | 11/02/26 | | | | 267,077 | |
| | 250,000 | | | | 2.300 | | | | 11/03/31 | | | | 207,911 | |
| | Royal Bank of Canada, MTN (Canada) | |
| | 100,000 | | | | 0.500 | | | | 10/26/23 | | | | 96,369 | |
| | 460,000 | | | | 1.150 | | | | 06/10/25 | | | | 423,764 | |
| | Royal Bank of Canada (Canada) | |
| | 300,000 | | | | 1.200 | | | | 04/27/26 | | | | 269,387 | |
| | Santander UK Group Holdings PLC (United Kingdom) | |
| | (3M USD LIBOR + 1.570%) | |
| | 200,000 | | | | 4.796 | (a) | | | 11/15/24 | | | | 199,331 | |
| | (SOFR + 0.989%) | |
| | 1,790,000 | | | | 1.673 | (a) | | | 06/14/27 | | | | 1,554,558 | |
| | Sumitomo Mitsui Financial Group, Inc. (Japan) | |
| | 500,000 | | | | 2.696 | | | | 07/16/24 | | | | 485,174 | |
| | 468,000 | | | | 3.364 | | | | 07/12/27 | | | | 441,952 | |
| | 500,000 | | | | 2.222 | | | | 09/17/31 | | | | 401,294 | |
| | Toronto-Dominion Bank (The) (Canada) | |
| | 50,000 | | | | 1.950 | | | | 01/12/27 | | | | 45,325 | |
| | (5 Year USD Swap + 2.205%) | |
| | 550,000 | | | | 3.625 | (a) | | | 09/15/31 | | | | 525,250 | |
| | Toronto-Dominion Bank (The), MTN (Canada) | |
| | 800,000 | | | | 2.650 | | | | 06/12/24 | | | | 781,730 | |
| | 270,000 | | | | 1.150 | | | | 06/12/25 | | | | 248,691 | |
| | 500,000 | | | | 0.750 | | | | 01/06/26 | | | | 447,201 | |
| | 75,000 | | | | 1.250 | | | | 09/10/26 | | | | 66,416 | |
| | Toronto-Dominion Bank (The), GMTN (Canada) | |
| | 1,111,000 | | | | 3.500 | | | | 07/19/23 | | | | 1,109,466 | |
| | Westpac Banking Corp. (Australia) | |
| | 40,000 | | | | 3.300 | | | | 02/26/24 | | | | 39,799 | |
| | 112,000 | | | | 1.019 | | | | 11/18/24 | | | | 105,417 | |
| | 40,000 | | | | 2.350 | | | | 02/19/25 | | | | 38,555 | |
| | 200,000 | | | | 2.850 | | | | 05/13/26 | | | | 191,304 | |
| | 125,000 | | | | 1.150 | | | | 06/03/26 | | | | 112,070 | |
| | 40,000 | | | | 3.350 | | | | 03/08/27 | | | | 38,641 | |
| | 40,000 | | | | 3.400 | | | | 01/25/28 | | | | 38,268 | |
| | 280,000 | | | | 2.650 | | | | 01/16/30 | | | | 249,958 | |
| | (US 5 Year CMT T-Note + 1.350%) | |
| | 1,957,000 | | | | 2.894 | (a) | | | 02/04/30 | | | | 1,841,117 | |
| | 400,000 | | | | 2.150 | | | | 06/03/31 | | | | 336,562 | |
| | (US 5 Year CMT T-Note + 2.000%) | |
| | 100,000 | | | | 4.110 | (a) | | | 07/24/34 | | | | 89,851 | |
| | (US 5 Year CMT T-Note + 1.750%) | |
| | 300,000 | | | | 2.668 | (a) | | | 11/15/35 | | | | 236,680 | |
| | 356,000 | | | | 4.421 | | | | 07/24/39 | | | | 314,009 | |
| | 100,000 | | | | 2.963 | | | | 11/16/40 | | | | 71,434 | |
| | Westpac Banking Corp.(a), GMTN (Australia) | |
| | (5 Year USD Swap + 2.236%) | |
| | 316,000 | | | | 4.322 | | | | 11/23/31 | | | | 301,421 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 68,572,194 | |
| | |
| Beverages – 0.1% | |
| | Coca-Cola Femsa SAB de CV (Mexico) | |
| | 620,000 | | | | 2.750 | | | | 01/22/30 | | | | 555,792 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 83 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Foreign Corporate Debt – (continued) | |
| Brokerage – 0.2% | |
| | Brookfield Finance, Inc. (Canada) | |
| $ | 466,000 | | | | 3.900 | % | | | 01/25/28 | | | $ | 437,431 | |
| | 120,000 | | | | 4.850 | | | | 03/29/29 | | | | 117,654 | |
| | 125,000 | | | | 4.350 | | | | 04/15/30 | | | | 117,947 | |
| | 237,000 | | | | 4.700 | | | | 09/20/47 | | | | 205,378 | |
| | Nomura Holdings, Inc. (Japan) | |
| | 500,000 | | | | 2.999 | | | | 01/22/32 | | | | 409,634 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,288,044 | |
| | |
| Consumer Cyclical – 0.0% | |
| | Toyota Motor Corp. (Japan) | |
| | 250,000 | | | | 1.339 | | | | 03/25/26 | | | | 229,460 | |
| | |
| Consumer Noncyclical – 1.2% | |
| | BAT Capital Corp. (United Kingdom) | |
| | 300,000 | | | | 3.215 | | | | 09/06/26 | | | | 280,955 | |
| | 600,000 | | | | 4.700 | | | | 04/02/27 | | | | 583,879 | |
| | 600,000 | | | | 3.557 | | | | 08/15/27 | | | | 551,062 | |
| | 300,000 | | | | 2.259 | | | | 03/25/28 | | | | 255,047 | |
| | 264,000 | | | | 2.726 | | | | 03/25/31 | | | | 211,944 | |
| | 614,000 | | | | 4.390 | | | | 08/15/37 | | | | 486,853 | |
| | 568,000 | | | | 4.540 | | | | 08/15/47 | | | | 416,793 | |
| | 204,000 | | | | 4.758 | | | | 09/06/49 | | | | 154,156 | |
| | BAT International Finance PLC (United Kingdom) | |
| | 322,000 | | | | 1.668 | | | | 03/25/26 | | | | 286,878 | |
| | GlaxoSmithKline Capital, Inc. (United Kingdom) | |
| | 910,000 | | | | 3.875 | | | | 05/15/28 | | | | 895,949 | |
| | 580,000 | | | | 6.375 | | | | 05/15/38 | | | | 682,268 | |
| | Novartis Capital Corp. (Switzerland) | |
| | 70,000 | | | | 3.400 | | | | 05/06/24 | | | | 69,477 | |
| | 158,000 | | | | 1.750 | | | | 02/14/25 | | | | 151,125 | |
| | 285,000 | | | | 3.000 | | | | 11/20/25 | | | | 278,758 | |
| | 214,000 | | | | 3.100 | | | | 05/17/27 | | | | 207,517 | |
| | 262,000 | | | | 2.200 | | | | 08/14/30 | | | | 230,516 | |
| | 220,000 | | | | 4.400 | | | | 05/06/44 | | | | 216,290 | |
| | 350,000 | | | | 4.000 | | | | 11/20/45 | | | | 323,985 | |
| | 225,000 | | | | 2.750 | | | | 08/14/50 | | | | 172,182 | |
| | Reynolds American, Inc. (United Kingdom) | |
| | 575,000 | | | | 4.450 | | | | 06/12/25 | | | | 569,209 | |
| | 498,000 | | | | 5.850 | | | | 08/15/45 | | | | 426,929 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,451,772 | |
| | |
| Consumer Products – 0.2% | |
| | Unilever Capital Corp. (United Kingdom) | |
| | 100,000 | | | | 2.900 | | | | 05/05/27 | | | | 95,952 | |
| | 500,000 | | | | 3.500 | | | | 03/22/28 | | | | 488,963 | |
| | 500,000 | | | | 2.125 | | | | 09/06/29 | | | | 437,678 | |
| | 132,000 | | | | 5.900 | | | | 11/15/32 | | | | 150,259 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,172,852 | |
| | |
| Energy – 2.6% | |
| | BP Capital Markets PLC (United Kingdom) | |
| | 794,000 | | | | 3.279 | | | | 09/19/27 | | | | 760,905 | |
| | 168,000 | | | | 3.723 | | | | 11/28/28 | | | | 162,640 | |
| | Canadian Natural Resources Ltd. (Canada) | |
| | 612,000 | | | | 3.850 | | | | 06/01/27 | | | | 586,101 | |
| | Canadian Natural Resources Ltd., GMTN (Canada) | |
| | 214,000 | | | | 4.950 | | | | 06/01/47 | | | | 204,278 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Energy – (continued) | |
| | Cenovus Energy, Inc. (Canada) | |
| 100,000 | | | | 4.400 | | | | 04/15/29 | | | | 97,193 | |
| | 385,000 | | | | 6.750 | | | | 11/15/39 | | | | 424,128 | |
| | 352,000 | | | | 5.400 | | | | 06/15/47 | | | | 345,242 | |
| | Enbridge, Inc. (Canada) | |
| | 152,000 | | | | 4.000 | | | | 10/01/23 | | | | 151,637 | |
| | 1,038,000 | | | | 3.125 | | | | 11/15/29 | | | | 941,660 | |
| | (3M USD LIBOR + 3.641%) | |
| | 600,000 | | | | 6.250 | (a) | | | 03/01/78 | | | | 570,000 | |
| | Equinor ASA (Norway) | |
| | 70,000 | | | | 2.650 | | | | 01/15/24 | | | | 68,928 | |
| | 70,000 | | | | 3.700 | | | | 03/01/24 | | | | 69,979 | |
| | 460,000 | | | | 2.875 | | | | 04/06/25 | | | | 447,524 | |
| | 200,000 | | | | 1.750 | | | | 01/22/26 | | | | 185,537 | |
| | 300,000 | | | | 3.125 | | | | 04/06/30 | | | | 278,512 | |
| | 100,000 | | | | 2.375 | | | | 05/22/30 | | | | 87,961 | |
| | 630,000 | | | | 3.950 | | | | 05/15/43 | | | | 570,747 | |
| | 284,000 | | | | 3.250 | | | | 11/18/49 | | | | 227,267 | |
| | 250,000 | | | | 3.700 | | | | 04/06/50 | | | | 216,856 | |
| | Shell International Finance BV (Netherlands) | |
| | 532,000 | | | | 2.000 | | | | 11/07/24 | | | | 514,639 | |
| | 682,000 | | | | 3.250 | | | | 05/11/25 | | | | 671,468 | |
| | 500,000 | | | | 2.875 | | | | 05/10/26 | | | | 483,224 | |
| | 300,000 | | | | 2.500 | | | | 09/12/26 | | | | 284,760 | |
| | 352,000 | | | | 3.875 | | | | 11/13/28 | | | | 345,561 | |
| | 400,000 | | | | 2.375 | | | | 11/07/29 | | | | 352,424 | |
| | 300,000 | | | | 2.750 | | | | 04/06/30 | | | | 269,276 | |
| | 328,000 | | | | 4.125 | | | | 05/11/35 | | | | 312,716 | |
| | 761,000 | | | | 6.375 | | | | 12/15/38 | | | | 884,150 | |
| | 352,000 | | | | 4.375 | | | | 05/11/45 | | | | 330,273 | |
| | 620,000 | | | | 4.000 | | | | 05/10/46 | | | | 555,893 | |
| | 379,000 | | | | 3.750 | | | | 09/12/46 | | | | 324,644 | |
| | 282,000 | | | | 3.125 | | | | 11/07/49 | | | | 219,567 | |
| | Suncor Energy, Inc. (Canada) | |
| | 250,000 | | | | 6.800 | | | | 05/15/38 | | | | 276,101 | |
| | 414,000 | | | | 4.000 | | | | 11/15/47 | | | | 349,298 | |
| | 100,000 | | | | 3.750 | | | | 03/04/51 | | | | 80,268 | |
| | TotalEnergies Capital International SA (France) | |
| | 264,000 | | | | 3.750 | | | | 04/10/24 | | | | 264,566 | |
| | 420,000 | | | | 2.829 | | | | 01/10/30 | | | | 382,936 | |
| | 380,000 | | | | 2.986 | | | | 06/29/41 | | | | 302,643 | |
| | 400,000 | | | | 3.461 | | | | 07/12/49 | | | | 331,676 | |
| | 300,000 | | | | 3.386 | | | | 06/29/60 | | | | 232,320 | |
| | TotalEnergies Capital SA (France) | |
| | 344,000 | | | | 3.883 | | | | 10/11/28 | | | | 338,732 | |
| | TransCanada PipeLines Ltd. (Canada) | |
| | 680,000 | | | | 2.500 | | | | 10/12/31 | | | | 563,975 | |
| | 558,000 | | | | 4.625 | | | | 03/01/34 | | | | 533,699 | |
| | 420,000 | | | | 7.625 | | | | 01/15/39 | | | | 513,514 | |
| | 120,000 | | | | 4.875 | | | | 05/15/48 | | | | 115,438 | |
| | 150,000 | | | | 5.100 | | | | 03/15/49 | | | | 148,400 | |
| | Transcanada Trust(a), Series 16-A (Canada) | |
| | (3M USD LIBOR + 4.640%) | |
| | 368,000 | | | | 5.875 | | | | 08/15/76 | | | | 361,560 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,740,816 | |
| | |
| | |
| 84 | | 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) | |
| Financial Company – 0.6% | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust
(Ireland) |
|
| $ | 500,000 | | | | 3.150 | % | | | 02/15/24 | | | $ | 485,185 | |
| | 500,000 | | | | 3.500 | | | | 01/15/25 | | | | 479,469 | |
| | 300,000 | | | | 6.500 | | | | 07/15/25 | | | | 308,138 | |
| | 952,000 | | | | 2.450 | | | | 10/29/26 | | | | 841,993 | |
| | 300,000 | | | | 3.000 | | | | 10/29/28 | | | | 254,953 | |
| | 952,000 | | | | 3.300 | | | | 01/30/32 | | | | 767,742 | |
| | 300,000 | | | | 3.400 | | | | 10/29/33 | | | | 235,579 | |
| | 480,000 | | | | 3.850 | | | | 10/29/41 | | | | 354,008 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,727,067 | |
| | |
| Food and Beverage – 1.6% | |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide,
Inc. (Belgium) |
|
| | 745,000 | | | | 3.650 | | | | 02/01/26 | | | | 733,267 | |
| | 950,000 | | | | 4.700 | | | | 02/01/36 | | | | 918,465 | |
| | 1,877,000 | | | | 4.900 | | | | 02/01/46 | | | | 1,781,321 | |
| | Anheuser-Busch InBev Finance, Inc. (Belgium) | |
| | 100,000 | | | | 4.000 | | | | 01/17/43 | | | | 84,187 | |
| | 396,000 | | | | 4.625 | | | | 02/01/44 | | | | 363,018 | |
| | 300,000 | | | | 4.900 | | | | 02/01/46 | | | | 286,141 | |
| | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | |
| | 706,000 | | | | 4.000 | | | | 04/13/28 | | | | 697,973 | |
| | 712,000 | | | | 4.750 | | | | 01/23/29 | | | | 726,486 | |
| | 317,000 | | | | 4.900 | | | | 01/23/31 | | | | 327,037 | |
| | 486,000 | | | | 4.375 | | | | 04/15/38 | | | | 454,415 | |
| | 500,000 | | | | 5.450 | | | | 01/23/39 | | | | 515,179 | |
| | 100,000 | | | | 4.350 | | | | 06/01/40 | | | | 91,533 | |
| | 398,000 | | | | 4.950 | | | | 01/15/42 | | | | 388,970 | |
| | 605,000 | | | | 4.600 | | | | 04/15/48 | | | | 549,523 | |
| | 146,000 | | | | 4.439 | | | | 10/06/48 | | | | 130,163 | |
| | 802,000 | | | | 5.550 | | | | 01/23/49 | | | | 833,414 | |
| | 450,000 | | | | 4.500 | | | | 06/01/50 | | | | 409,338 | |
| | 310,000 | | | | 4.750 | | | | 04/15/58 | | | | 282,991 | |
| | 382,000 | | | | 5.800 | | | | 01/23/59 | | | | 407,863 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,981,284 | |
| | |
| Forest Products & Paper – 0.1% | |
| | Suzano Austria GmbH (Brazil) | |
| | 564,000 | | | | 3.125 | | | | 01/15/32 | | | | 448,380 | |
| | |
| Insurance – 0.0% | |
| | Manulife Financial Corp. (Canada) | |
| | 186,000 | | | | 5.375 | | | | 03/04/46 | | | | 194,736 | |
| | |
| Internet – 0.5% | |
| | Alibaba Group Holding Ltd. (China) | |
| | 500,000 | | | | 3.600 | | | | 11/28/24 | | | | 491,862 | |
| | 744,000 | | | | 3.400 | | | | 12/06/27 | | | | 702,139 | |
| | 560,000 | | | | 2.125 | | | | 02/09/31 | | | | 464,308 | |
| | 400,000 | | | | 4.000 | | | | 12/06/37 | | | | 333,814 | |
| | 550,000 | | | | 4.200 | | | | 12/06/47 | | | | 440,551 | |
| | 300,000 | | | | 3.150 | | | | 02/09/51 | | | | 198,439 | |
| | 200,000 | | | | 4.400 | | | | 12/06/57 | | | | 159,695 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,790,808 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Lodging – 0.1% | |
| | Sands China Ltd. (Macau) | |
| 480,000 | | | | 5.625 | | | | 08/08/25 | | | | 439,200 | |
| | |
| Media – 0.0% | |
| | Grupo Televisa SAB (Mexico) | |
| | 200,000 | | | | 6.125 | | | | 01/31/46 | | | | 217,565 | |
| | |
| Metals and Mining – 0.2% | |
| | BHP Billiton Finance USA Ltd. (Australia) | |
| | 550,000 | | | | 4.125 | | | | 02/24/42 | | | | 504,866 | |
| | 274,000 | | | | 5.000 | | | | 09/30/43 | | | | 276,929 | |
| | Rio Tinto Finance USA Ltd. (Australia) | |
| | 80,000 | | | | 7.125 | | | | 07/15/28 | | | | 89,636 | |
| | 306,000 | | | | 5.200 | | | | 11/02/40 | | | | 319,005 | |
| | Rio Tinto Finance USA PLC (Australia) | |
| | 80,000 | | | | 4.125 | | | | 08/21/42 | | | | 73,415 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,263,851 | |
| | |
| Mining – 0.3% | |
| | Southern Copper Corp. (Peru) | |
| | 341,000 | | | | 7.500 | | | | 07/27/35 | | | | 400,639 | |
| | 272,000 | | | | 6.750 | | | | 04/16/40 | | | | 305,771 | |
| | 336,000 | | | | 5.250 | | | | 11/08/42 | | | | 323,367 | |
| | 271,000 | | | | 5.875 | | | | 04/23/45 | | | | 281,350 | |
| | Vale Overseas Ltd. (Brazil) | |
| | 224,000 | | | | 6.250 | | | | 08/10/26 | | | | 234,640 | |
| | 350,000 | | | | 6.875 | | | | 11/21/36 | | | | 362,906 | |
| | 222,000 | | | | 6.875 | | | | 11/10/39 | | | | 231,713 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,140,386 | |
| | |
| Oil Company-Exploration & Production – 0.0% | |
| | CNOOC Finance 2015 USA LLC (China) | |
| | 200,000 | | | | 4.375 | | | | 05/02/28 | | | | 201,018 | |
| | |
| Oil Company-Integrated – 0.3% | |
| | Ecopetrol SA (Colombia) | |
| | 376,000 | | | | 5.875 | | | | 09/18/23 | | | | 377,410 | |
| | 150,000 | | | | 4.125 | | | | 01/16/25 | | | | 141,750 | |
| | 200,000 | | | | 5.375 | | | | 06/26/26 | | | | 188,625 | |
| | 568,000 | | | | 6.875 | | | | 04/29/30 | | | | 532,500 | |
| | 348,000 | | | | 7.375 | | | | 09/18/43 | | | | 292,755 | |
| | 400,000 | | | | 5.875 | | | | 05/28/45 | | | | 279,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,812,040 | |
| | |
| Semiconductors – 0.1% | |
| | TSMC Arizona Corp. (Taiwan) | |
| | 260,000 | | | | 1.750 | | | | 10/25/26 | | | | 235,399 | |
| | 720,000 | | | | 3.250 | | | | 10/25/51 | | | | 575,661 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 811,060 | |
| | |
| Technology – 0.2% | |
| | NXP BV / NXP Funding LLC (China) | |
| | 80,000 | | | | 4.875 | | | | 03/01/24 | | | | 80,452 | |
| | NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | |
| | 500,000 | | | | 3.400 | | | | 05/01/30 | | | | 443,755 | |
| | 296,000 | | | | 2.500 | | | | 05/11/31 | | | | 239,445 | |
| | 370,000 | | | | 2.650 | | | | 02/15/32 | | | | 301,269 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,064,921 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 85 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Foreign Corporate Debt – (continued) | |
| Telecommunications – 0.2% | |
| | America Movil SAB de CV (Mexico) | |
| $ | 266,000 | | | | 2.875 | % | | | 05/07/30 | | | $ | 235,985 | |
| | 640,000 | | | | 6.125 | | | | 03/30/40 | | | | 704,968 | |
| | 470,000 | | | | 4.375 | | | | 04/22/49 | | | | 432,343 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,373,296 | |
| | |
| Wireless – 0.7% | |
| | Rogers Communications, Inc. (Canada) | |
| | 70,000 | | | | 4.100 | | | | 10/01/23 | | | | 70,012 | |
| | 750,000 | | | | 4.300 | | | | 02/15/48 | | | | 625,743 | |
| | 500,000 | | | | 4.350 | | | | 05/01/49 | | | | 424,564 | |
| | Vodafone Group PLC (United Kingdom) | |
| | 1,000,000 | | | | 3.750 | | | | 01/16/24 | | | | 1,000,213 | |
| | 150,000 | | | | 4.125 | | | | 05/30/25 | | | | 149,393 | |
| | 586,000 | | | | 6.150 | | | | 02/27/37 | | | | 614,130 | |
| | 300,000 | | | | 5.000 | | | | 05/30/38 | | | | 284,980 | |
| | 498,000 | | | | 5.250 | | | | 05/30/48 | | | | 466,518 | |
| | 450,000 | | | | 4.875 | | | | 06/19/49 | | | | 401,935 | |
| | 440,000 | | | | 4.250 | | | | 09/17/50 | | | | 360,778 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,398,266 | |
| | |
| Wirelines – 0.5% | |
| | British Telecommunications PLC (United Kingdom) | |
| | 300,000 | | | | 9.625 | | | | 12/15/30 | | | | 369,535 | |
| | Deutsche Telekom International Finance BV (Germany) | |
| | 650,000 | | | | 8.750 | | | | 06/15/30 | | | | 806,604 | |
| | Telefonica Emisiones SA (Spain) | |
| | 200,000 | | | | 4.103 | | | | 03/08/27 | | | | 194,260 | |
| | 100,000 | | | | 7.045 | | | | 06/20/36 | | | | 110,370 | |
| | 410,000 | | | | 4.665 | | | | 03/06/38 | | | | 356,063 | |
| | 1,100,000 | | | | 5.213 | | | | 03/08/47 | | | | 969,375 | |
| | 415,000 | | | | 4.895 | | | | 03/06/48 | | | | 347,635 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,153,842 | |
| | |
| | TOTAL FOREIGN CORPORATE DEBT | |
| | (Cost $147,528,107) | | | $ | 130,028,650 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Investment Company – 0.3%(c) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 1,956,966 | | | 2.154 | % | | $ | 1,956,966 | |
| (Cost $1,956,966) | | | | | |
|
| TOTAL INVESTMENTS – 98.9% | |
| (Cost $718,537,705) | | | $ | 627,712,795 | |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.1% | | | | 6,816,822 | |
| |
| NET ASSETS – 100.0% | | | $ | 634,529,617 | |
| |
| | |
|
| 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, 2022. |
| |
(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 |
|
| | |
| 86 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate(a) | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Bills – 84.4% | |
| | U.S. Cash Management Bills | | | | | |
| $ | 79,199,500 | | | | 2.594 | % | | | 11/22/22 | | | $ | 78,701,633 | |
| | 1,020,000 | | | | 2.627 | | | | 11/22/22 | | | | 1,013,588 | |
| | 120,000 | | | | 2.649 | | | | 11/22/22 | | | | 119,246 | |
| | 1,050,000 | | | | 2.658 | | | | 11/22/22 | | | | 1,043,399 | |
| | 2,460,000 | | | | 2.661 | | | | 11/22/22 | | | | 2,444,536 | |
| | 1,500,000 | | | | 2.664 | | | | 11/22/22 | | | | 1,490,571 | |
| | 360,000 | | | | 2.686 | | | | 11/22/22 | | | | 357,737 | |
| | 330,000 | | | | 2.687 | | | | 11/22/22 | | | | 327,926 | |
| | 90,000 | | | | 2.723 | | | | 11/22/22 | | | | 89,434 | |
| | 300,000 | | | | 2.750 | | | | 11/22/22 | | | | 298,114 | |
| | 540,000 | | | | 2.772 | | | | 11/22/22 | | | | 536,605 | |
| | 750,000 | | | | 2.775 | | | | 11/22/22 | | | | 745,285 | |
| | 300,000 | | | | 2.802 | | | | 11/22/22 | | | | 298,114 | |
| | 1,736,000 | | | | 2.816 | | | | 11/22/22 | | | | 1,725,087 | |
| | 2,058,000 | | | | 2.827 | | | | 11/22/22 | | | | 2,045,063 | |
| | 798,000 | | | | 2.828 | | | | 11/22/22 | | | | 792,984 | |
| | 2,688,000 | | | | 2.846 | | | | 11/22/22 | | | | 2,671,103 | |
| | U.S. Treasury Bills | | | | | |
| | 525,000 | | | | 2.060 | | | | 10/25/22 | | | | 522,961 | |
| | 13,825,000 | | | | 2.071 | | | | 10/25/22 | | | | 13,771,311 | |
| | 2,100,000 | | | | 2.079 | | | | 10/25/22 | | | | 2,091,845 | |
| | 3,850,000 | | | | 2.082 | | | | 10/25/22 | | | | 3,835,049 | |
| | 400,029,500 | | | | 2.094 | | | | 10/25/22 | | | | 398,476,003 | |
| | 4,025,000 | | | | 2.107 | | | | 10/25/22 | | | | 4,009,369 | |
| | 1,575,000 | | | | 2.182 | | | | 10/25/22 | | | | 1,568,884 | |
| | 2,625,000 | | | | 2.195 | | | | 10/25/22 | | | | 2,614,806 | |
| | 8,050,000 | | | | 2.359 | | | | 10/25/22 | | | | 8,018,738 | |
| | 5,882,000 | | | | 2.364 | | | | 10/25/22 | | | | 5,859,157 | |
| | 6,125,000 | | | | 2.385 | | | | 10/25/22 | | | | 6,101,214 | |
| | 8,225,000 | | | | 2.393 | | | | 10/25/22 | | | | 8,193,059 | |
| | 1,903,000 | | | | 2.411 | | | | 10/25/22 | | | | 1,895,610 | |
| | 3,150,000 | | | | 2.434 | | | | 10/25/22 | | | | 3,137,767 | |
| | 519,000 | | | | 2.435 | | | | 10/25/22 | | | | 516,984 | |
| | 692,000 | | | | 2.456 | | | | 10/25/22 | | | | 689,313 | |
| | 14,186,000 | | | | 2.475 | | | | 10/25/22 | | | | 14,130,909 | |
| | 4,025,000 | | | | 2.484 | | | | 10/25/22 | | | | 4,009,369 | |
| | 692,000 | | | | 2.485 | | | | 10/25/22 | | | | 689,313 | |
| | 3,114,000 | | | | 2.496 | | | | 10/25/22 | | | | 3,101,907 | |
| | 5,600,000 | | | | 2.501 | | | | 10/25/22 | | | | 5,578,253 | |
| | 2,975,000 | | | | 2.502 | | | | 10/25/22 | | | | 2,963,447 | |
| | 1,225,000 | | | | 2.505 | | | | 10/25/22 | | | | 1,220,243 | |
| | 4,325,000 | | | | 2.525 | | | | 10/25/22 | | | | 4,308,204 | |
| | 2,076,000 | | | | 2.556 | | | | 10/25/22 | | | | 2,067,938 | |
| | 1,730,000 | | | | 2.565 | | | | 10/25/22 | | | | 1,723,282 | |
| | 1,730,000 | | | | 2.572 | | | | 10/25/22 | | | | 1,723,282 | |
| | 11,872,000 | | | | 2.635 | | | | 10/25/22 | | | | 11,825,896 | |
| | 110,047,500 | | | | 2.651 | | | | 10/25/22 | | | | 109,620,135 | |
| | 27,459,000 | | | | 2.661 | | | | 10/25/22 | | | | 27,352,364 | |
| | 4,617,000 | | | | 2.679 | | | | 10/25/22 | | | | 4,599,070 | |
| | 15,955,000 | | | | 0.210 | | | | 11/03/22 | | | | 15,881,868 | |
| | 90,000 | | | | 0.220 | | | | 11/03/22 | | | | 89,587 | |
| | 63,000 | | | | 0.236 | | | | 11/03/22 | | | | 62,711 | |
| | 29,316,300 | | | | 0.260 | | | | 11/03/22 | | | | 29,181,924 | |
| | 250,000 | | | | 0.296 | | | | 11/03/22 | | | | 248,854 | |
| | 875,000 | | | | 0.365 | | | | 11/03/22 | | | | 870,989 | |
| | 100,000 | | | | 0.366 | | | | 11/03/22 | | | | 99,542 | |
| | |
|
| U.S. Treasury Bills – (continued) | |
| | U.S. Treasury Bills – (continued) | | | | | |
| 1,000,000 | | | | 0.463 | | | | 11/03/22 | | | | 995,416 | |
| | 250,000 | | | | 0.464 | | | | 11/03/22 | | | | 248,854 | |
| | 1,950,000 | | | | 0.469 | | | | 11/03/22 | | | | 1,941,062 | |
| | 425,000 | | | | 0.483 | | | | 11/03/22 | | | | 423,052 | |
| | 75,000 | | | | 0.484 | | | | 11/03/22 | | | | 74,656 | |
| | 126,000 | | | | 0.550 | | | | 11/03/22 | | | | 125,422 | |
| | 100,000 | | | | 0.663 | | | | 11/03/22 | | | | 99,542 | |
| | 100,000 | | | | 0.708 | | | | 11/03/22 | | | | 99,542 | |
| | 750,000 | | | | 0.743 | | | | 11/03/22 | | | | 746,562 | |
| | 566,000 | | | | 0.744 | | | | 11/03/22 | | | | 563,406 | |
| | 525,000 | | | | 0.750 | | | | 11/03/22 | | | | 522,594 | |
| | 225,000 | | | | 0.759 | | | | 11/03/22 | | | | 223,969 | |
| | 9,723,300 | | | | 0.987 | | | | 11/03/22 | | | | 9,678,732 | |
| | 90,000 | | | | 1.325 | | | | 11/03/22 | | | | 89,587 | |
| | 420,000 | | | | 1.332 | | | | 11/03/22 | | | | 418,075 | |
| | 690,000 | | | | 1.356 | | | | 11/03/22 | | | | 686,837 | |
| | 120,000 | | | | 1.361 | | | | 11/03/22 | | | | 119,450 | |
| | 150,000 | | | | 1.362 | | | | 11/03/22 | | | | 149,312 | |
| | 390,000 | | | | 1.378 | | | | 11/03/22 | | | | 388,212 | |
| | 240,000 | | | | 1.402 | | | | 11/03/22 | | | | 238,900 | |
| | 1,124,000 | | | | 1.414 | | | | 11/03/22 | | | | 1,118,848 | |
| | 101,675,100 | | | | 1.428 | | | | 11/03/22 | | | | 101,209,055 | |
| | 252,000 | | | | 1.433 | | | | 11/03/22 | | | | 250,845 | |
| | 740,000 | | | | 1.479 | | | | 11/03/22 | | | | 736,608 | |
| | 1,702,000 | | | | 1.498 | | | | 11/03/22 | | | | 1,694,199 | |
| | 296,000 | | | | 1.525 | | | | 11/03/22 | | | | 294,643 | |
| | 888,000 | | | | 1.710 | | | | 11/03/22 | | | | 883,930 | |
| | 3,621,000 | | | | 2.018 | | | | 11/03/22 | | | | 3,604,402 | |
| | 6,414,800 | | | | 2.038 | | | | 11/03/22 | | | | 6,385,397 | |
| | 6,004,000 | | | | 2.052 | | | | 11/03/22 | | | | 5,976,480 | |
| | 228,000 | | | | 2.072 | | | | 11/03/22 | | | | 226,955 | |
| | 1,110,000 | | | | 2.074 | | | | 11/03/22 | | | | 1,104,912 | |
| | 912,000 | | | | 2.089 | | | | 11/03/22 | | | | 907,820 | |
| | 888,000 | | | | 2.099 | | | | 11/03/22 | | | | 883,930 | |
| | 1,672,000 | | | | 2.108 | | | | 11/03/22 | | | | 1,664,336 | |
| | 1,748,000 | | | | 2.139 | | | | 11/03/22 | | | | 1,739,988 | |
| | 684,000 | | | | 2.220 | | | | 11/03/22 | | | | 680,865 | |
| | 1,140,000 | | | | 2.227 | | | | 11/03/22 | | | | 1,134,775 | |
| | 5,313,000 | | | | 2.479 | | | | 11/03/22 | | | | 5,288,647 | |
| | 308,000 | | | | 2.502 | | | | 11/03/22 | | | | 306,588 | |
| | 308,000 | | | | 2.503 | | | | 11/03/22 | | | | 306,588 | |
| | 2,432,000 | | | | 2.516 | | | | 11/03/22 | | | | 2,420,852 | |
| | 3,542,000 | | | | 2.527 | | | | 11/03/22 | | | | 3,525,765 | |
| | 1,386,000 | | | | 2.528 | | | | 11/03/22 | | | | 1,379,647 | |
| | 7,161,000 | | | | 2.544 | | | | 11/03/22 | | | | 7,128,176 | |
| | 231,000 | | | | 2.546 | | | | 11/03/22 | | | | 229,941 | |
| | 1,456,000 | | | | 2.548 | | | | 11/03/22 | | | | 1,449,326 | |
| | 1,925,000 | | | | 2.559 | | | | 11/03/22 | | | | 1,916,176 | |
| | 770,000 | | | | 2.589 | | | | 11/03/22 | | | | 766,471 | |
| | 770,000 | | | | 2.613 | | | | 11/03/22 | | | | 766,471 | |
| | 178,290,600 | | | | 2.628 | | | | 11/03/22 | | | | 177,473,375 | |
| | 5,194,000 | | | | 2.644 | | | | 11/03/22 | | | | 5,170,192 | |
| | 7,672,000 | | | | 2.668 | | | | 11/03/22 | | | | 7,636,834 | |
| | 6,784,000 | | | | 2.674 | | | | 11/03/22 | | | | 6,752,904 | |
| | 2,014,000 | | | | 2.716 | | | | 11/03/22 | | | | 2,004,768 | |
| | 3,854,000 | | | | 2.471 | | | | 12/22/22 | | | | 3,818,081 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 87 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate(a) | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Bills – (continued) | |
| | U.S. Treasury Bills – (continued) | | | | | |
| $ | 564,000 | | | | 2.485 | % | | | 12/22/22 | | | $ | 558,744 | |
| | 111,980,200 | | | | 2.496 | | | | 12/22/22 | | | | 110,936,557 | |
| | 1,034,000 | | | | 2.533 | | | | 12/22/22 | | | | 1,024,363 | |
| | 1,081,000 | | | | 2.553 | | | | 12/22/22 | | | | 1,070,925 | |
| | 705,000 | | | | 2.620 | | | | 12/22/22 | | | | 698,429 | |
| | 423,000 | | | | 2.636 | | | | 12/22/22 | | | | 419,058 | |
| | 846,000 | | | | 2.765 | | | | 12/22/22 | | | | 838,115 | |
| | 1,645,000 | | | | 2.772 | | | | 12/22/22 | | | | 1,629,669 | |
| | 1,598,000 | | | | 2.786 | | | | 12/22/22 | | | | 1,583,107 | |
| | 2,162,000 | | | | 2.794 | | | | 12/22/22 | | | | 2,141,850 | |
| | 1,081,000 | | | | 2.807 | | | | 12/22/22 | | | | 1,070,925 | |
| | 1,504,000 | | | | 2.827 | | | | 12/22/22 | | | | 1,489,983 | |
| | 188,000 | | | | 2.852 | | | | 12/22/22 | | | | 186,248 | |
| | 188,000 | | | | 2.872 | | | | 12/22/22 | | | | 186,248 | |
| | 3,854,000 | | | | 2.874 | | | | 12/22/22 | | | | 3,818,081 | |
| | 517,000 | | | | 2.881 | | | | 12/22/22 | | | | 512,182 | |
| | 141,000 | | | | 2.886 | | | | 12/22/22 | | | | 139,686 | |
| | 564,000 | | | | 2.893 | | | | 12/22/22 | | | | 558,744 | |
| | 470,000 | | | | 2.950 | | | | 12/22/22 | | | | 465,620 | |
| | 846,000 | | | | 2.954 | | | | 12/22/22 | | | | 838,115 | |
| | 120,569,500 | | | | 2.973 | | | | 12/22/22 | | | | 119,445,805 | |
| | 1,175,000 | | | | 2.994 | | | | 12/22/22 | | | | 1,164,049 | |
| | 470,000 | | | | 3.001 | | | | 12/22/22 | | | | 465,620 | |
| | 3,234,000 | | | | 3.004 | | | | 12/22/22 | | | | 3,203,859 | |
| | 1,254,000 | | | | 3.051 | | | | 12/22/22 | | | | 1,242,313 | |
| | 4,224,000 | | | | 3.060 | | | | 12/22/22 | | | | 4,184,633 | |
| | 4,928,000 | | | | 3.066 | | | | 12/22/22 | | | | 4,882,072 | |
| | 60,036,300 | | | | 0.738 | | | | 12/29/22 | | | | 59,441,912 | |
| | 120,000 | | | | 0.787 | | | | 12/29/22 | | | | 118,812 | |
| | 1,033,000 | | | | 0.895 | | | | 12/29/22 | | | | 1,022,773 | |
| | 900,000 | | | | 0.909 | | | | 12/29/22 | | | | 891,090 | |
| | 360,000 | | | | 1.425 | | | | 12/29/22 | | | | 356,436 | |
| | 420,000 | | | | 1.449 | | | | 12/29/22 | | | | 415,842 | |
| | 90,000 | | | | 1.470 | | | | 12/29/22 | | | | 89,109 | |
| | 690,000 | | | | 1.479 | | | | 12/29/22 | | | | 683,169 | |
| | 120,000 | | | | 1.480 | | | | 12/29/22 | | | | 118,812 | |
| | 210,000 | | | | 1.494 | | | | 12/29/22 | | | | 207,921 | |
| | 210,000 | | | | 1.499 | | | | 12/29/22 | | | | 207,921 | |
| | 210,000 | | | | 1.509 | | | | 12/29/22 | | | | 207,921 | |
| | 82,000 | | | | 1.516 | | | | 12/29/22 | | | | 81,188 | |
| | 270,000 | | | | 1.526 | | | | 12/29/22 | | | | 267,327 | |
| | 300,000 | | | | 1.537 | | | | 12/29/22 | | | | 297,030 | |
| | 150,000 | | | | 1.551 | | | | 12/29/22 | | | | 148,515 | |
| | 390,000 | | | | 1.556 | | | | 12/29/22 | | | | 386,139 | |
| | 240,000 | | | | 1.572 | | | | 12/29/22 | | | | 237,624 | |
| | 252,000 | | | | 1.592 | | | | 12/29/22 | | | | 249,505 | |
| | 1,770,000 | | | | 1.608 | | | | 12/29/22 | | | | 1,752,476 | |
| | 300,000 | | | | 1.684 | | | | 12/29/22 | | | | 297,030 | |
| | 690,000 | | | | 1.761 | | | | 12/29/22 | | | | 683,169 | |
| | 120,000 | | | | 1.776 | | | | 12/29/22 | | | | 118,812 | |
| | 360,000 | | | | 1.999 | | | | 12/29/22 | | | | 356,436 | |
| | 690,000 | | | | 2.283 | | | | 12/29/22 | | | | 683,169 | |
| | 840,000 | | | | 2.284 | | | | 12/29/22 | | | | 831,684 | |
| | 940,000 | | | | 2.290 | | | | 12/29/22 | | | | 930,694 | |
| | 2,670,000 | | | | 2.326 | | | | 12/29/22 | | | | 2,643,566 | |
| | 2,370,000 | | | | 2.509 | | | | 12/29/22 | | | | 2,346,536 | |
| | |
|
| U.S. Treasury Bills – (continued) | |
| | U.S. Treasury Bills – (continued) | | | | | |
| 90,000 | | | | 2.513 | | | | 12/29/22 | | | | 89,109 | |
| | 360,000 | | | | 2.528 | | | | 12/29/22 | | | | 356,436 | |
| | 660,000 | | | | 2.556 | | | | 12/29/22 | | | | 653,466 | |
| | 1,050,000 | | | | 2.805 | | | | 12/29/22 | | | | 1,039,604 | |
| | 1,380,000 | | | | 2.831 | | | | 12/29/22 | | | | 1,366,337 | |
| | 1,020,000 | | | | 2.846 | | | | 12/29/22 | | | | 1,009,901 | |
| | 2,460,000 | | | | 2.874 | | | | 12/29/22 | | | | 2,435,645 | |
| | 120,000 | | | | 2.883 | | | | 12/29/22 | | | | 118,812 | |
| | 330,000 | | | | 2.897 | | | | 12/29/22 | | | | 326,733 | |
| | 120,000 | | | | 2.906 | | | | 12/29/22 | | | | 118,812 | |
| | 90,000 | | | | 2.908 | | | | 12/29/22 | | | | 89,109 | |
| | 360,000 | | | | 2.916 | | | | 12/29/22 | | | | 356,436 | |
| | 300,000 | | | | 2.975 | | | | 12/29/22 | | | | 297,030 | |
| | 540,000 | | | | 2.986 | | | | 12/29/22 | | | | 534,654 | |
| | 750,000 | | | | 2.991 | | | | 12/29/22 | | | | 742,575 | |
| | 300,000 | | | | 3.011 | | | | 12/29/22 | | | | 297,030 | |
| | 2,058,000 | | | | 3.016 | | | | 12/29/22 | | | | 2,037,625 | |
| | 3,486,000 | | | | 3.053 | | | | 12/29/22 | | | | 3,451,487 | |
| | 1,680,000 | | | | 3.067 | | | | 12/29/22 | | | | 1,663,367 | |
| | 119,901,200 | | | | 3.012 | | | | 01/05/23 | | | | 118,648,377 | |
| | 2,240,000 | | | | 3.059 | | | | 01/05/23 | | | | 2,216,595 | |
| | 186,244,500 | | | | 3.062 | | | | 01/19/23 | | | | 184,054,289 | |
| | 3,528,000 | | | | 3.102 | | | | 01/19/23 | | | | 3,486,511 | |
| | 116,906,000 | | | | 3.213 | | | | 02/23/23 | | | | 115,078,967 | |
| | 115,726,500 | | | | 3.286 | | | | 02/23/23 | | | | 113,917,901 | |
| | 1,026,000 | | | | 3.291 | | | | 02/23/23 | | | | 1,009,965 | |
| | 4,424,000 | | | | 3.311 | | | | 02/23/23 | | | | 4,354,861 | |
| | 1,064,000 | | | | 3.312 | | | | 02/23/23 | | | | 1,047,372 | |
| | 7,104,000 | | | | 3.322 | | | | 02/23/23 | | | | 6,992,977 | |
| | 120,539,000 | | | | 2.822 | | | | 03/23/23 | | | | 118,568,318 | |
| | 2,240,000 | | | | 2.988 | | | | 03/23/23 | | | | 2,203,378 | |
| | 128,000 | | | | 1.889 | | | | 04/20/23 | | | | 125,457 | |
| | 132,000 | | | | 1.897 | | | | 04/20/23 | | | | 129,377 | |
| | 48,000 | | | | 1.904 | | | | 04/20/23 | | | | 47,046 | |
| | 224,000 | | | | 1.911 | | | | 04/20/23 | | | | 219,549 | |
| | 103,671,100 | | | | 1.929 | | | | 04/20/23 | | | | 101,611,240 | |
| | 64,000 | | | | 1.936 | | | | 04/20/23 | | | | 62,728 | |
| | 368,000 | | | | 1.937 | | | | 04/20/23 | | | | 360,688 | |
| | 80,000 | | | | 1.973 | | | | 04/20/23 | | | | 78,410 | |
| | 208,000 | | | | 1.994 | | | | 04/20/23 | | | | 203,867 | |
| | 112,000 | | | | 2.010 | | | | 04/20/23 | | | | 109,775 | |
| | 112,000 | | | | 2.025 | | | | 04/20/23 | | | | 109,775 | |
| | 112,000 | | | | 2.032 | | | | 04/20/23 | | | | 109,775 | |
| | 610,000 | | | | 2.034 | | | | 04/20/23 | | | | 597,880 | |
| | 32,067,000 | | | | 2.058 | | | | 04/20/23 | | | | 31,429,855 | |
| | 944,000 | | | | 2.067 | | | | 04/20/23 | | | | 925,243 | |
| | 1,403,000 | | | | 2.127 | | | | 04/20/23 | | | | 1,375,123 | |
| | 244,000 | | | | 2.163 | | | | 04/20/23 | | | | 239,152 | |
| | 732,000 | | | | 2.459 | | | | 04/20/23 | | | | 717,456 | |
| | 4,819,000 | | | | 2.615 | | | | 04/20/23 | | | | 4,723,250 | |
| | 5,429,000 | | | | 2.668 | | | | 04/20/23 | | | | 5,321,130 | |
| | 1,525,000 | | | | 2.680 | | | | 04/20/23 | | | | 1,494,699 | |
| | 183,000 | | | | 2.683 | | | | 04/20/23 | | | | 179,364 | |
| | 732,000 | | | | 2.692 | | | | 04/20/23 | | | | 717,456 | |
| | 915,000 | | | | 2.705 | | | | 04/20/23 | | | | 896,820 | |
| | 732,000 | | | | 2.710 | | | | 04/20/23 | | | | 717,456 | |
| | |
| | |
| 88 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate(a) | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Bills – (continued) | |
| | U.S. Treasury Bills – (continued) | | | | | |
| $ | 737,000 | | | | 2.720 | % | | | 04/20/23 | | | $ | 722,356 | |
| | 1,342,000 | | | | 2.750 | | | | 04/20/23 | | | | 1,315,336 | |
| | 1,403,000 | | | | 2.794 | | | | 04/20/23 | | | | 1,375,123 | |
| | 2,100,000 | | | | 2.921 | | | | 04/20/23 | | | | 2,058,275 | |
| | 2,760,000 | | | | 2.983 | | | | 04/20/23 | | | | 2,705,161 | |
| | 2,040,000 | | | | 2.993 | | | | 04/20/23 | | | | 1,999,467 | |
| | 240,000 | | | | 3.025 | | | | 04/20/23 | | | | 235,231 | |
| | 720,000 | | | | 3.032 | | | | 04/20/23 | | | | 705,694 | |
| | 4,920,000 | | | | 3.039 | | | | 04/20/23 | | | | 4,822,244 | |
| | 240,000 | | | | 3.048 | | | | 04/20/23 | | | | 235,231 | |
| | 1,500,000 | | | | 3.077 | | | | 04/20/23 | | | | 1,470,196 | |
| | 600,000 | | | | 3.092 | | | | 04/20/23 | | | | 588,078 | |
| | 1,080,000 | | | | 3.103 | | | | 04/20/23 | | | | 1,058,541 | |
| | 600,000 | | | | 3.104 | | | | 04/20/23 | | | | 588,078 | |
| | 660,000 | | | | 3.114 | | | | 04/20/23 | | | | 646,886 | |
| | 4,165,000 | | | | 3.141 | | | | 04/20/23 | | | | 4,082,245 | |
| | 180,000 | | | | 3.161 | | | | 04/20/23 | | | | 176,424 | |
| | 1,615,000 | | | | 3.193 | | | | 04/20/23 | | | | 1,582,911 | |
| | 3,416,000 | | | | 3.203 | | | | 04/20/23 | | | | 3,348,127 | |
| | 5,440,000 | | | | 3.223 | | | | 04/20/23 | | | | 5,331,912 | |
| | 18,664,000 | | | | 2.043 | | | | 05/18/23 | | | | 18,248,361 | |
| | 184,000 | | | | 2.199 | | | | 05/18/23 | | | | 179,902 | |
| | 32,000 | | | | 2.246 | | | | 05/18/23 | | | | 31,287 | |
| | 96,000 | | | | 2.533 | | | | 05/18/23 | | | | 93,862 | |
| | 632,000 | | | | 2.623 | | | | 05/18/23 | | | | 617,926 | |
| | 24,000 | | | | 2.662 | | | | 05/18/23 | | | | 23,465 | |
| | 96,000 | | | | 2.671 | | | | 05/18/23 | | | | 93,862 | |
| | 890,000 | | | | 2.697 | | | | 05/18/23 | | | | 870,180 | |
| | 150,000 | | | | 2.699 | | | | 05/18/23 | | | | 146,660 | |
| | 250,000 | | | | 2.706 | | | | 05/18/23 | | | | 244,433 | |
| | 176,000 | | | | 2.713 | | | | 05/18/23 | | | | 172,081 | |
| | 120,000 | | | | 2.764 | | | | 05/18/23 | | | | 117,328 | |
| | 184,000 | | | | 2.776 | | | | 05/18/23 | | | | 179,902 | |
| | 280,000 | | | | 2.927 | | | | 05/18/23 | | | | 273,764 | |
| | 368,000 | | | | 3.025 | | | | 05/18/23 | | | | 359,805 | |
| | 272,000 | | | | 3.028 | | | | 05/18/23 | | | | 265,943 | |
| | 40,000 | | | | 3.076 | | | | 05/18/23 | | | | 39,109 | |
| | 656,000 | | | | 3.078 | | | | 05/18/23 | | | | 641,391 | |
| | 120,000 | | | | 3.084 | | | | 05/18/23 | | | | 117,328 | |
| | 40,000 | | | | 3.113 | | | | 05/18/23 | | | | 39,109 | |
| | 280,000 | | | | 3.137 | | | | 05/18/23 | | | | 273,764 | |
| | 786,000 | | | | 3.147 | | | | 05/18/23 | | | | 768,496 | |
| | 250,000 | | | | 3.164 | | | | 05/18/23 | | | | 244,433 | |
| | 266,000 | | | | 3.191 | | | | 05/18/23 | | | | 260,076 | |
| | 560,000 | | | | 3.210 | | | | 05/18/23 | | | | 547,529 | |
| | 896,000 | | | | 3.221 | | | | 05/18/23 | | | | 876,046 | |
| | 137,392,200 | | | | 3.340 | | | | 07/13/23 | | | | 133,401,648 | |
| | 2,576,000 | | | | 3.466 | | | | 07/13/23 | | | | 2,501,180 | |
| | 53,590,400 | | | | 3.442 | | | | 08/10/23 | | | | 51,866,209 | |
| | 1,008,000 | | | | 3.538 | | | | 08/10/23 | | | | 975,569 | |
| | |
| | TOTAL U.S. TREASURY BILLS | |
| | (Cost $2,608,845,537) | | | $ | 2,605,435,586 | |
| | |
| | | | | | | | | | | | | | |
|
| U.S. Treasury Notes – 15.5% | |
| | U.S. Treasury Notes | | | | | |
| $ | 78,422,200 | | | | 0.207 | % | | | 10/31/22 | | | $ | 78,325,704 | |
| | 396,000 | | | | 0.266 | | | | 10/31/22 | | | | 395,513 | |
| | 1,144,000 | | | | 0.307 | | | | 10/31/22 | | | | 1,142,592 | |
| | 308,000 | | | | 0.331 | | | | 10/31/22 | | | | 307,621 | |
| | 440,000 | | | | 0.357 | | | | 10/31/22 | | | | 439,459 | |
| | 1,540,000 | | | | 0.425 | | | | 10/31/22 | | | | 1,538,105 | |
| | 176,000 | | | | 0.429 | | | | 10/31/22 | | | | 175,783 | |
| | 440,000 | | | | 0.479 | | | | 10/31/22 | | | | 439,459 | |
| | 3,432,000 | | | | 0.490 | | | | 10/31/22 | | | | 3,427,777 | |
| | 1,760,000 | | | | 0.492 | | | | 10/31/22 | | | | 1,757,834 | |
| | 880,000 | | | | 0.525 | | | | 10/31/22 | | | | 878,917 | |
| | 204,000 | | | | 0.596 | | | | 10/31/22 | | | | 203,749 | |
| | 176,000 | | | | 0.778 | | | | 10/31/22 | | | | 175,783 | |
| | 2,711,000 | | | | 0.833 | | | | 10/31/22 | | | | 2,707,664 | |
| | 180,000 | | | | 0.861 | | | | 10/31/22 | | | | 179,779 | |
| | 540,000 | | | | 1.295 | | | | 10/31/22 | | | | 539,336 | |
| | 2,520,000 | | | | 1.337 | | | | 10/31/22 | | | | 2,516,899 | |
| | 132,000 | | | | 1.382 | | | | 10/31/22 | | | | 131,838 | |
| | 176,000 | | | | 1.419 | | | | 10/31/22 | | | | 175,783 | |
| | 1,012,000 | | | | 1.427 | | | | 10/31/22 | | | | 1,010,755 | |
| | 308,000 | | | | 1.429 | | | | 10/31/22 | | | | 307,621 | |
| | 616,000 | | | | 1.430 | | | | 10/31/22 | | | | 615,242 | |
| | 572,000 | | | | 1.431 | | | | 10/31/22 | | | | 571,296 | |
| | 495,000 | | | | 1.435 | | | | 10/31/22 | | | | 494,391 | |
| | 1,466,000 | | | | 1.438 | | | | 10/31/22 | | | | 1,464,196 | |
| | 220,000 | | | | 1.444 | | | | 10/31/22 | | | | 219,729 | |
| | 120,000 | | | | 1.447 | | | | 10/31/22 | | | | 119,852 | |
| | 308,000 | | | | 1.467 | | | | 10/31/22 | | | | 307,621 | |
| | 308,000 | | | | 1.474 | | | | 10/31/22 | | | | 307,621 | |
| | 176,000 | | | | 1.481 | | | | 10/31/22 | | | | 175,783 | |
| | 1,012,000 | | | | 1.559 | | | | 10/31/22 | | | | 1,010,755 | |
| | 176,000 | | | | 1.593 | | | | 10/31/22 | | | | 175,783 | |
| | 528,000 | | | | 1.747 | | | | 10/31/22 | | | | 527,350 | |
| | 88,000 | | | | 2.037 | | | | 10/31/22 | | | | 87,892 | |
| | 2,684,000 | | | | 2.079 | | | | 10/31/22 | | | | 2,680,697 | |
| | 1,012,000 | | | | 2.082 | | | | 10/31/22 | | | | 1,010,755 | |
| | 3,916,000 | | | | 2.123 | | | | 10/31/22 | | | | 3,911,181 | |
| | 1,232,000 | | | | 2.128 | | | | 10/31/22 | | | | 1,230,484 | |
| | 1,100,000 | | | | 2.129 | | | | 10/31/22 | | | | 1,098,646 | |
| | 3,740,000 | | | | 2.172 | | | | 10/31/22 | | | | 3,735,398 | |
| | 528,000 | | | | 2.181 | | | | 10/31/22 | | | | 527,350 | |
| | 132,000 | | | | 2.191 | | | | 10/31/22 | | | | 131,838 | |
| | 528,000 | | | | 2.192 | | | | 10/31/22 | | | | 527,350 | |
| | 968,000 | | | | 2.194 | | | | 10/31/22 | | | | 966,809 | |
| | 396,000 | | | | 2.225 | | | | 10/31/22 | | | | 395,513 | |
| | 1,408,000 | | | | 2.226 | | | | 10/31/22 | | | | 1,406,267 | |
| | 1,012,000 | | | | 2.246 | | | | 10/31/22 | | | | 1,010,755 | |
| | 396,000 | | | | 2.307 | | | | 10/31/22 | | | | 395,513 | |
| | 660,000 | | | | 2.363 | | | | 10/31/22 | | | | 659,188 | |
| | 484,000 | | | | 2.475 | | | | 10/31/22 | | | | 483,404 | |
| | 1,540,000 | | | | 2.500 | | | | 10/31/22 | | | | 1,538,105 | |
| | 284,000 | | | | 2.519 | | | | 10/31/22 | | | | 283,651 | |
| | 528,000 | | | | 2.580 | | | | 10/31/22 | | | | 527,350 | |
| | 176,000 | | | | 2.609 | | | | 10/31/22 | | | | 175,783 | |
| | 792,000 | | | | 2.683 | | | | 10/31/22 | | | | 791,025 | |
| | 440,000 | | | | 2.692 | | | | 10/31/22 | | | | 439,459 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 89 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate(a) | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Notes – (continued) | |
| | U.S. Treasury Notes – (continued) | | | | | |
| $ | 2,989,000 | | | | 2.725 | % | | | 10/31/22 | | | $ | 2,985,322 | |
| | 440,000 | | | | 2.757 | | | | 10/31/22 | | | | 439,459 | |
| | 2,520,000 | | | | 2.762 | | | | 10/31/22 | | | | 2,516,899 | |
| | 1,100,000 | | | | 2.769 | | | | 10/31/22 | | | | 1,098,646 | |
| | 1,159,000 | | | | 2.831 | | | | 10/31/22 | | | | 1,157,574 | |
| | 3,904,000 | | | | 2.856 | | | | 10/31/22 | | | | 3,899,196 | |
| | 26,880,200 | | | | 0.357 | | | | 12/15/22 | | | | 26,784,124 | |
| | 150,000 | | | | 0.410 | | | | 12/15/22 | | | | 149,464 | |
| | 60,000 | | | | 0.455 | | | | 12/15/22 | | | | 59,786 | |
| | 525,000 | | | | 0.462 | | | | 12/15/22 | | | | 523,124 | |
| | 150,000 | | | | 0.539 | | | | 12/15/22 | | | | 149,464 | |
| | 600,000 | | | | 0.551 | | | | 12/15/22 | | | | 597,855 | |
| | 1,170,000 | | | | 0.553 | | | | 12/15/22 | | | | 1,165,818 | |
| | 300,000 | | | | 0.563 | | | | 12/15/22 | | | | 298,928 | |
| | 30,000 | | | | 0.667 | | | | 12/15/22 | | | | 29,893 | |
| | 54,000 | | | | 0.668 | | | | 12/15/22 | | | | 53,807 | |
| | 60,000 | | | | 0.833 | | | | 12/15/22 | | | | 59,786 | |
| | 936,000 | | | | 0.917 | | | | 12/15/22 | | | | 932,655 | |
| | 180,000 | | | | 1.405 | | | | 12/15/22 | | | | 179,357 | |
| | 840,000 | | | | 1.514 | | | | 12/15/22 | | | | 836,998 | |
| | 126,000 | | | | 1.523 | | | | 12/15/22 | | | | 125,550 | |
| | 120,000 | | | | 1.529 | | | | 12/15/22 | | | | 119,571 | |
| | 195,000 | | | | 1.532 | | | | 12/15/22 | | | | 194,303 | |
| | 345,000 | | | | 1.562 | | | | 12/15/22 | | | | 343,767 | |
| | 45,000 | | | | 1.565 | | | | 12/15/22 | | | | 44,839 | |
| | 315,000 | | | | 1.569 | | | | 12/15/22 | | | | 313,874 | |
| | 105,000 | | | | 1.586 | | | | 12/15/22 | | | | 104,625 | |
| | 60,000 | | | | 1.592 | | | | 12/15/22 | | | | 59,786 | |
| | 150,000 | | | | 1.614 | | | | 12/15/22 | | | | 149,464 | |
| | 385,000 | | | | 1.615 | | | | 12/15/22 | | | | 383,624 | |
| | 165,000 | | | | 1.616 | | | | 12/15/22 | | | | 164,410 | |
| | 345,000 | | | | 1.678 | | | | 12/15/22 | | | | 343,767 | |
| | 60,000 | | | | 1.797 | | | | 12/15/22 | | | | 59,786 | |
| | 180,000 | | | | 1.988 | | | | 12/15/22 | | | | 179,357 | |
| | 420,000 | | | | 2.324 | | | | 12/15/22 | | | | 418,499 | |
| | 30,000 | | | | 2.332 | | | | 12/15/22 | | | | 29,893 | |
| | 345,000 | | | | 2.340 | | | | 12/15/22 | | | | 343,767 | |
| | 1,335,000 | | | | 2.348 | | | | 12/15/22 | | | | 1,330,228 | |
| | 915,000 | | | | 2.352 | | | | 12/15/22 | | | | 911,730 | |
| | 375,000 | | | | 2.356 | | | | 12/15/22 | | | | 373,660 | |
| | 225,000 | | | | 2.399 | | | | 12/15/22 | | | | 224,196 | |
| | 1,185,000 | | | | 2.401 | | | | 12/15/22 | | | | 1,180,765 | |
| | 90,000 | | | | 2.406 | | | | 12/15/22 | | | | 89,678 | |
| | 330,000 | | | | 2.411 | | | | 12/15/22 | | | | 328,821 | |
| | 345,000 | | | | 2.416 | | | | 12/15/22 | | | | 343,767 | |
| | 45,000 | | | | 2.437 | | | | 12/15/22 | | | | 44,839 | |
| | 360,000 | | | | 2.442 | | | | 12/15/22 | | | | 358,713 | |
| | 135,000 | | | | 2.510 | | | | 12/15/22 | | | | 134,517 | |
| | 525,000 | | | | 2.562 | | | | 12/15/22 | | | | 523,124 | |
| | 275,000 | | | | 2.656 | | | | 12/15/22 | | | | 274,017 | |
| | 510,000 | | | | 2.658 | | | | 12/15/22 | | | | 508,177 | |
| | 60,000 | | | | 2.673 | | | | 12/15/22 | | | | 59,786 | |
| | 180,000 | | | | 2.674 | | | | 12/15/22 | | | | 179,357 | |
| | 60,000 | | | | 2.731 | | | | 12/15/22 | | | | 59,786 | |
| | 150,000 | | | | 2.735 | | | | 12/15/22 | | | | 149,464 | |
| | 270,000 | | | | 2.744 | | | | 12/15/22 | | | | 269,035 | |
| | |
|
| U.S. Treasury Notes – (continued) | |
| | U.S. Treasury Notes – (continued) | | | | | |
| 375,000 | | | | 2.806 | | | | 12/15/22 | | | | 373,660 | |
| | 150,000 | | | | 2.823 | | | | 12/15/22 | | | | 149,464 | |
| | 1,029,000 | | | | 2.850 | | | | 12/15/22 | | | | 1,025,322 | |
| | 399,000 | | | | 2.861 | | | | 12/15/22 | | | | 397,574 | |
| | 1,344,000 | | | | 2.873 | | | | 12/15/22 | | | | 1,339,196 | |
| | 840,000 | | | | 2.885 | | | | 12/15/22 | | | | 836,998 | |
| | 5,504,000 | | | | 3.068 | | | | 01/15/23 | | | | 5,471,427 | |
| | 2,449,000 | | | | 2.799 | | | | 05/15/23 | | | | 2,394,089 | |
| | 93,000 | | | | 2.867 | | | | 05/15/23 | | | | 90,915 | |
| | 372,000 | | | | 2.875 | | | | 05/15/23 | | | | 363,659 | |
| | 73,774,200 | | | | 2.898 | | | | 05/15/23 | | | | 72,120,044 | |
| | 682,000 | | | | 2.903 | | | | 05/15/23 | | | | 666,708 | |
| | 713,000 | | | | 2.957 | | | | 05/15/23 | | | | 697,013 | |
| | 1,050,000 | | | | 2.979 | | | | 05/15/23 | | | | 1,026,457 | |
| | 279,000 | | | | 3.006 | | | | 05/15/23 | | | | 272,744 | |
| | 465,000 | | | | 3.020 | | | | 05/15/23 | | | | 454,574 | |
| | 1,020,000 | | | | 3.062 | | | | 05/15/23 | | | | 997,130 | |
| | 992,000 | | | | 3.063 | | | | 05/15/23 | | | | 969,757 | |
| | 1,380,000 | | | | 3.093 | | | | 05/15/23 | | | | 1,349,058 | |
| | 2,460,000 | | | | 3.142 | | | | 05/15/23 | | | | 2,404,842 | |
| | 120,000 | | | | 3.155 | | | | 05/15/23 | | | | 117,309 | |
| | 120,000 | | | | 3.180 | | | | 05/15/23 | | | | 117,309 | |
| | 360,000 | | | | 3.184 | | | | 05/15/23 | | | | 351,928 | |
| | 540,000 | | | | 3.191 | | | | 05/15/23 | | | | 527,892 | |
| | 330,000 | | | | 3.225 | | | | 05/15/23 | | | | 322,601 | |
| | 90,000 | | | | 3.226 | | | | 05/15/23 | | | | 87,982 | |
| | 300,000 | | | | 3.227 | | | | 05/15/23 | | | | 293,273 | |
| | 300,000 | | | | 3.239 | | | | 05/15/23 | | | | 293,273 | |
| | 750,000 | | | | 3.273 | | | | 05/15/23 | | | | 733,184 | |
| | 2,107,000 | | | | 3.275 | | | | 05/15/23 | | | | 2,059,757 | |
| | 817,000 | | | | 3.308 | | | | 05/15/23 | | | | 798,681 | |
| | 2,752,000 | | | | 3.366 | | | | 05/15/23 | | | | 2,690,295 | |
| | 1,736,000 | | | | 3.376 | | | | 05/15/23 | | | | 1,697,076 | |
| | 1,343,000 | | | | 2.816 | | | | 06/15/23 | | | | 1,310,186 | |
| | 51,000 | | | | 2.871 | | | | 06/15/23 | | | | 49,754 | |
| | 204,000 | | | | 2.879 | | | | 06/15/23 | | | | 199,016 | |
| | 34,375,200 | | | | 2.913 | | | | 06/15/23 | | | | 33,535,290 | |
| | 374,000 | | | | 2.919 | | | | 06/15/23 | | | | 364,862 | |
| | 80,449,100 | | | | 2.922 | | | | 06/15/23 | | | | 78,483,439 | |
| | 391,000 | | | | 2.962 | | | | 06/15/23 | | | | 381,446 | |
| | 1,575,000 | | | | 2.996 | | | | 06/15/23 | | | | 1,536,517 | |
| | 544,000 | | | | 3.085 | | | | 06/15/23 | | | | 530,708 | |
| | 2,070,000 | | | | 3.099 | | | | 06/15/23 | | | | 2,019,422 | |
| | 1,530,000 | | | | 3.108 | | | | 06/15/23 | | | | 1,492,617 | |
| | 3,690,000 | | | | 3.160 | | | | 06/15/23 | | | | 3,599,840 | |
| | 180,000 | | | | 3.172 | | | | 06/15/23 | | | | 175,602 | |
| | 540,000 | | | | 3.179 | | | | 06/15/23 | | | | 526,806 | |
| | 180,000 | | | | 3.199 | | | | 06/15/23 | | | | 175,602 | |
| | 495,000 | | | | 3.238 | | | | 06/15/23 | | | | 482,905 | |
| | 810,000 | | | | 3.242 | | | | 06/15/23 | | | | 790,209 | |
| | 450,000 | | | | 3.244 | | | | 06/15/23 | | | | 439,005 | |
| | 450,000 | | | | 3.247 | | | | 06/15/23 | | | | 439,005 | |
| | 1,125,000 | | | | 3.275 | | | | 06/15/23 | | | | 1,097,512 | |
| | 3,087,000 | | | | 3.327 | | | | 06/15/23 | | | | 3,011,573 | |
| | 1,197,000 | | | | 3.358 | | | | 06/15/23 | | | | 1,167,753 | |
| | 4,032,000 | | | | 3.395 | | | | 06/15/23 | | | | 3,933,484 | |
| | |
| | |
| 90 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate(a) | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Notes – (continued) | |
| | U.S. Treasury Notes – (continued) | | | | | |
| $ | 2,520,000 | | | | 3.424 | % | | | 06/15/23 | | | $ | 2,458,427 | |
| | 51,001,000 | | | | 2.924 | | | | 07/15/23 | | | | 49,532,729 | |
| | 216,000 | | | | 3.230 | | | | 07/15/23 | | | | 209,782 | |
| | 324,000 | | | | 3.286 | | | | 07/15/23 | | | | 314,672 | |
| | 180,000 | | | | 3.299 | | | | 07/15/23 | | | | 174,818 | |
| | 180,000 | | | | 3.323 | | | | 07/15/23 | | | | 174,818 | |
| | 450,000 | | | | 3.334 | | | | 07/15/23 | | | | 437,045 | |
| | 1,225,000 | | | | 3.372 | | | | 07/15/23 | | | | 1,189,733 | |
| | 475,000 | | | | 3.403 | | | | 07/15/23 | | | | 461,325 | |
| | 1,600,000 | | | | 3.430 | | | | 07/15/23 | | | | 1,553,937 | |
| | 1,008,000 | | | | 3.516 | | | | 07/15/23 | | | | 978,981 | |
| | |
| | TOTAL U.S. TREASURY NOTES | |
| | (Cost $479,808,086) | | | $ | 478,142,711 | |
| | |
| | TOTAL INVESTMENTS – 99.9% | |
| | (Cost $3,088,653,623) | | | $ | 3,083,578,297 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.1% |
| | | 3,483,179 | |
| | |
| | NET ASSETS – 100.0% | | | $ | 3,087,061,476 | |
| | |
| | |
|
| 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. | | 91 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| U.S. Treasury Notes – 32.7% | |
| | U.S. Treasury Notes | |
| $ | 15,000,000 | | | | 0.250 | % | | | 05/15/24 | | | $ | 14,205,500 | |
| | 10,852,000 | | | | 2.500 | | | | 01/31/25 | | | | 10,604,278 | |
| | 16,103,000 | | | | 2.000 | | | | 02/15/25 | | | | 15,544,209 | |
| | 55,285,000 | | | | 2.000 | | | | 11/15/26 | | | | 52,202,883 | |
| | 21,602,000 | | | | 2.750 | | | | 02/15/28 | | | | 20,935,558 | |
| | 19,079,000 | | | | 2.875 | | | | 08/15/28 | | | | 18,577,245 | |
| | 2,008,000 | | | | 2.375 | | | | 05/15/29 | | | | 1,893,771 | |
| | 8,500,000 | | | | 1.625 | | | | 08/15/29 | | | | 7,648,582 | |
| | |
| | TOTAL U.S. TREASURY NOTES | |
| | (Cost $149,151,370) | | | | | | | $ | 141,612,026 | |
| | |
| | | | | | | | | | | | | | |
|
| Mortgage-Backed Securities – 26.7% | |
| | Federal Home Loan Mortgage Corporation | |
| $ | 328,360 | | | | 4.500 | % | | | 07/01/48 | | | $ | 326,785 | |
| | 2,951,266 | | | | 2.500 | | | | 05/01/51 | | | | 2,654,212 | |
| | 216,668 | | | | 4.500 | | | | 05/01/52 | | | | 215,645 | |
| | Federal National Mortgage Association | |
| | 1,000,000 | | | | 1.750 | | | | 07/02/24 | | | | 968,971 | |
| | 3,400,000 | | | | 1.500 | | | | TBA-15yr | (a) | | | 3,046,187 | |
| | 5,600,000 | | | | 2.000 | | | | TBA-15yr | (a) | | | 5,159,000 | |
| | 2,000,000 | | | | 2.500 | | | | TBA-15yr | (a) | | | 1,891,094 | |
| | 2,000,000 | | | | 3.000 | | | | TBA-15yr | (a) | | | 1,936,562 | |
| | 2,861,517 | | | | 3.500 | | | | 07/01/45 | | | | 2,774,037 | |
| | 76,441 | | | | 4.500 | | | | 06/01/48 | | | | 77,026 | |
| | 426,287 | | | | 4.500 | | | | 07/01/48 | | | | 429,544 | |
| | 29,168 | | | | 5.000 | | | | 12/01/48 | | | | 29,446 | |
| | 53,213 | | | | 4.500 | | | | 01/01/49 | | | | 53,514 | |
| | 45,458 | | | | 4.500 | | | | 08/01/49 | | | | 45,221 | |
| | 743,540 | | | | 4.500 | | | | 08/01/49 | | | | 739,660 | |
| | 198,191 | | | | 5.000 | | | | 12/01/49 | | | | 201,586 | |
| | 32,543 | | | | 4.500 | | | | 01/01/50 | | | | 32,373 | |
| | 136,916 | | | | 4.500 | | | | 03/01/50 | | | | 137,016 | |
| | 111,026 | | | | 5.000 | | | | 04/01/50 | | | | 115,322 | |
| | 31,400,000 | | | | 2.000 | | | | TBA-30yr | (a) | | | 27,016,265 | |
| | 82,610 | | | | 4.500 | | | | 10/01/50 | | | | 83,062 | |
| | 60,056 | | | | 4.500 | | | | 10/01/50 | | | | 59,743 | |
| | 3,900,000 | | | | 1.500 | | | | TBA-30yr | (a) | | | 3,184,289 | |
| | 19,000,000 | | | | 2.500 | | | | TBA-30yr | (a) | | | 16,967,891 | |
| | 11,200,000 | | | | 3.000 | | | | TBA-30yr | (a) | | | 10,366,125 | |
| | 5,200,000 | | | | 3.500 | | | | TBA-30yr | (a) | | | 4,957,062 | |
| | 6,000,000 | | | | 4.000 | | | | TBA-30yr | (a) | | | 5,856,094 | |
| | 1,000,000 | | | | 4.500 | | | | TBA-30yr | (a) | | | 994,219 | |
| | 400,000 | | | | 5.000 | | | | TBA-30yr | (a) | | | 403,656 | |
| | Government National Mortgage Association | |
| | 62,340 | | | | 5.000 | | | | 12/20/48 | | | | 63,881 | |
| | 34,390 | | | | 5.000 | | | | 05/20/49 | | | | 35,241 | |
| | 328,203 | | | | 3.000 | | | | 09/20/49 | | | | 308,943 | |
| | 121,965 | | | | 4.500 | | | | 03/20/50 | | | | 124,294 | |
| | 67,295 | | | | 5.000 | | | | 05/20/50 | | | | 69,574 | |
| | 256,391 | | | | 4.000 | | | | 09/20/50 | | | | 253,473 | |
| | 847,256 | | | | 3.000 | | | | 07/20/51 | | | | 798,885 | |
| | 3,000,000 | | | | 2.000 | | | | TBA-30yr | (a) | | | 2,647,266 | |
| | 7,000,000 | | | | 2.500 | | | | TBA-30yr | (a) | | | 6,376,016 | |
| | 4,300,000 | | | | 3.000 | | | | TBA-30yr | (a) | | | 4,033,265 | |
| | |
|
| Mortgage-Backed Securities – (continued) | |
| | Government National Mortgage Association – (continued) | |
| 4,000,000 | | | | 3.500 | | | | TBA-30yr | (a) | | | 3,857,187 | |
| | 1,900,000 | | | | 4.000 | | | | TBA-30yr | (a) | | | 1,872,391 | |
| | 1,400,000 | | | | 4.500 | | | | TBA-30yr | (a) | | | 1,400,875 | |
| | 3,789,788 | | | | 2.000 | | | | 09/20/51 | | | | 3,347,007 | |
| | |
| | TOTAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $119,559,116) | | | | | | | $ | 115,909,905 | |
| | |
| | | | | | | | | | | | | | |
|
| Corporate Obligations – 20.4% | |
| Aerospace & Defense – 0.4% | |
| | Boeing Co. (The) | |
| $ | 600,000 | | | | 5.150 | % | | | 05/01/30 | | | $ | 591,406 | |
| | General Dynamics Corp. | |
| | 90,000 | | | | 3.375 | | | | 05/15/23 | | | | 89,724 | |
| | 215,000 | | | | 3.625 | | | | 04/01/30 | | | | 207,070 | |
| | Hexcel Corp. | |
| | 40,000 | | | | 4.200 | | | | 02/15/27 | | | | 38,457 | |
| | Northrop Grumman Corp. | |
| | 100,000 | | | | 7.875 | | | | 03/01/26 | | | | 111,082 | |
| | 40,000 | | | | 4.030 | | | | 10/15/47 | | | | 35,130 | |
| | Raytheon Technologies Corp. | |
| | 200,000 | | | | 3.950 | | | | 08/16/25 | | | | 199,620 | |
| | 100,000 | | | | 2.375 | | | | 03/15/32 | | | | 83,973 | |
| | 30,000 | | | | 4.450 | | | | 11/16/38 | | | | 28,457 | |
| | 60,000 | | | | 4.875 | | | | 10/15/40 | | | | 59,151 | |
| | 400,000 | | | | 2.820 | | | | 09/01/51 | | | | 282,207 | |
| | Textron, Inc. | |
| | 80,000 | | | | 3.000 | | | | 06/01/30 | | | | 69,501 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,795,778 | |
| | |
| Banks – 4.1% | |
| | American Express Co. | |
| | 80,000 | | | | 3.625 | | | | 12/05/24 | | | | 79,595 | |
| | Bank of America Corp. | |
| | (SOFR + 0.690%) | |
| | 425,000 | | | | 0.976 | (b) | | | 04/22/25 | | | | 400,281 | |
| | (SOFR + 0.960%) | |
| | 300,000 | | | | 1.734 | (b) | | | 07/22/27 | | | | 266,130 | |
| | (3M USD LIBOR + 1.040%) | |
| | 200,000 | | | | 3.419 | (b) | | | 12/20/28 | | | | 185,527 | |
| | (SOFR + 2.150%) | |
| | 180,000 | | | | 2.592 | (b) | | | 04/29/31 | | | | 151,992 | |
| | (US 5 Year CMT T-Note + 1.200%) | |
| | 200,000 | | | | 2.482 | (b) | | | 09/21/36 | | | | 155,160 | |
| | (3M USD LIBOR + 1.814%) | |
| | 300,000 | | | | 4.244 | (b) | | | 04/24/38 | | | | 273,041 | |
| | 100,000 | | | | 7.750 | | | | 05/14/38 | | | | 123,731 | |
| | Bank of America Corp., Series L | |
| | 125,000 | | | | 4.183 | | | | 11/25/27 | | | | 122,024 | |
| | 73,000 | | | | 4.750 | | | | 04/21/45 | | | | 66,656 | |
| | Bank of America Corp., MTN | |
| | 40,000 | | | | 4.125 | | | | 01/22/24 | | | | 40,143 | |
| | (SOFR + 0.410%) | |
| | 500,000 | | | | 0.523 | (b) | | | 06/14/24 | | | | 483,274 | |
| | |
| | |
| 92 | | 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) | |
| | Bank of America Corp., MTN – (continued) | |
| | (3M USD LIBOR + 1.060%) | |
| $ | 80,000 | | | | 3.559 | % (b) | | | 04/23/27 | | | $ | 76,594 | |
| | 75,000 | | | | 3.248 | | | | 10/21/27 | | | | 70,891 | |
| | (3M USD LIBOR + 1.210%) | |
| | 300,000 | | | | 3.974 | (b) | | | 02/07/30 | | | | 281,691 | |
| | (3M USD LIBOR + 0.990%) | |
| | 200,000 | | | | 2.496 | (b) | | | 02/13/31 | | | | 167,647 | |
| | (SOFR + 1.530%) | |
| | 40,000 | | | | 1.898 | (b) | | | 07/23/31 | | | | 31,770 | |
| | (SOFR + 1.930%) | |
| | 300,000 | | | | 2.676 | (b) | | | 06/19/41 | | | | 216,567 | |
| | (3M USD LIBOR + 3.150%) | |
| | 300,000 | | | | 4.083 | (b) | | | 03/20/51 | | | | 258,572 | |
| | (SOFR + 1.880%) | |
| | 60,000 | | | | 2.831 | (b) | | | 10/24/51 | | | | 41,051 | |
| | Bank of America Corp.(b), Series N | |
| | (SOFR + 1.650%) | |
| | 100,000 | | | | 3.483 | | | | 03/13/52 | | | | 78,019 | |
| | Bank of New York Mellon Corp. (The), MTN | |
| | 300,000 | | | | 2.800 | | | | 05/04/26 | | | | 290,548 | |
| | 200,000 | | | | 1.650 | | | | 01/28/31 | | | | 161,914 | |
| | 850,000 | | | | 1.800 | | | | 07/28/31 | | | | 688,017 | |
| | Charles Schwab Corp. (The) | |
| | 300,000 | | | | 0.900 | | | | 03/11/26 | | | | 270,708 | |
| | Citigroup, Inc. | |
| | (SOFR + 1.372%) | |
| | 800,000 | | | | 4.140 | (b) | | | 05/24/25 | | | | 793,310 | |
| | (SOFR + 1.887%) | |
| | 300,000 | | | | 4.658 | (b) | | | 05/24/28 | | | | 296,862 | |
| | (SOFR + 2.086%) | |
| | 700,000 | | | | 4.910 | (b) | | | 05/24/33 | | | | 688,361 | |
| | Comerica, Inc. | |
| | 300,000 | | | | 3.700 | | | | 07/31/23 | | | | 299,324 | |
| | 25,000 | | | | 4.000 | | | | 02/01/29 | | | | 24,170 | |
| | Fifth Third Bancorp | |
| | 25,000 | | | | 4.300 | | | | 01/16/24 | | | | 25,048 | |
| | 40,000 | | | | 8.250 | | | | 03/01/38 | | | | 51,627 | |
| | Huntington National Bank (The) | |
| | 390,000 | | | | 3.550 | | | | 10/06/23 | | | | 388,416 | |
| | JPMorgan Chase & Co. | |
| | 40,000 | | | | 3.875 | | | | 02/01/24 | | | | 40,070 | |
| | (3M USD LIBOR + 0.730%) | |
| | 80,000 | | | | 3.559 | (b) | | | 04/23/24 | | | | 79,595 | |
| | (SOFR + 1.455%) | |
| | 50,000 | | | | 1.514 | (b) | | | 06/01/24 | | | | 48,944 | |
| | (SOFR + 0.540%) | |
| | 300,000 | | | | 0.824 | (b) | | | 06/01/25 | | | | 280,884 | |
| | (3M U.S. T-Bill MMY + 1.585%) | |
| | 165,000 | | | | 2.005 | (b) | | | 03/13/26 | | | | 154,624 | |
| | 40,000 | | | | 7.625 | | | | 10/15/26 | | | | 44,887 | |
| | (SOFR + 0.800%) | |
| | 100,000 | | | | 1.045 | (b) | | | 11/19/26 | | | | 89,077 | |
| | 300,000 | | | | 8.000 | | | | 04/29/27 | | | | 344,852 | |
| | 80,000 | | | | 4.250 | | | | 10/01/27 | | | | 79,265 | |
| | (3M USD LIBOR + 1.337%) | |
| | 400,000 | | | | 3.782 | (b) | | | 02/01/28 | | | | 384,075 | |
| | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | JPMorgan Chase & Co. – (continued) | |
| | (3M USD LIBOR + 1.380%) | |
| 50,000 | | | | 3.540 | (b) | | | 05/01/28 | | | | 47,085 | |
| | (3M USD LIBOR + 1.330%) | |
| | 40,000 | | | | 4.452 | (b) | | | 12/05/29 | | | | 38,759 | |
| | (SOFR + 1.510%) | |
| | 90,000 | | | | 2.739 | (b) | | | 10/15/30 | | | | 78,192 | |
| | (SOFR + 3.790%) | |
| | 360,000 | | | | 4.493 | (b) | | | 03/24/31 | | | | 349,668 | |
| | (3M U.S. T-Bill MMY + 1.105%) | |
| | 25,000 | | | | 1.764 | (b) | | | 11/19/31 | | | | 19,739 | |
| | (SOFR + 1.180%) | |
| | 300,000 | | | | 2.545 | (b) | | | 11/08/32 | | | | 247,901 | |
| | (3M USD LIBOR + 1.360%) | |
| | 152,000 | | | | 3.882 | (b) | | | 07/24/38 | | | | 133,573 | |
| | 15,000 | | | | 5.400 | | | | 01/06/42 | | | | 15,368 | |
| | 40,000 | | | | 4.850 | | | | 02/01/44 | | | | 39,523 | |
| | (3M USD LIBOR + 1.380%) | |
| | 40,000 | | | | 3.964 | (b) | | | 11/15/48 | | | | 33,736 | |
| | (SOFR + 2.440%) | |
| | 660,000 | | | | 3.109 | (b) | | | 04/22/51 | | | | 478,706 | |
| | (SOFR + 1.580%) | |
| | 300,000 | | | | 3.328 | (b) | | | 04/22/52 | | | | 228,485 | |
| | KeyCorp, MTN | |
| | 120,000 | | | | 4.100 | | | | 04/30/28 | | | | 116,760 | |
| | 80,000 | | | | 2.550 | | | | 10/01/29 | | | | 68,549 | |
| | Manufacturers & Traders Trust Co. | |
| | 280,000 | | | | 3.400 | | | | 08/17/27 | | | | 263,258 | |
| | Morgan Stanley | |
| | (SOFR + 0.525%) | |
| | 40,000 | | | | 0.790 | (b) | | | 05/30/25 | | | | 37,328 | |
| | (SOFR + 1.360%) | |
| | 100,000 | | | | 2.484 | (b) | | | 09/16/36 | | | | 77,114 | |
| | (SOFR + 1.485%) | |
| | 300,000 | | | | 3.217 | (b) | | | 04/22/42 | | | | 234,721 | |
| | 80,000 | | | | 4.300 | | | | 01/27/45 | | | | 71,875 | |
| | 75,000 | | | | 4.375 | | | | 01/22/47 | | | | 69,035 | |
| | Morgan Stanley, GMTN | |
| | 340,000 | | | | 3.700 | | | | 10/23/24 | | | | 337,244 | |
| | 120,000 | | | | 4.350 | | | | 09/08/26 | | | | 118,463 | |
| | (SOFR + 1.143%) | |
| | 250,000 | | | | 2.699 | (b) | | | 01/22/31 | | | | 216,496 | |
| | (SOFR + 1.178%) | |
| | 200,000 | | | | 2.239 | (b) | | | 07/21/32 | | | | 161,532 | |
| | Morgan Stanley, MTN | |
| | 100,000 | | | | 6.250 | | | | 08/09/26 | | | | 106,729 | |
| | (SOFR + 1.430%) | |
| | 300,000 | | | | 2.802 | (b) | | | 01/25/52 | | | | 205,250 | |
| | Northern Trust Corp. | |
| | 315,000 | | | | 3.950 | | | | 10/30/25 | | | | 313,810 | |
| | 56,000 | | | | 3.650 | | | | 08/03/28 | | | | 54,379 | |
| | 150,000 | | | | 3.150 | | | | 05/03/29 | | | | 140,329 | |
| | PNC Bank NA | |
| | 300,000 | | | | 2.700 | | | | 10/22/29 | | | | 261,156 | |
| | PNC Financial Services Group, Inc. (The) | |
| | 80,000 | | | | 3.900 | | | | 04/29/24 | | | | 80,089 | |
| | 400,000 | | | | 2.600 | | | | 07/23/26 | | | | 377,321 | |
| | 290,000 | | | | 3.450 | | | | 04/23/29 | | | | 274,705 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 93 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | |
| | State Street Corp. | |
| | (SOFR + 0.560%) | |
| $ | 40,000 | | | | 1.684 | % (b) | | | 11/18/27 | | | $ | 36,157 | |
| | (3M USD LIBOR + 1.030%) | |
| | 50,000 | | | | 4.141 | (b) | | | 12/03/29 | | | | 48,763 | |
| | 100,000 | | | | 2.200 | | | | 03/03/31 | | | | 83,319 | |
| | (SOFR + 1.490%) | |
| | 40,000 | | | | 3.031 | (b) | | | 11/01/34 | | | | 35,044 | |
| | Truist Bank | |
| | 40,000 | | | | 3.200 | | | | 04/01/24 | | | | 39,643 | |
| | Truist Financial Corp., MTN | |
| | 80,000 | | | | 3.875 | | | | 03/19/29 | | | | 75,966 | |
| | US Bancorp | |
| | 15,000 | | | | 2.400 | | | | 07/30/24 | | | | 14,646 | |
| | US Bancorp, MTN | |
| | 80,000 | | | | 3.900 | | | | 04/26/28 | | | | 78,713 | |
| | 80,000 | | | | 3.000 | | | | 07/30/29 | | | | 72,499 | |
| | 40,000 | | | | 1.375 | | | | 07/22/30 | | | | 32,044 | |
| | US Bancorp, Series V | |
| | 300,000 | | | | 2.375 | | | | 07/22/26 | | | | 282,558 | |
| | US Bancorp, Series X | |
| | 150,000 | | | | 3.150 | | | | 04/27/27 | | | | 144,807 | |
| | US Bank NA | |
| | 300,000 | | | | 2.050 | | | | 01/21/25 | | | | 287,724 | |
| | Wells Fargo & Co. | |
| | (SOFR + 2.000%) | |
| | 300,000 | | | | 2.188 | (b) | | | 04/30/26 | | | | 280,485 | |
| | 400,000 | | | | 3.000 | | | | 10/23/26 | | | | 378,682 | |
| | (SOFR + 2.530%) | |
| | 150,000 | | | | 3.068 | (b) | | | 04/30/41 | | | | 115,735 | |
| | 128,000 | | | | 5.606 | | | | 01/15/44 | | | | 130,660 | |
| | 60,000 | | | | 3.900 | | | | 05/01/45 | | | | 50,999 | |
| | Wells Fargo & Co., MTN | |
| | (3M USD LIBOR + 1.310%) | |
| | 50,000 | | | | 3.584 | (b) | | | 05/22/28 | | | | 47,145 | |
| | 25,000 | | | | 4.150 | | | | 01/24/29 | | | | 24,277 | |
| | (SOFR + 1.262%) | |
| | 400,000 | | | | 2.572 | (b) | | | 02/11/31 | | | | 340,970 | |
| | (SOFR + 4.032%) | |
| | 340,000 | | | | 4.478 | (b) | | | 04/04/31 | | | | 327,121 | |
| | Wells Fargo Bank NA | |
| | 300,000 | | | | 6.600 | | | | 01/15/38 | | | | 345,311 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 17,665,080 | |
| | |
| Basic Industry – 0.4% | |
| | CF Industries, Inc. | |
| | 290,000 | | | | 5.150 | | | | 03/15/34 | | | | 281,540 | |
| | 100,000 | | | | 5.375 | | | | 03/15/44 | | | | 94,041 | |
| | Dow Chemical Co. (The) | |
| | 60,000 | | | | 3.600 | | | | 11/15/50 | | | | 46,056 | |
| | FMC Corp. | |
| | 350,000 | | | | 4.500 | | | | 10/01/49 | | | | 295,374 | |
| | Georgia-Pacific LLC | |
| | 10,000 | | | | 8.000 | | | | 01/15/24 | | | | 10,545 | |
| | Huntsman International LLC | |
| | 70,000 | | | | 4.500 | | | | 05/01/29 | | | | 64,858 | |
| | |
|
| Corporate Obligations – (continued) | |
| Basic Industry – (continued) | |
| | Linde, Inc. | |
| 100,000 | | | | 1.100 | | | | 08/10/30 | | | | 80,135 | |
| | LYB International Finance III LLC | |
| | 40,000 | | | | 2.250 | | | | 10/01/30 | | | | 32,767 | |
| | 180,000 | | | | 3.625 | | | | 04/01/51 | | | | 132,838 | |
| | Mosaic Co. (The) | |
| | 80,000 | | | | 4.875 | | | | 11/15/41 | | | | 71,402 | |
| | Sherwin-Williams Co. (The) | |
| | 200,000 | | | | 3.450 | | | | 06/01/27 | | | | 191,393 | |
| | Westlake Corp. | |
| | 40,000 | | | | 3.600 | | | | 08/15/26 | | | | 38,845 | |
| | 250,000 | | | | 5.000 | | | | 08/15/46 | | | | 233,178 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,572,972 | |
| | |
| Broadcasting – 0.0% | |
| | Fox Corp. | |
| | 40,000 | | | | 4.030 | | | | 01/25/24 | | | | 39,886 | |
| | 40,000 | | | | 4.709 | | | | 01/25/29 | | | | 39,638 | |
| | 40,000 | | | | 5.576 | | | | 01/25/49 | | | | 38,915 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 118,439 | |
| | |
| Brokerage – 0.3% | |
| | Affiliated Managers Group, Inc. | |
| | 130,000 | | | | 3.300 | | | | 06/15/30 | | | | 114,617 | |
| | CME Group, Inc. | |
| | 125,000 | | | | 3.000 | | | | 03/15/25 | | | | 123,128 | |
| | Intercontinental Exchange, Inc. | |
| | 200,000 | | | | 2.100 | | | | 06/15/30 | | | | 168,933 | |
| | 530,000 | | | | 4.600 | | | | 03/15/33 | | | | 526,132 | |
| | Jefferies Group LLC | |
| | 200,000 | | | | 6.250 | | | | 01/15/36 | | | | 201,707 | |
| | 20,000 | | | | 6.500 | | | | 01/20/43 | | | | 20,465 | |
| | Jefferies Group LLC / Jefferies Group Capital Finance, Inc. | |
| | 40,000 | | | | 4.850 | | | | 01/15/27 | | | | 39,803 | |
| | 40,000 | | | | 4.150 | | | | 01/23/30 | | | | 35,919 | |
| | Morgan Stanley Domestic Holdings, Inc. | |
| | 80,000 | | | | 4.500 | | | | 06/20/28 | | | | 78,994 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,309,698 | |
| | |
| Capital Goods – 0.6% | |
| | Caterpillar Financial Services Corp., MTN | |
| | 400,000 | | | | 3.400 | | | | 05/13/25 | | | | 394,758 | |
| | Caterpillar, Inc. | |
| | 50,000 | | | | 3.803 | | | | 08/15/42 | | | | 45,454 | |
| | CNH Industrial Capital LLC | |
| | 50,000 | | | | 1.450 | | | | 07/15/26 | | | | 44,400 | |
| | Cummins, Inc. | |
| | 450,000 | | | | 2.600 | | | | 09/01/50 | | | | 313,494 | |
| | Deere & Co. | |
| | 25,000 | | | | 3.900 | | | | 06/09/42 | | | | 23,419 | |
| | 40,000 | | | | 2.875 | | | | 09/07/49 | | | | 31,457 | |
| | 25,000 | | | | 3.750 | | | | 04/15/50 | | | | 22,899 | |
| | Emerson Electric Co. | |
| | 60,000 | | | | 1.950 | | | | 10/15/30 | | | | 50,945 | |
| | 15,000 | | | | 6.000 | | | | 08/15/32 | | | | 16,880 | |
| | Fortive Corp. | |
| | 15,000 | | | | 4.300 | | | | 06/15/46 | | | | 13,295 | |
| | |
| | |
| 94 | | 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) | |
| Capital Goods – (continued) | |
| | Honeywell International, Inc. | |
| $ | 100,000 | | | | 2.700 | % | | | 08/15/29 | | | $ | 91,735 | |
| | 188,000 | | | | 1.950 | | | | 06/01/30 | | | | 161,901 | |
| | Illinois Tool Works, Inc. | |
| | 115,000 | | | | 3.900 | | | | 09/01/42 | | | | 101,833 | |
| | John Deere Capital Corp., MTN | |
| | 50,000 | | | | 2.800 | | | | 07/18/29 | | | | 46,344 | |
| | 80,000 | | | | 2.450 | | | | 01/09/30 | | | | 70,837 | |
| | Leggett & Platt, Inc. | |
| | 80,000 | | | | 4.400 | | | | 03/15/29 | | | | 77,545 | |
| | 100,000 | | | | 3.500 | | | | 11/15/51 | | | | 77,377 | |
| | Otis Worldwide Corp. | |
| | 60,000 | | | | 2.293 | | | | 04/05/27 | | | | 54,800 | |
| | Republic Services, Inc. | |
| | 22,000 | | | | 4.750 | | | | 05/15/23 | | | | 22,035 | |
| | Trane Technologies Luxembourg Finance SA | |
| | 50,000 | | | | 3.800 | | | | 03/21/29 | | | | 47,150 | |
| | Waste Management, Inc. | |
| | 50,000 | | | | 0.750 | | | | 11/15/25 | | | | 45,358 | |
| | 50,000 | | | | 2.500 | | | | 11/15/50 | | | | 33,986 | |
| | Westinghouse Air Brake Technologies Corp. | |
| | 110,000 | | | | 4.400 | | | | 03/15/24 | | | | 109,373 | |
| | 133,000 | | | | 3.450 | | | | 11/15/26 | | | | 124,314 | |
| | 415,000 | | | | 4.950 | | | | 09/15/28 | | | | 403,220 | |
| | WW Grainger, Inc. | |
| | 100,000 | | | | 1.850 | | | | 02/15/25 | | | | 95,185 | |
| | 60,000 | | | | 4.600 | | | | 06/15/45 | | | | 57,849 | |
| | 100,000 | | | | 3.750 | | | | 05/15/46 | | | | 86,210 | |
| | Xylem, Inc. | |
| | 15,000 | | | | 3.250 | | | | 11/01/26 | | | | 14,365 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,678,418 | |
| | |
| Communications – 1.2% | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital |
|
| | 190,000 | | | | 4.908 | | | | 07/23/25 | | | | 189,616 | |
| | 140,000 | | | | 3.750 | | | | 02/15/28 | | | | 129,367 | |
| | 82,000 | | | | 4.200 | | | | 03/15/28 | | | | 77,308 | |
| | 90,000 | | | | 5.050 | | | | 03/30/29 | | | | 86,514 | |
| | 40,000 | | | | 2.800 | | | | 04/01/31 | | | | 32,358 | |
| | 130,000 | | | | 6.384 | | | | 10/23/35 | | | | 129,442 | |
| | 300,000 | | | | 5.375 | | | | 04/01/38 | | | | 264,718 | |
| | 40,000 | | | | 6.484 | | | | 10/23/45 | | | | 38,479 | |
| | 60,000 | | | | 5.750 | | | | 04/01/48 | | | | 53,540 | |
| | 40,000 | | | | 5.125 | | | | 07/01/49 | | | | 32,446 | |
| | 40,000 | | | | 6.834 | | | | 10/23/55 | | | | 40,247 | |
| | 60,000 | | | | 4.400 | | | | 12/01/61 | | | | 42,788 | |
| Charter Communications Operating LLC / Charter
Communications Operating Capital, Series USD |
|
| | 60,000 | | | | 4.500 | | | | 02/01/24 | | | | 60,044 | |
| | Comcast Corp. | |
| | 40,000 | | | | 3.150 | | | | 03/01/26 | | | | 38,920 | |
| | 325,000 | | | | 3.300 | | | | 04/01/27 | | | | 313,730 | |
| | 50,000 | | | | 3.150 | | | | 02/15/28 | | | | 47,464 | |
| | 232,000 | | | | 2.650 | | | | 02/01/30 | | | | 205,471 | |
| | 80,000 | | | | 4.400 | | | | 08/15/35 | | | | 77,376 | |
| | |
|
| Corporate Obligations – (continued) | |
| Communications – (continued) | |
| | Comcast Corp. – (continued) | |
| 100,000 | | | | 6.500 | | | | 11/15/35 | | | | 115,083 | |
| | 60,000 | | | | 4.000 | | | | 08/15/47 | | | | 51,937 | |
| | 25,000 | | | | 3.969 | | | | 11/01/47 | | | | 21,500 | |
| | 375,000 | | | | 4.000 | | | | 03/01/48 | | | | 323,803 | |
| | 40,000 | | | | 3.999 | | | | 11/01/49 | | | | 34,492 | |
| | 80,000 | | | | 2.800 | | | | 01/15/51 | | | | 55,626 | |
| | 15,000 | | | | 2.450 | | | | 08/15/52 | | | | 9,830 | |
| | 160,000 | | | | 2.987 | | | | 11/01/63 | | | | 107,546 | |
| | NBCUniversal Media LLC | |
| | 50,000 | | | | 6.400 | | | | 04/30/40 | | | | 57,946 | |
| | 270,000 | | | | 4.450 | | | | 01/15/43 | | | | 248,013 | |
| | Omnicom Group, Inc. | |
| | 550,000 | | | | 2.450 | | | | 04/30/30 | | | | 464,787 | |
| | 80,000 | | | | 4.200 | | | | 06/01/30 | | | | 76,492 | |
| | Paramount Global | |
| | 250,000 | | | | 4.750 | | | | 05/15/25 | | | | 252,101 | |
| | 80,000 | | | | 4.000 | | | | 01/15/26 | | | | 78,853 | |
| | 150,000 | | | | 7.875 | | | | 07/30/30 | | | | 169,600 | |
| | 100,000 | | | | 4.950 | | | | 01/15/31 | | | | 95,337 | |
| | 11,000 | | | | 6.875 | | | | 04/30/36 | | | | 11,426 | |
| | 150,000 | | | | 4.850 | | | | 07/01/42 | | | | 122,629 | |
| | 15,000 | | | | 4.900 | | | | 08/15/44 | | | | 12,040 | |
| | Time Warner Cable LLC | |
| | 115,000 | | | | 6.750 | | | | 06/15/39 | | | | 112,977 | |
| | 15,000 | | | | 5.875 | | | | 11/15/40 | | | | 13,546 | |
| | 15,000 | | | | 5.500 | | | | 09/01/41 | | | | 13,079 | |
| | Time Warner Entertainment Co. LP | |
| | 115,000 | | | | 8.375 | | | | 07/15/33 | | | | 132,265 | |
| | TWDC Enterprises 18 Corp. | |
| | 15,000 | | | | 4.375 | | | | 08/16/41 | | | | 14,249 | |
| | TWDC Enterprises 18 Corp., GMTN | |
| | 15,000 | | | | 4.125 | | | | 06/01/44 | | | | 13,705 | |
| | Walt Disney Co. (The) | |
| | 400,000 | | | | 1.750 | | | | 08/30/24 | | | | 384,256 | |
| | 80,000 | | | | 2.000 | | | | 09/01/29 | | | | 69,143 | |
| | 80,000 | | | | 3.800 | | | | 03/22/30 | | | | 77,147 | |
| | 90,000 | | | | 3.500 | | | | 05/13/40 | | | | 77,055 | |
| | 15,000 | | | | 4.750 | | | | 09/15/44 | | | | 14,816 | |
| | 50,000 | | | | 3.600 | | | | 01/13/51 | | | | 41,878 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,132,985 | |
| | |
| Consumer Cyclical – 1.3% | |
| | Amazon.com, Inc. | |
| | 25,000 | | | | 0.250 | | | | 05/12/23 | | | | 24,440 | |
| | 40,000 | | | | 0.400 | | | | 06/03/23 | | | | 39,021 | |
| | 40,000 | | | | 3.800 | | | | 12/05/24 | | | | 40,159 | |
| | 250,000 | | | | 3.150 | | | | 08/22/27 | | | | 241,514 | |
| | 100,000 | | | | 2.100 | | | | 05/12/31 | | | | 85,639 | |
| | 80,000 | | | | 4.050 | | | | 08/22/47 | | | | 74,264 | |
| | 15,000 | | | | 2.500 | | | | 06/03/50 | | | | 10,482 | |
| | 75,000 | | | | 4.250 | | | | 08/22/57 | | | | 70,942 | |
| | 50,000 | | | | 2.700 | | | | 06/03/60 | | | | 33,787 | |
| | Costco Wholesale Corp. | |
| | 40,000 | | | | 3.000 | | | | 05/18/27 | | | | 38,869 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 95 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | DR Horton, Inc. | |
| $ | 80,000 | | | | 2.500 | % | | | 10/15/24 | | | $ | 77,123 | |
| | 90,000 | | | | 2.600 | | | | 10/15/25 | | | | 84,611 | |
| | 100,000 | | | | 1.400 | | | | 10/15/27 | | | | 83,864 | |
| | Home Depot, Inc. (The) | |
| | 250,000 | | | | 2.800 | | | | 09/14/27 | | | | 237,494 | |
| | 237,000 | | | | 3.125 | | | | 12/15/49 | | | | 183,335 | |
| | Kohl’s Corp. | |
| | 240,000 | | | | 3.375 | | | | 05/01/31 | | | | 173,106 | |
| | Las Vegas Sands Corp. | |
| | 500,000 | | | | 3.900 | | | | 08/08/29 | | | | 425,725 | |
| | Lowe’s Cos., Inc. | |
| | 250,000 | | | | 4.500 | | | | 04/15/30 | | | | 247,130 | |
| | 200,000 | | | | 2.800 | | | | 09/15/41 | | | | 144,715 | |
| | 100,000 | | | | 4.050 | | | | 05/03/47 | | | | 83,713 | |
| | Marriott International, Inc., Series EE | |
| | 50,000 | | | | 5.750 | | | | 05/01/25 | | | | 51,541 | |
| | Mastercard, Inc. | |
| | 60,000 | | | | 2.000 | | | | 03/03/25 | | | | 57,566 | |
| | 15,000 | | | | 3.300 | | | | 03/26/27 | | | | 14,697 | |
| | 100,000 | | | | 3.950 | | | | 02/26/48 | | | | 92,314 | |
| | 50,000 | | | | 3.850 | | | | 03/26/50 | | | | 45,742 | |
| | McDonald’s Corp., MTN | |
| | 200,000 | | | | 3.500 | | | | 07/01/27 | | | | 194,874 | |
| | 45,000 | | | | 4.700 | | | | 12/09/35 | | | | 44,778 | |
| | 60,000 | | | | 4.450 | | | | 09/01/48 | | | | 55,890 | |
| | MDC Holdings, Inc. | |
| | 500,000 | | | | 2.500 | | | | 01/15/31 | | | | 356,562 | |
| | 40,000 | | | | 6.000 | | | | 01/15/43 | | | | 32,925 | |
| | NIKE, Inc. | |
| | 100,000 | | | | 2.250 | | | | 05/01/23 | | | | 98,976 | |
| | 20,000 | | | | 3.375 | | | | 03/27/50 | | | | 16,709 | |
| | O’Reilly Automotive, Inc. | |
| | 80,000 | | | | 4.200 | | | | 04/01/30 | | | | 77,176 | |
| | PulteGroup, Inc. | |
| | 300,000 | | | | 6.375 | | | | 05/15/33 | | | | 305,464 | |
| | Starbucks Corp. | |
| | 250,000 | | | | 3.800 | | | | 08/15/25 | | | | 248,790 | |
| | 30,000 | | | | 3.750 | | | | 12/01/47 | | | | 24,446 | |
| | Tapestry, Inc. | |
| | 33,000 | | | | 4.125 | | | | 07/15/27 | | | | 31,746 | |
| | Toyota Motor Credit Corp. | |
| | 100,000 | | | | 0.625 | | | | 09/13/24 | | | | 93,956 | |
| | 40,000 | | | | 3.650 | | | | 01/08/29 | | | | 38,717 | |
| | Toyota Motor Credit Corp., MTN | |
| | 300,000 | | | | 0.800 | | | | 01/09/26 | | | | 271,149 | |
| | 80,000 | | | | 3.375 | | | | 04/01/30 | | | | 75,608 | |
| | Visa, Inc. | |
| | 40,000 | | | | 1.900 | | | | 04/15/27 | | | | 36,911 | |
| | 150,000 | | | | 0.750 | | | | 08/15/27 | | | | 130,134 | |
| | 305,000 | | | | 2.750 | | | | 09/15/27 | | | | 290,806 | |
| | 40,000 | | | | 4.300 | | | | 12/14/45 | | | | 39,082 | |
| | Walmart, Inc. | |
| | 105,000 | | | | 2.550 | | | | 04/11/23 | | | | 104,257 | |
| | 70,000 | | | | 3.400 | | | | 06/26/23 | | | | 69,855 | |
| | 100,000 | | | | 3.300 | | | | 04/22/24 | | | | 99,424 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | Walmart, Inc. – (continued) | |
| 40,000 | | | | 2.850 | | | | 07/08/24 | | | | 39,429 | |
| | 200,000 | | | | 2.650 | | | | 09/22/51 | | | | 150,899 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,590,356 | |
| | |
| Consumer Noncyclical – 1.3% | |
| | Abbott Laboratories | |
| | 60,000 | | | | 3.875 | | | | 09/15/25 | | | | 60,117 | |
| | 150,000 | | | | 4.750 | | | | 11/30/36 | | | | 158,325 | |
| | 100,000 | | | | 6.000 | | | | 04/01/39 | | | | 114,405 | |
| | 40,000 | | | | 4.750 | | | | 04/15/43 | | | | 40,583 | |
| | AbbVie, Inc. | |
| | 200,000 | | | | 2.950 | | | | 11/21/26 | | | | 188,686 | |
| | 100,000 | | | | 4.625 | | | | 10/01/42 | | | | 92,907 | |
| | 200,000 | | | | 4.400 | | | | 11/06/42 | | | | 181,022 | |
| | 200,000 | | | | 4.700 | | | | 05/14/45 | | | | 186,732 | |
| | Agilent Technologies, Inc. | |
| | 100,000 | | | | 2.750 | | | | 09/15/29 | | | | 87,851 | |
| | Altria Group, Inc. | |
| | 115,000 | | | | 3.400 | | | | 05/06/30 | | | | 99,616 | |
| | 40,000 | | | | 4.500 | | | | 05/02/43 | | | | 30,537 | |
| | 40,000 | | | | 5.375 | | | | 01/31/44 | | | | 35,368 | |
| | 75,000 | | | | 3.875 | | | | 09/16/46 | | | | 51,828 | |
| | 55,000 | | | | 4.450 | | | | 05/06/50 | | | | 40,041 | |
| | Amgen, Inc. | |
| | 200,000 | | | | 3.625 | | | | 05/22/24 | | | | 199,241 | |
| | 200,000 | | | | 2.600 | | | | 08/19/26 | | | | 189,358 | |
| | 200,000 | | | | 2.200 | | | | 02/21/27 | | | | 184,107 | |
| | 200,000 | | | | 4.663 | | | | 06/15/51 | | | | 187,687 | |
| | BAT Capital Corp. | |
| | 100,000 | | | | 3.462 | | | | 09/06/29 | | | | 86,365 | |
| | Bristol-Myers Squibb Co. | |
| | 300,000 | | | | 0.750 | | | | 11/13/25 | | | | 272,807 | |
| | 300,000 | | | | 3.200 | | | | 06/15/26 | | | | 293,852 | |
| | Centene Corp.(b) | |
| | 400,000 | | | | 4.250 | | | | 12/15/27 | | | | 380,000 | |
| | Eli Lilly & Co. | |
| | 15,000 | | | | 3.100 | | | | 05/15/27 | | | | 14,573 | |
| | 102,000 | | | | 3.375 | | | | 03/15/29 | | | | 98,884 | |
| | Equifax, Inc. | |
| | 40,000 | | | | 3.250 | | | | 06/01/26 | | | | 37,789 | |
| | 100,000 | | | | 2.350 | | | | 09/15/31 | | | | 80,524 | |
| | Gilead Sciences, Inc. | |
| | 500,000 | | | | 2.800 | | | | 10/01/50 | | | | 342,357 | |
| | Johnson & Johnson | |
| | 76,000 | | | | 0.550 | | | | 09/01/25 | | | | 69,502 | |
| | 15,000 | | | | 0.950 | | | | 09/01/27 | | | | 13,232 | |
| | 90,000 | | | | 2.900 | | | | 01/15/28 | | | | 86,599 | |
| | 170,000 | | | | 6.950 | | | | 09/01/29 | | | | 204,685 | |
| | 40,000 | | | | 1.300 | | | | 09/01/30 | | | | 33,692 | |
| | 25,000 | | | | 3.625 | | | | 03/03/37 | | | | 23,392 | |
| | 40,000 | | | | 2.100 | | | | 09/01/40 | | | | 29,155 | |
| | 25,000 | | | | 4.500 | | | | 12/05/43 | | | | 24,868 | |
| | 35,000 | | | | 3.700 | | | | 03/01/46 | | | | 31,447 | |
| | Kroger Co. (The) | |
| | 25,000 | | | | 3.875 | | | | 10/15/46 | | | | 20,937 | |
| | |
| | |
| 96 | | 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) | |
| Consumer Noncyclical – (continued) | |
| | Laboratory Corp of America Holdings | |
| $ | 15,000 | | | | 4.700 | % | | | 02/01/45 | | | $ | 13,598 | |
| | Merck & Co., Inc. | |
| | 100,000 | | | | 3.600 | | | | 09/15/42 | | | | 86,682 | |
| | 250,000 | | | | 3.700 | | | | 02/10/45 | | | | 216,595 | |
| | Mylan, Inc. | |
| | 240,000 | | | | 5.400 | | | | 11/29/43 | | | | 195,943 | |
| | 150,000 | | | | 5.200 | | | | 04/15/48 | | | | 116,450 | |
| | Pfizer, Inc. | |
| | 40,000 | | | | 0.800 | | | | 05/28/25 | | | | 37,047 | |
| | 260,000 | | | | 4.000 | | | | 12/15/36 | | | | 248,742 | |
| | 10,000 | | | | 4.100 | | | | 09/15/38 | | | | 9,636 | |
| | 40,000 | | | | 2.700 | | | | 05/28/50 | | | | 30,128 | |
| | Philip Morris International, Inc. | |
| | 40,000 | | | | 3.250 | | | | 11/10/24 | | | | 39,394 | |
| | 15,000 | | | | 4.375 | | | | 11/15/41 | | | | 12,323 | |
| | 15,000 | | | | 4.875 | | | | 11/15/43 | | | | 13,049 | |
| | 10,000 | | | | 4.250 | | | | 11/10/44 | | | | 7,870 | |
| | Utah Acquisition Sub, Inc. | |
| | 75,000 | | | | 5.250 | | | | 06/15/46 | | | | 59,813 | |
| | Viatris, Inc. | |
| | 15,000 | | | | 4.000 | | | | 06/22/50 | | | | 9,736 | |
| | Walgreens Boots Alliance, Inc. | |
| | 40,000 | | | | 4.800 | | | | 11/18/44 | | | | 35,296 | |
| | 15,000 | | | | 4.650 | | | | 06/01/46 | | | | 13,073 | |
| | Wyeth LLC | |
| | 10,000 | | | | 6.500 | | | | 02/01/34 | | | | 11,791 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,430,237 | |
| | |
| Consumer Products – 0.3% | |
| | Clorox Co. (The) | |
| | 810,000 | | | | 4.600 | | | | 05/01/32 | | | | 799,829 | |
| | Colgate-Palmolive Co., MTN | |
| | 40,000 | | | | 4.000 | | | | 08/15/45 | | | | 36,832 | |
| | 15,000 | | | | 3.700 | | | | 08/01/47 | | | | 13,345 | |
| | GSK Consumer Healthcare Capital US LLC(c) | |
| | 250,000 | | | | 4.000 | | | | 03/24/52 | | | | 205,326 | |
| | Procter & Gamble Co. (The) | |
| | 40,000 | | | | 0.550 | | | | 10/29/25 | | | | 36,341 | |
| | 40,000 | | | | 1.000 | | | | 04/23/26 | | | | 36,578 | |
| | 300,000 | | | | 2.450 | | | | 11/03/26 | | | | 287,293 | |
| | 15,000 | | | | 2.850 | | | | 08/11/27 | | | | 14,390 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,429,934 | |
| | |
| Distributors – 0.0% | |
| | PACCAR Financial Corp., MTN | |
| | 76,000 | | | | 2.650 | | | | 04/06/23 | | | | 75,609 | |
| | |
| Electric – 2.2% | |
| | AEP Texas, Inc., Series G | |
| | 100,000 | | | | 4.150 | | | | 05/01/49 | | | | 84,456 | |
| | AEP Transmission Co. LLC | |
| | 100,000 | | | | 3.750 | | | | 12/01/47 | | | | 84,233 | |
| | AEP Transmission Co. LLC, Series M | |
| | 110,000 | | | | 3.650 | | | | 04/01/50 | | | | 89,349 | |
| | Alabama Power Co., Series 20-A | |
| | 15,000 | | | | 1.450 | | | | 09/15/30 | | | | 12,195 | |
| | |
|
| Corporate Obligations – (continued) | |
| Electric – (continued) | | | | |
| | Alabama Power Co., Series A | |
| 100,000 | | | | 4.300 | | | | 07/15/48 | | | | 89,653 | |
| | American Electric Power Co., Inc. | |
| | 300,000 | | | | 2.300 | | | | 03/01/30 | | | | 252,775 | |
| | 40,000 | | | | 3.250 | | | | 03/01/50 | | | | 28,574 | |
| | American Electric Power Co., Inc., Series J | |
| | 36,000 | | | | 4.300 | | | | 12/01/28 | | | | 35,035 | |
| | Black Hills Corp. | |
| | 20,000 | | | | 2.500 | | | | 06/15/30 | | | | 16,546 | |
| | Cleco Corporate Holdings LLC | |
| | 80,000 | | | | 3.375 | | | | 09/15/29 | | | | 70,587 | |
| | Cleco Power LLC | |
| | 15,000 | | | | 6.000 | | | | 12/01/40 | | | | 15,457 | |
| | Commonwealth Edison Co. | |
| | 300,000 | | | | 3.650 | | | | 06/15/46 | | | | 256,394 | |
| | Commonwealth Edison Co., Series 123 | |
| | 40,000 | | | | 3.750 | | | | 08/15/47 | | | | 34,888 | |
| | Consolidated Edison Co. of New York, Inc. | |
| | 170,000 | | | | 3.850 | | | | 06/15/46 | | | | 141,765 | |
| | 40,000 | | | | 4.625 | | | | 12/01/54 | | | | 38,112 | |
| | 100,000 | | | | 4.500 | | | | 05/15/58 | | | | 89,214 | |
| | Consolidated Edison Co. of New York, Inc., Series 08-B | |
| | 10,000 | | | | 6.750 | | | | 04/01/38 | | | | 11,453 | |
| | Consolidated Edison Co. of New York, Inc., Series 12-A | |
| | 40,000 | | | | 4.200 | | | | 03/15/42 | | | | 35,615 | |
| | Consolidated Edison Co. of New York, Inc., Series A | |
| | 15,000 | | | | 4.125 | | | | 05/15/49 | | | | 13,065 | |
| | Constellation Energy Generation LLC | |
| | 220,000 | | | | 6.250 | | | | 10/01/39 | | | | 233,116 | |
| | Dominion Energy, Inc. | |
| | 80,000 | | | | 4.250 | | | | 06/01/28 | | | | 78,673 | |
| | Dominion Energy, Inc., Series C | |
| | 300,000 | | | | 3.375 | | | | 04/01/30 | | | | 274,300 | |
| | DTE Electric Co. | |
| | 15,000 | | | | 3.700 | | | | 03/15/45 | | | | 12,783 | |
| | DTE Electric Co., Series A | |
| | 40,000 | | | | 4.000 | | | | 04/01/43 | | | | 35,613 | |
| | DTE Energy Co.(d), Series C | |
| | 60,000 | | | | 2.529 | | | | 10/01/24 | | | | 57,639 | |
| | Duke Energy Carolinas LLC | |
| | 350,000 | | | | 3.700 | | | | 12/01/47 | | | | 294,217 | |
| | 50,000 | | | | 3.950 | | | | 03/15/48 | | | | 43,734 | |
| | Duke Energy Corp. | |
| | 300,000 | | | | 3.750 | | | | 09/01/46 | | | | 237,318 | |
| | Duke Energy Florida LLC | |
| | 25,000 | | | | 3.400 | | | | 10/01/46 | | | | 19,828 | |
| | Duke Energy Indiana LLC | |
| | 50,000 | | | | 6.350 | | | | 08/15/38 | | | | 55,730 | |
| | 40,000 | | | | 6.450 | | | | 04/01/39 | | | | 44,993 | |
| | Duke Energy Progress LLC | |
| | 100,000 | | | | 3.450 | | | | 03/15/29 | | | | 94,761 | |
| | 15,000 | | | | 4.100 | | | | 05/15/42 | | | | 13,410 | |
| | Edison International | |
| | 485,000 | | | | 5.750 | | | | 06/15/27 | | | | 490,976 | |
| | Entergy Corp. | |
| | 50,000 | | | | 2.800 | | | | 06/15/30 | | | | 42,807 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 97 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Electric – (continued) | | | | |
| | Entergy Louisiana LLC | |
| $ | 250,000 | | | | 0.950 | % | | | 10/01/24 | | | $ | 234,894 | |
| | 230,000 | | | | 4.200 | | | | 04/01/50 | | | | 203,625 | |
| | Entergy Texas, Inc. | |
| | 100,000 | | | | 1.750 | | | | 03/15/31 | | | | 80,205 | |
| | Evergy Kansas Central, Inc. | |
| | 40,000 | | | | 4.250 | | | | 12/01/45 | | | | 35,659 | |
| | Evergy Metro, Inc. | |
| | 200,000 | | | | 4.200 | | | | 03/15/48 | | | | 177,667 | |
| | Evergy Metro, Inc., Series 2019 | |
| | 15,000 | | | | 4.125 | | | | 04/01/49 | | | | 13,085 | |
| | Eversource Energy | |
| | 60,000 | | | | 3.450 | | | | 01/15/50 | | | | 47,057 | |
| | Exelon Corp. | |
| | 100,000 | | | | 4.450 | | | | 04/15/46 | | | | 89,625 | |
| | Florida Power & Light Co. | |
| | 15,000 | | | | 3.125 | | | | 12/01/25 | | | | 14,704 | |
| | 80,000 | | | | 4.950 | | | | 06/01/35 | | | | 82,770 | |
| | 300,000 | | | | 5.690 | | | | 03/01/40 | | | | 326,965 | |
| | 15,000 | | | | 4.125 | | | | 02/01/42 | | | | 13,985 | |
| | 140,000 | | | | 4.050 | | | | 10/01/44 | | | | 127,073 | |
| | Georgia Power Co., Series B | |
| | 400,000 | | | | 2.650 | | | | 09/15/29 | | | | 349,648 | |
| | 15,000 | | | | 3.700 | | | | 01/30/50 | | | | 11,868 | |
| | Interstate Power and Light Co. | |
| | 200,000 | | | | 2.300 | | | | 06/01/30 | | | | 168,687 | |
| | 40,000 | | | | 3.500 | | | | 09/30/49 | | | | 31,321 | |
| | National Rural Utilities Cooperative Finance Corp. | |
| | 40,000 | | | | 2.400 | | | | 03/15/30 | | | | 34,968 | |
| | 100,000 | | | | 2.750 | | | | 04/15/32 | | | | 87,459 | |
| | 300,000 | | | | 4.023 | | | | 11/01/32 | | | | 287,838 | |
| | NiSource, Inc. | |
| | 100,000 | | | | 1.700 | | | | 02/15/31 | | | | 78,382 | |
| | Northern States Power Co. | |
| | 200,000 | | | | 4.500 | | | | 06/01/52 | | | | 194,752 | |
| | NSTAR Electric Co. | |
| | 15,000 | | | | 3.200 | | | | 05/15/27 | | | | 14,480 | |
| | 100,000 | | | | 3.950 | | | | 04/01/30 | | | | 97,580 | |
| | Ohio Power Co., Series D | |
| | 15,000 | | | | 6.600 | | | | 03/01/33 | | | | 17,116 | |
| | Pacific Gas and Electric Co. | |
| | 100,000 | | | | 3.450 | | | | 07/01/25 | | | | 95,363 | |
| | 200,000 | | | | 2.100 | | | | 08/01/27 | | | | 169,249 | |
| | 210,000 | | | | 4.300 | | | | 03/15/45 | | | | 154,772 | |
| | 150,000 | | | | 4.000 | | | | 12/01/46 | | | | 105,493 | |
| | PPL Capital Funding, Inc. | |
| | 25,000 | | | | 5.000 | | | | 03/15/44 | | | | 22,791 | |
| | Public Service Electric and Gas Co., MTN | |
| | 100,000 | | | | 1.900 | | | | 08/15/31 | | | | 83,065 | |
| | 300,000 | | | | 3.800 | | | | 03/01/46 | | | | 259,607 | |
| | 100,000 | | | | 3.000 | | | | 03/01/51 | | | | 75,282 | |
| | Public Service Enterprise Group, Inc. | |
| | 40,000 | | | | 2.450 | | | | 11/15/31 | | | | 33,344 | |
| | Puget Sound Energy, Inc. | |
| | 205,000 | | | | 4.223 | | | | 06/15/48 | | | | 182,578 | |
| | Sempra Energy | |
| | 400,000 | | | | 3.800 | | | | 02/01/38 | | | | 344,702 | |
| | 100,000 | | | | 4.000 | | | | 02/01/48 | | | | 83,919 | |
| | |
|
| Corporate Obligations – (continued) | |
| Electric – (continued) | | | | |
| | Southern California Edison Co. | |
| 40,000 | | | | 2.850 | | | | 08/01/29 | | | | 35,266 | |
| | Southern Co. (The) | |
| | 110,000 | | | | 5.113 | | | | 08/01/27 | | | | 110,287 | |
| | 250,000 | | | | 4.400 | | | | 07/01/46 | | | | 221,181 | |
| | Southern Co. Gas Capital Corp. | |
| | 15,000 | | | | 3.950 | | | | 10/01/46 | | | | 11,991 | |
| | 100,000 | | | | 4.400 | | | | 05/30/47 | | | | 86,953 | |
| | Southwestern Electric Power Co., Series L | |
| | 100,000 | | | | 3.850 | | | | 02/01/48 | | | | 79,784 | |
| | Tucson Electric Power Co. | |
| | 300,000 | | | | 4.850 | | | | 12/01/48 | | | | 290,965 | |
| | Union Electric Co. | |
| | 100,000 | | | | 3.500 | | | | 03/15/29 | | | | 95,716 | |
| | Virginia Electric and Power Co., Series A | |
| | 100,000 | | | | 3.500 | | | | 03/15/27 | | | | 97,409 | |
| | Virginia Electric and Power Co., Series B | |
| | 100,000 | | | | 6.000 | | | | 01/15/36 | | | | 108,868 | |
| | Virginia Electric and Power Co., Series C | |
| | 100,000 | | | | 4.000 | | | | 11/15/46 | | | | 88,312 | |
| | Xcel Energy, Inc. | |
| | 400,000 | | | | 1.750 | | | | 03/15/27 | | | | 357,267 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,444,841 | |
| | |
| Energy – 1.8% | |
| | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | |
| | 200,000 | | | | 4.080 | | | | 12/15/47 | | | | 166,119 | |
| | Boardwalk Pipelines LP | |
| | 100,000 | | | | 4.800 | | | | 05/03/29 | | | | 96,250 | |
| | BP Capital Markets America, Inc. | |
| | 300,000 | | | | 4.234 | | | | 11/06/28 | | | | 297,925 | |
| | Cheniere Corpus Christi Holdings LLC | |
| | 80,000 | | | | 5.875 | | | | 03/31/25 | | | | 81,700 | |
| | 40,000 | | | | 5.125 | | | | 06/30/27 | | | | 39,950 | |
| | 300,000 | | | | 2.742 | | | | 12/31/39 | | | | 231,401 | |
| | Chevron Corp. | |
| | 40,000 | | | | 2.895 | | | | 03/03/24 | | | | 39,534 | |
| | 300,000 | | | | 3.326 | | | | 11/17/25 | | | | 297,379 | |
| | Chevron USA, Inc. | |
| | 40,000 | | | | 3.900 | | | | 11/15/24 | | | | 40,240 | |
| | 200,000 | | | | 2.343 | | | | 08/12/50 | | | | 138,346 | |
| | Coterra Energy, Inc.(c) | |
| | 390,000 | | | | 4.375 | | | | 06/01/24 | | | | 388,050 | |
| | Devon Energy Corp. | |
| | 9,000 | | | | 4.500 | | | | 01/15/30 | | | | 8,674 | |
| | Energy Transfer LP | |
| | 100,000 | | | | 4.250 | | | | 04/01/24 | | | | 99,375 | |
| | 140,000 | | | | 3.750 | | | | 05/15/30 | | | | 126,815 | |
| | 75,000 | | | | 6.125 | | | | 12/15/45 | | | | 72,844 | |
| | 225,000 | | | | 5.300 | | | | 04/15/47 | | | | 197,512 | |
| | 55,000 | | | | 6.250 | | | | 04/15/49 | | | | 54,279 | |
| | Energy Transfer LP / Regency Energy Finance Corp. | |
| | 120,000 | | | | 4.500 | | | | 11/01/23 | | | | 120,150 | |
| | Enterprise Products Operating LLC | |
| | 100,000 | | | | 2.800 | | | | 01/31/30 | | | | 88,215 | |
| | 160,000 | | | | 4.850 | | | | 08/15/42 | | | | 151,375 | |
| | 60,000 | | | | 4.200 | | | | 01/31/50 | | | | 50,916 | |
| | 15,000 | | | | 3.950 | | | | 01/31/60 | | | | 11,689 | |
| | |
| | |
| 98 | | 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) | |
| Energy – (continued) | |
| | Enterprise Products Operating LLC, Series D | |
| $ | 80,000 | | | | 6.875 | % | | | 03/01/33 | | | $ | 91,044 | |
| | EOG Resources, Inc. | |
| | 60,000 | | | | 3.900 | | | | 04/01/35 | | | | 55,336 | |
| | Exxon Mobil Corp. | |
| | 25,000 | | | | 1.571 | | | | 04/15/23 | | | | 24,713 | |
| | 75,000 | | | | 2.709 | | | | 03/06/25 | | | | 72,966 | |
| | 200,000 | | | | 2.275 | | | | 08/16/26 | | | | 189,330 | |
| | 200,000 | | | | 4.227 | | | | 03/19/40 | | | | 190,144 | |
| | Halliburton Co. | |
| | 50,000 | | | | 5.000 | | | | 11/15/45 | | | | 45,750 | |
| | Hess Corp. | |
| | 120,000 | | | | 4.300 | | | | 04/01/27 | | | | 117,619 | |
| | 55,000 | | | | 6.000 | | | | 01/15/40 | | | | 56,512 | |
| | 75,000 | | | | 5.600 | | | | 02/15/41 | | | | 73,313 | |
| | 100,000 | | | | 5.800 | | | | 04/01/47 | | | | 100,199 | |
| | Kinder Morgan Energy Partners LP | |
| | 300,000 | | | | 7.300 | | | | 08/15/33 | | | | 333,071 | |
| | Kinder Morgan, Inc. | |
| | 40,000 | | | | 4.300 | | | | 06/01/25 | | | | 39,874 | |
| | 56,000 | | | | 2.000 | | | | 02/15/31 | | | | 44,408 | |
| | 200,000 | | | | 5.200 | | | | 03/01/48 | | | | 187,204 | |
| | Magellan Midstream Partners LP | |
| | 315,000 | | | | 4.200 | | | | 10/03/47 | | | | 255,963 | |
| | Marathon Oil Corp. | |
| | 300,000 | | | | 6.800 | | | | 03/15/32 | | | | 321,750 | |
| | MPLX LP | |
| | 100,000 | | | | 4.875 | | | | 12/01/24 | | | | 100,845 | |
| | 200,000 | | | | 1.750 | | | | 03/01/26 | | | | 181,000 | |
| | 500,000 | | | | 2.650 | | | | 08/15/30 | | | | 418,125 | |
| | 140,000 | | | | 4.700 | | | | 04/15/48 | | | | 120,645 | |
| | 100,000 | | | | 5.500 | | | | 02/15/49 | | | | 95,825 | |
| | NOV, Inc. | |
| | 15,000 | | | | 3.950 | | | | 12/01/42 | | | | 10,987 | |
| | ONEOK Partners LP | |
| | 15,000 | | | | 6.650 | | | | 10/01/36 | | | | 15,171 | |
| | ONEOK, Inc. | |
| | 80,000 | | | | 2.200 | | | | 09/15/25 | | | | 74,179 | |
| | 100,000 | | | | 3.400 | | | | 09/01/29 | | | | 88,781 | |
| | 25,000 | | | | 6.350 | | | | 01/15/31 | | | | 26,049 | |
| | 140,000 | | | | 5.200 | | | | 07/15/48 | | | | 126,416 | |
| | Ovintiv, Inc. | |
| | 40,000 | | | | 7.375 | | | | 11/01/31 | | | | 43,824 | |
| | 65,000 | | | | 6.500 | | | | 08/15/34 | | | | 67,437 | |
| | Plains All American Pipeline LP / PAA Finance Corp. | |
| | 100,000 | | | | 3.850 | | | | 10/15/23 | | | | 99,289 | |
| | 90,000 | | | | 3.600 | | | | 11/01/24 | | | | 88,009 | |
| | 50,000 | | | | 4.650 | | | | 10/15/25 | | | | 49,518 | |
| | 40,000 | | | | 4.500 | | | | 12/15/26 | | | | 38,991 | |
| | 92,000 | | | | 3.550 | | | | 12/15/29 | | | | 80,598 | |
| | 35,000 | | | | 6.700 | | | | 05/15/36 | | | | 34,840 | |
| | 40,000 | | | | 6.650 | | | | 01/15/37 | | | | 40,182 | |
| | 15,000 | | | | 4.700 | | | | 06/15/44 | | | | 11,898 | |
| | Sabine Pass Liquefaction LLC | |
| | 120,000 | | | | 5.750 | | | | 05/15/24 | | | | 121,791 | |
| | 110,000 | | | | 5.625 | | | | 03/01/25 | | | | 112,131 | |
| | |
|
| Corporate Obligations – (continued) | |
| Energy – (continued) | |
| | Sabine Pass Liquefaction LLC – (continued) | |
| 120,000 | | | | 4.200 | | | | 03/15/28 | | | | 115,200 | |
| | 15,000 | | | | 4.500 | | | | 05/15/30 | | | | 14,363 | |
| | Schlumberger Investment SA | |
| | 50,000 | | | | 3.650 | | | | 12/01/23 | | | | 49,918 | |
| | Spectra Energy Partners LP | |
| | 125,000 | | | | 3.375 | | | | 10/15/26 | | | | 119,468 | |
| | Transcontinental Gas Pipe Line Co. LLC | |
| | 50,000 | | | | 5.400 | | | | 08/15/41 | | | | 49,836 | |
| | 40,000 | | | | 3.950 | | | | 05/15/50 | | | | 33,533 | |
| | Valero Energy Corp. | |
| | 200,000 | | | | 3.400 | | | | 09/15/26 | | | | 195,406 | |
| | 15,000 | | | | 4.900 | | | | 03/15/45 | | | | 13,950 | |
| | Williams Cos., Inc. (The) | |
| | 200,000 | | | | 3.750 | | | | 06/15/27 | | | | 193,053 | |
| | 15,000 | | | | 6.300 | | | | 04/15/40 | | | | 16,132 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,845,324 | |
| | |
| Financial Company – 0.3% | |
| | Aircastle Ltd. | |
| | 80,000 | | | | 5.000 | | | | 04/01/23 | | | | 79,923 | |
| | 15,000 | | | | 4.250 | | | | 06/15/26 | | | | 13,911 | |
| | Ally Financial, Inc. | |
| | 205,000 | | | | 5.125 | | | | 09/30/24 | | | | 207,465 | |
| | 325,000 | | | | 5.750 | | | | 11/20/25 | | | | 329,026 | |
| | 80,000 | | | | 8.000 | | | | 11/01/31 | | | | 89,119 | |
| | 60,000 | | | | 8.000 | | | | 11/01/31 | | | | 66,094 | |
| | GE Capital Funding LLC | |
| | 300,000 | | | | 4.550 | | | | 05/15/32 | | | | 289,043 | |
| | GE Capital International Funding Co. Unlimited | |
| | 200,000 | | | | 4.418 | | | | 11/15/35 | | | | 188,373 | |
| | Lazard Group LLC | |
| | 110,000 | | | | 4.500 | | | | 09/19/28 | | | | 104,596 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,367,550 | |
| | |
| Food and Beverage – 0.8% | |
| | Coca-Cola Co. (The) | |
| | 155,000 | | | | 1.750 | | | | 09/06/24 | | | | 149,819 | |
| | 650,000 | | | | 3.000 | | | | 03/05/51 | | | | 511,113 | |
| | Constellation Brands, Inc. | |
| | 40,000 | | | | 3.150 | | | | 08/01/29 | | | | 36,021 | |
| | 730,000 | | | | 4.750 | | | | 05/09/32 | | | | 720,137 | |
| | Hershey Co. (The) | |
| | 40,000 | | | | 3.375 | | | | 08/15/46 | | | | 33,615 | |
| | 100,000 | | | | 3.125 | | | | 11/15/49 | | | | 79,438 | |
| | J M Smucker Co. (The) | |
| | 40,000 | | | | 2.125 | | | | 03/15/32 | | | | 32,293 | |
| | 15,000 | | | | 4.375 | | | | 03/15/45 | | | | 12,979 | |
| | 100,000 | | | | 3.550 | | | | 03/15/50 | | | | 74,785 | |
| | Kellogg Co. | |
| | 60,000 | | | | 2.650 | | | | 12/01/23 | | | | 59,145 | |
| | 100,000 | | | | 4.500 | | | | 04/01/46 | | | | 91,333 | |
| | Keurig Dr Pepper, Inc. | |
| | 39,000 | | | | 4.417 | | | | 05/25/25 | | | | 39,129 | |
| | 100,000 | | | | 4.420 | | | | 12/15/46 | | | | 88,251 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 99 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Food and Beverage – (continued) | |
| | Kraft Heinz Foods Co. | |
| $ | 159,000 | | | | 3.000 | % | | | 06/01/26 | | | $ | 150,889 | |
| | 40,000 | | | | 3.875 | | | | 05/15/27 | | | | 38,648 | |
| | 80,000 | | | | 3.750 | | | | 04/01/30 | | | | 74,285 | |
| | 22,000 | | | | 5.000 | | | | 07/15/35 | | | | 21,464 | |
| | 300,000 | | | | 5.200 | | | | 07/15/45 | | | | 283,241 | |
| | 110,000 | | | | 4.375 | | | | 06/01/46 | | | | 94,365 | |
| | 40,000 | | | | 4.875 | | | | 10/01/49 | | | | 36,444 | |
| | Molson Coors Beverage Co. | |
| | 120,000 | | | | 4.200 | | | | 07/15/46 | | | | 99,173 | |
| | PepsiCo, Inc. | |
| | 300,000 | | | | 0.400 | | | | 10/07/23 | | | | 289,482 | |
| | 40,000 | | | | 3.500 | | | | 07/17/25 | | | | 39,742 | |
| | 146,000 | | | | 2.750 | | | | 03/19/30 | | | | 134,111 | |
| | Sysco Corp. | |
| | 80,000 | | | | 2.400 | | | | 02/15/30 | | | | 68,850 | |
| | Tyson Foods, Inc. | |
| | 40,000 | | | | 3.550 | | | | 06/02/27 | | | | 38,411 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,297,163 | |
| | |
| Hardware – 0.1% | | | | |
| | Micron Technology, Inc. | |
| | 400,000 | | | | 3.366 | | | | 11/01/41 | | | | 286,353 | |
| | Xilinx, Inc. | |
| | 40,000 | | | | 2.950 | | | | 06/01/24 | | | | 39,451 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 325,804 | |
| | |
| Healthcare – 0.9% | | | | |
| | Aetna, Inc. | |
| | 40,000 | | | | 4.750 | | | | 03/15/44 | | | | 36,640 | |
| | Cigna Corp. | |
| | 400,000 | | | | 4.375 | | | | 10/15/28 | | | | 394,118 | |
| | CVS Health Corp. | |
| | 200,000 | | | | 3.250 | | | | 08/15/29 | | | | 183,291 | |
| | 76,000 | | | | 1.750 | | | | 08/21/30 | | | | 61,394 | |
| | 280,000 | | | | 4.780 | | | | 03/25/38 | | | | 267,492 | |
| | 70,000 | | | | 5.050 | | | | 03/25/48 | | | | 67,596 | |
| | 100,000 | | | | 4.250 | | | | 04/01/50 | | | | 86,069 | |
| | Elevance Health, Inc. | |
| | 150,000 | | | | 2.550 | | | | 03/15/31 | | | | 128,528 | |
| | 15,000 | | | | 4.650 | | | | 08/15/44 | | | | 14,278 | |
| | 40,000 | | | | 4.850 | | | | 08/15/54 | | | | 37,901 | |
| | Evernorth Health, Inc. | |
| | 120,000 | | | | 4.500 | | | | 02/25/26 | | | | 120,595 | |
| | HCA, Inc. | |
| | 80,000 | | | | 5.375 | | | | 02/01/25 | | | | 80,900 | |
| | 40,000 | | | | 5.250 | | | | 04/15/25 | | | | 40,400 | |
| | 70,000 | | | | 5.875 | | | | 02/15/26 | | | | 71,662 | |
| | 46,000 | | | | 5.250 | | | | 06/15/26 | | | | 46,288 | |
| | 90,000 | | | | 5.375 | | | | 09/01/26 | | | | 90,788 | |
| | 40,000 | | | | 4.500 | | | | 02/15/27 | | | | 39,175 | |
| | 25,000 | | | | 5.625 | | | | 09/01/28 | | | | 25,281 | |
| | 785,000 | | | | 5.875 | | | | 02/01/29 | | | | 803,644 | |
| | 75,000 | | | | 4.125 | | | | 06/15/29 | | | | 70,031 | |
| | 40,000 | | | | 5.500 | | | | 06/15/47 | | | | 37,300 | |
| | Humana, Inc. | |
| | 100,000 | | | | 2.150 | | | | 02/03/32 | | | | 81,198 | |
| | |
|
| Corporate Obligations – (continued) | |
| Healthcare – (continued) | | | | |
| | McKesson Corp. | |
| 200,000 | | | | 3.950 | | | | 02/16/28 | | | | 195,096 | |
| | Quest Diagnostics, Inc. | |
| | 100,000 | | | | 2.800 | | | | 06/30/31 | | | | 85,282 | |
| | Stanford Health Care | |
| | 100,000 | | | | 3.027 | | | | 08/15/51 | | | | 74,902 | |
| | UnitedHealth Group, Inc. | |
| | 250,000 | | | | 4.625 | | | | 07/15/35 | | | | 250,578 | |
| | 250,000 | | | | 4.750 | | | | 07/15/45 | | | | 249,050 | |
| | 450,000 | | | | 3.750 | | | | 10/15/47 | | | | 388,268 | |
| | 25,000 | | | | 2.900 | | | | 05/15/50 | | | | 18,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,046,245 | |
| | |
| Insurance – 0.6% | | | | |
| | Aflac, Inc. | |
| | 15,000 | | | | 3.625 | | | | 11/15/24 | | | | 14,936 | |
| | American International Group, Inc. | |
| | 100,000 | | | | 3.900 | | | | 04/01/26 | | | | 98,835 | |
| | AON Global Ltd. | |
| | 100,000 | | | | 4.600 | | | | 06/14/44 | | | | 91,574 | |
| | Arch Capital Group Ltd. | |
| | 90,000 | | | | 3.635 | | | | 06/30/50 | | | | 70,140 | |
| | Arch Capital Group US, Inc. | |
| | 40,000 | | | | 5.144 | | | | 11/01/43 | | | | 38,562 | |
| | Assurant, Inc. | |
| | 100,000 | | | | 2.650 | | | | 01/15/32 | | | | 78,097 | |
| | AXIS Specialty Finance LLC | |
| | 40,000 | | | | 3.900 | | | | 07/15/29 | | | | 37,253 | |
| | Brighthouse Financial, Inc. | |
| | 40,000 | | | | 5.625 | | | | 05/15/30 | | | | 39,572 | |
| | Chubb INA Holdings, Inc. | |
| | 150,000 | | | | 3.350 | | | | 05/03/26 | | | | 146,742 | |
| | 100,000 | | | | 1.375 | | | | 09/15/30 | | | | 80,335 | |
| | CNO Financial Group, Inc. | |
| | 200,000 | | | | 5.250 | | | | 05/30/29 | | | | 194,500 | |
| | Fidelity National Financial, Inc. | |
| | 230,000 | | | | 3.400 | | | | 06/15/30 | | | | 199,143 | |
| | Hartford Financial Services Group, Inc. (The) | |
| | 30,000 | | | | 3.600 | | | | 08/19/49 | | | | 23,849 | |
| | Marsh & McLennan Cos., Inc. | |
| | 80,000 | | | | 3.500 | | | | 06/03/24 | | | | 79,369 | |
| | 100,000 | | | | 2.375 | | | | 12/15/31 | | | | 84,460 | |
| | 100,000 | | | | 4.350 | | | | 01/30/47 | | | | 92,247 | |
| | MetLife, Inc. | |
| | 15,000 | | | | 4.125 | | | | 08/13/42 | | | | 13,552 | |
| | 80,000 | | | | 4.600 | | | | 05/13/46 | | | | 77,340 | |
| | PartnerRe Finance B LLC | |
| | 150,000 | | | | 3.700 | | | | 07/02/29 | | | | 140,317 | |
| | (US 5 Year CMT T-Note + 3.815%) | |
| | 300,000 | | | | 4.500 | (b) | | | 10/01/50 | | | | 270,422 | |
| | Prudential Financial, Inc. | |
| | 40,000 | | | | 3.935 | | | | 12/07/49 | | | | 34,896 | |
| | Prudential Financial, Inc., MTN | |
| | 15,000 | | | | 6.625 | | | | 06/21/40 | | | | 17,233 | |
| | 15,000 | | | | 4.350 | | | | 02/25/50 | | | | 14,033 | |
| | 60,000 | | | | 3.700 | | | | 03/13/51 | | | | 49,913 | |
| | |
| | |
| 100 | | 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) | |
| Insurance – (continued) | | | | |
| | Reinsurance Group of America, Inc. | |
| $ | 430,000 | | | | 3.900 | % | | | 05/15/29 | | | $ | 403,205 | |
| | Travelers Cos., Inc. (The) | |
| | 150,000 | | | | 3.750 | | | | 05/15/46 | | | | 129,431 | |
| | Voya Financial, Inc.(b) | |
| | (3M USD LIBOR + 2.084%) | |
| | 40,000 | | | | 4.700 | | | | 01/23/48 | | | | 33,310 | |
| | W R Berkley Corp. | |
| | 40,000 | | | | 4.750 | | | | 08/01/44 | | | | 37,088 | |
| | Willis North America, Inc. | |
| | 200,000 | | | | 5.050 | | | | 09/15/48 | | | | 185,203 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,775,557 | |
| | |
| Metals – 0.2% | | | | |
| | Nucor Corp. | |
| | 500,000 | | | | 3.950 | | | | 05/23/25 | | | | 496,463 | |
| | Steel Dynamics, Inc. | |
| | 80,000 | | | | 3.450 | | | | 04/15/30 | | | | 71,700 | |
| | 145,000 | | | | 3.250 | | | | 01/15/31 | | | | 126,331 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 694,494 | |
| | |
| Metals and Mining – 0.0% | | | | |
| | Reliance Steel & Aluminum Co. | |
| | 80,000 | | | | 4.500 | | | | 04/15/23 | | | | 80,006 | |
| | |
| REITs and Real Estate – 0.7% | | | | |
| | Alexandria Real Estate Equities, Inc. | |
| | 100,000 | | | | 3.375 | | | | 08/15/31 | | | | 88,954 | |
| | CBRE Services, Inc. | |
| | 129,000 | | | | 2.500 | | | | 04/01/31 | | | | 104,060 | |
| | Corporate Office Properties LP | |
| | 490,000 | | | | 2.750 | | | | 04/15/31 | | | | 386,001 | |
| | Digital Realty Trust LP | |
| | 40,000 | | | | 3.700 | | | | 08/15/27 | | | | 38,221 | |
| | Duke Realty LP | |
| | 80,000 | | | | 4.000 | | | | 09/15/28 | | | | 77,783 | |
| | Equinix, Inc. | |
| | 95,000 | | | | 3.000 | | | | 07/15/50 | | | | 65,023 | |
| | GLP Capital LP / GLP Financing II, Inc. | |
| | 50,000 | | | | 3.350 | | | | 09/01/24 | | | | 47,739 | |
| | 90,000 | | | | 5.250 | | | | 06/01/25 | | | | 88,973 | |
| | 40,000 | | | | 5.750 | | | | 06/01/28 | | | | 39,783 | |
| | 255,000 | | | | 4.000 | | | | 01/15/30 | | | | 224,951 | |
| | 72,000 | | | | 4.000 | | | | 01/15/31 | | | | 62,469 | |
| | Healthcare Realty Holdings LP | |
| | 410,000 | | | | 2.000 | | | | 03/15/31 | | | | 321,104 | |
| | Life Storage LP | |
| | 140,000 | | | | 2.400 | | | | 10/15/31 | | | | 112,280 | |
| | Mid-America Apartments LP | |
| | 100,000 | | | | 2.875 | | | | 09/15/51 | | | | 69,845 | |
| | Prologis LP | |
| | 200,000 | | | | 2.250 | | | | 04/15/30 | | | | 174,179 | |
| | 40,000 | | | | 1.250 | | | | 10/15/30 | | | | 32,067 | |
| | 120,000 | | | | 2.125 | | | | 10/15/50 | | | | 76,670 | |
| | Public Storage | |
| | 60,000 | | | | 3.094 | | | | 09/15/27 | | | | 57,349 | |
| | |
|
| Corporate Obligations – (continued) | |
| REITs and Real Estate – (continued) | | | | |
| | Sabra Health Care LP | |
| 85,000 | | | | 5.125 | | | | 08/15/26 | | | | 82,492 | |
| | 100,000 | | | | 3.200 | | | | 12/01/31 | | | | 79,681 | |
| | Simon Property Group LP | |
| | 100,000 | | | | 3.750 | | | | 02/01/24 | | | | 99,488 | |
| | 200,000 | | | | 2.450 | | | | 09/13/29 | | | | 171,964 | |
| | 100,000 | | | | 2.200 | | | | 02/01/31 | | | | 82,066 | |
| | 10,000 | | | | 6.750 | | | | 02/01/40 | | | | 11,307 | |
| | UDR, Inc., MTN | |
| | 100,000 | | | | 1.900 | | | | 03/15/33 | | | | 75,202 | |
| | Welltower, Inc. | |
| | 200,000 | | | | 4.000 | | | | 06/01/25 | | | | 197,844 | |
| | 200,000 | | | | 4.250 | | | | 04/15/28 | | | | 195,353 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,062,848 | |
| | |
| Revenue – 0.1% | | | | |
| | California Institute of Technology | |
| | 15,000 | | | | 3.650 | | | | 09/01/19 | | | | 11,145 | |
| | Hackensack Meridian Health, Inc., Series 2020 | |
| | 15,000 | | | | 2.675 | | | | 09/01/41 | | | | 11,178 | |
| | University of Chicago (The), Series 20B | |
| | 40,000 | | | | 2.761 | | | | 04/01/45 | | | | 31,904 | |
| | Yale University, Series 2020 | |
| | 190,000 | | | | 1.482 | | | | 04/15/30 | | | | 159,543 | |
| | 80,000 | | | | 2.402 | | | | 04/15/50 | | | | 56,950 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 270,720 | |
| | |
| Technology – 1.6% | | | | |
| | Adobe, Inc. | |
| | 40,000 | | | | 2.300 | | | | 02/01/30 | | | | 35,414 | |
| | Alphabet, Inc. | |
| | 15,000 | | | | 1.998 | | | | 08/15/26 | | | | 14,128 | |
| | 100,000 | | | | 2.250 | | | | 08/15/60 | | | | 63,876 | |
| | Apple, Inc. | |
| | 45,000 | | | | 2.400 | | | | 05/03/23 | | | | 44,626 | |
| | 90,000 | | | | 3.450 | | | | 05/06/24 | | | | 89,770 | |
| | 400,000 | | | | 1.800 | | | | 09/11/24 | | | | 385,788 | |
| | 40,000 | | | | 2.500 | | | | 02/09/25 | | | | 38,920 | |
| | 50,000 | | | | 3.200 | | | | 05/13/25 | | | | 49,364 | |
| | 40,000 | | | | 2.450 | | | | 08/04/26 | | | | 38,061 | |
| | 15,000 | | | | 3.350 | | | | 02/09/27 | | | | 14,751 | |
| | 15,000 | | | | 3.200 | | | | 05/11/27 | | | | 14,641 | |
| | 60,000 | | | | 2.900 | | | | 09/12/27 | | | | 57,432 | |
| | 40,000 | | | | 1.650 | | | | 02/08/31 | | | | 33,236 | |
| | 160,000 | | | | 4.500 | | | | 02/23/36 | | | | 166,092 | |
| | 80,000 | | | | 3.850 | | | | 05/04/43 | | | | 73,658 | |
| | 80,000 | | | | 4.450 | | | | 05/06/44 | | | | 79,583 | |
| | 300,000 | | | | 4.650 | | | | 02/23/46 | | | | 306,789 | |
| | 50,000 | | | | 3.750 | | | | 11/13/47 | | | | 44,892 | |
| | 300,000 | | | | 2.650 | | | | 02/08/51 | | | | 220,013 | |
| | 160,000 | | | | 2.550 | | | | 08/20/60 | | | | 107,204 | |
| | Applied Materials, Inc. | |
| | 125,000 | | | | 3.900 | | | | 10/01/25 | | | | 125,182 | |
| | 256,000 | | | | 3.300 | | | | 04/01/27 | | | | 250,677 | |
| | Broadcom Corp. / Broadcom Cayman Finance Ltd. | |
| | 160,000 | | | | 3.625 | | | | 01/15/24 | | | | 158,838 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 101 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Technology – (continued) | | | | |
| | Broadcom, Inc.(c) | |
| $ | 90,000 | | | | 3.469 | % | | | 04/15/34 | | | $ | 73,197 | |
| | 60,000 | | | | 3.187 | | | | 11/15/36 | | | | 44,443 | |
| | 160,000 | | | | 3.500 | | | | 02/15/41 | | | | 120,724 | |
| | Corning, Inc. | |
| | 125,000 | | | | 5.350 | | | | 11/15/48 | | | | 126,238 | |
| | 45,000 | | | | 4.375 | | | | 11/15/57 | | | | 37,913 | |
| | Dell International LLC / EMC Corp. | |
| | 100,000 | | | | 6.020 | | | | 06/15/26 | | | | 104,180 | |
| | 100,000 | | | | 8.350 | | | | 07/15/46 | | | | 121,676 | |
| | Fiserv, Inc. | |
| | 250,000 | | | | 4.400 | | | | 07/01/49 | | | | 217,245 | |
| | Hewlett Packard Enterprise Co. | |
| | 100,000 | | | | 6.350 | | | | 10/15/45 | | | | 100,687 | |
| | HP, Inc. | |
| | 15,000 | | | | 6.000 | | | | 09/15/41 | | | | 14,807 | |
| | Intel Corp. | |
| | 120,000 | | | | 2.875 | | | | 05/11/24 | | | | 118,290 | |
| | 200,000 | | | | 3.700 | | | | 07/29/25 | | | | 199,165 | |
| | 80,000 | | | | 3.734 | | | | 12/08/47 | | | | 65,283 | |
| | International Business Machines Corp. | |
| | 15,000 | | | | 5.875 | | | | 11/29/32 | | | | 16,357 | |
| | 150,000 | | | | 4.150 | | | | 05/15/39 | | | | 134,968 | |
| | 250,000 | | | | 4.000 | | | | 06/20/42 | | | | 216,346 | |
| | Jabil, Inc. | |
| | 80,000 | | | | 3.600 | | | | 01/15/30 | | | | 70,380 | |
| | KLA Corp. | |
| | 60,000 | | | | 3.300 | | | | 03/01/50 | | | | 47,076 | |
| | Kyndryl Holdings, Inc.(c) | |
| | 341,000 | | | | 2.700 | | | | 10/15/28 | | | | 264,068 | |
| | 100,000 | | | | 3.150 | | | | 10/15/31 | | | | 70,090 | |
| | 100,000 | | | | 4.100 | | | | 10/15/41 | | | | 61,933 | |
| | Lam Research Corp. | |
| | 40,000 | | | | 3.125 | | | | 06/15/60 | | | | 29,456 | |
| | Leidos, Inc. | |
| | 100,000 | | | | 4.375 | | | | 05/15/30 | | | | 92,875 | |
| | Microsoft Corp. | |
| | 40,000 | | | | 2.000 | | | | 08/08/23 | | | | 39,383 | |
| | 100,000 | | | | 2.875 | | | | 02/06/24 | | | | 99,004 | |
| | 65,000 | | | | 3.300 | | | | 02/06/27 | | | | 63,919 | |
| | 15,000 | | | | 3.500 | | | | 02/12/35 | | | | 14,352 | |
| | 290,000 | | | | 4.200 | | | | 11/03/35 | | | | 294,749 | |
| | 220,000 | | | | 4.250 | | | | 02/06/47 | | | | 219,755 | |
| | 200,000 | | | | 4.000 | | | | 02/12/55 | | | | 190,124 | |
| | 20,000 | | | | 2.675 | | | | 06/01/60 | | | | 14,206 | |
| | Motorola Solutions, Inc. | |
| | 720,000 | | | | 2.750 | | | | 05/24/31 | | | | 589,387 | |
| | QUALCOMM, Inc. | |
| | 250,000 | | | | 4.300 | | | | 05/20/47 | | | | 237,584 | |
| | VeriSign, Inc. | |
| | 350,000 | | | | 2.700 | | | | 06/15/31 | | | | 289,625 | |
| | Western Digital Corp. | |
| | 50,000 | | | | 4.750 | | | | 02/15/26 | | | | 48,250 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,860,670 | |
| | |
|
| Corporate Obligations – (continued) | |
| Transportation – 0.1% | | | | |
| | FedEx Corp. | |
| 40,000 | | | | 3.900 | | | | 02/01/35 | | | | 35,958 | |
| | 40,000 | | | | 4.400 | | | | 01/15/47 | | | | 35,410 | |
| | 40,000 | | | | 4.950 | | | | 10/17/48 | | | | 38,378 | |
| | Norfolk Southern Corp. | |
| | 120,000 | | | | 3.050 | | | | 05/15/50 | | | | 89,187 | |
| | Southwest Airlines Co. | |
| | 40,000 | | | | 5.250 | | | | 05/04/25 | | | | 40,993 | |
| | Union Pacific Corp. | |
| | 40,000 | | | | 3.700 | | | | 03/01/29 | | | | 38,960 | |
| | 70,000 | | | | 4.050 | | | | 03/01/46 | | | | 63,169 | |
| | 10,000 | | | | 4.500 | | | | 09/10/48 | | | | 9,471 | |
| | 80,000 | | | | 3.799 | | | | 10/01/51 | | | | 68,844 | |
| | 60,000 | | | | 3.839 | | | | 03/20/60 | | | | 50,586 | |
| | 15,000 | | | | 3.750 | | | | 02/05/70 | | | | 11,971 | |
| | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | |
| | 75,966 | | | | 2.695 | | | | 05/12/27 | | | | 70,863 | |
| | United Parcel Service, Inc. | |
| | 40,000 | | | | 3.625 | | | | 10/01/42 | | | | 34,996 | |
| | 15,000 | | | | 4.250 | | | | 03/15/49 | | | | 14,514 | |
| | 15,000 | | | | 5.300 | | | | 04/01/50 | | | | 16,691 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 619,991 | |
| | |
| Water – 0.0% | | | | |
| | American Water Capital Corp. | |
| | 105,000 | | | | 3.750 | | | | 09/01/47 | | | | 89,299 | |
| | 40,000 | | | | 4.200 | | | | 09/01/48 | | | | 36,210 | |
| | Essential Utilities, Inc. | |
| | 100,000 | | | | 3.351 | | | | 04/15/50 | | | | 74,022 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 199,531 | |
| | |
| Wireless – 1.1% | | | | |
| | American Tower Corp. | |
| | 200,000 | | | | 3.375 | | | | 10/15/26 | | | | 189,208 | |
| | 40,000 | | | | 3.950 | | | | 03/15/29 | | | | 37,480 | |
| | 100,000 | | | | 3.700 | | | | 10/15/49 | | | | 76,598 | |
| | 20,000 | | | | 3.100 | | | | 06/15/50 | | | | 13,966 | |
| | AT&T, Inc. | |
| | 50,000 | | | | 0.900 | | | | 03/25/24 | | | | 47,913 | |
| | 320,000 | | | | 2.750 | | | | 06/01/31 | | | | 272,218 | |
| | 500,000 | | | | 2.250 | | | | 02/01/32 | | | | 403,359 | |
| | 250,000 | | | | 4.500 | | | | 05/15/35 | | | | 234,924 | |
| | 400,000 | | | | 3.500 | | | | 06/01/41 | | | | 314,584 | |
| | 140,000 | | | | 3.650 | | | | 06/01/51 | | | | 107,277 | |
| | 300,000 | | | | 3.500 | | | | 09/15/53 | | | | 221,562 | |
| | 310,000 | | | | 3.550 | | | | 09/15/55 | | | | 227,814 | |
| | Crown Castle, Inc. | |
| | 20,000 | | | | 3.150 | | | | 07/15/23 | | | | 19,883 | |
| | 40,000 | | | | 3.300 | | | | 07/01/30 | | | | 35,751 | |
| | 140,000 | | | | 4.150 | | | | 07/01/50 | | | | 116,961 | |
| | T-Mobile USA, Inc. | |
| | 400,000 | | | | 3.750 | | | | 04/15/27 | | | | 382,684 | |
| | 400,000 | | | | 4.500 | | | | 04/15/50 | | | | 349,240 | |
| | Verizon Communications, Inc. | |
| | 200,000 | | | | 1.450 | | | | 03/20/26 | | | | 182,655 | |
| | 200,000 | | | | 2.625 | | | | 08/15/26 | | | | 188,543 | |
| | |
| | |
| 102 | | 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) | |
| Wireless – (continued) | | | | |
| | Verizon Communications, Inc. – (continued) | |
| $ | 200,000 | | | | 4.125 | % | | | 03/16/27 | | | $ | 198,832 | |
| | 200,000 | | | | 4.329 | | | | 09/21/28 | | | | 197,322 | |
| | 200,000 | | | | 4.016 | | | | 12/03/29 | | | | 192,308 | |
| | 500,000 | | | | 2.550 | | | | 03/21/31 | | | | 421,087 | |
| | 200,000 | | | | 2.987 | | | | 10/30/56 | | | | 134,915 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,567,084 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $98,241,402) | | | $ | 88,257,334 | |
| | |
| | | | | | | | | | | | | | |
|
| U.S. Treasury Bonds – 6.7%(e) | |
| | U.S. Treasury Bonds | | | | | |
| $ | 6,220,000 | | | | 4.375 | % | | | 02/15/38 | | | $ | 7,105,936 | |
| | 8,003,000 | | | | 3.875 | | | | 08/15/40 | | | | 8,478,121 | |
| | 11,965,000 | | | | 2.500 | | | | 02/15/45 | | | | 9,900,131 | |
| | 2,754,000 | | | | 2.500 | | | | 05/15/46 | | | | 2,271,509 | |
| | 1,800,000 | | | | 2.250 | | | | 02/15/52 | | | | 1,438,896 | |
| | |
| | TOTAL U.S. TREASURY BONDS | |
| | (Cost $35,231,161) | | | $ | 29,194,593 | |
| | |
| | | | | | | | | | | | | | |
|
| Foreign Corporate Debt – 5.0% | |
| Banks – 2.1% | | | | |
| | Banco Bilbao Vizcaya Argentaria SA (Spain) | |
| $ | 200,000 | | | | 0.875 | % | | | 09/18/23 | | | $ | 193,059 | |
| | 200,000 | | | | 1.125 | | | | 09/18/25 | | | | 181,020 | |
| | Banco Santander SA (Spain) | |
| | 800,000 | | | | 3.892 | | | | 05/24/24 | | | | 794,640 | |
| | 200,000 | | | | 1.849 | | | | 03/25/26 | | | | 178,119 | |
| | 200,000 | | | | 3.800 | | | | 02/23/28 | | | | 182,907 | |
| | Bank of Montreal(b) (Canada) | |
| | (5 Year USD Swap + 1.432%) | |
| | 110,000 | | | | 3.803 | | | | 12/15/32 | | | | 101,062 | |
| | Bank of Montreal, MTN (Canada) | |
| | 200,000 | | | | 2.500 | | | | 06/28/24 | | | | 195,237 | |
| | Bank of Nova Scotia (The) (Canada) | |
| | 200,000 | | | | 3.400 | | | | 02/11/24 | | | | 198,379 | |
| | Barclays PLC (United Kingdom) | |
| | 200,000 | | | | 4.375 | | | | 09/11/24 | | | | 197,658 | |
| | 200,000 | | | | 5.200 | | | | 05/12/26 | | | | 198,170 | |
| | Canadian Imperial Bank of Commerce (Canada) | |
| | 70,000 | | | | 0.450 | | | | 06/22/23 | | | | 68,180 | |
| | 100,000 | | | | 0.950 | | | | 06/23/23 | | | | 97,747 | |
| | 130,000 | | | | 3.500 | | | | 09/13/23 | | | | 129,500 | |
| | Credit Suisse Group AG (Switzerland) | |
| | 400,000 | | | | 3.750 | | | | 03/26/25 | | | | 382,539 | |
| | Deutsche Bank AG(b) (Germany) | |
| | (SOFR + 2.159%) | |
| | 200,000 | | | | 2.222 | | | | 09/18/24 | | | | 193,025 | |
| | Export-Import Bank of Korea (South Korea) | |
| | 400,000 | | | | 2.625 | | | | 05/26/26 | | | | 382,228 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Banks – (continued) | | | | |
| | HSBC Holdings PLC (United Kingdom) | |
| | (3M USD LIBOR + 1.211%) | |
| 350,000 | | | | 3.803 | (b) | | | 03/11/25 | | | | 343,389 | |
| | 200,000 | | | | 4.300 | | | | 03/08/26 | | | | 197,729 | |
| | (3M USD LIBOR + 1.348%) | |
| | 400,000 | | | | 4.292 | (b) | | | 09/12/26 | | | | 388,755 | |
| | 200,000 | | | | 6.500 | | | | 09/15/37 | | | | 209,107 | |
| | ING Groep NV (Netherlands) | |
| | 354,000 | | | | 4.550 | | | | 10/02/28 | | | | 342,228 | |
| | Korea Development Bank (The) (South Korea) | |
| | 300,000 | | | | 0.800 | | | | 07/19/26 | | | | 265,559 | |
| | Landwirtschaftliche Rentenbank (Germany) | |
| | 15,000 | | | | 3.125 | | | | 11/14/23 | | | | 14,917 | |
| | 100,000 | | | | 0.875 | | | | 03/30/26 | | | | 90,850 | |
| | Lloyds Banking Group PLC (United Kingdom) | |
| | 300,000 | | | | 4.375 | | | | 03/22/28 | | | | 289,668 | |
| | Mizuho Financial Group, Inc. (Japan) | |
| | (US 1 Year CMT T-Note + 0.750%) | |
| | 200,000 | | | | 1.554 | (b) | | | 07/09/27 | | | | 175,440 | |
| | 400,000 | | | | 3.170 | | | | 09/11/27 | | | | 369,039 | |
| | NatWest Group PLC(b) (United Kingdom) | |
| | (US 5 Year CMT T-Note + 2.350%) | |
| | 300,000 | | | | 3.032 | | | | 11/28/35 | | | | 236,311 | |
| | Royal Bank of Canada, GMTN (Canada) | |
| | 130,000 | | | | 1.600 | | | | 04/17/23 | | | | 128,294 | |
| | Santander UK Group Holdings PLC(b) (United Kingdom) | |
| | (SOFR + 1.475%) | |
| | 340,000 | | | | 2.896 | | | | 03/15/32 | | | | 274,904 | |
| | Sumitomo Mitsui Financial Group, Inc. (Japan) | |
| | 100,000 | | | | 3.748 | | | | 07/19/23 | | | | 99,836 | |
| | 400,000 | | | | 3.364 | | | | 07/12/27 | | | | 377,736 | |
| | 400,000 | | | | 2.930 | | | | 09/17/41 | | | | 291,158 | |
| | Svensk Exportkredit AB, GMTN (Sweden) | |
| | 200,000 | | | | 0.625 | | | | 05/14/25 | | | | 184,339 | |
| | Toronto-Dominion Bank (The)(b) (Canada) | |
| | (5 Year USD Swap + 2.205%) | |
| | 375,000 | | | | 3.625 | | | | 09/15/31 | | | | 358,125 | |
| | Toronto-Dominion Bank (The), GMTN (Canada) | |
| | 130,000 | | | | 3.500 | | | | 07/19/23 | | | | 129,821 | |
| | Toronto-Dominion Bank (The), MTN (Canada) | |
| | 200,000 | | | | 0.750 | | | | 06/12/23 | | | | 195,483 | |
| | Westpac Banking Corp. (Australia) | |
| | 200,000 | | | | 2.850 | | | | 05/13/26 | | | | 191,304 | |
| | 75,000 | | | | 3.350 | | | | 03/08/27 | | | | 72,451 | |
| | 40,000 | | | | 2.150 | | | | 06/03/31 | | | | 33,656 | |
| | (US 5 Year CMT T-Note + 2.000%) | |
| | 10,000 | | | | 4.110 | (b) | | | 07/24/34 | | | | 8,985 | |
| | (US 5 Year CMT T-Note + 1.530%) | |
| | 100,000 | | | | 3.020 | (b) | | | 11/18/36 | | | | 79,217 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,021,771 | |
| | |
| Basic Industry – 0.0% | |
| | Nutrien Ltd. (Canada) | |
| | 100,000 | | | | 2.950 | | | | 05/13/30 | | | | 88,578 | |
| | |
| Brokerage – 0.0% | |
| | Brookfield Finance, Inc. (Canada) | |
| | 50,000 | | | | 4.350 | | | | 04/15/30 | | | | 47,179 | |
| | 15,000 | | | | 3.500 | | | | 03/30/51 | | | | 10,822 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 58,001 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 103 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Foreign Corporate Debt – (continued) | |
| Capital Goods – 0.1% | |
| | ABB Finance USA, Inc. (Switzerland) | |
| $ | 260,000 | | | | 4.375 | % | | | 05/08/42 | | | $ | 241,142 | |
| | CNH Industrial NV (United Kingdom) | |
| | 80,000 | | | | 4.500 | | | | 08/15/23 | | | | 80,189 | |
| | Johnson Controls International PLC | |
| | 100,000 | | | | 4.500 | | | | 02/15/47 | | | | 87,718 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 409,049 | |
| | |
| Communications – 0.0% | |
| | RELX Capital, Inc. (United Kingdom) | |
| | 100,000 | | | | 3.000 | | | | 05/22/30 | | | | 89,858 | |
| | |
| Consumer Cyclical – 0.1% | |
| | Honda Motor Co. Ltd. (Japan) | |
| | 400,000 | | | | 2.534 | | | | 03/10/27 | | | | 374,304 | |
| | |
| Consumer Noncyclical – 0.4% | |
| | Ahold Finance USA LLC (Netherlands) | |
| | 360,000 | | | | 6.875 | | | | 05/01/29 | | | | 393,297 | |
| | BAT Capital Corp. (United Kingdom) | |
| | 400,000 | | | | 2.789 | | | | 09/06/24 | | | | 388,919 | |
| | 80,000 | | | | 3.984 | | | | 09/25/50 | | | | 54,314 | |
| | 140,000 | | | | 5.650 | | | | 03/16/52 | | | | 120,154 | |
| | Bayer US Finance II LLC(c) (Germany) | |
| | 100,000 | | | | 3.375 | | | | 07/15/24 | | | | 97,854 | |
| | 15,000 | | | | 4.200 | | | | 07/15/34 | | | | 13,485 | |
| | 170,000 | | | | 4.700 | | | | 07/15/64 | | | | 140,397 | |
| | GlaxoSmithKline Capital, Inc. (United Kingdom) | |
| | 200,000 | | | | 6.375 | | | | 05/15/38 | | | | 235,265 | |
| | Reynolds American, Inc. (United Kingdom) | |
| | 250,000 | | | | 5.850 | | | | 08/15/45 | | | | 214,321 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,658,006 | |
| | |
| Energy – 0.7% | |
| | BP Capital Markets PLC (United Kingdom) | |
| | 300,000 | | | | 3.279 | | | | 09/19/27 | | | | 287,496 | |
| | Canadian Natural Resources Ltd. (Canada) | |
| | 100,000 | | | | 6.250 | | | | 03/15/38 | | | | 104,762 | |
| | Canadian Natural Resources Ltd., GMTN (Canada) | |
| | 100,000 | | | | 4.950 | | | | 06/01/47 | | | | 95,457 | |
| | Cenovus Energy, Inc. (Canada) | |
| | 100,000 | | | | 2.650 | | | | 01/15/32 | | | | 82,004 | |
| | 50,000 | | | | 5.250 | | | | 06/15/37 | | | | 48,372 | |
| | Enbridge, Inc. (Canada) | |
| | 110,000 | | | | 3.125 | | | | 11/15/29 | | | | 99,790 | |
| | 15,000 | | | | 5.500 | | | | 12/01/46 | | | | 15,410 | |
| | (3M USD LIBOR + 3.641%) | |
| | 15,000 | | | | 6.250 | (b) | | | 03/01/78 | | | | 14,250 | |
| | Equinor ASA (Norway) | |
| | 100,000 | | | | 2.650 | | | | 01/15/24 | | | | 98,469 | |
| | 40,000 | | | | 1.750 | | | | 01/22/26 | | | | 37,107 | |
| | 40,000 | | | | 3.625 | | | | 09/10/28 | | | | 39,068 | |
| | 300,000 | | | | 3.125 | | | | 04/06/30 | | | | 278,512 | |
| | 510,000 | | | | 3.700 | | | | 04/06/50 | | | | 442,387 | |
| | Shell International Finance BV (Netherlands) | |
| | 25,000 | | | | 0.375 | | | | 09/15/23 | | | | 24,144 | |
| | 40,000 | | | | 2.000 | | | | 11/07/24 | | | | 38,695 | |
| | 55,000 | | | | 3.250 | | | | 05/11/25 | | | | 54,150 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Energy – (continued) | |
| | Shell International Finance BV (Netherlands) – (continued) | |
| 75,000 | | | | 4.375 | | | | 05/11/45 | | | | 70,371 | |
| | 462,000 | | | | 4.000 | | | | 05/10/46 | | | | 414,230 | |
| | TotalEnergies Capital International SA (France) | |
| | 250,000 | | | | 2.434 | | | | 01/10/25 | | | | 241,849 | |
| | 200,000 | | | | 3.455 | | | | 02/19/29 | | | | 191,319 | |
| | 100,000 | | | | 3.127 | | | | 05/29/50 | | | | 77,594 | |
| | TransCanada PipeLines Ltd. (Canada) | |
| | 300,000 | | | | 2.500 | | | | 10/12/31 | | | | 248,812 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,004,248 | |
| | |
| Financial Company – 0.1% | | | | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust
(Ireland) |
|
| | 500,000 | | | | 3.300 | | | | 01/30/32 | | | | 403,226 | |
| | |
| Food and Beverage – 0.3% | | | | |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide,
Inc. (Belgium) |
|
| | 80,000 | | | | 4.900 | | | | 02/01/46 | | | | 75,922 | |
| | Anheuser-Busch InBev Finance, Inc. (Belgium) | |
| | 55,000 | | | | 4.700 | | | | 02/01/36 | | | | 53,174 | |
| | 100,000 | | | | 4.900 | | | | 02/01/46 | | | | 95,381 | |
| | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | |
| | 300,000 | | | | 3.500 | | | | 06/01/30 | | | | 281,974 | |
| | 46,000 | | | | 4.375 | | | | 04/15/38 | | | | 43,011 | |
| | 40,000 | | | | 4.600 | | | | 04/15/48 | | | | 36,332 | |
| | 40,000 | | | | 5.550 | | | | 01/23/49 | | | | 41,567 | |
| | 500,000 | | | | 4.500 | | | | 06/01/50 | | | | 454,819 | |
| | 90,000 | | | | 4.750 | | | | 04/15/58 | | | | 82,159 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,164,339 | |
| | |
| Forest Products & Paper – 0.0% | | | | |
| | Suzano Austria GmbH (Brazil) | |
| | 200,000 | | | | 5.000 | | | | 01/15/30 | | | | 187,563 | |
| | |
| Insurance – 0.1% | | | | |
| | Fairfax Financial Holdings Ltd. (Canada) | |
| | 400,000 | | | | 3.375 | | | | 03/03/31 | | | | 342,702 | |
| | |
| Internet – 0.2% | | | | |
| | Alibaba Group Holding Ltd. (China) | |
| | 400,000 | | | | 3.600 | | | | 11/28/24 | | | | 393,490 | |
| | 240,000 | | | | 3.400 | | | | 12/06/27 | | | | 226,496 | |
| | JD.com, Inc. (China) | |
| | 200,000 | | | | 3.875 | | | | 04/29/26 | | | | 195,558 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 815,544 | |
| | |
| Metals – 0.0% | | | | |
| | ArcelorMittal SA (Luxembourg) | |
| | 15,000 | | | | 4.550 | | | | 03/11/26 | | | | 14,775 | |
| | 15,000 | | | | 4.250 | | | | 07/16/29 | | | | 14,306 | |
| | 10,000 | | | | 7.000 | | | | 10/15/39 | | | | 10,275 | |
| | 15,000 | | | | 6.750 | | | | 03/01/41 | | | | 14,888 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 54,244 | |
| | |
| Mining – 0.1% | | | | |
| | Southern Copper Corp. (Peru) | |
| | 55,000 | | | | 3.875 | | | | 04/23/25 | | | | 53,923 | |
| | |
| | |
| 104 | | 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) | |
| Mining – (continued) | | | | |
| | Teck Resources Ltd. (Canada) | |
| $ | 40,000 | | | | 6.250 | % | | | 07/15/41 | | | $ | 39,482 | |
| | Vale Overseas Ltd. (Brazil) | |
| | 230,000 | | | | 6.250 | | | | 08/10/26 | | | | 240,925 | |
| | 115,000 | | | | 3.750 | | | | 07/08/30 | | | | 99,790 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 434,120 | |
| | |
| Oil Company-Exploration & Production – 0.0% | | | | |
| | CNOOC Finance 2013 Ltd. (China) | |
| | 200,000 | | | | 3.000 | | | | 05/09/23 | | | | 198,949 | |
| | |
| Oil Company-Integrated – 0.2% | | | | |
| | Petroleos Mexicanos (Mexico) | |
| | 225,000 | | | | 6.875 | | | | 08/04/26 | | | | 210,581 | |
| | 100,000 | | | | 5.350 | | | | 02/12/28 | | | | 81,232 | |
| | 250,000 | | | | 5.950 | | | | 01/28/31 | | | | 187,476 | |
| | Saudi Arabian Oil Co.(c) (Saudi Arabia) | |
| | 200,000 | | | | 2.875 | | | | 04/16/24 | | | | 195,928 | |
| | 300,000 | | | | 2.250 | | | | 11/24/30 | | | | 263,062 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 938,279 | |
| | |
| Technology – 0.2% | | | | |
| | NXP BV / NXP Funding LLC (China) | |
| | 40,000 | | | | 5.350 | | | | 03/01/26 | | | | 40,752 | |
| | NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | |
| | 120,000 | | | | 3.400 | | | | 05/01/30 | | | | 106,501 | |
| | 265,000 | | | | 2.500 | | | | 05/11/31 | | | | 214,368 | |
| | 390,000 | | | | 5.000 | | | | 01/15/33 | | | | 376,824 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 738,445 | |
| | |
| Telecommunications – 0.1% | | | | |
| | America Movil SAB de CV (Mexico) | |
| | 280,000 | | | | 3.625 | | | | 04/22/29 | | | | 264,784 | |
| | 200,000 | | | | 2.875 | | | | 05/07/30 | | | | 177,432 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 442,216 | |
| | |
| Transportation – 0.0% | | | | |
| | Canadian National Railway Co. (Canada) | |
| | 40,000 | | | | 4.450 | | | | 01/20/49 | | | | 38,575 | |
| | |
| Wireless – 0.2% | | | | |
| | Rogers Communications, Inc.(c) (Canada) | |
| | 170,000 | | | | 4.500 | | | | 03/15/42 | | | | 151,896 | |
| | TELUS Corp. (Canada) | |
| | 300,000 | | | | 3.400 | | | | 05/13/32 | | | | 266,275 | |
| | Vodafone Group PLC (United Kingdom) | |
| | 250,000 | | | | 4.125 | | | | 05/30/25 | | | | 248,988 | |
| | 50,000 | | | | 5.250 | | | | 05/30/48 | | | | 46,839 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 713,998 | |
| | |
| Wirelines – 0.1% | | | | |
| | Bell Telephone Co of Canada or Bell Canada/The (Canada) | |
| | 80,000 | | | | 4.300 | | | | 07/29/49 | | | | 71,143 | |
| | British Telecommunications PLC (United Kingdom) | |
| | 100,000 | | | | 9.625 | | | | 12/15/30 | | | | 123,178 | |
| | Deutsche Telekom International Finance BV (Germany) | |
| | 15,000 | | | | 8.750 | | | | 06/15/30 | | | | 18,614 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Wirelines – (continued) | | | | |
| | Orange SA (France) | |
| 140,000 | | | | 9.000 | | | | 03/01/31 | | | | 179,952 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 392,887 | |
| | |
| | TOTAL FOREIGN CORPORATE DEBT | |
| | (Cost $23,580,169) | | | $ | 21,568,902 | |
| | |
| | | | | | | | | | | | | | |
|
| Sovereign Debt Obligations – 1.9% | |
| Sovereign – 1.9% | |
| Abu Dhabi Government International Bond(c)
(United Arab Emirates) |
|
| $ | 200,000 | | | | 0.750 | % | | | 09/02/23 | | | $ | 194,021 | |
| | 400,000 | | | | 2.125 | | | | 09/30/24 | | | | 387,516 | |
| | 200,000 | | | | 2.500 | | | | 04/16/25 | | | | 194,416 | |
| | 200,000 | | | | 1.625 | | | | 06/02/28 | | | | 178,579 | |
| | 200,000 | | | | 2.700 | | | | 09/02/70 | | | | 137,423 | |
| | Chile Government International Bond (Chile) | |
| | 400,000 | | | | 2.750 | | | | 01/31/27 | | | | 370,629 | |
| | 200,000 | | | | 2.450 | | | | 01/31/31 | | | | 168,912 | |
| | China Government International Bond(c) (China) | |
| | 400,000 | | | | 0.400 | | | | 10/21/23 | | | | 386,008 | |
| | Colombia Government International Bond (Colombia) | |
| | 200,000 | | | | 4.000 | | | | 02/26/24 | | | | 196,013 | |
| | 200,000 | | | | 3.875 | | | | 04/25/27 | | | | 179,420 | |
| | 200,000 | | | | 4.500 | | | | 03/15/29 | | | | 175,273 | |
| | 100,000 | | | | 6.125 | | | | 01/18/41 | | | | 80,575 | |
| | Indonesia Government International Bond (Indonesia) | |
| | 200,000 | | | | 3.850 | | | | 10/15/30 | | | | 194,829 | |
| | 300,000 | | | | 5.250 | | | | 01/17/42 | | | | 301,119 | |
| | Malaysia Sovereign Sukuk BHD(c) (Malaysia) | |
| | 300,000 | | | | 3.043 | | | | 04/22/25 | | | | 293,862 | |
| | Mexico Government International Bond (Mexico) | |
| | 250,000 | | | | 3.600 | | | | 01/30/25 | | | | 250,126 | |
| | 400,000 | | | | 4.150 | | | | 03/28/27 | | | | 397,380 | |
| | 250,000 | | | | 3.250 | | | | 04/16/30 | | | | 223,410 | |
| | 400,000 | | | | 4.750 | | | | 04/27/32 | | | | 387,703 | |
| | Panama Government International Bond (Panama) | |
| | 200,000 | | | | 6.700 | | | | 01/26/36 | | | | 216,500 | |
| | Perusahaan Penerbit SBSN Indonesia III(c) (Indonesia) | |
| | 400,000 | | | | 4.550 | | | | 03/29/26 | | | | 408,000 | |
| | 200,000 | | | | 2.800 | | | | 06/23/30 | | | | 181,000 | |
| | Peruvian Government International Bond (Peru) | |
| | 200,000 | | | | 2.783 | | | | 01/23/31 | | | | 170,648 | |
| | 300,000 | | | | 1.862 | | | | 12/01/32 | | | | 228,305 | |
| | 100,000 | | | | 8.750 | | | | 11/21/33 | | | | 128,939 | |
| | Philippine Government International Bond (Philippines) | |
| | 200,000 | | | | 3.750 | | | | 01/14/29 | | | | 198,678 | |
| | 400,000 | | | | 2.457 | | | | 05/05/30 | | | | 359,854 | |
| | Province of Alberta Canada (Canada) | |
| | 50,000 | | | | 3.300 | | | | 03/15/28 | | | | 48,801 | |
| | Province of British Columbia Canada (Canada) | |
| | 15,000 | | | | 2.000 | | | | 10/23/22 | | | | 14,981 | |
| | Province of Ontario Canada (Canada) | |
| | 30,000 | | | | 1.050 | | | | 05/21/27 | | | | 26,543 | |
| | 30,000 | | | | 1.600 | | | | 02/25/31 | | | | 25,356 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 105 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal Amount | | | Interest Rate | | | Maturity Date | | | Value | |
|
| Sovereign Debt Obligations – (continued) | |
| Sovereign – (continued) | |
| | Province of Quebec Canada (Canada) | |
| $ | 90,000 | | | | 0.600 | % | | | 07/23/25 | | | $ | 82,464 | |
| | 25,000 | | | | 2.750 | | | | 04/12/27 | | | | 24,068 | |
| | Qatar Government International Bond(c) (Qatar) | |
| | 280,000 | | | | 3.400 | | | | 04/16/25 | | | | 278,085 | |
| | 200,000 | | | | 4.817 | | | | 03/14/49 | | | | 205,739 | |
| | Republic of Poland Government International Bond (Poland) | |
| | 30,000 | | | | 3.250 | | | | 04/06/26 | | | | 29,542 | |
| | Romanian Government International Bond(c) (Romania) | |
| | 16,000 | | | | 3.000 | | | | 02/14/31 | | | | 12,719 | |
| | Saudi Government International Bond (Saudi Arabia) | |
| | 300,000 | | | | 2.900 | (c) | | | 10/22/25 | | | | 293,857 | |
| | 500,000 | | | | 4.625 | | | | 10/04/47 | | | | 470,755 | |
| | Uruguay Government International Bond (Uruguay) | |
| | 15,000 | | | | 4.375 | | | | 01/23/31 | | | | 15,413 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,117,461 | |
| | |
| | TOTAL SOVEREIGN DEBT OBLIGATIONS | |
| | (Cost $9,005,721) | | | $ | 8,117,461 | |
| | |
| | | | | | | | | | | | | | |
|
| U.S. Treasury Obligations – 5.3%(e) | |
| | U.S. Treasury Bonds | | | | | |
| $ | 6,000,000 | | | | 2.750 | % | | | 08/15/42 | | | $ | 5,274,783 | |
| | 7,677,000 | | | | 2.000 | | | | 02/15/50 | | | | 5,812,734 | |
| | U.S. Treasury Note | | | | | |
| | 12,519,000 | | | | 2.125 | | | | 05/31/26 | | | | 11,942,120 | |
| | |
| | TOTAL U.S. TREASURY OBLIGATIONS | |
| | (Cost $24,253,938) | | | $ | 23,029,637 | |
| | |
| | | | | | | | |
| Shares | | | Dividend
Rate | | Value | |
|
| Investment Company – 23.0%(f) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 99,745,844 | | | 2.154% | | $ | 99,745,844 | |
| | (Cost $99,745,844) | | | | |
| | |
| | TOTAL INVESTMENTS – 121.7% | | | | |
| | (Cost $558,768,721) | | $ | 527,435,702 | |
| | |
| LIABILITIES IN EXCESS OF
ASSETS – (21.7)% | | | (94,331,094 | ) |
| | |
| | NET ASSETS – 100.0% | | $ | 433,104,608 | |
| | |
| | |
|
| 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 $101,965,444 which represents approximately 23.5% of the Fund’s net assets as of August 31, 2022. |
| |
(b) | | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2022. |
| |
(c) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| |
(d) | | Step coupon. |
| |
(e) | | 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. |
| |
(f) | | 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 |
|
| | |
| 106 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Mortgage-Backed Securities – 30.9% | |
| | FHLMC REMIC(a) (12M USD LIBOR + 1.618%) | |
| $ | 8,036,810 | | | | 2.736 | % | | | 01/01/46 | | | $ | 8,173,329 | |
| | FHLMC REMIC(a) (12M USD LIBOR + 1.803%) | |
| | 4,176,447 | | | | 2.757 | | | | 10/01/43 | | | | 4,253,995 | |
| | FHLMC REMIC(a) (12M USD LIBOR + 1.778%) | |
| | 763,347 | | | | 2.904 | | | | 10/01/44 | | | | 775,630 | |
| FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR
+ 0.900%) |
|
| | 179,944 | | | | 3.291 | | | | 10/15/33 | | | | 183,262 | |
| FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR
+ 1.000%) |
|
| | 186,283 | | | | 3.391 | | | | 11/15/33 | | | | 189,933 | |
| FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR
+ 0.350%) |
|
| | 529,112 | | | | 2.741 | | | | 09/15/35 | | | | 530,338 | |
| FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR
+ 0.420%) |
|
| | 157,978 | | | | 2.811 | | | | 04/15/37 | | | | 158,261 | |
| FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR
+ 0.400%) |
|
| | 24,875 | | | | 2.791 | | | | 12/15/36 | | | | 24,990 | |
| FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR
+ 0.300%) |
|
| | 614,355 | | | | 2.691 | | | | 08/15/35 | | | | 615,086 | |
| FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR
+ 0.600%) |
|
| | 115,249 | | | | 2.991 | | | | 09/15/37 | | | | 116,684 | |
| FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR
+ 0.600%) |
|
| | 1,341,512 | | | | 2.991 | | | | 02/15/36 | | | | 1,350,596 | |
| FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD
LIBOR + 0.350%) |
|
| | 75,462 | | | | 2.741 | | | | 12/15/40 | | | | 75,557 | |
| FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD
LIBOR + 0.370%) |
|
| | 406,390 | | | | 2.761 | | | | 05/15/32 | | | | 406,515 | |
| FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR
+ 0.450%) |
|
| | 844,472 | | | | 2.841 | | | | 06/15/42 | | | | 847,965 | |
| FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR
+ 0.500%) |
|
| | 205,844 | | | | 2.891 | | | | 06/15/42 | | | | 206,438 | |
| FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD
LIBOR + 0.300%) |
|
| | 194,208 | | | | 2.691 | | | | 11/15/41 | | | | 194,099 | |
| FHLMC REMIC Series 2012-4107, Class MF(a) (1M USD
LIBOR + 0.400%) |
|
| | 1,741,214 | | | | 2.791 | | | | 09/15/42 | | | | 1,742,274 | |
| FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR
+ 0.400%) |
|
| | 2,112,804 | | | | 2.791 | | | | 11/15/42 | | | | 2,113,219 | |
| FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR
+ 0.250%) |
|
| | 1,141,203 | | | | 2.641 | | | | 05/15/43 | | | | 1,135,119 | |
| FHLMC REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR
+ 0.350%) |
|
| | 786,108 | | | | 2.741 | | | | 06/15/43 | | | | 783,157 | |
| | |
|
| Mortgage-Backed Securities – (continued) | |
| FHLMC REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR
+ 0.500%) |
|
| 2,692,962 | | | | 2.891 | | | | 08/15/43 | | | | 2,707,471 | |
| FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR
+ 0.450%) |
|
| | 86,642 | | | | 2.841 | | | | 05/15/41 | | | | 87,063 | |
| FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR
+ 0.400%) |
|
| | 64,989 | | | | 2.791 | | | | 11/15/43 | | | | 63,910 | |
| FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR
+ 0.350%) |
|
| | 71,171 | | | | 2.741 | | | | 11/15/43 | | | | 70,850 | |
| FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR
+ 0.400%) |
|
| | 2,046,902 | | | | 2.113 | | | | 12/15/42 | | | | 2,035,773 | |
| FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR
+ 0.350%) |
|
| | 3,379,197 | | | | 2.741 | | | | 09/15/47 | | | | 3,384,382 | |
| | FHLMC REMIC Series 2018-4787, Class ZS | |
| | 866,343 | | | | 5.000 | | | | 07/01/48 | | | | 886,647 | |
| FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR
+ 0.300%) |
|
| | 224,123 | | | | 2.691 | | | | 04/15/48 | | | | 222,810 | |
| FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR
+ 0.400%) |
|
| | 1,472,620 | | | | 2.791 | | | | 12/15/48 | | | | 1,476,271 | |
| FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR
+ 0.400%) |
|
| | 1,247,354 | | | | 2.791 | | | | 07/15/49 | | | | 1,250,484 | |
| FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR
+ 0.450%) |
|
| | 187,101 | | | | 2.841 | | | | 09/15/48 | | | | 187,339 | |
| FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR
+ 0.400%) |
|
| | 1,710,545 | | | | 2.113 | | | | 03/15/38 | | | | 1,695,272 | |
| FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR
+ 0.500%) |
|
| | 1,150,179 | | | | 2.944 | | | | 01/25/50 | | | | 1,141,798 | |
| FHLMC REMIC Series 2019-4944, Class F(a) (1M USD LIBOR
+ 0.450%) |
|
| | 10,562,210 | | | | 2.894 | | | | 01/25/50 | | | | 10,611,319 | |
| FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR
+ 0.400%) |
|
| | 201,553 | | | | 2.844 | | | | 07/25/50 | | | | 201,585 | |
| FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR +
0.300%) |
|
| | 2,606,216 | | | | 2.183 | | | | 08/15/43 | | | | 2,570,349 | |
| FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR
+ 0.350%) |
|
| | 179,374 | | | | 2.741 | | | | 08/15/36 | | | | 180,016 | |
| FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR
+ 0.300%) |
|
| | 448,434 | | | | 2.691 | | | | 08/15/36 | | | | 449,968 | |
| FNMA REMIC Series 2002-53, Class FY(a) (1M USD LIBOR +
0.500%) |
|
| | 219,051 | | | | 2.944 | | | | 08/25/32 | | | | 221,097 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 107 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Mortgage-Backed Securities – (continued) | |
| FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR +
0.400%) |
|
| $ | 128,863 | | | | 2.844 | % | | | 07/25/34 | | | $ | 129,627 | |
| FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR +
0.450%) |
|
| | 291,000 | | | | 2.894 | | | | 07/25/34 | | | | 293,029 | |
| FNMA REMIC Series 2005-103, Class FC(a) (1M USD LIBOR +
0.500%) |
|
| | 8,923,310 | | | | 2.944 | | | | 07/25/35 | | | | 9,033,385 | |
| FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR +
0.520%) |
|
| | 442,518 | | | | 2.964 | | | | 01/25/36 | | | | 446,413 | |
| FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR +
0.450%) |
|
| | 471,765 | | | | 2.894 | | | | 10/25/35 | | | | 473,909 | |
| FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR +
0.330%) |
|
| | 2,508,285 | | | | 2.774 | | | | 11/25/36 | | | | 2,511,953 | |
| FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR +
0.300%) |
|
| | 121,207 | | | | 2.744 | | | | 03/25/36 | | | | 121,136 | |
| FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR +
0.300%) |
|
| | 50,889 | | | | 2.744 | | | | 05/25/36 | | | | 50,911 | |
| FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR +
0.410%) |
|
| | 101,493 | | | | 2.854 | | | | 06/25/36 | | | | 101,932 | |
| FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR +
0.400%) |
|
| | 1,012,126 | | | | 2.844 | | | | 06/25/36 | | | | 1,016,376 | |
| FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR +
0.360%) |
|
| | 198,745 | | | | 2.804 | | | | 07/25/36 | | | | 199,274 | |
| FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR +
0.350%) |
|
| | 424,737 | | | | 2.794 | | | | 08/25/36 | | | | 425,987 | |
| FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR +
0.460%) |
|
| | 360,543 | | | | 2.904 | | | | 09/25/36 | | | | 362,987 | |
| FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR +
0.250%) |
|
| | 68,123 | | | | 2.694 | | | | 04/25/37 | | | | 68,013 | |
| FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR +
0.320%) |
|
| | 207,565 | | | | 2.764 | | | | 07/25/37 | | | | 207,578 | |
| FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR +
0.700%) |
|
| | 54,871 | | | | 3.144 | | | | 02/25/38 | | | | 55,500 | |
| FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR +
0.750%) |
|
| | 230,508 | | | | 3.194 | | | | 01/25/40 | | | | 233,557 | |
| FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR +
0.400%) |
|
| | 155,359 | | | | 2.844 | | | | 10/25/40 | | | | 155,962 | |
| FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR +
0.400%) |
|
| | 189,929 | | | | 2.844 | | | | 10/25/40 | | | | 190,711 | |
| | |
|
| Mortgage-Backed Securities – (continued) | |
| FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR +
0.470%) |
|
| 118,473 | | | | 2.914 | | | | 12/25/40 | | | | 118,686 | |
| FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR +
0.930%) |
|
| | 370,678 | | | | 3.374 | | | | 06/25/36 | | | | 377,001 | |
| FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR +
0.770%) |
|
| | 579,609 | | �� | | 3.214 | | | | 06/25/37 | | | | 589,081 | |
| FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR +
0.920%) |
|
| | 249,991 | | | | 3.364 | | | | 03/25/36 | | | | 255,730 | |
| FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR +
0.750%) |
|
| | 1,761,742 | | | | 3.194 | | | | 05/25/40 | | | | 1,788,443 | |
| FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR +
0.750%) |
|
| | 172,642 | | | | 3.194 | | | | 05/25/40 | | | | 175,345 | |
| FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR +
0.730%) |
|
| | 2,083,768 | | | | 3.174 | | | | 06/25/40 | | | | 2,115,039 | |
| FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR +
0.600%) |
|
| | 59,928 | | | | 3.044 | | | | 11/25/40 | | | | 60,058 | |
| FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR +
0.580%) |
|
| | 168,725 | | | | 3.024 | | | | 06/25/41 | | | | 170,313 | |
| FNMA REMIC Series 2011-86, Class NF(a) (1M USD LIBOR +
0.550%) |
|
| | 5,754,565 | | | | 2.994 | | | | 09/25/41 | | | | 5,804,391 | |
| FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR +
0.550%) |
|
| | 151,760 | | | | 2.994 | | | | 09/25/41 | | | | 153,064 | |
| FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR +
0.500%) |
|
| | 127,056 | | | | 2.944 | | | | 09/25/42 | | | | 127,732 | |
| FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR +
0.600%) |
|
| | 794,657 | | | | 3.044 | | | | 03/25/42 | | | | 798,472 | |
| FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR +
0.500%) |
|
| | 172,395 | | | | 2.944 | | | | 12/25/35 | | | | 171,539 | |
| FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR +
0.300%) |
|
| | 110,851 | | | | 2.744 | | | | 02/25/43 | | | | 110,507 | |
| FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR +
0.450%) |
|
| | 103,888 | | | | 2.894 | | | | 01/25/44 | | | | 104,380 | |
| FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR +
0.300%) |
|
| | 650,259 | | | | 2.744 | | | | 09/25/41 | | | | 649,629 | |
| FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR +
0.500%) |
|
| | 85,717 | | | | 2.944 | | | | 02/25/43 | | | | 85,459 | |
| FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR +
0.550%) |
|
| | 872,212 | | | | 2.994 | | | | 04/25/44 | | | | 880,708 | |
| | |
| | |
| 108 | | 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 2014-28, Class FD(a) (1M USD LIBOR +
0.450%) |
|
| $ | 1,968,845 | | | | 2.894 | % | | | 05/25/44 | | | $ | 1,976,569 | |
| FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR +
0.350%) |
|
| | 389,752 | | | | 2.063 | | | | 08/25/44 | | | | 387,083 | |
| FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR +
0.300%) |
|
| | 105,668 | | | | 2.744 | | | | 05/25/45 | | | | 105,638 | |
| FNMA REMIC Series 2015-66, Class AF(a) (1M USD LIBOR +
0.250%) |
|
| | 11,425,925 | | | | 2.694 | | | | 09/25/45 | | | | 11,404,306 | |
| FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR +
0.300%) |
|
| | 425,391 | | | | 2.744 | | | | 12/25/45 | | | | 421,008 | |
| FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR +
0.400%) |
|
| | 978,780 | | | | 2.844 | | | | 08/25/46 | | | | 981,832 | |
| FNMA REMIC Series 2016-67, Class AF(a) (1M USD LIBOR +
0.400%) |
|
| | 4,567,163 | | | | 2.844 | | | | 09/25/46 | | | | 4,581,073 | |
| FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR +
0.450%) |
|
| | 788,124 | | | | 2.894 | | | | 03/25/47 | | | | 790,184 | |
| FNMA REMIC Series 2017-82, Class FG(a) (1M USD LIBOR +
0.250%) |
|
| | 9,060,397 | | | | 2.694 | | | | 11/25/32 | | | | 9,057,979 | |
| FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR +
0.350%) |
|
| | 1,852,488 | | | | 2.794 | | | | 11/25/47 | | | | 1,847,350 | |
| FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR +
0.300%) |
|
| | 1,012,413 | | | | 2.744 | | | | 03/25/48 | | | | 1,007,021 | |
| | FNMA REMIC Series 2018-3385, Class MA | |
| | 961,660 | | | | 4.500 | | | | 06/01/48 | | | | 957,728 | |
| FNMA REMIC Series 2018-4, Class FM(a) (1M USD LIBOR +
0.300%) |
|
| | 2,495,094 | | | | 2.744 | | | | 02/25/48 | | | | 2,481,738 | |
| FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR +
0.450%) |
|
| | 1,224,909 | | | | 2.894 | | | | 08/25/49 | | | | 1,226,885 | |
| FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR +
0.450%) |
|
| | 2,003,667 | | | | 2.894 | | | | 03/25/49 | | | | 2,009,913 | |
| FNMA REMIC Series 2020-6347, Class BM(a) (12M USD
LIBOR + 1.733%) |
|
| | 11,290,850 | | | | 2.314 | | | | 02/01/41 | | | | 11,520,967 | |
| | GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) | |
| | 448,427 | | | | 2.687 | | | | 08/16/34 | | | | 448,914 | |
| | GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) | |
| | 401,906 | | | | 2.757 | | | | 01/16/35 | | | | 401,755 | |
| | GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%) | |
| | 2,618,995 | | | | 2.568 | | | | 05/20/37 | | | | 2,608,368 | |
| | GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) | |
| | 126,250 | | | | 2.868 | | | | 10/20/37 | | | | 127,359 | |
| | GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) | |
| | 1,728,784 | | | | 2.668 | | | | 07/20/43 | | | | 1,726,794 | |
| | |
|
| Mortgage-Backed Securities – (continued) | |
| GNMA Series 2018-164, Class AF(a) (1M USD LIBOR +
0.400%) |
|
| 2,839,030 | | | | 2.768 | | | | 12/20/48 | | | | 2,848,701 | |
| | GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) | |
| | 1,935,081 | | | | 2.818 | | | | 09/20/49 | | | | 1,932,042 | |
| | GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) | |
| | 2,156,874 | | | | 2.818 | | | | 05/20/49 | | | | 2,171,103 | |
| | GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) | |
| | 939,971 | | | | 2.768 | | | | 05/20/49 | | | | 942,608 | |
| JP Morgan Chase Commercial Mortgage Securities Trust
Series 2016-JP2, Class ASB |
|
| | 495,212 | | | | 2.713 | | | | 08/15/49 | | | | 478,920 | |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C31,
Class ASB |
|
| | 441,301 | | | | 3.540 | | | | 08/15/48 | | | | 431,878 | |
| Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C7, Class A3 |
|
| | 132,292 | | | | 2.655 | | | | 02/15/46 | | | | 131,487 | |
| Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class A5 |
|
| | 3,073,812 | | | | 4.064 | | | | 02/15/47 | | | | 3,026,336 | |
| Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A4 |
|
| | 550,000 | | | | 3.719 | | | | 07/15/50 | | | | 535,412 | |
| Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C24, Class A3 |
|
| | 2,242,079 | | | | 3.479 | | | | 05/15/48 | | | | 2,176,070 | |
| Wells Fargo Commercial Mortgage Trust Series 2013-LC12,
Class A4(a) |
|
| | 700,000 | | | | 4.218 | | | | 07/15/46 | | | | 692,584 | |
| | WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3 | |
| | 401,170 | | | | 2.875 | | | | 12/15/45 | | | | 399,726 | |
| | |
| | TOTAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $157,099,404) | | | $ | 155,771,999 | |
| | |
| | | | | | | | | | | | | | |
|
| Corporate Obligations – 21.4% | |
| Banks – 7.2% | | | | |
| | American Express Co.(a) | |
| | (SOFR + 0.930%) | |
| $ | 2,410,000 | | | | 3.226 | % | | | 03/04/25 | | | $ | 2,403,802 | |
| | Bank of America Corp.(a) | |
| | (3M USD LIBOR + 0.790%) | |
| | 1,622,000 | | | | 3.004 | | | | 12/20/23 | | | | 1,616,150 | |
| | (SOFR + 1.100%) | |
| | 1,950,000 | | | | 3.368 | | | | 04/25/25 | | | | 1,937,445 | |
| | Bank of America Corp.(a), Series 2025 | |
| | (SOFR + 0.660%) | |
| | 2,735,000 | | | | 2.954 | | | | 02/04/25 | | | | 2,697,652 | |
| | Capital One Financial Corp.(a) | |
| | (SOFR + 0.690%) | |
| | 5,409,000 | | | | 2.986 | | | | 12/06/24 | | | | 5,280,680 | |
| | Charles Schwab Corp. (The)(a) | |
| | (SOFRINDX + 0.500%) | |
| | 1,000,000 | | | | 2.430 | | | | 03/18/24 | | | | 994,745 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 109 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Corporate Obligations – (continued) | |
| Banks – (continued) | | | | |
| | Citigroup, Inc.(a) | |
| | (SOFR + 1.667%) | |
| $ | 1,676,000 | | | | 1.678 | % | | | 05/15/24 | | | $ | 1,645,600 | |
| | Discover Bank | |
| | 2,000,000 | | | | 3.350 | | | | 02/06/23 | | | | 1,996,153 | |
| | Fifth Third Bancorp | |
| | 1,000,000 | | | | 1.625 | | | | 05/05/23 | | | | 986,015 | |
| | First Republic Bank(a) | |
| | (SOFR + 0.620%) | |
| | 1,182,000 | | | | 1.912 | | | | 02/12/24 | | | | 1,169,096 | |
| | Huntington National Bank (The)(a) | |
| | (SOFRINDX + 1.190%) | |
| | 1,600,000 | | | | 3.485 | | | | 05/16/25 | | | | 1,581,499 | |
| | JPMorgan Chase & Co.(a) | |
| | (SOFR + 0.580%) | |
| | 1,910,000 | | | | 0.697 | | | | 03/16/24 | | | | 1,873,966 | |
| | (3M USD LIBOR + 0.730%) | |
| | 1,627,000 | | | | 3.559 | | | | 04/23/24 | | | | 1,618,621 | |
| | (SOFR + 0.970%) | |
| | 1,000,000 | | | | 2.812 | | | | 06/14/25 | | | | 992,564 | |
| | KeyBank NA(a) | |
| | (SOFR + 0.320%) | |
| | 1,000,000 | | | | 2.610 | | | | 06/14/24 | | | | 989,725 | |
| | Morgan Stanley(a) | |
| | (SOFR + 0.616%) | |
| | 2,049,000 | | | | 0.731 | | | | 04/05/24 | | | | 2,004,561 | |
| | (SOFR + 0.625%) | |
| | 1,764,000 | | | | 2.893 | | | | 01/24/25 | | | | 1,735,909 | |
| | MUFG Union Bank NA | |
| | 500,000 | | | | 2.100 | | | | 12/09/22 | | | | 498,060 | |
| | Wells Fargo & Co. | |
| | 462,000 | | | | 4.125 | | | | 08/15/23 | | | | 462,287 | |
| | Wells Fargo & Co., MTN | |
| | 941,000 | | | | 3.750 | | | | 01/24/24 | | | | 938,622 | |
| | (SOFR + 1.600%) | |
| | 3,000,000 | | | | 1.654 | (a) | | | 06/02/24 | | | | 2,940,185 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 36,363,337 | |
| | |
| Basic Industry – 0.7% | |
| | Ecolab, Inc. | |
| | 272,000 | | | | 0.900 | | | | 12/15/23 | | | | 263,158 | |
| | Sherwin-Williams Co. (The) | |
| | 3,107,000 | | | | 4.050 | | | | 08/08/24 | | | | 3,103,362 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,366,520 | |
| | |
| Broadcasting – 0.1% | |
| | Fox Corp. | |
| | 705,000 | | | | 4.030 | | | | 01/25/24 | | | | 702,389 | |
| | |
| Capital Goods – 0.2% | |
| | Carlisle Cos., Inc. | |
| | 1,117,000 | | | | 0.550 | | | | 09/01/23 | | | | 1,079,189 | |
| | |
| Consumer Cyclical – 1.0% | |
| | 7-Eleven, Inc.(b) | |
| | 1,245,000 | | | | 0.625 | | | | 02/10/23 | | | | 1,226,806 | |
| | General Motors Financial Co., Inc. | |
| | 300,000 | | | | 3.700 | | | | 05/09/23 | | | | 299,402 | |
| | |
|
| Corporate Obligations – (continued) | |
| Consumer Cyclical – (continued) | |
| | General Motors Financial Co., Inc. – (continued) | |
| | (SOFRINDX + 1.300%) | |
| 3,000,000 | | | | 3.403 | (a) | | | 04/07/25 | | | | 2,960,192 | |
| | Starbucks Corp.(a) | |
| | (SOFRINDX + 0.420%) | |
| | 479,000 | | | | 2.714 | | | | 02/14/24 | | | | 476,772 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,963,172 | |
| | |
| Consumer Noncyclical – 1.7% | |
| | Baxter International, Inc.(a) | |
| | (SOFRINDX + 0.440%) | |
| | 1,356,000 | | | | 2.736 | | | | 11/29/24 | | | | 1,332,145 | |
| | GSK Consumer Healthcare Capital US LLC(a)(b) | |
| | (SOFR + 0.890%) | |
| | 2,100,000 | | | | 2.879 | | | | 03/24/24 | | | | 2,090,994 | |
| | PerkinElmer, Inc. | |
| | 1,505,000 | | | | 0.550 | | | | 09/15/23 | | | | 1,443,939 | |
| | Thermo Fisher Scientific, Inc. | |
| | (SOFRINDX + 0.350%) | |
| | 1,070,000 | | | | 2.527 | (a) | | | 04/18/23 | | | | 1,068,455 | |
| | 2,600,000 | | | | 0.797 | | | | 10/18/23 | | | | 2,516,393 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,451,926 | |
| | |
| Consumer Products – 0.2% | |
| | GSK Consumer Healthcare Capital US LLC(b) | |
| | 1,183,000 | | | | 3.024 | | | | 03/24/24 | | | | 1,157,515 | |
| | |
| Electric – 3.5% | |
| | American Electric Power Co., Inc.(a), Series A | |
| | (3M USD LIBOR + 0.480%) | |
| | 625,000 | | | | 3.262 | | | | 11/01/23 | | | | 623,532 | |
| | Atmos Energy Corp. | |
| | 423,000 | | | | 0.625 | | | | 03/09/23 | | | | 415,862 | |
| | (3M USD LIBOR + 0.380%) | |
| | 747,000 | | | | 2.070 | (a) | | | 03/09/23 | | | | 745,903 | |
| | CenterPoint Energy Resources Corp. | |
| | 900,000 | | | | 0.700 | | | | 03/02/23 | | | | 885,462 | |
| | (3M USD LIBOR + 0.500%) | |
| | 720,000 | | | | 3.600 | (a) | | | 03/02/23 | | | | 718,535 | |
| | CenterPoint Energy, Inc.(a) | |
| | (SOFRINDX + 0.650%) | |
| | 1,881,000 | | | | 2.944 | | | | 05/13/24 | | | | 1,878,886 | |
| | DTE Energy Co., Series H | |
| | 1,119,000 | | | | 0.550 | | | | 11/01/22 | | | | 1,111,839 | |
| | Duke Energy Corp.(a) | |
| | (SOFR + 0.250%) | |
| | 850,000 | | | | 2.049 | | | | 06/10/23 | | | | 845,644 | |
| | Eversource Energy | |
| | 1,002,000 | | | | 4.200 | | | | 06/27/24 | | | | 1,002,067 | |
| | Florida Power & Light Co.(a) | |
| | (SOFRINDX + 0.380%) | |
| | 1,250,000 | | | | 2.506 | | | | 01/12/24 | | | | 1,239,504 | |
| | National Rural Utilities Cooperative Finance Corp.(a), MTN | |
| | (SOFR + 0.400%) | |
| | 1,884,000 | | | | 2.694 | | | | 08/07/23 | | | | 1,879,998 | |
| | NextEra Energy Capital Holdings, Inc.(a) | |
| | (3M USD LIBOR + 0.270%) | |
| | 1,245,000 | | | | 3.254 | | | | 02/22/23 | | | | 1,241,804 | |
| | |
| | |
| 110 | | 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) – (continued) | |
| | (SOFRINDX + 0.540%) | |
| $ | 500,000 | | | | 2.837 | % | | | 03/01/23 | | | $ | 499,247 | |
| | OGE Energy Corp. | |
| | 226,000 | | | | 0.703 | | | | 05/26/23 | | | | 220,610 | |
| | Oklahoma Gas and Electric Co. | |
| | 522,000 | | | | 0.553 | | | | 05/26/23 | | | | 510,090 | |
| | PPL Electric Utilities Corp.(a) | |
| | (SOFR + 0.330%) | |
| | 620,000 | | | | 2.323 | | | | 06/24/24 | | | | 618,783 | |
| | Southern Co. (The) | |
| | 1,500,000 | | | | 2.950 | | | | 07/01/23 | | | | 1,488,718 | |
| | Southern Co. (The)(a), Series 2021 | |
| | (SOFR + 0.370%) | |
| | 1,636,000 | | | | 2.664 | | | | 05/10/23 | | | | 1,627,926 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 17,554,410 | |
| | |
| Energy – 1.1% | |
| | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | |
| | 373,000 | | | | 1.231 | | | | 12/15/23 | | | | 360,889 | |
| | ConocoPhillips Co. | |
| | 2,206,000 | | | | 2.125 | | | | 03/08/24 | | | | 2,157,268 | |
| | Kinder Morgan Energy Partners LP | |
| | 649,000 | | | | 3.450 | | | | 02/15/23 | | | | 647,510 | |
| | MPLX LP | |
| | 704,000 | | | | 4.500 | | | | 07/15/23 | | | | 706,306 | |
| | Pioneer Natural Resources Co. | |
| | 1,436,000 | | | | 0.550 | | | | 05/15/23 | | | | 1,401,564 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,273,537 | |
| | |
| Financial Company – 0.3% | |
| | Air Lease Corp. | |
| | 1,037,000 | | | | 2.250 | | | | 01/15/23 | | | | 1,029,327 | |
| | 500,000 | | | | 3.875 | | | | 07/03/23 | | | | 498,461 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,527,788 | |
| | |
| Healthcare – 0.7% | |
| | AmerisourceBergen Corp. | |
| | 1,263,000 | | | | 0.737 | | | | 03/15/23 | | | | 1,240,892 | |
| | Cigna Corp. | |
| | 2,250,000 | | | | 3.050 | | | | 11/30/22 | | | | 2,249,740 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,490,632 | |
| | |
| Insurance – 2.5% | |
| | AIG Global Funding(a)(b) | |
| | (SOFR + 0.380%) | |
| | 1,390,000 | | | | 2.263 | | | | 12/15/23 | | | | 1,379,162 | |
| | Athene Global Funding(a)(b) | |
| | (3M USD LIBOR + 0.730%) | |
| | 1,500,000 | | | | 3.121 | | | | 01/08/24 | | | | 1,474,612 | |
| | Equitable Financial Life Global Funding(b) | |
| | 1,623,000 | | | | 0.500 | | | | 04/06/23 | | | | 1,593,651 | |
| | Jackson National Life Global Funding(a)(b) | |
| | (SOFR + 0.600%) | |
| | 1,300,000 | | | | 2.677 | | | | 01/06/23 | | | | 1,300,484 | |
| | MassMutual Global Funding II(a)(b) | |
| | (SOFR + 0.360%) | |
| | 986,000 | | | | 2.486 | | | | 04/12/24 | | | | 976,641 | |
| | |
|
| Corporate Obligations – (continued) | |
| Insurance – (continued) | |
| | Metropolitan Life Global Funding I(b) | |
| 710,000 | | | | 3.600 | | | | 01/11/24 | | | | 707,636 | |
| | Pacific Life Global Funding II(a)(b) | |
| | (SOFR + 0.400%) | |
| | 750,000 | | | | 2.668 | | | | 01/27/25 | | | | 738,172 | |
| | Principal Life Global Funding II(a)(b) | |
| | (SOFR + 0.450%) | |
| | 353,000 | | | | 2.576 | | | | 04/12/24 | | | | 349,656 | |
| | Protective Life Global Funding | |
| | 2,000,000 | | | | 0.327 | (b) | | | 12/09/22 | | | | 1,983,333 | |
| | 626,000 | | | | 0.502 | (b) | | | 04/12/23 | | | | 612,892 | |
| | (SOFR + 0.980%) | |
| | 1,691,000 | | | | 2.994 | (a)(b) | | | 03/28/25 | | | | 1,683,454 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 12,799,693 | |
| | |
| REITs and Real Estate – 0.3% | |
| | Public Storage(a) (SOFR + 0.470%) | |
| | 1,385,000 | | | | 2.705 | | | | 04/23/24 | | | | 1,377,896 | |
| | |
| Software – 0.1% | |
| | Oracle Corp. | |
| | 634,000 | | | | 2.500 | | | | 10/15/22 | | | | 633,137 | |
| | |
| Technology – 0.5% | |
| | Fidelity National Information Services, Inc. | |
| | 800,000 | | | | 0.375 | | | | 03/01/23 | | | | 785,441 | |
| | Hewlett Packard Enterprise Co. | |
| | 1,000,000 | | | | 2.250 | | | | 04/01/23 | | | | 991,073 | |
| | Take-Two Interactive Software, Inc. | |
| | 571,000 | | | | 3.300 | | | | 03/28/24 | | | | 562,770 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,339,284 | |
| | |
| Transportation – 0.5% | |
| | Penske Truck Leasing Co. LP / PTL Finance Corp.(b) | |
| | 1,390,000 | | | | 4.250 | | | | 01/17/23 | | | | 1,390,694 | |
| | Ryder System, Inc., MTN | |
| | 1,000,000 | | | | 3.750 | | | | 06/09/23 | | | | 997,387 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,388,081 | |
| | |
| Wireless – 0.8% | |
| | AT&T, Inc.(a) | |
| | (SOFRINDX + 0.640%) | |
| | 2,154,000 | | | | 2.635 | | | | 03/25/24 | | | | 2,145,941 | |
| | Verizon Communications, Inc.(a) | |
| | (SOFRINDX + 0.500%) | |
| | 2,116,000 | | | | 2.455 | | | | 03/22/24 | | | | 2,099,440 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,245,381 | |
| | |
| | TOTAL CORPORATE OBLIGATIONS | |
| | (Cost $108,790,828) | | | $ | 107,713,887 | |
| | |
| | | | | | | | | | | | | | |
|
| Asset- Backed Securities – 18.7% | |
| Access to Loans for Learning Student Loan Corp., Series 2010-I,
Class A3(a) (3M USD LIBOR + 0.800%) |
|
| $ | 641,559 | | | | 3.583 | % | | | 04/25/37 | | | $ | 643,599 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 111 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Asset- Backed Securities – (continued) | |
| Access to Loans for Learning Student Loan Corp., Series 2012-1,
Class A(a) (1M USD LIBOR + 0.700%) |
|
| $ | 20,258 | | | | 3.144 | % | | | 07/25/36 | | | $ | 20,078 | |
| | Ally Auto Receivables Trust, Series 2022-1, Class A3 | |
| | 3,170,000 | | | | 3.310 | | | | 11/15/26 | | | | 3,139,483 | |
| American Express Credit Account Master Trust, Series 2019-3,
Class A |
|
| | 1,070,000 | | | | 2.000 | | | | 04/15/25 | | | | 1,069,569 | |
| Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b)
(3M USD LIBOR + 1.050%) (Cayman Islands) |
|
| | 1,000,000 | | | | 3.843 | | | | 01/28/31 | | | | 986,549 | |
| Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b)
(3M USD LIBOR + 0.830%) (Cayman Islands) |
|
| | 89,940 | | | | 3.772 | | | | 11/17/27 | | | | 89,059 | |
| | BA Credit Card Trust, Series 2021-A1, Class A1 | |
| | 500,000 | | | | 0.440 | | | | 09/15/26 | | | | 473,480 | |
| | Barclays Dryrock Issuance Trust, Series 2021-1, Class A | |
| | 2,400,000 | | | | 0.630 | | | | 07/15/27 | | | | 2,236,074 | |
| Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD
LIBOR + 0.950%) (Cayman Islands) |
|
| | 321,931 | | | | 3.660 | | | | 07/20/29 | | | | 318,929 | |
| Birch Grove CLO 4 Ltd., Series 2022-4A, Class A1(a)(b) (3M U.S.
T-Bill MMY + 1.490%) (Cayman Islands) |
|
| | 3,000,000 | | | | 2.198 | | | | 04/15/34 | | | | 2,947,059 | |
| BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b)
(3M USD LIBOR + 1.180%) (Cayman Islands) |
|
| | 980,386 | | | | 3.939 | | | | 10/22/30 | | | | 969,031 | |
| Brazos Higher Education Authority, Inc., Series 2011-1,
Class A2(a) (3M USD LIBOR + 0.800%) |
|
| | 339,918 | | | | 3.797 | | | | 02/25/30 | | | | 339,646 | |
| BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD
LIBOR + 1.200%) (Cayman Islands) |
|
| | 1,150,000 | | | | 3.591 | | | | 10/15/36 | | | | 1,119,660 | |
| BX, Series 2021-MFM1, Class A(a)(b) (1M USD LIBOR +
0.700%) |
|
| | 100,000 | | | | 3.091 | | | | 01/15/34 | | | | 97,003 | |
| BX Trust, Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR +
0.899%) |
|
| | 1,300,000 | | | | 3.290 | | | | 10/15/36 | | | | 1,241,565 | |
| BXHPP Trust, Series 2021-FILM, Class A(a)(b) (1M USD LIBOR
+ 0.650%) |
|
| | 1,850,000 | | | | 3.041 | | | | 08/15/36 | | | | 1,779,469 | |
| | CARDS II Trust, Series 2021-1A, Class A(b) (Canada) | |
| | 1,125,000 | | | | 0.602 | | | | 04/15/27 | | | | 1,065,657 | |
| Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD
LIBOR + 1.050%) (Cayman Islands) |
|
| | 2,000,000 | | | | 3.760 | | | | 07/20/31 | | | | 1,968,174 | |
| | Chase Issuance Trust, Series 2020-A1, Class A1 | |
| | 400,000 | | | | 1.530 | | | | 01/15/25 | | | | 397,104 | |
| CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD
LIBOR + 1.220%) (Cayman Islands) |
|
| | 2,350,000 | | | | 3.930 | | | | 07/20/30 | | | | 2,321,988 | |
| CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD
LIBOR + 0.950%) (Cayman Islands) |
|
| | 500,000 | | | | 3.660 | | | | 04/20/30 | | | | 493,628 | |
| Citigroup Commercial Mortgage Trust, Series 2014-GC19,
Class A4 |
|
| | 2,400,000 | | | | 4.023 | | | | 03/10/47 | | | | 2,364,725 | |
| | |
|
| Asset- Backed Securities – (continued) | |
| Citigroup Commercial Mortgage Trust, Series 2014-GC21,
Class A5 |
|
| 600,000 | | | | 3.855 | | | | 05/10/47 | | | | 588,531 | |
| | COMM Mortgage Trust, Series 2013-CR12, Class A4 | |
| | 800,000 | | | | 4.046 | | | | 10/10/46 | | | | 788,761 | |
| | COMM Mortgage Trust, Series 2013-CR7, Class A4 | |
| | 427,573 | | | | 3.213 | | | | 03/10/46 | | | | 425,531 | |
| | COMM Mortgage Trust, Series 2013-CR8, Class A5(a) | |
| | 700,000 | | | | 3.612 | | | | 06/10/46 | | | | 694,145 | |
| | COMM Mortgage Trust, Series 2013-CR9, Class A4(a) | |
| | 294,832 | | | | 4.411 | | | | 07/10/45 | | | | 292,282 | |
| | COMM Mortgage Trust, Series 2015-CR24, Class ASB | |
| | 308,522 | | | | 3.445 | | | | 08/10/48 | | | | 298,783 | |
| | DBJPM 2016-C3 Mortgage Trust, Series 2016-C3, Class ASB | |
| | 291,370 | | | | 2.756 | | | | 08/10/49 | | | | 280,832 | |
| Discover Card Execution Note Trust, Series 2017-A5, Class A5(a)
(1M USD LIBOR + 0.600%) |
|
| | 2,000,000 | | | | 2.991 | | | | 12/15/26 | | | | 2,005,830 | |
| Discover Card Execution Note Trust, Series 2017-A7, Class A7(a)
(1M USD LIBOR + 0.360%) |
|
| | 150,000 | | | | 2.751 | | | | 04/15/25 | | | | 150,004 | |
| Dryden 80 CLO Ltd., Series 2022-80A, Class AR(a)(b) (3M U.S.
T-Bill MMY + 1.250%) (Cayman Islands) |
|
| | 4,000,000 | | | | 3.731 | | | | 01/17/33 | | | | 3,916,420 | |
| Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b)
(3M USD LIBOR + 0.900%) (Cayman Islands) |
|
| | 227,671 | | | | 3.412 | | | | 04/15/29 | | | | 224,984 | |
| Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b)
(1M USD LIBOR + 1.000%) |
|
| | 88,479 | | | | 3.444 | | | | 12/25/56 | | | | 88,738 | |
| Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b)
(1M USD LIBOR + 1.150%) |
|
| | 94,838 | | | | 3.594 | | | | 09/25/40 | | | | 94,068 | |
| Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b)
(1M USD LIBOR + 0.730%) |
|
| | 30,682 | | | | 3.174 | | | | 04/25/39 | | | | 30,592 | |
| Educational Funding of the South, Inc., Series 2011-1, Class A2(a)
(3M USD LIBOR + 0.650%) |
|
| | 693,735 | | | | 3.433 | | | | 04/25/35 | | | | 690,867 | |
| EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD
LIBOR + 0.850%) |
|
| | 492,248 | | | | 3.633 | | | | 10/25/35 | | | | 491,737 | |
| Extended Stay America Trust, Series 2021-ESH, Class A(a)(b)
(1M USD LIBOR + 1.080%) |
|
| | 1,441,131 | | | | 3.472 | | | | 07/15/38 | | | | 1,410,538 | |
| Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) (3M USD
LIBOR + 1.080%) (Cayman Islands) |
|
| | 1,000,000 | | | | 4.002 | | | | 11/16/34 | | | | 976,593 | |
| | Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) | |
| | 1,500,000 | | | | 3.470 | | | | 01/15/30 | | | | 1,492,019 | |
| Ford Credit Floorplan Master Owner Trust A, Series 2018-2,
Class A |
|
| | 1,000,000 | | | | 3.170 | | | | 03/15/25 | | | | 996,022 | |
| GM Financial Consumer Automobile Receivables Trust,
Series 2019-4, Class A4 |
|
| | 3,230,000 | | | | 1.760 | | | | 01/16/25 | | | | 3,191,690 | |
| | GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) | |
| | 1,000,000 | | | | 0.690 | | | | 10/15/25 | | | | 960,577 | |
| | |
| | |
| 112 | | 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) | |
| Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD
LIBOR + 0.700%) |
|
| $ | 217,490 | | | | 3.697 | % | | | 08/25/48 | | | $ | 217,048 | |
| Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M USD
LIBOR + 1.034%) |
|
| | 3,250,000 | | | | 3.425 | | | | 12/15/36 | | | | 3,180,819 | |
| HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A(a)(b) (3M
USD LIBOR + 1.450%) (Cayman Islands) |
|
| | 500,000 | | | | 4.232 | | | | 11/30/32 | | | | 493,268 | |
| Hayfin US Ltd., Series 2018-8A, Class A(a)(b) (3M USD LIBOR +
1.120%) (Cayman Islands) |
|
| | 3,000,000 | | | | 3.830 | | | | 04/20/31 | | | | 2,945,385 | |
| Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M
USD LIBOR + 1.050%) |
|
| | 573,869 | | | | 4.047 | | | | 05/25/34 | | | | 572,566 | |
| | Honda Auto Receivables Owner Trust, Series 2019-4, Class A3 | |
| | 270,996 | | | | 1.830 | | | | 01/18/24 | | | | 269,716 | |
| ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD
LIBOR + 1.140%) (Cayman Islands) |
|
| | 678,801 | | | | 3.878 | | | | 10/19/28 | | | | 671,377 | |
| JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C10, Class ASB |
|
| | 151,169 | | | | 2.702 | | | | 12/15/47 | | | | 150,500 | |
| JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C13, Class A4(a) |
|
| | 821,089 | | | | 3.994 | | | | 01/15/46 | | | | 816,276 | |
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C12,
Class A5 |
|
| | 2,529,000 | | | | 3.664 | | | | 07/15/45 | | | | 2,502,191 | |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18,
Class ASB |
|
| | 228,019 | | | | 3.566 | | | | 02/15/47 | | | | 225,762 | |
| KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b)
(1M USD LIBOR + 0.550%) |
|
| | 409,014 | | | | 2.941 | | | | 12/15/37 | | | | 395,224 | |
| KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M
USD LIBOR + 0.950%) |
|
| | 230,792 | | | | 1.524 | | | | 02/25/42 | | | | 228,578 | |
| LCM XV LP, Series 2021-15A, Class AR2(a)(b) (3M USD LIBOR
+ 1.000%) (Cayman Islands) |
|
| | 2,300,000 | | | | 3.710 | | | | 07/20/30 | | | | 2,267,195 | |
| LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR
+ 1.040%) (Cayman Islands) |
|
| | 733,734 | | | | 3.750 | | | | 10/20/27 | | | | 727,562 | |
| Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M
USD LIBOR + 1.070%) (Cayman Islands) |
|
| | 1,500,000 | | | | 3.582 | | | | 07/15/33 | | | | 1,470,600 | |
| Madison Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b)
(3M USD LIBOR + 0.830%) (Cayman Islands) |
|
| | 223,140 | | | | 3.589 | | | | 04/22/27 | | | | 220,490 | |
| Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) (3M USD
LIBOR + 1.320%) (Cayman Islands) |
|
| | 2,200,000 | | | | 3.832 | | | | 04/15/32 | | | | 2,152,715 | |
| | Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) | |
| | 1,400,000 | | | | 0.530 | | | | 11/21/25 | | | | 1,313,850 | |
| Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B,
Class A3 |
|
| | 850,000 | | | | 0.400 | | | | 11/15/24 | | | | 822,705 | |
| | |
|
| Asset- Backed Securities – (continued) | |
| Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M
USD LIBOR + 0.750%) |
|
| 216,571 | | | | 3.194 | | | | 03/25/66 | | | | 216,445 | |
| Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M
USD LIBOR + 0.600%) |
|
| | 230,633 | | | | 3.044 | | | | 03/25/30 | | | | 230,459 | |
| Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M
USD LIBOR + 0.540%) |
|
| | 285,453 | | | | 2.984 | | | | 11/27/39 | | | | 285,052 | |
| Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M
USD LIBOR + 0.800%) |
|
| | 444,895 | | | | 3.244 | | | | 09/25/65 | | | | 442,469 | |
| Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b)
(1M USD LIBOR + 0.700%) |
|
| | 83,970 | | | | 3.144 | | | | 12/26/31 | | | | 83,262 | |
| NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M
USD LIBOR + 1.250%) |
|
| | 965,312 | | | | 3.694 | | | | 05/27/36 | | | | 966,748 | |
| ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b)
(1M USD LIBOR + 0.700%) |
|
| | 908,000 | | | | 3.091 | | | | 03/15/36 | | | | 875,635 | |
| OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR +
1.250%) (Cayman Islands) |
|
| | 247,297 | | | | 4.032 | | | | 10/30/30 | | | | 244,239 | |
| Pennsylvania Higher Education Assistance Agency,
Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%) |
|
| | 39,754 | | | | 3.683 | | | | 07/25/29 | | | | 39,778 | |
| Regata Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD
LIBOR + 1.100%) (Cayman Islands) |
|
| | 2,000,000 | | | | 3.612 | | | | 10/15/32 | | | | 1,953,976 | |
| Rhode Island Student Loan Authority, Series 2012-1, Class A1(a)
(1M USD LIBOR + 0.900%) |
|
| | 800,135 | | | | 3.464 | | | | 07/01/31 | | | | 799,323 | |
| Rhode Island Student Loan Authority, Series 2014-1, Class A1(a)
(1M USD LIBOR + 0.700%) |
|
| | 123,263 | | | | 3.264 | | | | 10/02/28 | | | | 122,622 | |
| Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b)
(3M USD LIBOR + 0.920%) (Cayman Islands) |
|
| | 219,850 | | | | 3.630 | | | | 10/20/27 | | | | 217,709 | |
| SLC Student Loan Trust, Series 2003-14, Class A6(a) (3M USD
LIBOR + 0.300%) |
|
| | 66,098 | | | | 3.083 | | | | 07/25/25 | | | | 66,034 | |
| SLC Student Loan Trust, Series 2005-3, Class A3(a) (3M USD
LIBOR + 0.120%) |
|
| | 339,205 | | | | 1.949 | | | | 06/15/29 | | | | 336,999 | |
| SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD
LIBOR + 0.140%) |
|
| | 456,471 | | | | 2.923 | | | | 10/25/28 | | | | 451,165 | |
| SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD
LIBOR + 0.060%) |
|
| | 1,371,298 | | | | 2.965 | | | | 05/15/29 | | | | 1,347,334 | |
| SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD
LIBOR + 0.875%) |
|
| | 300,770 | | | | 3.872 | | | | 11/25/42 | | | | 300,404 | |
| SLM Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD
LIBOR + 0.550%) |
|
| | 33,006 | | | | 2.379 | | | | 12/15/25 | | | | 32,985 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 113 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Asset- Backed Securities – (continued) | |
| SLM Student Loan Trust, Series 2004-1, Class A4(a) (3M USD
LIBOR + 0.260%) |
|
| $ | 38,046 | | | | 3.043 | % | | | 10/27/25 | | | $ | 37,999 | |
| SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD
LIBOR + 0.150%) |
|
| | 152,481 | | | | 2.933 | | | | 10/25/29 | | | | 151,473 | |
| SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M
USD LIBOR + 0.600%) |
|
| | 107,998 | | | | 3.383 | | | | 10/25/29 | | | | 106,951 | |
| SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b)
(3M USD LIBOR + 1.080%) (Cayman Islands) |
|
| | 600,000 | | | | 3.790 | | | | 01/20/32 | | | | 588,274 | |
| South Carolina Student Loan Corp., Series 2014-1, Class A1(a)
(1M USD LIBOR + 0.750%) |
|
| | 107,142 | | | | 3.123 | | | | 05/01/30 | | | | 106,872 | |
| | State of Illinois | |
| | 567,273 | | | | 4.950 | | | | 06/01/23 | | | | 569,943 | |
| STWD Trust, Series 2021-FLWR, Class A(a)(b) (1M USD LIBOR
+ 0.577%) |
|
| | 1,350,000 | | | | 2.968 | | | | 07/15/36 | | | | 1,296,054 | |
| TCW CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) (3M U.S.
T-Bill MMY + 1.280%) (Cayman Islands) |
|
| | 3,500,000 | | | | 3.757 | | | | 10/20/32 | | | | 3,455,190 | |
| TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) (3M
USD LIBOR + 1.220%) (Cayman Islands) |
|
| | 1,100,000 | | | | 4.142 | | | | 08/16/34 | | | | 1,072,940 | |
| TCW CLO Ltd., Series 2022-1A, Class A1(a)(b) (3M U.S. T-Bill
MMY + 1.340%) (Cayman Islands) |
|
| | 3,500,000 | | | | 2.087 | | | | 04/22/33 | | | | 3,431,971 | |
| Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD
LIBOR + 1.320%) (Cayman Islands) |
|
| | 359,386 | | | | 4.030 | | | | 07/20/29 | | | | 355,981 | |
| Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) (3M USD
LIBOR + 1.210%) (Cayman Islands) |
|
| | 1,000,000 | | | | 3.993 | | | | 04/23/32 | | | | 978,846 | |
| Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) (3M USD
LIBOR + 1.320%) (Cayman Islands) |
|
| | 3,000,000 | | | | 4.030 | | | | 07/20/32 | | | | 2,940,390 | |
| UBS-Barclays Commercial Mortgage Trust, Series 2013-C5,
Class AAB |
|
| | 46,437 | | | | 2.687 | | | | 03/10/46 | | | | 46,250 | |
| Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD
LIBOR + 1.270%) (Cayman Islands) |
|
| | 700,000 | | | | 3.980 | | | | 07/20/32 | | | | 687,658 | |
| Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD
LIBOR + 0.900%) (Cayman Islands) |
|
| | 207,785 | | | | 3.640 | | | | 01/18/29 | | | | 205,719 | |
| Wells Fargo Commercial Mortgage Trust 2015-C31,
Series 2015-C31, Class ASB |
|
| | 90,765 | | | | 3.487 | | | | 11/15/48 | | | | 88,860 | |
| Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) (3M USD
LIBOR + 1.350%) (Cayman Islands) |
|
| | 1,000,000 | | | | 4.143 | | | | 07/28/32 | | | | 980,985 | |
| | |
| | TOTAL ASSET- BACKED SECURITIES | |
| | (Cost $96,011,359) | | | $ | 93,929,894 | |
| | |
|
| Foreign Corporate Debt – 17.5% | |
| Banks – 14.9% | |
| | ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand) | |
| | (SOFR + 0.600%) | |
| $ | 500,000 | | | | 2.895 | % | | | 02/18/25 | | | $ | 501,205 | |
| | Banco Santander SA (Spain) | |
| | (3M USD LIBOR + 1.090%) | |
| | 800,000 | | | | 4.048 | (a) | | | 02/23/23 | | | | 800,844 | |
| | (SOFR + 1.240%) | |
| | 1,600,000 | | | | 3.535 | (a) | | | 05/24/24 | | | | 1,600,294 | |
| | 200,000 | | | | 3.892 | | | | 05/24/24 | | | | 198,142 | |
| | (US 1 Year CMT T-Note + 0.450%) | |
| | 1,000,000 | | | | 0.701 | (a) | | | 06/30/24 | | | | 967,592 | |
| | Bank of Montreal, MTN(a) (Canada) | |
| | (SOFRINDX + 0.680%) | |
| | 1,450,000 | | | | 2.479 | | | | 03/10/23 | | | | 1,449,866 | |
| | (SOFRINDX + 0.465%) | |
| | 3,000,000 | | | | 2.582 | | | | 01/10/25 | | | | 2,945,288 | |
| | Bank of Nova Scotia (The)(a) (Canada) | |
| | (SOFRINDX + 0.550%) | |
| | 3,067,000 | | | | 2.433 | | | | 09/15/23 | | | | 3,056,752 | |
| | (SOFRINDX + 0.960%) | |
| | 1,400,000 | | | | 2.770 | | | | 03/11/24 | | | | 1,395,560 | |
| | Bank of Nova Scotia (The)(a), Series FRN (Canada) | |
| | (SOFRINDX + 0.445%) | |
| | 425,000 | | | | 2.614 | | | | 04/15/24 | | | | 420,163 | |
| | Banque Federative du Credit Mutuel SA(b) (France) | |
| | 253,000 | | | | 2.125 | | | | 11/21/22 | | | | 252,431 | |
| | 1,298,000 | | | | 0.650 | | | | 02/27/24 | | | | 1,230,200 | |
| | Barclays PLC(a) (United Kingdom) | |
| | (3M USD LIBOR + 1.356%) | |
| | 1,161,000 | | | | 4.338 | | | | 05/16/24 | | | | 1,155,351 | |
| | BPCE SA(a)(b) (France) | |
| | (SOFR + 0.570%) | |
| | 1,100,000 | | | | 2.731 | | | | 01/14/25 | | | | 1,082,174 | |
| | Canadian Imperial Bank of Commerce(a) (Canada) | |
| | (SOFR + 0.800%) | |
| | 1,395,000 | | | | 2.751 | | | | 03/17/23 | | | | 1,402,710 | |
| | (SOFR + 0.940%) | |
| | 2,433,000 | | | | 3.043 | | | | 04/07/25 | | | | 2,402,564 | |
| | Cooperatieve Rabobank UA(a) (Netherlands) | |
| | (SOFRINDX + 0.380%) | |
| | 1,185,000 | | | | 2.497 | | | | 01/10/25 | | | | 1,166,879 | |
| | Credit Suisse AG(a), Series FRN (Switzerland) | |
| | (SOFRINDX + 1.260%) | |
| | 3,000,000 | | | | 3.555 | | | | 02/21/25 | | | | 2,945,567 | |
| | Deutsche Bank AG, Series E (Germany) | |
| | 512,000 | | | | 0.962 | | | | 11/08/23 | | | | 491,478 | |
| | (SOFR + 0.500%) | |
| | 2,665,000 | | | | 2.794 | (a) | | | 11/08/23 | | | | 2,644,069 | |
| | Federation des Caisses Desjardins du Quebec(a)(b) (Canada) | |
| | (SOFR + 0.430%) | |
| | 1,895,000 | | | | 2.725 | | | | 05/21/24 | | | | 1,867,426 | |
| | HSBC Holdings PLC(a) (United Kingdom) | |
| | (3M USD LIBOR + 0.923%) | |
| | 1,000,000 | | | | 3.033 | | | | 11/22/23 | | | | 996,588 | |
| | (SOFR + 0.580%) | |
| | 1,713,000 | | | | 2.875 | | | | 11/22/24 | | | | 1,671,609 | |
| | |
| | |
| 114 | | 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) | |
| Banks – (continued) | |
| | ING Groep NV (Netherlands) | |
| $ | 1,402,000 | | | | 3.550 | % | | | 04/09/24 | | | $ | 1,386,169 | |
| | Intesa Sanpaolo SpA(b) (Italy) | |
| | 500,000 | | | | 3.375 | | | | 01/12/23 | | | | 497,266 | |
| | Lloyds Banking Group PLC (United Kingdom) | |
| | 1,367,000 | | | | 4.050 | | | | 08/16/23 | | | | 1,365,605 | |
| | (3M USD LIBOR + 0.810%) | |
| | 2,020,000 | | | | 2.907 | (a) | | | 11/07/23 | | | | 2,014,106 | |
| | (US 1 Year CMT T-Note + 0.550%) | |
| | 1,192,000 | | | | 0.695 | (a) | | | 05/11/24 | | | | 1,157,847 | |
| | Macquarie Bank Ltd.(b) (Australia) | |
| | 400,000 | | | | 2.100 | | | | 10/17/22 | | | | 399,312 | |
| | 818,000 | | | | 0.441 | | | | 12/16/22 | | | | 810,676 | |
| | Macquarie Group Ltd.(a)(b) (Australia) | |
| | (3M USD LIBOR + 1.330%) | |
| | 1,863,000 | | | | 4.150 | | | | 03/27/24 | | | | 1,859,684 | |
| | Mitsubishi UFJ Financial Group, Inc.(a) (Japan) | |
| | (SOFR + 1.650%) | |
| | 2,662,000 | | | | 3.856 | | | | 07/18/25 | | | | 2,674,665 | |
| | Mizuho Financial Group, Inc.(a) (Japan) | |
| | (SOFR + 1.252%) | |
| | 1,358,000 | | | | 1.241 | | | | 07/10/24 | | | | 1,319,069 | |
| | National Australia Bank Ltd.(a)(b) (Australia) | |
| | (SOFR + 0.380%) | |
| | 2,300,000 | | | | 2.506 | | | | 01/12/25 | | | | 2,271,086 | |
| | National Bank of Canada(a) (Canada) | |
| | (SOFR + 0.490%) | |
| | 655,000 | | | | 2.784 | | | | 08/06/24 | | | | 645,742 | |
| | Nationwide Building Society(b) (United Kingdom) | |
| | 3,000,000 | | | | 2.000 | | | | 01/27/23 | | | | 2,972,800 | |
| | NatWest Group PLC (United Kingdom) | |
| | 325,000 | | | | 3.875 | | | | 09/12/23 | | | | 323,301 | |
| | NatWest Markets PLC(b) (United Kingdom) | |
| | 1,000,000 | | | | 2.375 | | | | 05/21/23 | | | | 985,125 | |
| | Royal Bank of Canada, GMTN(a) (Canada) | |
| | (SOFRINDX + 0.340%) | |
| | 819,000 | | | | 2.443 | | | | 10/07/24 | | | | 803,646 | |
| | (SOFRINDX + 0.440%) | |
| | 2,000,000 | | | | 2.658 | | | | 01/21/25 | | | | 1,963,547 | |
| | Societe Generale SA(b) (France) | |
| | 1,133,000 | | | | 4.250 | | | | 09/14/23 | | | | 1,128,862 | |
| | Standard Chartered PLC(a)(b) (United Kingdom) | |
| | (SOFR + 1.250%) | |
| | 2,591,000 | | | | 3.411 | | | | 10/14/23 | | | | 2,593,428 | |
| | Sumitomo Mitsui Financial Group, Inc.(a) (Japan) | |
| | (3M USD LIBOR + 0.740%) | |
| | 1,020,000 | | | | 3.478 | | | | 01/17/23 | | | | 1,021,359 | |
| | Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan) | |
| | (SOFR + 0.440%) | |
| | 1,854,000 | | | | 2.282 | | | | 09/16/24 | | | | 1,831,170 | |
| | Swedbank AB(b) (Sweden) | |
| | 700,000 | | | | 1.300 | | | | 06/02/23 | | | | 686,353 | |
| | Toronto-Dominion Bank (The), MTN(a) (Canada) | |
| | (SOFR + 0.910%) | |
| | 1,781,000 | | | | 2.675 | | | | 03/08/24 | | | | 1,776,577 | |
| | (SOFR + 0.410%) | |
| | 4,000,000 | | | | 2.527 | | | | 01/10/25 | | | | 3,915,881 | |
| | |
|
| Foreign Corporate Debt – (continued) | |
| Banks – (continued) | |
| | UBS AG/London(a)(b) (Switzerland) | |
| | (SOFR + 0.360%) | |
| 702,000 | | | | 2.654 | | | | 02/09/24 | | | | 697,908 | |
| | (SOFR + 0.450%) | |
| | 769,000 | | | | 2.744 | | | | 08/09/24 | | | | 762,448 | |
| | (SOFR + 0.470%) | |
| | 3,500,000 | | | | 2.622 | | | | 01/13/25 | | | | 3,452,892 | |
| | Westpac Banking Corp.(a) (Australia) | |
| | (SOFR + 0.300%) | |
| | 1,186,000 | | | | 2.595 | | | | 11/18/24 | | | | 1,172,962 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 75,134,238 | |
| | |
| Capital Goods – 0.1% | |
| Siemens Financieringsmaatschappij NV(a)(b) (Germany) (SOFR +
0.430%) |
|
| | 620,000 | | | | 2.240 | | | | 03/11/24 | | | | 619,091 | |
| | |
| Consumer Cyclical – 1.0% | |
| | BMW US Capital LLC (Germany) | |
| | (SOFRINDX + 0.530%) | |
| | 710,000 | | | | 2.582 | (a)(b) | | | 04/01/24 | | | | 707,206 | |
| | (SOFRINDX + 0.840%) | |
| | 1,231,000 | | | | 2.892 | (a)(b) | | | 04/01/25 | | | | 1,228,365 | |
| | Mercedes-Benz Finance North America LLC(b) (Germany) | |
| | 1,000,000 | | | | 1.750 | | | | 03/10/23 | | | | 989,011 | |
| | Volkswagen Group of America Finance LLC (Germany) | |
| | 993,000 | | | | 0.750 | (b) | | | 11/23/22 | | | | 986,810 | |
| | (SOFR + 0.950%) | |
| | 1,000,000 | | | | 3.246 | (a)(b) | | | 06/07/24 | | | | 997,586 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,908,978 | |
| | |
| Energy – 0.6% | |
| | Enbridge, Inc. (Canada) | |
| | (SOFR + 0.400%) | |
| | 1,924,000 | | | | 2.695 | (a) | | | 02/17/23 | | | | 1,917,150 | |
| | 726,000 | | | | 0.550 | | | | 10/04/23 | | | | 698,088 | |
| | (SOFRINDX + 0.630%) | |
| | 344,000 | | | | 2.925 | (a) | | | 02/16/24 | | | | 341,215 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,956,453 | |
| | |
| Food and Beverage – 0.4% | |
| | Coca-Cola Europacific Partners PLC(b) (United Kingdom) | |
| | 1,917,000 | | | | 0.500 | | | | 05/05/23 | | | | 1,869,445 | |
| | Heineken NV(b) (Netherlands) | |
| | 298,000 | | | | 2.750 | | | | 04/01/23 | | | | 296,119 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,165,564 | |
| | |
| Metals and Mining – 0.1% | |
| | Glencore Finance Canada Ltd.(b) (Australia) | |
| | 366,000 | | | | 4.250 | | | | 10/25/22 | | | | 366,264 | |
| | |
| Mining – 0.2% | |
| | Anglo American Capital PLC(b) (South Africa) | |
| | 1,040,000 | | | | 4.125 | | | | 09/27/22 | | | | 1,039,715 | |
| | |
| Wireless – 0.2% | | | | |
| | NTT Finance Corp.(b) (Japan) | |
| | 1,007,000 | | | | 0.373 | | | | 03/03/23 | | | | 989,881 | |
| | |
| | TOTAL FOREIGN CORPORATE DEBT | |
| | (Cost $89,144,787) | | | $ | 88,180,184 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 115 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| U.S. Treasury Notes – 3.1%(c) | |
| | U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.054%) | |
| $ | 3,698,000 | | | | 2.935 | % | | | 04/30/23 | | | $ | 3,701,072 | |
| | 11,200,000 | | | | 2.936 | | | | 10/31/23 | | | | 11,205,317 | |
| | 700,000 | | | | 2.886 | (c) | | | 01/31/24 | | | | 699,655 | |
| | |
| | TOTAL U.S. TREASURY NOTES | |
| | (Cost $15,600,519) | | | $ | 15,606,044 | |
| | |
| | | | | | | | | | | | | | |
|
| Certificate of Deposits – 1.7%(c) | |
| | Credit Suisse AG | | | | | |
| $ | 2,000,000 | | | | 0.590 | % | | | 03/17/23 | | | $ | 1,955,545 | |
| | Lloyds Bank Corporate Markets PLC | | | | | |
| | (SOFR + 0.540%) | | | | | | | | | |
| | 1,395,000 | | | | 2.830 | | | | 01/31/24 | | | | 1,383,222 | |
| | Standard Chartered Bank (SOFR + 0.420%) | | | | | |
| | 1,972,000 | | | | 2.710 | | | | 07/28/23 | | | | 1,969,707 | |
| | Svenska Handelsbanken | | | | | |
| | 1,248,000 | | | | 2.000 | | | | 03/22/23 | | | | 1,232,882 | |
| | Svenska Handelsbanken AB-New York Branch | |
| | 1,160,000 | | | | 2.795 | | | | 05/25/23 | | | | 1,150,268 | |
| | Toronto Dominion Bk | | | | | |
| | 814,000 | | | | 4.070 | | | | 07/18/23 | | | | 813,284 | |
| | |
| | TOTAL CERTIFICATE OF DEPOSITS | |
| | (Cost $8,588,155) | | | $ | 8,504,908 | |
| | |
| | | | | | | | | | | | | | |
|
| U.S. Treasury Bills – 1.3%(c) | |
| | U.S. Treasury Bills | | | | | |
| $ | 5,000,000 | | | | 2.665 | % | | | 10/25/22 | | | $ | 4,980,631 | |
| | 1,500,000 | | | | 2.510 | | | | 12/29/22 | | | | 1,485,241 | |
| | |
| | TOTAL U.S. TREASURY BILLS | |
| | (Cost $6,468,191) | | | $ | 6,465,872 | |
| | |
| | | | | | | | | | | | | | |
|
| U.S. Government Agency Obligations – 1.2%(c) | |
| | Federal Home Loan Bank Discount Notes | | | | | |
| $ | 1,000,000 | | | | 1.312 | % | | | 09/07/22 | | | $ | 999,411 | |
| | 5,000,000 | | | | 1.858 | | | | 09/16/22 | | | | 4,995,219 | |
| | |
| | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | |
| | (Cost $5,995,930) | | | $ | 5,994,630 | |
| | |
| | | | | | | | | | |
| Shares | | | Dividend
Rate | | | Value | |
|
| Investment Company – 0.8%(d) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 4,270,757 | | | | 2.154 | % | | $ | 4,270,757 | |
| | (Cost $4,270,757) | |
| | |
| | | | | | | | | | | | | | |
Principal
Amount | | | Interest
Rate | | | Maturity
Date | | | Value | |
|
| Short-Term Investments – 2.9% | |
| Commercial Papers – 2.9% | |
| | Alimentation Couche-Tard, Inc. | |
| $ | 1,907,000 | | | | 2.780 | % | | | 09/01/22 | | | $ | 1,906,867 | |
| | BASF SE | |
| | 2,258,000 | | | | 1.738 | | | | 09/06/22 | | | | 2,257,119 | |
| | Ciesco LLC | |
| | 2,155,000 | | | | 3.625 | | | | 02/07/23 | | | | 2,121,447 | |
| | Entergy Corp. | |
| | 1,284,000 | | | | 3.065 | | | | 10/17/22 | | | | 1,279,390 | |
| | Mitsubishi UFJ Trust and Banking Corp. | |
| | 2,206,000 | | | | 2.880 | | | | 10/17/22 | | | | 2,199,007 | |
| | Raytheon Technologies | |
| | 1,200,000 | | | | 3.153 | | | | 10/24/22 | | | | 1,194,516 | |
| | Royal Bank Of Canada | |
| | 722,000 | | | | 4.139 | | | | 07/14/23 | | | | 696,044 | |
| | Westpac Banking Corp. | |
| | 3,000,000 | | | | 3.109 | | | | 12/28/22 | | | | 2,970,210 | |
| | |
| | TOTAL SHORT-TERM INVESTMENTS | |
| | (Cost $14,625,070) | | | $ | 14,624,600 | |
| | |
| | TOTAL INVESTMENTS – 99.5% | |
| | (Cost $506,595,000) | | | $ | 501,062,775 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.5% |
| | | 2,133,783 | |
| | |
| | NET ASSETS – 100.0% | | | $ | 503,196,558 | |
| | |
| | |
|
| 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, 2022. |
| |
(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: |
CLO | | — Collateralized Loan Obligation |
CMT | | — Constant Maturity Treasury Index |
FHLMC | | — Federal Home Loan Mortgage Corp. |
FNMA | | — Federal National Mortgage Association |
GNMA | | — Government National Mortgage Association |
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 |
SOFRINDX | | — Secured Overnight Financing Rate Index |
|
| | |
| 116 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Access
Emerging
Markets USD
Bond ETF | | | Access
High Yield
Corporate
Bond ETF | | | Access
Inflation
Protected
USD
Bond ETF | | | Access
Investment
Grade
Corporate
1-5 Year
Bond ETF | |
| | Assets: | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $35,614,273, $145,560,937, $182,183,611 and $16,865,367, respectively) | | $ | 31,413,565 | | | $ | 129,241,764 | | | $ | 163,057,391 | | | $ | 15,914,982 | |
| | | | | |
| | Investments in affiliated issuers, at value (cost $483,412, $3,157,357, $350,717 and $155,769, respectively) | | | 483,412 | | | | 3,157,357 | | | | 350,717 | | | | 155,769 | |
| | | | | |
| | Cash | | | 248,399 | | | | 31,097 | | | | 58,435 | | | | 56,319 | |
| | | | | |
| | Foreign currency, at value (cost $48, $—, $— and $—, respectively) | | | 48 | | | | — | | | | — | | | | — | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends and interest | | | 488,793 | | | | 2,060,530 | | | | 140,296 | | | | 137,272 | |
| | | | | |
| | Investments sold | | | 43,987 | | | | — | | | | 2,816,849 | | | | — | |
| | | | | |
| | Reimbursement from investment adviser | | | 14,875 | | | | — | | | | — | | | | — | |
| | | | | |
| | Fund shares sold | | | — | | | | 8,541,322 | | | | — | | | | — | |
| | | | | |
| | Total assets | | | 32,693,079 | | | | 143,032,070 | | | | 166,423,688 | | | | 16,264,342 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments purchased | | | 216,334 | | | | 8,485,330 | | | | 1,034,649 | | | | — | |
| | | | | |
| | Management fees | | | 14,499 | | | | 37,386 | | | | 16,995 | | | | 1,898 | |
| | | | | |
| | Total liabilities | | | 230,833 | | | | 8,522,716 | | | | 1,051,644 | | | | 1,898 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 40,951,820 | | | | 152,348,893 | | | | 183,838,526 | | | | 17,346,806 | |
| | | | | |
| | Total distributable loss | | | (8,489,574 | ) | | | (17,839,539 | ) | | | (18,466,482 | ) | | | (1,084,362 | ) |
| | | | | |
| | NET ASSETS | | $ | 32,462,246 | | | $ | 134,509,354 | | | $ | 165,372,044 | | | $ | 16,262,444 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 800,000 | | | | 3,150,000 | | | | 3,200,000 | | | | 350,000 | |
| | | | | |
| | Net asset value per share: | | | $40.58 | | | | $42.70 | | | | $51.68 | | | | $46.46 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 117 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | |
Access
Investment
Grade
Corporate
Bond ETF | | | 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 $716,580,739, $3,088,653,623, $459,022,877 and $502,324,243, respectively) | | $ | 625,755,829 | | | $ | 3,083,578,297 | | | $ | 427,689,858 | | | $ | 496,792,018 | |
| | | | | |
| | Investments in affiliated issuers, at value (cost $1,956,966, $—, $99,745,844 and $4,270,757, respectively) | | | 1,956,966 | | | | — | | | | 99,745,844 | | | | 4,270,757 | |
| | | | | |
| | Cash | | | 206,516 | | | | 7,127,416 | | | | 8,599,597 | | | | 1,550,880 | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Fund shares sold | | | 23,036,419 | | | | 55,910,557 | | | | — | | | | — | |
| | | | | |
| | Dividends and interest | | | 6,733,029 | | | | 1,230,311 | | | | 1,988,156 | | | | 1,420,176 | |
| | | | | |
| | Investments sold | | | — | | | | 15,606,307 | | | | 32,762,758 | | | | 463,290 | |
| | | | | |
| | Reimbursement from investment adviser | | | — | | | | 48,981 | | | | — | | | | 17,138 | |
| | | | | |
| | Total assets | | | 657,688,759 | | | | 3,163,501,869 | | | | 570,786,213 | | | | 504,514,259 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments purchased | | | 23,074,253 | | | | 76,097,525 | | | | 137,643,224 | | | | 1,232,783 | |
| | | | | |
| | Management fees | | | 73,659 | | | | 342,868 | | | | 38,381 | | | | 84,918 | |
| | | | | |
| | Fund shares redeemed | | | 11,230 | | | | — | | | | — | | | | — | |
| | | | | |
| | Total liabilities | | | 23,159,142 | | | | 76,440,393 | | | | 137,681,605 | | | | 1,317,701 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 729,809,789 | | | | 3,092,217,618 | | | | 475,091,571 | | | | 508,923,042 | |
| | | | | |
| | Total distributable loss | | | (95,280,172 | ) | | | (5,156,142 | ) | | | (41,986,963 | ) | | | (5,726,484 | ) |
| | | | | |
| | NET ASSETS | | $ | 634,529,617 | | | $ | 3,087,061,476 | | | $ | 433,104,608 | | | $ | 503,196,558 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 13,850,000 | | | | 30,920,000 | | | | 10,100,000 | | | | 10,075,000 | |
| | | | | |
| | Net asset value per share: | | | $45.81 | | | | $99.84 | | | | $42.88 | | | | $49.95 | |
| | |
| 118 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Access
Emerging
Markets USD Bond ETF* | | | Access
High Yield
Corporate
Bond ETF | | | Access
Inflation
Protected USD Bond ETF | | | Access
Investment
Grade
Corporate
1-5 Year
Bond ETF | |
| | Investment income: | | | | | |
| | | | | |
| | Interest | | $ | 1,654,573 | | | $ | 9,004,419 | | | $ | 11,866,961 | | | $ | 295,051 | |
| | | | | |
| | Dividends from Affiliated Underlying Funds | | | 1,790 | | | | 13,683 | | | | 1,721 | | | | 371 | |
| | | | | |
| | Total investment income | | | 1,656,363 | | | | 9,018,102 | | | | 11,868,682 | | | | 295,422 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | | | | | |
| | | | | |
| | Management fees | | | 131,894 | | | | 595,618 | | | | 197,206 | | | | 19,888 | |
| | | | | |
| | Trustee fees | | | — | | | | 13,931 | | | | 13,688 | | | | 9,437 | |
| | | | | |
| | Shareholder meeting expense | | | — | | | | 226 | | | | — | | | | — | |
| | | | | |
| | Total expenses | | | 131,894 | | | | 609,775 | | | | 210,894 | | | | 29,325 | |
| | | | | |
| | Less — expense reductions | | | (131,894 | ) | | | (3,365 | ) | | | (462 | ) | | | (166 | ) |
| | | | | |
| | Net expenses | | | — | | | | 606,410 | | | | 210,432 | | | | 29,159 | |
| | | | | |
| | NET INVESTMENT INCOME | | | 1,656,363 | | | | 8,411,692 | | | | 11,658,250 | | | | 266,263 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (4,479,348 | ) | | | (110,328 | ) | | | (1,528,353 | ) | | | (109,743 | ) |
| | | | | |
| | In-kind redemptions | | | (2,551,971 | ) | | | (7,200,541 | ) | | | 644,906 | | | | (458,649 | ) |
| | | | | |
| | Foreign currency transactions | | | (9 | ) | | | — | | | | — | | | | — | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (4,200,708 | ) | | | (22,228,548 | ) | | | (22,100,414 | ) | | | (1,047,201 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (11,232,036 | ) | | | (29,539,417 | ) | | | (22,983,861 | ) | | | (1,615,593 | ) |
| | | | | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (9,575,673 | ) | | $ | (21,127,725 | ) | | $ | (11,325,611 | ) | | $ | (1,349,330 | ) |
| | * | | For the period February 15, 2022 (commencement of operations) through August 31, 2022. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 119 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Access
Investment
Grade
Corporate
Bond ETF | | | Access
Treasury
0-1 Year
ETF | | | Access U.S.
Aggregate
Bond ETF | | | Access Ultra
Short
Bond ETF | |
| | Investment income: | | | | | |
| | | | | |
| | Interest | | $ | 19,158,029 | | | $ | 13,918,423 | | | $ | 4,343,248 | | | $ | 4,697,379 | |
| | | | | |
| | Dividends from Affiliated Underlying Funds | | | 9,838 | | | | — | | | | 444,735 | | | | 41,966 | |
| | | | | |
| | Total investment income | | | 19,167,867 | | | | 13,918,423 | | | | 4,787,983 | | | | 4,739,345 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | | | | | |
| | | | | |
| | Management fees | | | 986,398 | | | | 2,966,392 | | | | 407,643 | | | | 815,149 | |
| | | | | |
| | Trustee fees | | | 29,527 | | | | 66,487 | | | | 16,478 | | | | 20,377 | |
| | | | | |
| | Shareholder meeting expense | | | 848 | | | | — | | | | — | | | | 408 | |
| | | | | |
| | Total expenses | | | 1,016,773 | | | | 3,032,879 | | | | 424,121 | | | | 835,934 | |
| | | | | |
| | Less — expense reductions | | | (4,073 | ) | | | (433,268 | ) | | | (113,493 | ) | | | (191,061 | ) |
| | | | | |
| | Net expenses | | | 1,012,700 | | | | 2,599,611 | | | | 310,628 | | | | 644,873 | |
| | | | | |
| | NET INVESTMENT INCOME | | | 18,155,167 | | | | 11,318,812 | | | | 4,477,355 | | | | 4,094,472 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (5,012,076 | ) | | | (3,944,724 | ) | | | (11,130,499 | ) | | | (195,941 | ) |
| | | | | |
| | In-kind redemptions | | | (18,214,513 | ) | | | (266,579 | ) | | | — | | | | — | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (114,811,678 | ) | | | (5,114,563 | ) | | | (30,653,086 | ) | | | (6,100,886 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (138,038,267 | ) | | | (9,325,866 | ) | | | (41,783,585 | ) | | | (6,296,827 | ) |
| | | | | |
| | NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (119,883,100 | ) | | $ | 1,992,946 | | | $ | (37,306,230 | ) | | $ | (2,202,355 | ) |
| | |
| 120 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | |
| | | | | Access Emerging
Markets USD
Bond ETF | | | | | | Access High Yield Corporate
Bond ETF | |
| | | | | For the Period
February 15, 2022*
to
August 31, 2022 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 1,656,363 | | | | | | | $ | 8,411,692 | | | $ | 8,132,934 | |
| | | | | |
| | Net realized gain (loss) | | | (7,031,328 | ) | | | | | | | (7,310,869 | ) | | | 2,218,432 | |
| | | | | |
| | Net change in unrealized gain (loss) | | | (4,200,708 | ) | | | | | | | (22,228,548 | ) | | | 2,202,441 | |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (9,575,673 | ) | | | | | | | (21,127,725 | ) | | | 12,553,807 | |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | (1,465,872 | ) | | | | | | | (8,962,167 | ) | | | (8,366,688 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 80,817,061 | | | | | | | | 114,021,025 | | | | 139,703,025 | |
| | | | | |
| | Cost of shares redeemed | | | (37,313,270 | ) | | | | | | | (181,256,065 | ) | | | (62,403,184 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 43,503,791 | | | | | | | | (67,235,040 | ) | | | 77,299,841 | |
| | | | | |
| | TOTAL INCREASE (DECREASE) | | | 32,462,246 | | | | | | | | (97,324,932 | ) | | | 81,486,960 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of period | | $ | — | | | | | | | $ | 231,834,286 | | | $ | 150,347,326 | |
| | | | | |
| | End of period | | $ | 32,462,246 | | | | | | | $ | 134,509,354 | | | $ | 231,834,286 | |
| | * | | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 121 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Access Inflation Protected
USD Bond ETF | | | | | | Access Investment Grade Corporate
1-5 Year Bond ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | |
| | | | | | |
| | Net investment income | | $ | 11,658,250 | | | $ | 3,362,212 | | | | | | | $ | 266,263 | | | $ | 227,413 | |
| | | | | | |
| | Net realized gain (loss) | | | (883,447 | ) | | | 589,140 | | | | | | | | (568,392 | ) | | | 62,974 | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | (22,100,414 | ) | | | 1,158,564 | | | | | | | | (1,047,201 | ) | | | 10,754 | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (11,325,611 | ) | | | 5,109,916 | | | | | | | | (1,349,330 | ) | | | 301,141 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (10,540,936 | ) | | | (2,396,273 | ) | | | | | | | (290,343 | ) | | | (264,880 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 93,221,061 | | | | 122,145,094 | | | | | | | | 9,666,322 | | | | 5,036,236 | |
| | | | | | |
| | Cost of shares redeemed | | | (52,293,928 | ) | | | (9,877,024 | ) | | | | | | | (21,931,891 | ) | | | (2,522,177 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 40,927,133 | | | | 112,268,070 | | | | | | | | (12,265,569 | ) | | | 2,514,059 | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 19,060,586 | | | | 114,981,713 | | | | | | | | (13,905,242 | ) | | | 2,550,320 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | |
| | | | | | |
| | Beginning of year | | $ | 146,311,458 | | | $ | 31,329,745 | | | | | | | $ | 30,167,686 | | | $ | 27,617,366 | |
| | | | | | |
| | End of year | | $ | 165,372,044 | | | $ | 146,311,458 | | | | | | | $ | 16,262,444 | | | $ | 30,167,686 | |
| | |
| 122 | | 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
Bond ETF | | | | | | Access Treasury 0-1 Year ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | |
| | | | | | |
| | Net investment income (loss) | | $ | 18,155,167 | | | $ | 16,836,103 | | | | | | | $ | 11,318,812 | | | $ | (388,830 | ) |
| | | | | | |
| | Net realized gain (loss) | | | (23,226,589 | ) | | | 16,915,546 | | | | | | | | (4,211,303 | ) | | | 831,348 | |
| | | | | | |
| | Net change in unrealized loss | | | (114,811,678 | ) | | | (19,284,757 | ) | | | | | | | (5,114,563 | ) | | | (973,717 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (119,883,100 | ) | | | 14,466,892 | | | | | | | | 1,992,946 | | | | (531,199 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (18,399,303 | ) | | | (17,024,132 | ) | | | | | | | (6,806,393 | ) | | | (8,240,322 | ) |
| | | | | | |
| | From return of capital | | | — | | | | — | | | | | | | | — | | | | (1,363,154 | ) |
| | | | | | |
| | Total distributions to shareholders | | | (18,399,303 | ) | | | (17,024,132 | ) | | | | | | | (6,806,393 | ) | | | (9,603,476 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 311,310,364 | | | | 567,153,110 | | | | | | | | 2,207,541,510 | | | | 382,587,046 | |
| | | | | | |
| | Cost of shares redeemed | | | (314,616,517 | ) | | | (431,055,691 | ) | | | | | | | (973,326,888 | ) | | | (1,560,188,346 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (3,306,153 | ) | | | 136,097,419 | | | | | | | | 1,234,214,622 | | | | (1,177,601,300 | ) |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | (141,588,556 | ) | | | 133,540,179 | | | | | | | | 1,229,401,175 | | | | (1,187,735,975 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | |
| | | | | | |
| | Beginning of year | | $ | 776,118,173 | | | $ | 642,577,994 | | | | | | | $ | 1,857,660,301 | | | $ | 3,045,396,276 | |
| | | | | | |
| | End of year | | $ | 634,529,617 | | | $ | 776,118,173 | | | | | | | $ | 3,087,061,476 | | | $ | 1,857,660,301 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 123 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Access U.S. Aggregate Bond ETF | | | | | | Access Ultra Short Bond ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
September 8, 2020*
to
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | |
| | | | | | |
| | Net investment income | | $ | 4,477,355 | | | $ | 1,213,438 | | | | | | | $ | 4,094,472 | | | $ | 1,296,998 | |
| | | | | | |
| | Net realized gain (loss) | | | (11,130,499 | ) | | | 31,006 | | | | | | | | (195,941 | ) | | | 188,583 | |
| | | | | | |
| | Net change in unrealized loss | | | (30,653,086 | ) | | | (679,933 | ) | | | | | | | (6,100,886 | ) | | | (199,281 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (37,306,230 | ) | | | 564,511 | | | | | | | | (2,202,355 | ) | | | 1,286,300 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (3,918,777 | ) | | | (1,271,774 | ) | | | | | | | (4,021,476 | ) | | | (1,622,329 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 254,499,846 | | | | 235,354,179 | | | | | | | | 290,217,807 | | | | 209,360,754 | |
| | | | | | |
| | Cost of shares redeemed | | | — | | | | (14,817,147 | ) | | | | | | | (111,670,925 | ) | | | (27,915,904 | ) |
| | | | | | |
| | Net increase in net assets resulting from share transactions | | | 254,499,846 | | | | 220,537,032 | | | | | | | | 178,546,882 | | | | 181,444,850 | |
| | | | | | |
| | TOTAL INCREASE | | | 213,274,839 | | | | 219,829,769 | | | | | | | | 172,323,051 | | | | 181,108,821 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | |
| | | | | | |
| | Beginning of period | | $ | 219,829,769 | | | $ | — | | | | | | | $ | 330,873,507 | | | $ | 149,764,686 | |
| | | | | | |
| | End of period | | $ | 433,104,608 | | | $ | 219,829,769 | | | | | | | $ | 503,196,558 | | | $ | 330,873,507 | |
| | * | | Commencement of operations. |
| | |
| 124 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout the Period
| | | | | | |
| | | | | Access Emerging
Markets USD Bond
ETF | |
| | | | | For the Period
February 15, 2022*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 49.68 | |
| | |
| | Net investment income(a) | | | 1.33 | |
| | |
| | Net realized and unrealized loss | | | (9.29 | ) |
| | |
| | Total loss from investment operations | | | (7.96 | ) |
| | |
| | Distributions to shareholders from net investment income | | | (1.14 | ) |
| | |
| | Net asset value, end of period | | $ | 40.58 | |
| | |
| | Market price, end of period | | $ | 40.13 | |
| | |
| | Total Return at Net Asset Value(b) | | | (16.11 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 32,462 | |
| | |
| | Ratio of net expenses to average net assets | | | 0.00 | %(c) |
| | |
| | Ratio of total expenses to average net assets | | | 0.45 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 5.67 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 34 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (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. | | 125 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Access High Yield Corporate Bond ETF | |
| | | | | For the Fiscal Year Ended August 31, | | | For the Period
September 5, 2017*
to
August 31, 2018 | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of period | | $ | 50.40 | | | $ | 49.29 | | | $ | 49.42 | | | $ | 48.86 | | | $ | 49.92 | |
| | | | | | |
| | Net investment income(a) | | | 2.21 | | | | 2.24 | | | | 2.49 | | | | 2.75 | | | | 2.41 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (7.63 | ) | | | 1.15 | | | | (0.15 | ) | | | 0.61 | | | | (1.21 | ) |
| | | | | | |
| | Total gain (loss) from investment operations | | | (5.42 | ) | | | 3.39 | | | | 2.34 | | | | 3.36 | | | | 1.20 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (2.28 | ) | | | (2.28 | ) | | | (2.47 | ) | | | (2.80 | ) | | | (2.26 | ) |
| | | | | | |
| | Net asset value, end of period | | $ | 42.70 | | | $ | 50.40 | | | $ | 49.29 | | | $ | 49.42 | | | $ | 48.86 | |
| | | | | | |
| | Market price, end of period | | $ | 42.28 | | | $ | 50.38 | | | $ | 49.23 | | | $ | 49.24 | | | $ | 48.82 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (11.07 | )% | | | 7.05 | % | | | 4.94 | % | | | 7.20 | % | | | 2.58 | % |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 134,509 | | | $ | 231,834 | | | $ | 150,347 | | | $ | 76,602 | | | $ | 46,413 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | %(c) |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 4.69 | % | | | 4.49 | % | | | 5.15 | % | | | 5.67 | % | | | 4.93 | %(c) |
| | | | | | |
| | Portfolio turnover rate(d) | | | 15 | % | | | 22 | % | | | 22 | % | | | 23 | % | | | 69 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (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. |
| | |
| 126 | | 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
| | | | | | | | | | | | | | | | | | |
| | | | | Access Inflation Protected USD Bond ETF | |
| | | | | For the Fiscal Year Ended August 31, | | | For the Period
October 2, 2018*
to
August 31, 2019 | |
| | | | | 2022 | | | 2021 | | | 2020 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net asset value, beginning of period | | $ | 58.52 | | | $ | 56.96 | | | $ | 53.11 | | | $ | 50.00 | |
| | | | | |
| | Net investment income(a) | | | 3.70 | | | | 2.85 | | | | 0.33 | | | | 1.27 | |
| | | | | |
| | Net realized and unrealized gain (loss) | | | (7.14 | ) | | | 0.30 | | | | 4.18 | | | | 2.98 | |
| | | | | |
| | Total gain (loss) from investment operations | | | (3.44 | ) | | | 3.15 | | | | 4.51 | | | | 4.25 | |
| | | | | |
| | Distributions to shareholders from net investment income | | | (3.40 | ) | | | (1.59 | ) | | | (0.61 | ) | | | (1.14 | ) |
| | | | | |
| | Distributions to shareholders from net realized gains | | | — | | | | — | | | | (0.04 | ) | | | — | |
| | | | | |
| | Distributions to shareholders from return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | |
| | Total distributions to shareholders | | | (3.40 | ) | | | (1.59 | ) | | | (0.66 | ) | | | (1.14 | ) |
| | | | | |
| | Net asset value, end of period | | $ | 51.68 | | | $ | 58.52 | | | $ | 56.96 | | | $ | 53.11 | |
| | | | | |
| | Market price, end of period | | $ | 51.64 | | | $ | 58.54 | | | $ | 57.00 | | | $ | 53.08 | |
| | | | | |
| | Total Return at Net Asset Value(b) | | | (6.08 | )% | | | 5.62 | % | | | 8.57 | % | | | 8.61 | % |
| | | | | |
| | Net assets, end of period (in 000’s) | | $ | 165,372 | | | $ | 146,311 | | | $ | 31,330 | | | $ | 7,966 | |
| | | | | |
| | Ratio of net expenses to average net assets | | | 0.12 | % | | | 0.12 | % | | | 0.12 | % | | | 0.12 | %(c) |
| | | | | |
| | Ratio of net investment income to average net assets | | | 6.63 | % | | | 4.96 | % | | | 0.61 | % | | | 2.74 | %(c) |
| | | | | |
| | Portfolio turnover rate(d) | | | 18 | % | | | 56 | % | | | 43 | % | | | 36 | % |
| | * | | 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. |
| | (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. | | 127 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | |
| | | | | Access Investment Grade Corporate
1-5 Year Bond ETF | |
| | | | | For the Fiscal
Year Ended
August 31, | | | For the Period
July 7, 2020*
to
August 31, 2020 | |
| | | | | 2022 | | | 2021 | |
| | Per Share Operating Performance: | | | | | | | | | | | | |
| | | | |
| | Net asset value, beginning of period | | $ | 50.28 | | | $ | 50.21 | | | $ | 49.89 | |
| | | | |
| | Net investment income(a) | | | 0.62 | | | | 0.41 | | | | 0.06 | |
| | | | |
| | Net realized and unrealized gain (loss) | | | (3.77 | ) | | | 0.14 | | | | 0.29 | |
| | | | |
| | Total gain (loss) from investment operations | | | (3.15 | ) | | | 0.55 | | | | 0.35 | |
| | | | |
| | Distributions to shareholders from net investment income | | | (0.67 | ) | | | (0.48 | ) | | | (0.03 | ) |
| | | | |
| | Net asset value, end of period | | $ | 46.46 | | | $ | 50.28 | | | $ | 50.21 | |
| | | | |
| | Market price, end of period | | $ | 46.38 | | | $ | 50.30 | | | $ | 50.28 | |
| | | | |
| | Total Return at Net Asset Value(b) | | | (6.30 | )% | | | 1.10 | % | | | 0.70 | % |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 16,262 | | | $ | 30,168 | | | $ | 27,617 | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.14 | % | | | 0.14 | % | | | 0.14 | %(c) |
| | | | |
| | Ratio of net investment income to average net assets | | | 1.27 | % | | | 0.82 | % | | | 0.73 | %(c) |
| | | | |
| | Portfolio turnover rate(d) | | | 45 | % | | | 32 | % | | | 3 | % |
| | * | | 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. |
| | (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. |
| | |
| 128 | | 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
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Access Investment Grade Corporate Bond ETF | |
| | | | | For the Fiscal Year Ended August 31, | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 55.24 | | | $ | 55.39 | | | $ | 52.87 | | | $ | 48.31 | | | $ | 50.28 | |
| | | | | | |
| | Net investment income(a) | | | 1.27 | | | | 1.26 | | | | 1.59 | | | | 1.74 | | | | 1.55 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (9.43 | ) | | | (0.14 | ) | | | 2.54 | | | | 4.52 | | | | (2.09 | ) |
| | | | | | |
| | Total gain (loss) from investment operations | | | (8.16 | ) | | | 1.12 | | | | 4.13 | | | | 6.26 | | | | (0.54 | ) |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (1.27 | ) | | | (1.27 | ) | | | (1.61 | ) | | | (1.70 | ) | | | (1.43 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 45.81 | | | $ | 55.24 | | | $ | 55.39 | | | $ | 52.87 | | | $ | 48.31 | |
| | | | | | |
| | Market price, end of year | | $ | 45.61 | | | $ | 55.19 | | | $ | 55.47 | | | $ | 52.90 | | | $ | 48.28 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (14.96 | )% | | | 2.07 | % | | | 7.95 | % | | | 13.35 | % | | | (1.04 | )% |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 634,530 | | | $ | 776,118 | | | $ | 642,578 | | | $ | 526,049 | | | $ | 258,462 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.50 | % | | | 2.30 | % | | | 3.00 | % | | | 3.54 | % | | | 3.18 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | 12 | % | | | 11 | % | | | 9 | % | | | 13 | % | | | 22 | % |
| | (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. | | 129 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Access Treasury 0-1 Year ETF | |
| | | | | For the Fiscal Year Ended August 31, | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 100.09 | | | $ | 100.44 | | | $ | 100.38 | | | $ | 100.16 | | | $ | 100.10 | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.52 | | | | (0.02 | ) | | | 1.13 | | | | 2.23 | | | | 1.48 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (0.51 | ) | | | (0.01 | ) | | | 0.29 | | | | 0.15 | | | | (0.13 | ) |
| | | | | | |
| | Total gain (loss) from investment operations | | | 0.01 | | | | (0.03 | ) | | | 1.42 | | | | 2.38 | | | | 1.35 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.26 | ) | | | (0.27 | ) | | | (1.36 | ) | | | (2.16 | ) | | | (1.29 | ) |
| | | | | | |
| | Distributions to shareholders from return of capital | | | — | | | | (0.05 | ) | | | — | | | | — | | | | — | |
| | | | | | |
| | Total distributions to shareholders | | | (0.26 | ) | | | (0.32 | ) | | | (1.36 | ) | | | (2.16 | ) | | | (1.29 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 99.84 | | | $ | 100.09 | | | $ | 100.44 | | | $ | 100.38 | | | $ | 100.16 | |
| | | | | | |
| | Market price, end of year | | $ | 99.88 | | | $ | 100.08 | | | $ | 100.45 | | | $ | 100.40 | | | $ | 100.18 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | 0.01 | % | | | (0.03 | )% | | | 1.42 | % | | | 2.40 | % | | | 1.37 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,087,061 | | | $ | 1,857,660 | | | $ | 3,045,396 | | | $ | 3,174,026 | | | $ | 1,642,627 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.12 | % | | | 0.12 | % | | | 0.12 | % | | | 0.12 | % | | | 0.12 | % |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.52 | % | | | (0.02 | )% | | | 1.13 | % | | | 2.22 | % | | | 1.48 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | — | % | | | — | % | | | — | % | | | — | % | | | — | % |
| | (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. |
| | |
| 130 | | 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
| | | | | | | | | | |
| | | | | Access U.S. Aggregate Bond ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
September 8, 2020*
to
August 31, 2021 | |
| | Per Share Operating Performance: | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 49.40 | | | $ | 50.03 | |
| | | |
| | Net investment income(a) | | | 0.67 | | | | 0.37 | |
| | | |
| | Net realized and unrealized loss | | | (6.62 | ) | | | (0.63 | ) |
| | | |
| | Total loss from investment operations | | | (5.95 | ) | | | (0.26 | ) |
| | | |
| | Distributions to shareholders from net investment income | | | (0.57 | ) | | | (0.37 | ) |
| | | |
| | Net asset value, end of period | | $ | 42.88 | | | $ | 49.40 | |
| | | |
| | Market price, end of period | | $ | 42.93 | | | $ | 49.38 | |
| | | |
| | Total Return at Net Asset Value(b) | | | (12.12 | )% | | | (0.52 | )% |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 433,105 | | | $ | 219,827 | |
| | | |
| | Ratio of net expenses to average net assets | | | 0.10 | % | | | 0.11 | %(c) |
| | | |
| | Ratio of total expenses to average net assets | | | 0.14 | % | | | 0.14 | %(c) |
| | | |
| | Ratio of net investment income to average net assets | | | 1.48 | % | | | 0.77 | %(c) |
| | | |
| | Portfolio turnover rate(d) | | | 522 | % | | | 525 | % |
| | * | | 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. |
| | (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. | | 131 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | |
| | | | | Access Ultra Short Bond ETF | |
| | | | | For the Fiscal Year Ended August 31, | | | For the Period
April 15, 2019*
to
August 31, 2019 | |
| | | | | 2022 | | | 2021 | | | 2020 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net asset value, beginning of period | | $ | 50.71 | | | $ | 50.77 | | | $ | 50.49 | | | $ | 50.00 | |
| | | | | |
| | Net investment income(a) | | | 0.49 | | | | 0.28 | | | | 0.73 | | | | 0.52 | |
| | | | | |
| | Net realized and unrealized gain (loss) | | | (0.79 | ) | | | 0.02 | | | | 0.42 | | | | 0.34 | |
| | | | | |
| | Total gain (loss) from investment operations | | | (0.30 | ) | | | 0.30 | | | | 1.15 | | | | 0.86 | |
| | | | | |
| | Distributions to shareholders from net investment income | | | (0.46 | ) | | | (0.36 | ) | | | (0.87 | ) | | | (0.37 | ) |
| | | | | |
| | Net asset value, end of period | | $ | 49.95 | | | $ | 50.71 | | | $ | 50.77 | | | $ | 50.49 | |
| | | | | |
| | Market price, end of period | | $ | 49.95 | | | $ | 50.71 | | | $ | 50.78 | | | $ | 50.51 | |
| | | | | |
| | Total Return at Net Asset Value(b) | | | (0.58 | )% | | | 0.59 | % | | | 2.28 | % | | | 1.75 | % |
| | | | | |
| | Net assets, end of period (in 000’s) | | $ | 503,197 | | | $ | 330,874 | | | $ | 149,765 | | | $ | 15,148 | |
| | | | | |
| | Ratio of net expenses to average net assets | | | 0.15 | % | | | 0.16 | % | | | 0.16 | % | | | 0.16 | %(c) |
| | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(c) |
| | | | | |
| | Ratio of net investment income to average net assets | | | 0.98 | % | | | 0.55 | % | | | 1.45 | % | | | 2.72 | %(c) |
| | | | | |
| | Portfolio turnover rate(d) | | | 37 | % | | | 51 | % | | | 63 | % | | | 66 | % |
| | * | | 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. |
| | (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. |
| | |
| 132 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements
August 31, 2022
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 Emerging Markets USD Bond ETF (“Access Emerging Markets USD Bond ETF”)* | | | | Diversified |
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 February 15, 2022. |
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 Emerging Markets USD Bond ETF, 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.
133
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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.
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).
134
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 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. With respect to a Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has 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. 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.
i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
ii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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.
135
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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, 2022:
| | | | | | | | | | | | |
| | | |
| ACCESS EMERGING MARKETS USD BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Fixed Income | |
| | | |
Sovereign Debt Obligations | | $ | — | | | $ | 26,913,327 | | | $ | — | |
| | | |
Corporate Obligations | | | — | | | | 4,500,238 | | | | — | |
| | | |
Investment Company | | | 483,412 | | | | — | | | | — | |
| | | |
| Total | | $ | 483,412 | | | $ | 31,413,565 | | | $ | — | |
| | | |
| ACCESS HIGH YIELD CORPORATE BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Corporate Obligations | | $ | — | | | $ | 122,064,107 | | | $ | — | |
| | | |
Foreign Bonds | | | — | | | | 7,177,657 | | | | — | |
| | | |
Investment Company | | | 3,157,357 | | | | — | | | | — | |
| | | |
| Total | | $ | 3,157,357 | | | $ | 129,241,764 | | | $ | — | |
| | | |
| ACCESS INFLATION PROTECTED USD BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
U.S. Treasury Inflation Indexed Bonds | | $ | 163,057,391 | | | $ | — | | | $ | — | |
| | | |
Investment Company | | | 350,717 | | | | — | | | | — | |
| | | |
| Total | | $ | 163,408,108 | | | $ | — | | | $ | — | |
| | | |
| ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Corporate Obligations | | $ | — | | | $ | 12,949,090 | | | $ | — | |
| | | |
Foreign Bonds | | | — | | | | 2,965,892 | | | | — | |
| | | |
Investment Company | | | 155,769 | | | | — | | | | — | |
| | | |
| Total | | $ | 155,769 | | | $ | 15,914,982 | | | $ | — | |
136
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| | | |
| ACCESS INVESTMENT GRADE CORPORATE BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Corporate Obligations | | $ | — | | | $ | 495,727,179 | | | $ | — | |
| | | |
Foreign Corporate Debt | | | — | | | | 130,028,650 | | | | — | |
| | | |
Investment Company | | | 1,956,966 | | | | — | | | | — | |
| | | |
| Total | | $ | 1,956,966 | | | $ | 625,755,829 | | | $ | — | |
| | | |
| ACCESS TREASURY 0-1 YEAR ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
U.S. Treasury Bills | | $ | 2,605,435,586 | | | $ | — | | | $ | — | |
| | | |
U.S. Treasury Notes | | | 478,142,711 | | | | — | | | | — | |
| | | |
| Total | | $ | 3,083,578,297 | | | $ | — | | | $ | — | |
| | | |
| ACCESS U.S. AGGREGATE BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
U.S. Treasury Notes | | $ | 141,612,026 | | | $ | — | | | $ | — | |
| | | |
Mortgage-Backed Securities | | | — | | | | 115,909,905 | | | | — | |
| | | |
Corporate Obligations | | | — | | | | 88,257,334 | | | | — | |
| | | |
U.S. Treasury Bonds | | | 29,194,593 | | | | — | | | | — | |
| | | |
U.S. Treasury Obligations | | | 23,029,637 | | | | — | | | | — | |
| | | |
Foreign Corporate Debt | | | — | | | | 21,568,902 | | | | — | |
| | | |
Sovereign Debt Obligations | | | 222,213 | | | | 7,895,248 | | | | — | |
| | | |
Investment Company | | | 99,745,844 | | | | — | | | | — | |
| | | |
| Total | | $ | 293,804,313 | | | $ | 233,631,389 | | | $ | — | |
137
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| | | |
| ACCESS ULTRA SHORT BOND ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Mortgage-Backed Securities | | $ | — | | | $ | 155,771,999 | | | $ | — | |
| | | |
Corporate Obligations | | | — | | | | 107,713,887 | | | | — | |
| | | |
Asset- Backed Securities | | | — | | | | 93,929,894 | | | | — | |
| | | |
Foreign Corporate Debt | | | — | | | | 88,180,184 | | | | — | |
| | | |
U.S. Treasury Notes | | | 15,606,044 | | | | — | | | | — | |
| | | |
Commercial Papers | | | — | | | | 14,624,600 | | | | — | |
| | | |
Certificate of Deposits | | | — | | | | 8,504,908 | | | | — | |
| | | |
U.S. Treasury Bills | | | 6,465,872 | | | | — | | | | — | |
| | | |
U.S. Government Agency Obligations | | | — | | | | 5,994,630 | | | | — | |
| | | |
Investment Company | | | 4,270,757 | | | | — | | | | — | |
| | | |
| Total | | $ | 26,342,673 | | | $ | 474,720,102 | | | $ | — | |
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.
For the year ended August 31, 2022, 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 Emerging Markets USD Bond ETF | | | | | 0.45 | % | | | 0.00 | % |
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 | % | | | 0.10 | % |
Access Ultra Short Bond ETF | | | | | 0.20 | % | | | 0.15 | % |
| * | | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
138
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0%, 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF, 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, 2022 for Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF and through at least February 17, 2023 for Access Emerging Markets USD Bond ETF 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, 2022, GSAM waived $131,555, $433,268 and $167,105 of the Funds’ management fees for the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively.
The Access Emerging Markets USD Bond ETF, 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 U.S. Aggregate Bond ETF and Access Ultra Short 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, 2022, the management fee waived by GSAM for each Fund was as follows:
| | | | | | |
| Fund | | | | Management Fee
Waived | |
Access Emerging Markets USD Bond ETF | | | | $ | 339 | |
Access High Yield Corporate Bond ETF | | | | | 3,365 | |
Access Inflation Protected USD Bond ETF | | | | | 462 | |
Access Investment Grade Corporate 1-5 Year Bond ETF | | | | | 166 | |
Access Investment Grade Corporate Bond ETF | | | | | 4,073 | |
Access U.S. Aggregate Bond ETF | | | | | 113,493 | |
Access Ultra Short Bond ETF | | | | | 23,956 | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Beginning
value as of
August 31, 2021 | | | Purchases
at Cost | | | Proceeds from Sales | | | Ending
value as of
August 31, 2022 | | | Shares as of August 31, 2022 | | | Dividend
Income | |
Access Emerging Markets USD Bond ETF* | | $ | — | | | $ | 3,497,250 | | | $ | (3,013,838 | ) | | $ | 483,412 | | | | 483,412 | | | $ | 1,790 | |
Access High Yield Corporate Bond ETF | | | 2,073,969 | | | | 28,133,222 | | | | (27,049,834 | ) | | | 3,157,357 | | | | 3,157,357 | | | | 13,683 | |
Access Inflation Protected USD Bond ETF | | | 809,851 | | | | 9,707,673 | | | | (10,166,807 | ) | | | 350,717 | | | | 350,717 | | | | 1,721 | |
Access Investment Grade Corporate 1-5 Year Bond ETF | | | 302,503 | | | | 2,350,225 | | | | (2,496,959 | ) | | | 155,769 | | | | 155,769 | | | | 371 | |
Access Investment Grade Corporate Bond ETF | | | 2,549,254 | | | | 49,995,844 | | | | (50,588,132 | ) | | | 1,956,966 | | | | 1,956,966 | | | | 9,838 | |
Access U.S. Aggregate Bond ETF | | | 51,438,327 | | | | 138,532,687 | | | | (90,225,170 | ) | | | 99,745,844 | | | | 99,745,844 | | | | 444,735 | |
Access Ultra Short Bond ETF | | | 25,760,750 | | | | 353,537,565 | | | | (375,027,558 | ) | | | 4,270,757 | | | | 4,270,757 | | | | 41,966 | |
| * | | Commencement of operations on February 15, 2022. |
139
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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 Emerging Markets USD
Bond ETF | |
| | | | |
| | | For the Period February 15, 2022* through August 31, 2022 | |
| | | | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 1,700,000 | | | $ | 80,549,718 | |
Shares Redeemed | | | (900,000 | ) | | | (37,275,101 | ) |
| | |
NET INCREASE IN SHARES | | | 800,000 | | | $ | 43,274,617 | |
| * | | Commencement of operations. |
| | | | | | | | | | | | | | | | |
| | | Access High Yield Corporate Bond ETF | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 2,450,000 | | | $ | 114,019,983 | | | | 2,800,000 | | | $ | 139,660,429 | |
Shares Redeemed | | | (3,900,000 | ) | | | (181,106,517 | ) | | | (1,250,000 | ) | | | (62,218,811 | ) |
| | | | |
NET INCREASE/DECREASE IN SHARES | | | (1,450,000 | ) | | $ | (67,086,534 | ) | | | 1,550,000 | | | $ | 77,441,618 | |
140
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | | | | | | | | | |
| | | Access Inflation Protected USD Bond ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 1,625,000 | | | $ | 93,221,061 | | | | 2,125,000 | | | $ | 122,145,094 | |
Shares Redeemed | | | (925,000 | ) | | | (52,293,928 | ) | | | (175,000 | ) | | | (9,875,297 | ) |
| | | | |
NET INCREASE IN SHARES | | | 700,000 | | | $ | 40,927,133 | | | | 1,950,000 | | | $ | 112,269,797 | |
| |
| | | Access Investment Grade Corporate 1-5 Year Bond ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 200,000 | | | $ | 9,653,124 | | | | 100,000 | | | $ | 5,036,236 | |
Shares Redeemed | | | (450,000 | ) | | | (21,925,146 | ) | | | (50,000 | ) | | | (2,519,551 | ) |
| | | | |
NET INCREASE/DECREASE IN SHARES | | | (250,000 | ) | | $ | (12,272,022 | ) | | | 50,000 | | | $ | 2,516,685 | |
| | | | | | | | | | | | | | | | |
| | | Access Investment Grade Corporate Bond ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 6,200,000 | | | $ | 311,310,364 | | | | 10,300,000 | | | $ | 567,048,496 | |
Shares Redeemed | | | (6,400,000 | ) | | | (314,616,517 | ) | | | (7,850,000 | ) | | | (430,357,739 | ) |
| | | | |
NET INCREASE IN SHARES | | | (200,000 | ) | | $ | (3,306,153 | ) | | | 2,450,000 | | | $ | 136,690,757 | |
| |
| | | Access Treasury 0-1 Year ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 22,100,000 | | | $ | 2,207,541,510 | | | | 3,820,000 | | | $ | 382,587,046 | |
Shares Redeemed | | | (9,740,000 | ) | | | (973,326,888 | ) | | | (15,580,000 | ) | | | (1,560,188,346 | ) |
| | | | |
NET INCREASE/DECREASE IN SHARES | | | 12,360,000 | | | $ | 1,234,214,622 | | | | (11,760,000 | ) | | $ | (1,177,601,300 | ) |
141
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | | | | | | | | | |
| | | Access U.S. Aggregate Bond ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Period
September 8, 2020*
through
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 5,650,000 | | | $ | 254,499,846 | | | | 4,750,000 | | | $ | 235,376,922 | |
Shares Redeemed | | | — | | | | — | | | | (300,000 | ) | | | (14,751,161 | ) |
| | | | |
NET INCREASE IN SHARES | | | 5,650,000 | | | $ | 254,499,846 | | | | 4,450,000 | | | $ | 220,625,761 | |
| * | | Commencement of operations. |
| | | | | | | | | | | | | | | | |
| | | Access Ultra Short Bond ETF | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 5,775,000 | | | $ | 290,217,807 | | | | 4,125,000 | | | $ | 209,360,754 | |
Shares Redeemed | | | (2,225,000 | ) | | | (111,670,925 | ) | | | (550,000 | ) | | | (27,915,904 | ) |
| | | | |
NET INCREASE IN SHARES | | | 3,550,000 | | | $ | 178,546,882 | | | | 3,575,000 | | | $ | 181,444,850 | |
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2022, 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 Emerging Markets USD Bond ETF | | | | $ | — | | | $ | 82,101,557 | | | $ | — | | | $ | 17,090,657 | |
Access High Yield Corporate Bond ETF | | | | | — | | | | 137,845,306 | | | | — | | | | 26,108,404 | |
Access Inflation Protected USD Bond ETF | | | | | 30,546,969 | | | | — | | | | 40,757,161 | | | | — | |
Access Investment Grade Corporate 1-5 Year Bond ETF | | | | | — | | | | 14,219,767 | | | | — | | | | 9,387,430 | |
Access Investment Grade Corporate Bond ETF | | | | | — | | | | 381,205,925 | | | | — | | | | 87,839,105 | |
Access U.S. Aggregate Bond ETF | | | | | 473,180,163 | | | | 1,366,842,419 | | | | 337,596,693 | | | | 1,249,643,147 | |
Access Ultra Short Bond ETF | | | | | 40,154,298 | | | | 303,997,553 | | | | 14,523,700 | | | | 128,814,994 | |
142
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the year ended August 31, 2022, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
Access Emerging Markets USD Bond ETF | | | | $ | — | | | $ | 22,317,923 | |
Access High Yield Corporate Bond ETF | | | | | — | | | | 178,278,060 | |
Access Inflation Protected USD Bond ETF | | | | | 93,086,362 | | | | 52,276,332 | |
Access Investment Grade Corporate 1-5 Year Bond ETF | | | | | — | | | | 16,556,877 | |
Access Investment Grade Corporate Bond ETF | | | | | — | | | | 289,178,384 | |
The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Access
Emerging
Markets USD
Bond ETF | | | 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 | | $ | 1,465,872 | | | $ | 8,962,167 | | | $ | 10,540,936 | | | $ | 290,343 | | | $ | 18,399,303 | | | $ | 6,806,393 | | | $ | 3,918,777 | | | $ | 4,021,476 | |
Total taxable distributions | | | 1,465,872 | | | | 8,962,167 | | | | 10,540,936 | | | | 290,343 | | | | 18,399,303 | | | | 6,806,393 | | | | 3,918,777 | | | | 4,021,476 | |
Return of Capital | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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 | | | $ | — | | | $ | — | |
143
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 7. TAX INFORMATION (continued) |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Access
Emerging
Markets
USD
Bond ETF | | | 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 | | $ | 192,043 | | | $ | 612,778 | | | $ | 2,079,661 | | | $ | 29,940 | | | $ | 1,573,374 | | | $ | 3,666,166 | | | $ | 876,371 | | | $ | 1,157,585 | |
Total undistributed earnings | | $ | 192,043 | | | $ | 612,778 | | | $ | 2,079,661 | | | $ | 29,940 | | | $ | 1,573,374 | | | $ | 3,666,166 | | | $ | 876,371 | | | $ | 1,157,585 | |
Capital loss carryforwards(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Perpetual Short-Term | | $ | (4,458,678 | ) | | $ | (1,218,762 | ) | | $ | — | | | $ | — | | | $ | (510,596 | ) | | $ | (5,318 | ) | | $ | (544,294 | ) | | $ | (375,573 | ) |
Perpetual Long-Term | | | — | | | | — | | | | — | | | | — | | | | (52,401 | ) | | | — | | | | (93,028 | ) | | | (9,825 | ) |
Timing differences (Post October Capital Loss Deferral) | | $ | — | | | $ | (591,528 | ) | | $ | (916,813 | ) | | $ | (146,090 | ) | | $ | (4,518,995 | ) | | $ | (3,698,392 | ) | | $ | (10,786,231 | ) | | $ | (925,114 | ) |
Unrealized losses — net | | | (4,222,939 | ) | | | (16,642,027 | ) | | | (19,629,330 | ) | | | (968,212 | ) | | | (91,771,554 | ) | | | (5,118,598 | ) | | | (31,439,781 | ) | | | (5,573,557 | ) |
Total accumulated losses net | | $ | (8,489,574 | ) | | $ | (17,839,539 | ) | | $ | (18,466,482 | ) | | $ | (1,084,362 | ) | | $ | (95,280,172 | ) | | $ | (5,156,142 | ) | | $ | (41,986,963 | ) | | $ | (5,726,484 | ) |
| (1) | | The Access High Yield Corporate Bond ETF utilized $112,148 of capital losses in the current fiscal year. |
As of August 31, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Access
Emerging
Markets
USD
Bond ETF | | | 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
Bonds ETF | | | Access
Treasury
0-1 Year ETF | | | Access U.S.
Aggregate
Bond ETF | | | Access Ultra
Short
Bond ETF | |
Tax Cost | | $ | 36,119,916 | | | $ | 149,041,148 | | | $ | 183,037,438 | | | $ | 17,038,963 | | | $ | 719,484,349 | | | $ | 3,088,696,895 | | | $ | 558,875,483 | | | $ | 506,636,332 | |
Gross unrealized gain | | | 1,118 | | | | 275,257 | | | | 2,804 | | | | 6,322 | | | | 116,630 | | | | 6,208 | | | | 79,391 | | | | 337,773 | |
Gross unrealized loss | | | (4,224,057 | ) | | | (16,917,284 | ) | | | (19,632,134 | ) | | | (974,534 | ) | | | (91,888,184 | ) | | | (5,124,806 | ) | | | (31,519,172 | ) | | | (5,911,330 | ) |
Net unrealized losses | | $ | (4,222,939 | ) | | $ | (16,642,027 | ) | | $ | (19,629,330 | ) | | $ | (968,212 | ) | | $ | (91,771,554 | ) | | $ | (5,118,598 | ) | | $ | (31,439,781 | ) | | $ | (5,573,557 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.
144
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 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 Emerging Markets USD Bond ETF | | | | $ | (2,551,971 | ) | | $ | 2,551,971 | |
Access High Yield Corporate Bond ETF | | | | $ | (7,247,956 | ) | | $ | 7,247,956 | |
Access Inflation Protected USD Bond ETF | | | | $ | 374,855 | | | $ | (374,855 | ) |
Access Investment Grade Corporate 1-5 Year Bond ETF | | | | $ | (459,139 | ) | | $ | 459,139 | |
Access Investment Grade Corporate Bond ETF | | | | $ | (18,330,979 | ) | | $ | 18,330,979 | |
Access Treasury 0-1 Year ETF | | | | $ | (464,321 | ) | | $ | 464,321 | |
Access U.S. Aggregate Bond ETF | | | | $ | — | | | $ | — | |
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.
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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.
At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 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 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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,
145
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 8. OTHER RISKS (continued) |
trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. A Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
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 Emerging Markets USD Bond Index, 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
146
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
|
| 8. OTHER RISKS (continued) |
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.
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.
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.
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current
147
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 10. OTHER MATTERS (continued) |
environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
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.
148
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access Emerging Markets USD Bond ETF, 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 (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, 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, 2022, 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 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 Ultra Short Bond ETF | | For the year ended August 31, 2022 | | For the two years ended August 31, 2022 | | For each of the periods indicated therein |
| Goldman Sachs Access U.S. Aggregate Bond ETF | | For the year ended August 31, 2022 | | For the year ended August 31, 2022 and for the period September 8, 2020 (commencement of operations) through August 31, 2021 |
| Goldman Sachs Access Emerging Markets USD Bond ETF | | For the period February 15, 2022 (commencement of operations) through August 31, 2022 |
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
149
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, 2022 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 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
150
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
| | | | | | | | | | | | |
Proposal 1. Election of Trustees | | For | | | Against/Withheld | | | Abstain | |
| | | |
Cheryl K. Beebe | | | 264,924,160 | | | | 15,294,512 | | | | 0 | |
| | | |
Lawrence Hughes | | | 279,548,931 | | | | 669,741 | | | | 0 | |
| | | |
John F. Killian | | | 264,883,857 | | | | 15,334,814 | | | | 0 | |
| | | |
Steven D. Krichmar | | | 279,552,751 | | | | 665,920 | | | | 0 | |
| | | |
Linda A. Lang | | | 279,620,511 | | | | 598,160 | | | | 0 | |
| | | | | | | | | | | | |
151
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Fund Expenses — Six Month Period Ended 8/31/2022 (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.
This example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2022 and held for the entire six months ended August 31, 2022, 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 Emerging Markets USD
Bond ETF | | | Access High Yield Corporate
Bond ETF | | | Access Inflation Protected USD
Bond ETF | | | Access Investment Grade
Corporate 1-5 Year | | | 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
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Expenses
Account
3/1/22 | | | Bond ETF
Ending
Expenses
Account
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Expenses
Account
3/1/22 | | | Bond ETF
Ending
Expenses
Account
8/31/22 | | | Expenses
Paid* | |
Actual based on NAV | | $ | 1,000 | | | $ | 942.00 | | | $ | 0.00 | | | $ | 1,000 | | | $ | 917.08 | | | $ | 1.64 | | | $ | 1,000 | | | $ | 937.94 | | | $ | 0.59 | | | $ | 1,000 | | | $ | 965.23 | | | $ | 0.69 | | | $ | 1,000 | | | $ | 907.20 | | | $ | 0.67 | | | $ | 1,000 | | | $ | 1,001.28 | | | $ | 0.61 | | | $ | 1,000 | | | $ | 919.18 | | | $ | 0.48 | | | $ | 1,000 | | | $ | 997.74 | | | $ | 0.81 | |
Hypothetical 5% return | | $ | 1,000 | | | $ | 1,025.21 | + | | $ | 0.00 | | | $ | 1,000 | | | $ | 1,023.49 | + | | $ | 1.73 | | | $ | 1,000 | | | $ | 1,024.60 | + | | $ | 0.61 | | | $ | 1,000 | | | $ | 1,024.50 | + | | $ | 0.71 | | | $ | 1,000 | | | $ | 1,024.50 | + | | $ | 0.71 | | | $ | 1,000 | | | $ | 1,024.60 | + | | $ | 0.61 | | | $ | 1,000 | | | $ | 1,024.70 | + | | $ | 0.51 | | | $ | 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, 2022. 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 Emerging Markets USD Bond ETF | | | 0.00 | % |
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 | | | 0.10 | |
Access Ultra Short Bond ETF | | | 0.16 | |
152
GOLDMAN SACHS ACCESS FIXED INCOME 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 |
| | | | | |
Cheryl K. Beebe Age: 66 | | Chair of the Board of Trustees | | Since 2021 | | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) |
| | | | | |
Lawrence Hughes Age: 64 | | Trustee | | Since 2021 | | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | |
John F. Killian Age: 67 | | Trustee | | Since 2021 | | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Consolidated Edison, Inc. (a utility holding company) |
| | | | | |
Steven D. Krichmar Age: 64 | | Trustee | | Since 2021 | | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | | | | | | |
153
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited) (continued)
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 |
| | | | | |
Linda A. Lang Age: 64 | | 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | None |
| | | | | |
Michael Latham Age: 56 | | 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 owned by BlackRock, Inc., 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
| | | | | |
Lawrence W. Stranghoener Age: 68 | | Trustee | | Since 2015 | | 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). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund | | 69 | | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) |
| | | | | | | | | | |
154
GOLDMAN SACHS ACCESS FIXED INCOME 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: 59 | | 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 ETF Trust II; 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. | | 172 | | 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 Kraus. Information is provided as of August 31, 2022. |
| 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, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 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.
155
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: 59 | | 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 ETF 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: 45 | | 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 ETF 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: 54 | | 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 ETF Trust II; 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, 2022. |
| 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, 2022, 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 designate $6,687 as short-term capital gain dividends paid during the fiscal year ended August 31, 2022.
For the fiscal year ended August 31, 2022, the Access Emerging Markets USD Bond ETF, 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%, 97.82%, 100%, 100%, 100%, 100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
156
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 Compensation Committee at the end of 2021 were M. Michele Burns (Chair), Drew G. Faust, Kimberley D. Harris, Ellen J. Kullman, Lakshmi N. Mittal and Adebayo O. Ogunlesi (ex-officio). None of the members of the Compensation Committee was an employee of the firm. All members of the Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the Group Board Policy on Director Independence.
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 2021.
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 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.
157
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Goldman Sachs Access Treasury 0-1 Year ETF (continued)
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
| | 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, 2021:
| | |
Total remuneration for the financial year ending December 31, 2021 paid by the AIFM to 15 staff in respect of the management of the assets of the Fund | | US$47,166, made up of: • US$20,825 fixed remuneration • US$26,341 variable remuneration |
Which includes: |
(a) Remuneration paid by the AIFM to senior management | | US$20,500 |
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund | | US$26,666 |
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, 2021, there have been no material changes to the information listed in Article 23 of the Directive.
158
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 $2.27 trillion in assets under supervision as of June 30, 2022, 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 ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| 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 |
| Goldman Sachs Access Ultra Short Bond ETF |
| Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
| Goldman Sachs MarketBeta® International Equity ETF |
| Goldman Sachs MarketBeta® U.S. Equity ETF |
| Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs Future Planet Equity ETF Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Future Health Care Equity ETF |
Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
INDEX DISCLAIMERS
The Goldman Sachs Access Emerging Markets USD Bond ETF, 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 Access Emerging Markets USD Bond Index, 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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener | | 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 the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by 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, 2022 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.
© 2022 Goldman Sachs. All rights reserved. 294237-OTU-10/2022 ACFIETFAR-22
Goldman Sachs Funds
| | | | |
| | |
| Annual Report | | | | August 31, 2022 |
| | |
| | | | 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® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL) |
| | | | ActiveBeta® U.S. Large Cap Equity ETF (GSLC) |
| | | | ActiveBeta® U.S. Small Cap Equity ETF (GSSC) |
| | | | ActiveBeta® World Low Vol Plus Equity ETF (GLOV) |
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® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF (GPAL) |
| ∎ | | ACTIVEBETA® U.S. LARGE CAP EQUITY ETF (GSLC) |
| ∎ | | ACTIVEBETA® U.S. SMALL CAP EQUITY ETF (GSSC) |
| ∎ | | ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF (GLOV) |
| | | | |
| | | |
| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs ActiveBeta® ETFs
Principal Investment Strategies
The investment objective of each of the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus 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.
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.
For 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, Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each respective 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.
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
For the ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, the Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.
1
INVESTMENT PROCESS
Step 1
In the first step, the following types of issuers are excluded from the constituents of the Solactive US Large Cap Index (the “Reference Index”) per the requirements for an “EU Paris-Aligned Benchmark”: companies involved with controversial weapons or tobacco, companies that violate global norms as indicated by violations of the United Nations Global Compact principles or the Organisation for Economic Co-operation and Development (“OECD”) Guidelines for Multinational Enterprises, and companies that derive more than 50% of revenue from fossil fuel activities or engage in activities that significantly obstruct the United Nations Sustainable Development Goals that correspond to the EU’s six environmental objectives.
In addition, issuers who derive significant revenue from the following activities are excluded (revenue percentages are shown in parentheses): exploration, mining, extraction, distribution or refining of hard coal and lignite (≥ 1%); exploration, extraction, distribution or refining of oil fuels (≥ 10%); exploration, extraction, manufacturing or distribution of gaseous fuels (≥ 50%); and electricity generation with a greenhouse gas (GHG) intensity of more than 100g CO2e/kWh (≥ 50%).
Step 2
In the second step, the ActiveBeta® Factor Subindexes are created from the Reference Index, a market capitalization-weighted index. To construct each ActiveBeta® Factor Subindex, all non-excluded constituents in the 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 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 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. The ActiveBeta® Factor Subindexes are combined in equal weights to form the Factor Diversity Portfolio.
Step 3
In the third step, the weights of the individual issuers in the Factor Diversity Portfolio are adjusted upwards and downwards to target the following requirements: a 50-percent reduction in aggregate GHG emissions intensity relative to the Reference Index, where an issuer’s emission intensity is defined as the sum of the issuer’s direct and indirect emissions divided by the issuer’s enterprise value including cash; an inflation-adjusted seven-percent annualized reduction in absolute GHG emissions intensity; non-negative exposure to high carbon impact sectors relative to the Reference Index; and exposure to each of the four factors (value, momentum, quality, and low volatility) that are no lower than the corresponding factor exposures for the Factor Diversity Portfolio. The resulting Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
For the ActiveBeta® World Low Vol Plus Equity ETF, the Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.
Step 1
In the first step, the individual factor subindex for low volatility (the “ActiveBeta® Low Volatility Factor Subindex”) is created from the constituents of the Solactive GBS Developed Markets Large & Mid Cap Index (the “Reference Index”), a market capitalization-weighted index. To construct the ActiveBeta® Low Volatility Factor Subindex, an equal-weighted index is constructed by equally weighting stocks within sectors by country (e.g. U.S. Financials). The weight of a stock in the reweighted Reference Index is the average of its weight in the Reference Index and its weight in the equal-weighted index. Each constituent is then assigned a “factor score” based on a specified volatility measurement that is a function of the volatility in the daily total stock returns over the past 12 months. Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the ActiveBeta® Low Volatility Factor Subindex relative to the reweighted Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta® Low Volatility Factor Subindex relative to the reweighted
2
INVESTMENT PROCESS
Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the ActiveBeta® Low Volatility Factor Subindex is determined by the performance of its factor score relative to the fixed “Cut-off Score.” The Index includes only long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.
Step 2
In the second step, individual factor subindexes for value, momentum and quality (the “ActiveBeta® Value Factor Subindex, ActiveBeta® Momentum Factor Subindex and ActiveBeta® Quality Factor Subindex,” respectively) are created from the constituents of the ActiveBeta® Low Volatility Factor Subindex. To construct each of these subindexes, all constituents in the ActiveBeta® Low Volatility Factor Subindex are assigned a “factor score” based on certain specified measurements (i.e., 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 ActiveBeta® Low Volatility Factor Subindex and securities with a factor score that is below the Cut-off Score receive an underweight the applicable ActiveBeta® Factor Subindex relative to the Active- Beta�� Low Volatility Factor Subindex.
Step 3
In the third step, the ActiveBeta® Value Factor Subindex, ActiveBeta® Momentum Factor Subindex, and ActiveBeta® Quality Factor Subindex are combined in equal weights to form the Index.
* * *
At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, 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.
Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet began to serve as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception.
3
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -21.97% based on net asset value (“NAV”) and -22.65% based on market price. The Index returned -21.84%, and the MSCI Emerging Markets Index (Net, Unhedged) (“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 -21.80% during the same period. |
| | The Fund had an NAV of $39.33 per share on August 31, 2021 and ended the Reporting Period with an NAV of $29.42 per share. The Fund’s market price on August 31, 2022 was $29.03 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 negative absolute returns that closely tracked the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Low Volatility contributed most positively to relative results, followed by Momentum. Quality detracted most from results during the Reporting Period, followed by Value. 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 and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the communication services, consumer discretionary and information technology sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the financials, industrials and real estate sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. |
4
PORTFOLIO RESULTS
| | From a country perspective, Index constituents in China, Russia and Qatar contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in India, Saudi Arabia and Thailand detracted the most from the Index’s results relative to the MSCI Emerging Markets 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 Russian energy companies Gazprom and Lukoil and in Chinese e-commerce retailer Alibaba Group Holding contributed most positively (0.50%, 0.42% and 2.22% of Fund net assets as of August 31, 2022, respectively). Each produced a double-digit negative return within the Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI Emerging Markets Index, underweight positions in Indian conglomerate Reliance Industries and Indian bank ICICI Bank and an overweight position in South Korean consumer goods company LG Household and Health Care detracted most (0.94%, 0.48% and 0.00%1 of Fund net assets as of August 31, 2022, respectively). Reliance Industries and ICICI Bank each posted a positive return within the Index during the Reporting Period, and LG Household and Health Care delivered 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 | | 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?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS
ActiveBeta®
Emerging Markets
Equity Index | | | MSCI Emerging
Markets Index | |
| | | | |
| | Consumer Discretionary | | | 11.45 | % | | | 11.31 | % | | | 14.17 | % |
| | Consumer Staples | | | 10.76 | | | | 11.55 | | | | 6.18 | |
| | Energy | | | 5.66 | | | | 4.01 | | | | 5.29 | |
| | Financials | | | 21.28 | | | | 21.47 | | | | 21.64 | |
| | Health Care | | | 4.63 | | | | 4.75 | | | | 3.92 | |
| | Industrials | | | 5.16 | | | | 5.04 | | | | 5.89 | |
| | Information Technology | | | 18.81 | | | | 19.67 | | | | 19.44 | |
| | Materials | | | 8.45 | | | | 8.24 | | | | 8.41 | |
| | Real Estate | | | 1.08 | | | | 1.03 | | | | 1.81 | |
| | Communication Services | | | 9.10 | | | | 9.59 | | | | 10.10 | |
| | | Utilities | | | 3.15 | | | | 3.34 | | | | 3.14 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 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 1.0% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® Emerging Markets Equity Index. |
5
PORTFOLIO RESULTS
| Q | | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Country Name | | Fund3 | | | GS
ActiveBeta®
Emerging
Markets
Equity Index | | | MSCI Emerging
Markets Index | |
| | | | |
| | China | | | 31.69 | % | | | 31.36 | % | | | 32.09 | % |
| | Russia | | | 3.00 | | | | | | | | | |
| | Qatar | | | 1.32 | | | | 1.39 | | | | 1.13 | |
| | Mexico | | | 2.08 | | | | 2.33 | | | | 2.00 | |
| | Hungary | | | 0.14 | | | | 0.14 | | | | 0.16 | |
| | Greece | | | 0.41 | | | | 0.42 | | | | 0.25 | |
| | United Arab Emirates | | | 1.56 | | | | 1.60 | | | | 1.31 | |
| | Czech | | | 0.19 | | | | 0.20 | | | | 0.14 | |
| | Poland | | | 0.68 | | | | 0.69 | | | | 0.54 | |
| | Pakistan | | | | | | | | | | | | |
| | Turkey | | | 0.48 | | | | 0.51 | | | | 0.34 | |
| | Argentina | | | | | | | | | | | | |
| | Colombia | | | 0.11 | | | | 0.11 | | | | 0.15 | |
| | Brazil | | | 5.20 | | | | 5.11 | | | | 5.29 | |
| | Kuwait | | | 0.79 | | | | 0.78 | | | | 0.85 | |
| | Philippines | | | 0.29 | | | | 0.35 | | | | 0.75 | |
| | South Africa | | | 3.73 | | | | 3.88 | | | | 3.40 | |
| | Egypt | | | 0.33 | | | | 0.34 | | | | 0.07 | |
| | Peru | | | 0.00 | | | | 0.00 | | | | 0.22 | |
| | Korea | | | 11.98 | | | | 12.50 | | | | 11.58 | |
| | Taiwan | | | 14.04 | | | | 14.86 | | | | 14.60 | |
| | Indonesia | | | 1.77 | | | | 1.76 | | | | 1.98 | |
| | Chile | | | 0.54 | | | | 0.55 | | | | 0.58 | |
| | Malaysia | | | 0.00 | | | | 1.40 | | | | 1.51 | |
| | Thailand | | | 1.54 | | | | 1.41 | | | | 1.97 | |
| | Saudi Arabia | | | 4.17 | | | | 4.23 | | | | 4.60 | |
| | | India | | | 13.27 | | | | 14.08 | | | | 14.47 | |
| | 2 | | 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 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 1.0% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® Emerging Markets Equity Index. |
6
FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 29.03 | |
| | | Net Asset Value (NAV)1 | | $ | 29.42 | |
| 1 | | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| | | | | | | | | | |
| | TOP 10 HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 5.6 | % | | Information Technology | | Taiwan |
| | | | |
| | Tencent Holdings Ltd. | | | 3.2 | | | Communication Services | | China |
| | | | |
| | Samsung Electronics Co. Ltd. | | | 3.0 | | | Information Technology | | South Korea |
| | | | |
| | Alibaba Group Holding Ltd. | | | 2.3 | | | Consumer Discretionary | | China |
| | | | |
| | Infosys Ltd. | | | 1.0 | | | Information Technology | | India |
| | | | |
| | Meituan, Class B | | | 1.0 | | | Consumer Discretionary | | China |
| | | | |
| | Reliance Industries Ltd. | | | 1.0 | | | Energy | | India |
| | | | |
| | Vale SA | | | 0.8 | | | Materials | | Brazil |
| | | | |
| | China Construction Bank Corp., Class H | | | 0.8 | | | Financials | | China |
| | | | |
| | JD.com, Inc., Class A | | | 0.7 | | | Consumer Discretionary | | 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.
7
ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced September 25, 2015) | | | -21.97% | | | | -0.11% | | | 4.75% |
|
Shares based on Market Price (Commenced September 25, 2015) | | | -22.65% | | | | -0.37% | | | 4.56% |
|
Goldman Sachs ActiveBeta® Emerging Markets Equity Index | | | -21.84% | | | | 0.12% | | | 5.02% |
|
MSCI Emerging Markets Index (Net, Unhedged) | | | -21.80% | | | | 0.59% | | | 5.86% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. 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. |
8
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Europe Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Europe Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -24.81% based on net asset value (“NAV”) and -25.51% based on market price. The Index returned -24.61%, and the MSCI Europe Index (Net, Unhedged) (“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 -21.57% during the same period. |
| | | The Fund had an NAV of $37.99 per share on August 31, 2021 and ended the Reporting Period with an NAV of $27.47 per share. The Fund’s market price on August 31, 2022 was $27.26 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 negative absolute returns that underperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Quality detracted most from relative results during the Reporting Period, followed by Momentum and Low Volatility. Value contributed positively to relative results during the Reporting Period. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
| Q | | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the financials, energy and consumer discretionary sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the information technology, real estate and communication services sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. |
| | | From a country perspective, Index constituents in the U.K., Germany and Switzerland detracted the most from the Index’s results relative to the MSCI Europe Index during the |
9
PORTFOLIO RESULTS
| | Reporting Period. Conversely, Index constituents in the Netherlands, Spain and Denmark contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI Europe Index, overweight positions in German meal-kit provider HelloFresh and German shoe and fashion e-commerce retailer Zalando and an underweight position in U.K. financial services holding company HSBC Holdings detracted most (0.34%, 0.30% and 0.75% of Fund net assets as of August 31, 2022, respectively). HelloFresh and Zalando each posted a double-digit negative return within the Index during the Reporting Period, while HSBC Holdings generated a double-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 Europe Index, overweight positions in Sweden-based tobacco company Swedish Match, Finland-based pharmaceuticals company Orion and Portugal-based food distribution and food manufacturing business Jeronimo Martins contributed most positively (0.66%, 0.00%1 and 0.00% of Fund net assets as of August 31, 2022, respectively). Each generated a solid 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? 2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS
ActiveBeta® Europe
Equity Index | | | MSCI Europe
Index | |
| | | | |
| | Consumer Discretionary | | | 12.26 | % | | | 11.62 | % | | | 10.39 | % |
| | Consumer Staples | | | 15.30 | | | | 15.76 | | | | 14.16 | |
| | Energy | | | 5.69 | | | | 5.38 | | | | 6.61 | |
| | Financials | | | 14.25 | | | | 14.01 | | | | 15.75 | |
| | Health Care | | | 15.82 | | | | 16.16 | | | | 15.56 | |
| | Industrials | | | 15.08 | | | | 14.75 | | | | 14.18 | |
| | Information Technology | | | 6.47 | | | | 6.57 | | | | 7.09 | |
| | Materials | | | 5.82 | | | | 6.67 | | | | 7.12 | |
| | Real Estate | | | 0.66 | | | | 0.72 | | | | 1.01 | |
| | Communication Services | | | 4.26 | | | | 3.96 | | | | 3.80 | |
| | | Utilities | | | 4.41 | | | | 4.39 | | | | 4.34 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 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, 2022. 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 ActiveBeta® Europe Equity Index. |
10
PORTFOLIO RESULTS
| Q | | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period? 2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Country Name | | Fund3 | | | GS ActiveBeta®
Europe
Equity Index | | | MSCI Europe
Index | |
| | Netherlands | | | 7.57 | % | | | 6.82 | % | | | 6.45 | % |
| | Spain | | | 3.69 | | | | 3.65 | | | | 3.72 | |
| | Denmark | | | 4.52 | | | | 4.69 | | | | 4.36 | |
| | Portugal | | | 0.69 | | | | 0.66 | | | | 0.37 | |
| | Ireland | | | 1.06 | | | | 0.55 | | | | 0.97 | |
| | Sweden | | | 4.24 | | | | 4.60 | | | | 5.35 | |
| | Finland | | | 1.84 | | | | 1.67 | | | | 1.61 | |
| | Norway | | | 1.55 | | | | 1.51 | | | | 1.39 | |
| | Italy | | | 3.59 | | | | 3.77 | | | | 3.54 | |
| | Belgium | | | 1.18 | | | | 1.06 | | | | 1.48 | |
| | Austria | | | 0.56 | | | | 0.62 | | | | 0.26 | |
| | France | | | 18.70 | | | | 19.16 | | | | 17.73 | |
| | Switzerland | | | 15.96 | | | | 15.77 | | | | 16.39 | |
| | Germany | | | 12.49 | | | | 12.44 | | | | 11.85 | |
| | | UK | | | 22.36 | | | | 23.03 | | | | 24.54 | |
| | 2 | | 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 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, 2022. 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 ActiveBeta® Europe Equity Index. |
11
FUND BASICS
ActiveBeta® Europe Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | | | | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 27.26 | |
| | | Net Asset Value (NAV)1 | | $ | 27.47 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Nestle SA | | | 3.3 | % | | Consumer Staples | | United States |
| | Roche Holding AG | | | 2.6 | | | Health Care | | United States |
| | Novo Nordisk A/S, Class B | | | 2.2 | | | Health Care | | Denmark |
| | | | |
| | ASML Holding NV | | | 2.0 | | | Information Technology | | Netherlands |
| | LVMH Moet Hennessy Louis Vuitton SE | | | 1.9 | | | Consumer Discretionary | | France |
| | AstraZeneca PLC | | | 1.8 | | | Health Care | | United Kingdom |
| | Novartis AG | | | 1.8 | | | Health Care | | Switzerland |
| | | | |
| | Shell PLC | | | 1.7 | | | Energy | | Netherlands |
| | TotalEnergies SE | | | 1.2 | | | Energy | | France |
| | | L’Oreal SA | | | 1.1 | | | Consumer Staples | | France |
| 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.
12
ACTIVEBETA® EUROPE EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta® Europe Equity Index and the MSCI Europe 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® Europe Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced March 2, 2016) | | | -24.81% | | | | 1.14% | | | 4.64% |
|
Shares based on Market Price (Commenced March 2, 2016) | | | -25.51% | | | | 0.88% | | | 4.51% |
|
Goldman Sachs ActiveBeta® Europe Equity Index | | | -24.61% | | | | 1.25% | | | 4.75% |
|
MSCI Europe Index (Net, Unhedged) | | | -21.57% | | | | 1.23% | | | 4.69% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
13
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® International Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -20.18% based on net asset value (“NAV”) and -20.53% based on market price. The Index returned -20.11%, 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 -18.56% during the same period. |
| | | The Fund had an NAV of $35.76 per share on August 31, 2021 and ended the Reporting Period with an NAV of $27.64 per share. The Fund’s market price on August 31, 2021 was $27.52 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 negative absolute returns that underperformed the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Quality detracted most from relative results during the Reporting Period, followed by Momentum. Value and Low Volatility contributed positively to relative results. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. |
| Q | | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the financials, health care and energy sectors detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the information technology, communication services and real estate sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. |
| | | From a country perspective, Index constituents in the U.K., Germany and Japan detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in Canada, the Netherlands and Singapore contributed most positively to |
14
PORTFOLIO RESULTS
| | the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI World ex USA Index, overweight positions in German meal-kit provider HelloFresh and German shoe and fashion e-commerce retailer Zalando and an underweight position in U.K. financial services holding company HSBC Holdings detracted most (0.16%, 0.14% and 0.36% of Fund net assets as of August 31, 2022, respectively). HelloFresh and Zalando each posted a double-digit negative return within the Index during the Reporting Period, while HSBC Holdings generated a double-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 World ex USA Index, underweight positions in Canadian e-commerce company Shopify and Singapore-based digital entertainment, e-commerce and digital financial service business Sea and an overweight position in Canadian supermarket retailer Loblaw contributed most positively (0.00%,1 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Shopify and Sea each generated a double-digit negative return within the Index during the Reporting Period, and Loblaw posted a double-digit gain within the Index during the Reporting Period. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund 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?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS
ActiveBeta®
International
Equity Index | | | MSCI World ex
USA Index | |
| | | | |
| | Consumer Discretionary | | | 11.21 | % | | | 10.92 | % | | | 10.67 | % |
| | Consumer Staples | | | 13.41 | | | | 13.82 | | | | 10.27 | |
| | Energy | | | 6.15 | | | | 5.61 | | | | 6.61 | |
| | Financials | | | 17.88 | | | | 17.94 | | | | 19.70 | |
| | Health Care | | | 11.66 | | | | 11.82 | | | | 11.63 | |
| | Industrials | | | 14.51 | | | | 14.13 | | | | 14.84 | |
| | Information Technology | | | 7.55 | | | | 7.69 | | | | 7.80 | |
| | Materials | | | 7.08 | | | | 7.72 | | | | 7.79 | |
| | Real Estate | | | 1.96 | | | | 2.19 | | | | 2.59 | |
| | Communication Services | | | 5.22 | | | | 4.87 | | | | 4.57 | |
| | | Utilities | | | 3.38 | | | | 3.30 | | | | 3.53 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 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 2.2% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® International Equity Index. |
15
PORTFOLIO RESULTS
| Q | | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Country Name | | Fund3 | | | GS ActiveBeta®
International
Equity Index | | | MSCI World ex
USA Index | |
| | | | |
| | Canada | | | 12.60 | % | | | 12.86 | % | | | 11.56 | % |
| | Netherlands | | | 4.21 | | | | 3.71 | | | | 3.60 | |
| | Singapore | | | 1.46 | | | | 1.32 | | | | 1.33 | |
| | Spain | | | 1.96 | | | | 1.90 | | | | 2.08 | |
| | Denmark | | | 2.59 | | | | 2.61 | | | | 2.43 | |
| | Portugal | | | 0.39 | | | | 0.36 | | | | 0.21 | |
| | Ireland | | | 0.77 | | | | 0.33 | | | | 0.54 | |
| | Israel | | | 1.10 | | | | 0.99 | | | | 0.75 | |
| | Hong Kong | | | 2.68 | | | | 2.88 | | | | 2.74 | |
| | Sweden | | | 2.35 | | | | 2.57 | | | | 2.99 | |
| | Italy | | | 1.97 | | | | 2.21 | | | | 1.97 | |
| | Finland | | | 1.12 | | | | 0.92 | | | | 0.90 | |
| | New Zealand | | | 0.21 | | | | 0.14 | | | | 0.17 | |
| | Norway | | | 0.88 | | | | 0.79 | | | | 0.77 | |
| | Belgium | | | 0.71 | | | | 0.66 | | | | 0.82 | |
| | Austria | | | 0.25 | | | | 0.45 | | | | 0.15 | |
| | Australia | | | 6.55 | | | | 6.78 | | | | 7.30 | |
| | France | | | 10.75 | | | | 11.21 | | | | 9.90 | |
| | Switzerland | | | 8.70 | | | | 8.42 | | | | 9.15 | |
| | Japan | | | 19.41 | | | | 18.83 | | | | 20.33 | |
| | Germany | | | 6.70 | | | | 6.82 | | | | 6.62 | |
| | | UK | | | 12.61 | | | | 13.22 | | | | 13.70 | |
| | 2 | | 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 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 2.2% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® International Equity Index. |
16
FUND BASICS
ActiveBeta® International Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 27.52 | |
| | | Net Asset Value (NAV)1 | | $ | 27.64 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Nestle SA | | | 1.8 | % | | Consumer Staples | | United States |
| | Roche Holding AG | | | 1.4 | | | Health Care | | United States |
| | Novo Nordisk A/S, Class B | | | 1.2 | | | Health Care | | Denmark |
| | | | |
| | Shell PLC | | | 1.2 | | | Energy | | Netherlands |
| | LVMH Moet Hennessy Louis Vuitton SE | | | 1.1 | | | Consumer Discretionary | | France |
| | Novartis AG | | | 0.9 | | | Health Care | | Switzerland |
| | ASML Holding NV | | | 0.9 | | | Information Technology | | Netherlands |
| | | | |
| | AstraZeneca PLC | | | 0.9 | | | Health Care | | United Kingdom |
| | BHP Group Ltd. | | | 0.8 | | | Materials | | Australia |
| | | Royal Bank of Canada | | | 0.7 | | | Financials | | Canada |
| 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.
17
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced November 6, 2015) | | | -20.18% | | | | 2.07% | | | 4.09% |
|
Shares based on Market Price (Commenced November 6, 2015) | | | -20.53% | | | | 1.86% | | | 4.02% |
|
Goldman Sachs ActiveBeta® International Equity Index | | | -20.11% | | | | 2.13% | | | 4.18% |
|
MSCI World ex USA Index (Net, Unhedged, USD) | | | -18.56% | | | | 2.08% | | | 3.90% |
|
| * | | 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 calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
18
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -18.76% based on net asset value (“NAV”) and -19.44% based on market price. The Index returned -18.91%, while the MSCI Japan Index (Unhedged) (“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 -18.96% during the same period. |
| | | The Fund had an NAV of $37.91 per share on August 31, 2021 and ended the Reporting Period with an NAV of $30.15 per share. The Fund’s market price on August 31, 2022 was $29.78 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 negative absolute returns that closely tracked the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value and Momentum contributed positively to results relative to the MSCI Japan Index. Quality detracted most from results relative to the MSCI Japan Index, followed by Low Volatility. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. |
| Q | | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the industrials, energy and information technology sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the consumer discretionary, utilities and consumer staples sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period. |
| Q | | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI Japan Index, overweight positions in integrated trading and investment company Marubeni, energy company Inpex and auto manufacturer Mazda Motor |
19
PORTFOLIO RESULTS
| | contributed most positively (1.19%, 1.13% and 0.30% of Fund net assets as of August 31, 2022, respectively). Marubeni and Inpex each posted a double-digit gain within the Index during the Reporting Period, and Mazda Motor generated a single-digit positive return within the Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI Japan Index, overweight positions in real estate business Iida Group Holdings and home appliance retailer Yamada Holdings and an underweight position in pharmaceutical company Daiichi Sankyo detracted most (0.08%, 0.00%1 and 1.38% of Fund net assets as of August 31, 2022, respectively). Iida Group Holdings and Yamada Holdings each posted a double-digit negative return within the Index during the Reporting Period. Daiichi Sankyo delivered a double-digit gain within the Index during the Reporting Period. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund 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?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS ActiveBeta® Japan
Equity Index | | | MSCI Japan Index | |
| | | | |
| | Consumer Discretionary | | | 18.07 | % | | | 17.96 | % | | | 18.94 | % |
| | Consumer Staples | | | 7.53 | | | | 7.47 | | | | 6.54 | |
| | Energy | | | 1.76 | | | | 1.54 | | | | 0.93 | |
| | Financials | | | 10.99 | | | | 11.09 | | | | 10.17 | |
| | Health Care | | | 10.02 | | | | 9.79 | | | | 9.85 | |
| | Industrials | | | 21.28 | | | | 20.94 | | | | 22.58 | |
| | Information Technology | | | 14.78 | | | | 15.15 | | | | 13.49 | |
| | Materials | | | 3.59 | | | | 4.38 | | | | 4.60 | |
| | Real Estate | | | 2.51 | | | | 2.55 | | | | 3.46 | |
| | Communication Services | | | 8.82 | | | | 8.56 | | | | 8.37 | |
| | | Utilities | | | 0.67 | | | | 0.55 | | | | 1.07 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 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 6.7% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® Japan Equity Index. |
20
FUND BASICS
ActiveBeta® Japan Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 29.78 | |
| | | Net Asset Value (NAV)1 | | $ | 30.15 | |
| 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 8/31/222 | | |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Toyota Motor Corp. | | | 4.3 | % | | Consumer Discretionary | | Japan |
| | Sony Group Corp. | | | 2.8 | | | Consumer Discretionary | | Japan |
| | Honda Motor Co. Ltd. | | | 2.2 | | | Consumer Discretionary | | Japan |
| | Mitsubishi Corp. | | | 1.8 | | | Industrials | | Japan |
| | Keyence Corp. | | | 1.8 | | | Information Technology | | Japan |
| | Mitsui & Co. Ltd. | | | 1.6 | | | Industrials | | Japan |
| | KDDI Corp. | | | 1.5 | | | Communication Services | | Japan |
| | Nippon Telegraph & Telephone Corp. | | | 1.5 | | | Communication Services | | Japan |
| | Takeda Pharmaceutical Co. Ltd. | | | 1.5 | | | Health Care | | Japan |
| | | Mitsubishi UFJ Financial Group, Inc. | | | 1.5 | | | Financials | | Japan |
| 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.
21
ACTIVEBETA® JAPAN EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta® Japan Index and the MSCI Japan Index (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® Japan Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced March 2, 2016) | | | -18.76% | | | | 1.85% | | | 4.69% |
|
Shares based on Market Price (Commenced March 2, 2016) | | | -19.44% | | | | 1.56% | | | 4.50% |
|
Goldman Sachs ActiveBeta® Japan Equity Index | | | -18.91% | | | | 1.65% | | | 4.51% |
|
MSCI Japan Index (Unhedged) | | | -18.96% | | | | 1.97% | | | 5.00% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
22
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Paris-Aligned Climate 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® Paris-Aligned 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 for the period since its inception on December 13, 2021 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -17.52% based on net asset value (“NAV”) and -17.39% based on market price. The Index returned -17.46%, and the Solactive US Large Cap Index (“Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -16.46% during the same period. |
| | The Fund had an NAV of $39.67 on December 13, 2021 and ended the Reporting Period with an NAV of $32.50 per share. The Fund’s market price on August 31, 2022 was $32.55 per share. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
| | The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The 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 the Fund’s investment objective of attempting to track its 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 Solactive Index. |
| | The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. |
| | During the Reporting Period, the Fund posted double-digit negative absolute returns that underperformed the Solactive Index, as measured by NAV. Amongst underlying factors, Low Volatility detracted most from results relative to the Solactive Index, followed by Momentum and Value. Quality contributed positively to results relative to the Solactive Index. |
| Q | | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Having no exposure to the energy sector detracted most from the Index’s results relative to the Solactive Index during the Reporting Period. Index constituents in the utilities, industrials and consumer discretionary sectors also detracted from the Index’s results relative to the Solactive Index during the Reporting Period. Conversely, Index constituents in the |
23
PORTFOLIO RESULTS
| | information technology, communication services and health care sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period. |
| | From a country perspective, Index constituents in the U.S. detracted most from the Fund’s results relative to the Solactive Index during the Reporting Period, followed at some distance by Index constituents in Curacao and Switzerland. Index constituents in Panama, Liberia and Bermuda contributed most positively to the Fund’s results relative to the Solactive Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Solactive Index, having no exposure to integrated energy companies Exxon Mobil and Chevron and an underweight position in e-commerce retailer behemoth Amazon.com detracted most (0.00%1, 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a return during the Reporting Period that outperformed the Solactive Index. |
| Q | | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Solactive Index, underweight positions in entertainment content streaming company Netflix and payment transactions company PayPal Holdings and an overweight position in consumer staples company Hershey contributed most positively (0.03%, 0.23% and 0.48% of Fund net assets as of August 31, 2022, respectively). Netflix and PayPal Holdings each generated a double-digit negative return within the Index during the Reporting Period. Hershey delivered 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 Solactive US Large Cap Index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS
ActiveBeta® Paris-Aligned
Climate U.S.
Large Cap
Equity Index | | | Solactive
US Large
Cap Index | |
| | | | |
| | Consumer Discretionary | | | 9.36 | % | | | 9.34 | % | | | 11.26 | % |
| | Consumer Staples | | | 8.66 | | | | 8.66 | | | | 6.68 | |
| | Financials | | | 11.76 | | | | 11.74 | | | | 10.47 | |
| | Health Care | | | 18.62 | | | | 18.62 | | | | 14.25 | |
| | Industrials | | | 5.14 | | | | 5.15 | | | | 7.84 | |
| | Information Technology | | | 31.67 | | | | 31.69 | | | | 28.37 | |
| | Materials | | | 2.20 | | | | 2.20 | | | | 2.07 | |
| | Real Estate | | | 4.79 | | | | 4.80 | | | | 2.90 | |
| | Communication Services | | | 7.13 | | | | 7.14 | | | | 8.25 | |
| | Utilities | | | 0.66 | | | | 0.66 | | | | 3.06 | |
| | | Energy | | | — | | | | — | | | | 4.84 | |
| Q | | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Country Name | | Fund3 | | | GS
ActiveBeta® Paris-Aligned
Climate U.S.
Large Cap
Equity Index | | | Solactive
US Large
Cap Index | |
| | | | |
| | Panama | | | 0.00 | % | | | 0.00 | % | | | 0.02 | % |
| | Liberia | | | 0.00 | | | | 0.00 | | | | 0.03 | |
| | Bermuda | | | 0.15 | | | | 0.15 | | | | 0.09 | |
| | Netherlands | | | 0.00 | | | | 0.00 | | | | 0.16 | |
| | U.K. | | | 0.12 | | | | 0.12 | | | | 0.04 | |
| | Ireland | | | 1.55 | | | | 1.55 | | | | 1.67 | |
| | Switzerland | | | 0.36 | | | | 0.36 | | | | 0.26 | |
| | Curacao | | | 0.00 | | | | 0.00 | | | | 0.16 | |
| | | U.S. | | | 97.83 | | | | 97.83 | | | | 97.56 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 and 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 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. 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 ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index. |
24
FUND BASICS
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 32.55 | |
| | | Net Asset Value (NAV)1 | | $ | 32.50 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Apple, Inc. | | | 7.8 | % | | Information Technology | | United States |
| | | | |
| | Microsoft Corp. | | | 5.9 | | | Information Technology | | United States |
| | | | |
| | Alphabet, Inc., Class C | | | 2.0 | | | Communication Services | | United States |
| | | | |
| | Alphabet, Inc., Class A | | | 1.9 | | | Communication Services | | United States |
| | | | |
| | Johnson & Johnson | | | 1.4 | | | Health Care | | United States |
| | | | |
| | Berkshire Hathaway, Inc., Class B | | | 1.4 | | | Financials | | United States |
| | | | |
| | UnitedHealth Group, Inc. | | | 1.3 | | | Health Care | | United States |
| | | | |
| | Meta Platforms, Inc., Class A | | | 1.1 | | | Communication Services | | United States |
| | | | |
| | NVIDIA Corp. | | | 1.0 | | | Information Technology | | United States |
| | | | |
| | CVS Health Corp. | | | 0.9 | | | 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.
25
ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on December 13, 2021 (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® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged) and Solactive US Large Cap 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® Paris-Aligned Climate U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from December 13, 2021 through August 31, 2022.
| | |
| Average Annual Total Return through August 31, 2022* | | Since Inception |
Shares based on NAV (Commenced December 13, 2021) | | -17.52% |
|
Shares based on Market Price (Commenced December 13, 2021) | | -17.39% |
|
Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged) | | -17.46% |
|
Solactive US Large Cap Index | | -16.46% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
26
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -12.70% based on net asset value (“NAV”) and -12.70% based on market price. The Index returned -12.64%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period. |
| | The Fund had an NAV of $90.95 on August 31, 2021 and ended the Reporting Period with an NAV of $78.36 per share. The Fund’s market price on August 31, 2022 was $78.33 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 double-digit negative absolute returns that underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Quality detracted most from relative returns, followed by Value. Momentum and Low Volatility contributed positively to relative returns. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. |
| Q | | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the energy, information technology and financials 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 staples, communication services and industrials, which contributed positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. |
27
PORTFOLIO RESULTS
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the S&P 500 Index, underweight positions in integrated energy companies Exxon Mobil and Chevron and in electric vehicle manufacturer Tesla detracted most (0.76%, 0.45% and 1.46% of Fund net assets as of August 31, 2022, respectively). Each generated a double-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 S&P 500 Index, underweight positions in payment transactions company PayPal Holdings and entertainment content streaming company Netflix and an overweight position in auto parts retailer AutoZone contributed most positively (0.16%, 0.08% and 0.61% of Fund net assets as of August 31, 2022, respectively). PayPal Holdings and Netflix each posted a double-digit negative return within the Index during the Reporting Period, while AutoZone generated a double-digit gain within the Index during the Reporting Period. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund 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?1 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund2 | | | GS ActiveBeta®
U.S. Large Cap
Equity Index | | | S&P 500
Index | |
| | | | |
| | Consumer
Discretionary | | | 13.22 | % | | | 13.22 | % | | | 11.43 | % |
| | Consumer Staples | | | 9.14 | | | | 9.14 | | | | 6.77 | |
| | Energy | | | 4.33 | | | | 4.33 | | | | 4.67 | |
| | Financials | | | 9.12 | | | | 9.10 | | | | 10.86 | |
| | Health Care | | | 14.95 | | | | 14.92 | | | | 14.07 | |
| | Industrials | | | 7.52 | | | | 7.52 | | | | 7.92 | |
| | Information Technology | | | 26.91 | | | | 26.95 | | | | 27.32 | |
| | Materials | | | 1.68 | | | | 1.68 | | | | 2.54 | |
| | Real Estate | | | 3.13 | | | | 3.12 | | | | 2.86 | |
| | Communication Services | | | 6.77 | | | | 6.79 | | | | 8.42 | |
| | | Utilities | | | 3.23 | | | | 3.23 | | | | 3.13 | |
| | 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 0.2% of the Fund’s net assets as of August 31, 2022. 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 Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index. |
28
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 78.33 | |
| | | Net Asset Value (NAV)1 | | $ | 78.36 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | | |
| | Apple, Inc. | | | 6.4 | % | | Information Technology |
| | Microsoft Corp. | | | 5.1 | | | Information Technology |
| | Amazon.com, Inc. | | | 2.8 | | | Consumer Discretionary |
| | Alphabet, Inc., Class A | | | 1.7 | | | Communication Services |
| | Alphabet, Inc., Class C | | | 1.6 | | | Communication Services |
| | Tesla, Inc. | | | 1.5 | | | Consumer Discretionary |
| | UnitedHealth Group, Inc. | | | 1.2 | | | Health Care |
| | Johnson & Johnson | | | 1.1 | | | Health Care |
| | Meta Platforms, Inc., Class A | | | 1.1 | | | Communication Services |
| | | Berkshire Hathaway, Inc., Class B | | | 1.0 | | | 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.
29
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced September 17, 2015) | | | -12.70% | | | | 11.53% | | | 11.60% |
|
Shares based on Market Price (Commenced September 17, 2015) | | | -12.70% | | | | 11.52% | | | 11.59% |
|
Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index | | | -12.64% | | | | 11.64% | | | 11.71% |
|
S&P 500 Index (Total Return, USD) | | | -11.23% | | | | 11.82% | | | 12.46% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
30
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -12.95% based on net asset value (“NAV”) and -12.83% based on market price. The Index returned -12.77%, and the 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 -17.88% during the same period. |
| | The Fund had an NAV of $64.97 on August 31, 2021 and ended the Reporting Period with an NAV of $55.87 per share. The Fund’s market price on August 31, 2022 was $55.92 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 double-digit negative absolute returns but outperformed the Russell 2000® Index, as measured by NAV. All four underlying factors contributed positively to relative returns, led by Value and then followed by Low Volatility, Momentum and Quality. 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. Quality refers to sustainable profitability over time. |
| Q | | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the health care, information technology and financials 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 energy and real estate — the only two sectors to detract from the Index’s results relative to the Russell 2000® Index during the Reporting Period. |
31
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, underweight positions in movie theater operator AMC Entertainment Holdings and medical genetic testing company Invitae and an overweight position in fiber optic management, protection and delivery products for communications networks manufacturer and distributor Clearfield contributed most positively (0.00%1, 0.00% and 0.28% of Fund net assets as of August 31, 2022, respectively). AMC Entertainment Holdings and Invitae each posted a double-digit negative return within the Index during the Reporting Period. Clearfield generated a triple-digit positive return within the Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Russell 2000® Index, overweight positions in cloud-based real estate brokerage services provider eXp World Holdings and chiropractic clinics franchisor Joint and an underweight position in clinical-stage biopharmaceutical company Karuna Therapeutics detracted most (0.19%, 0.00%1 and 0.07% of Fund net assets as of August 31, 2022, respectively). eXp World Holdings and Joint each posted a double-digit negative return within the Index during the Reporting Period. Karuna Therapeutics 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 the Russell 2000® Index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS ActiveBeta®
U.S. Small Cap
Equity Index | | | Russell 2000®
Index | |
| | | | |
| | Consumer Discretionary | | | 10.85 | % | | | 10.80 | % | | | 10.39 | % |
| | Consumer Staples | | | 3.67 | | | | 3.62 | | | | 3.52 | |
| | Energy | | | 5.95 | | | | 5.97 | | | | 6.27 | |
| | Financials | | | 19.65 | | | | 19.67 | | | | 17.06 | |
| | Health Care | | | 13.10 | | | | 13.08 | | | | 17.66 | |
| | Industrials | | | 16.46 | | | | 16.46 | | | | 15.12 | |
| | Information Technology | | | 13.13 | | | | 13.14 | | | | 12.89 | |
| | Materials | | | 4.13 | | | | 4.15 | | | | 4.21 | |
| | Real Estate | | | 6.70 | | | | 6.71 | | | | 6.65 | |
| | Communication Services | | | 2.37 | | | | 2.40 | | | | 2.78 | |
| | | Utilities | | | 4.00 | | | | 3.99 | | | | 3.44 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 0.6% of the Fund’s net assets as of August 31, 2022. 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 ActiveBeta® U.S. Small Cap Equity Index. |
32
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 55.92 | |
| | | Net Asset Value (NAV)1 | | $ | 55.87 | |
| 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 8/31/222 | | |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Murphy USA, Inc. | | | 0.4 | % | | Consumer Discretionary | | United States |
| | SM Energy Co. | | | 0.4 | | | Energy | | United States |
| | Corcept Therapeutics, Inc. | | | 0.3 | | | Health Care | | United States |
| | Chord Energy Corp. | | | 0.3 | | | Energy | | United States |
| | Shockwave Medical, Inc. | | | 0.3 | | | Health Care | | United States |
| | EMCOR Group, Inc. | | | 0.3 | | | Industrials | | United States |
| | Applied Industrial Technologies, Inc. | | | 0.3 | | | Industrials | | United States |
| | Mr Cooper Group, Inc. | | | 0.3 | | | Financials | | United States |
| | Biohaven Pharmaceutical Holding Co. Ltd. | | | 0.3 | | | Health Care | | United States |
| | | Magnolia Oil & Gas Corp., Class A | | | 0.3 | | | Energy | | 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.
33
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | | Five Years | | | Since Inception |
Shares based on NAV (Commenced June 28, 2017) | | | -12.95% | | | | 8.39% | | | 7.72% |
|
Shares based on Market Price (Commenced June 28, 2017) | | | -12.83% | | | | 8.79% | | | 7.74% |
|
Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index | | | -12.77% | | | | 8.55% | | | 7.89% |
|
Russell 2000® Index | | | -17.88% | | | | 6.95% | | | 6.45% |
|
| * | | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. 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. |
34
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® World Low Vol Plus 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 period since its inception on March 15, 2022 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -5.65% based on net asset value (“NAV”) and -5.63% based on market price. The Index returned -5.79% during the same period. |
| | The Fund had an NAV of $40.57 on March 15, 2022 and ended the Reporting Period with an NAV of $37.97 per share. The Fund’s market price on August 31, 2022 was $37.98 per share. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
| | The Index is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The 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 Low Volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), 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), and Quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. Given the Fund’s investment objective of attempting to track its 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 Solactive Index. |
| | During the Reporting Period, the Fund posted negative absolute returns but outperformed the Solactive Index, as measured by NAV. Amongst underlying factors, Momentum and Low Volatility contributed positively to relative returns. Value and Quality detracted from relative returns. |
| 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, information technology and communication services sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period. Index constituents in the energy sector detracted most from the Index’s results relative to the Solactive Index, followed at some distance by Index constituents in the real estate and health care sectors. |
| | From a country perspective, Index constituents in the U.S. contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period, followed at some distance by Index constituents in Germany and Israel. Index constituents in the U.K., Belgium and Italy detracted most from the Index’s results relative to the Solactive Index during the Reporting Period. |
35
PORTFOLIO RESULTS
| Q | | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Solactive Index, an underweight position in semiconductor company NVIDIA and overweight positions in auto parts retailers Genuine Parts and AutoZone contributed most positively (0.19%, 0.80% and 1.25% of Fund net assets as of August 31, 2022, respectively). NVIDIA posted a double-digit negative return within the Index during the Reporting Period. Genuine Parts and AutoZone each generated a double-digit gain within the Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Solactive Index, underweight positions in information technology giant Apple and integrated energy company Exxon Mobil and having no exposure to electric vehicle manufacturer Tesla detracted most (2.97%, 0.40% and 0.00%1 of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a 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 Solactive Index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | GS
ActiveBeta® World Low
Vol Plus
Equity Index | | | Solactive GBS
Developed Markets
Large & Mid Cap
Index | |
| | | | |
| | Consumer Discretionary | | | 10.44 | % | | | 10.44 | % | | | 11.35 | % |
| | Consumer Staples | | | 13.72 | | | | 13.73 | | | | 7.71 | |
| | Energy | | | 1.56 | | | | 1.56 | | | | 5.13 | |
| | Financials | | | 15.23 | | | | 15.23 | | | | 13.20 | |
| | Health Care | | | 12.25 | | | | 12.24 | | | | 13.28 | |
| | Industrials | | | 10.39 | | | | 10.38 | | | | 10.18 | |
| | Information Technology | | | 21.59 | | | | 21.59 | | | | 21.71 | |
| | Materials | | | 1.27 | | | | 1.27 | | | | 4.12 | |
| | Real Estate | | | 1.88 | | | | 1.88 | | | | 2.72 | |
| | Communication Services | | | 7.70 | | | | 7.70 | | | | 7.41 | |
| | | Utilities | | | 3.98 | | | | 3.98 | | | | 3.20 | |
| | 1 | | Some weights are 0.00% at August 31, 2022 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 Solactive 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. 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 ActiveBeta® World Low Vol Plus Equity Index. |
36
PORTFOLIO RESULTS
| Q | | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Country Name | | Fund3 | | | GS
ActiveBeta® World Low
Vol Plus
Equity Index | | | Solactive GBS
Developed Markets
Large & Mid Cap
Index | |
| | | | |
| | U.S. | | | 66.91 | % | | | 66.90 | % | | | 65.99 | % |
| | Germany | | | 1.29 | | | | 1.29 | | | | 1.92 | |
| | Israel | | | 1.46 | | | | 1.46 | | | | 0.32 | |
| | Ireland | | | 0.84 | | | | 0.84 | | | | 1.70 | |
| | Netherlands | | | 1.80 | | | | 1.80 | | | | 1.53 | |
| | Spain | | | 0.41 | | | | 0.41 | | | | 0.65 | |
| | Guernsey | | | 0.00 | | | | 0.00 | | | | 0.02 | |
| | Australia | | | 2.48 | | | | 2.48 | | | | 2.37 | |
| | Singapore | | | 0.76 | | | | 0.76 | | | | 0.42 | |
| | Finland | | | 0.42 | | | | 0.42 | | | | 0.35 | |
| | Poland | | | 0.00 | | | | 0.00 | | | | 0.06 | |
| | Jersey | | | 0.00 | | | | 0.00 | | | | 0.33 | |
| | Sweden | | | 1.60 | | | | 1.60 | | | | 0.94 | |
| | Luxembourg | | | 0.00 | | | | 0.00 | | | | 0.10 | |
| | Cayman Islands | | | 0.00 | | | | 0.00 | | | | 0.28 | |
| | Panama | | | 0.00 | | | | 0.00 | | | | 0.02 | |
| | Liberia | | | 0.00 | | | | 0.00 | | | | 0.02 | |
| | Isle of Man | | | 0.00 | | | | 0.00 | | | | 0.02 | |
| | Faroe Islands | | | 0.00 | | | | 0.00 | | | | 0.01 | |
| | Bermuda | | | 0.09 | | | | 0.09 | | | | 0.13 | |
| | Curacao | | | 0.09 | | | | 0.09 | | | | 0.11 | |
| | Portugal | | | 0.00 | | | | 0.00 | | | | 0.05 | |
| | Japan | | | 5.72 | | | | 5.72 | | | | 6.84 | |
| | New Zealand | | | 0.23 | | | | 0.23 | | | | 0.12 | |
| | Austria | | | 0.27 | | | | 0.27 | | | | 0.08 | |
| | Canada | | | 4.62 | | | | 4.63 | | | | 3.73 | |
| | Denmark | | | 0.03 | | | | 0.03 | | | | 0.73 | |
| | Switzerland | | | 2.60 | | | | 2.60 | | | | 2.78 | |
| | Norway | | | 0.75 | | | | 0.75 | | | | 0.29 | |
| | Hong Kong | | | 0.66 | | | | 0.66 | | | | 0.66 | |
| | France | | | 2.32 | | | | 2.32 | | | | 2.59 | |
| | Italy | | | 1.04 | | | | 1.04 | | | | 0.47 | |
| | Belgium | | | 0.53 | | | | 0.53 | | | | 0.22 | |
| | | U.K. | | | 3.08 | | | | 3.08 | | | | 4.14 | |
| | 2 | | 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 Solactive 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. 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 ActiveBeta® World Low Vol Plus Equity Index. |
37
FUND BASICS
ActiveBeta® World Low Vol Plus Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 37.98 | |
| | | Net Asset Value (NAV)1 | | $ | 37.97 | |
| 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 8/31/222 | | |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Apple, Inc. | | | 3.0 | % | | Information Technology | | United States |
| | Microsoft Corp. | | | 2.2 | | | Information Technology | | United States |
| | O’Reilly Automotive, Inc. | | | 1.4 | | | Consumer Discretionary | | United States |
| | AutoZone, Inc. | | | 1.3 | | | Consumer Discretionary | | United States |
| | Nippon Telegraph & Telephone Corp. | | | 1.2 | | | Communication Services | | United States |
| | Berkshire Hathaway, Inc., Class B | | | 1.1 | | | Financials | | United States |
| | Amazon.com, Inc. | | | 1.0 | | | Consumer Discretionary | | United States |
| | UnitedHealth Group, Inc. | | | 1.0 | | | Health Care | | United States |
| | Home Depot, Inc. (The) | | | 1.0 | | | Consumer Discretionary | | United States |
| | | Johnson & Johnson | | | 1.0 | | | 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.
38
ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Performance Summary
August 31, 2022
| | |
| Average Annual Total Return through August 31, 2022* | | Since Inception |
Shares based on NAV (Commenced March 15, 2022) | | -5.65% |
|
Shares based on Market Price (Commenced March 15, 2022) | | -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 calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
39
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 aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. 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.
40
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.
Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index seeks to capture common sources of active equity returns, including low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), 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), and quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
41
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – 96.6% | |
| Brazil – 3.6% | | | |
| | 759,166 | | | Ambev SA (Consumer Staples) | | $ | 2,237,496 | |
| | 205,564 | | | Atacadao SA (Consumer Staples) | | | 783,611 | |
| | 688,107 | | | B3 SA – Brasil Bolsa Balcao (Financials) | | | 1,573,841 | |
| | 458,194 | | | Banco Bradesco SA (Financials) | | | 1,400,848 | |
| | 104,600 | | | Banco do Brasil SA (Financials) | | | 841,686 | |
| | 655,696 | | | BB Seguridade Participacoes SA (Financials) | | | 3,579,055 | |
| | 56,500 | | | Centrais Eletricas Brasileiras SA (Utilities) | | | 502,840 | |
| | 320,623 | | | Cia Siderurgica Nacional SA (Materials) | | | 854,004 | |
| | 113,343 | | | Energisa SA (Utilities) | | | 925,164 | |
| | 129,001 | | | Engie Brasil Energia SA (Utilities) | | | 1,008,404 | |
| | 313,145 | | | Equatorial Energia SA (Utilities) | | | 1,461,464 | |
| | 55,700 | | | Hypera SA (Health Care) | | | 463,038 | |
| | 160,920 | | | Klabin SA (Materials) | | | 584,853 | |
| | 151,843 | | | Lojas Renner SA (Consumer Discretionary) | | | 775,774 | |
| | 194,931 | | | Natura & Co. Holding SA (Consumer Staples) | | | 542,541 | |
| | 560,909 | | | Petroleo Brasileiro SA (Energy) | | | 4,024,124 | |
| | 608,642 | | | Raia Drogasil SA (Consumer Staples) | | | 2,556,273 | |
| | 154,197 | | | Suzano SA (Materials) | | | 1,317,267 | |
| | 229,259 | | | Telefonica Brasil SA (Communication Services) | | | 1,820,443 | |
| | 191,910 | | | TIM SA (Communication Services) | | | 438,196 | |
| | 648,867 | | | Vale SA (Materials) | | | 8,077,962 | |
| | 269,214 | | | WEG SA (Industrials) | | | 1,469,999 | |
| | | | | | | | |
| | | | | | | 37,238,883 | |
| | |
| Chile – 0.5% | | | |
| | 923,902 | | | Cencosud SA (Consumer Staples) | | | 1,296,941 | |
| | 269,280 | | | Cia Cervecerias Unidas SA (Consumer Staples) | | | 1,469,365 | |
| | 263,240 | | | Empresas CMPC SA (Materials) | | | 501,353 | |
| | 93,257 | | | Empresas Copec SA (Energy) | | | 807,719 | |
| | 6,868,372 | | | Enel Americas SA (Utilities) | | | 747,164 | |
| | | | | | | | |
| | | | | | | 4,822,542 | |
| | |
| China – 32.2% | | | |
| | 64,790 | | | 360 DigiTech, Inc. ADR (Financials) | | | 1,035,344 | |
| | 389,700 | | | 360 Security Technology, Inc., Class A (Information Technology) | | | 413,808 | |
| | 418,506 | | | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | | | 1,236,658 | |
| | 1,299,869 | | | 3SBio, Inc. (Health Care)(a) | | | 866,154 | |
| | 3,088,218 | | | Agricultural Bank of China Ltd., Class A (Financials) | | | 1,276,762 | |
| | 4,845,114 | | | Agricultural Bank of China Ltd., Class H (Financials) | | | 1,586,467 | |
| | 109,892 | | | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | | | 468,992 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 516,500 | | | Air China Ltd., Class H (Industrials)* | | | 415,235 | |
| | 22,556 | | | Airtac International Group (Industrials)* | | | 610,633 | |
| | 1,938,955 | | | Alibaba Group Holding Ltd. (Consumer Discretionary)* | | | 23,295,573 | |
| | 32,274 | | | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | | | 403,381 | |
| | 71,789 | | | Anhui Conch Cement Co. Ltd., Class A (Materials) | | | 332,413 | |
| | 159,592 | | | Anhui Conch Cement Co. Ltd., Class H (Materials) | | | 609,995 | |
| | 193,922 | | | ANTA Sports Products Ltd. (Consumer Discretionary) | | | 2,344,700 | |
| | 18,203 | | | Autohome, Inc. ADR (Communication Services) | | | 648,209 | |
| | 1,078,941 | | | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | | | 529,019 | |
| | 202,800 | | | Baidu, Inc., Class A (Communication Services)* | | | 3,656,102 | |
| | 2,071,275 | | | Bank of Beijing Co. Ltd., Class A (Financials) | | | 1,240,923 | |
| | 423,023 | | | Bank of Changsha Co. Ltd., Class A (Financials) | | | 418,510 | |
| | 3,322,389 | | | Bank of China Ltd., Class A (Financials) | | | 1,465,147 | |
| | 10,271,202 | | | Bank of China Ltd., Class H (Financials) | | | 3,611,805 | |
| | 2,197,507 | | | Bank of Communications Co. Ltd., Class A (Financials) | | | 1,460,000 | |
| | 2,710,366 | | | Bank of Communications Co. Ltd., Class H (Financials) | | | 1,547,034 | |
| | 1,498,049 | | | Bank of Jiangsu Co. Ltd., Class A (Financials) | | | 1,575,510 | |
| | 691,661 | | | Bank of Nanjing Co. Ltd., Class A (Financials) | | | 1,065,553 | |
| | 1,133,935 | | | Bank of Shanghai Co. Ltd., Class A (Financials) | | | 972,149 | |
| | 1,578,865 | | | BBMG Corp., Class A (Materials) | | | 600,072 | |
| | 608,898 | | | Beijing Enterprises Holdings Ltd. (Utilities) | | | 1,815,325 | |
| | 1,384,978 | | | Beijing Enterprises Water Group Ltd. (Utilities) | | | 356,441 | |
| | 459,380 | | | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | | | 367,181 | |
| | 52,592 | | | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | | | 973,862 | |
| | 744,911 | | | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | | | 500,314 | |
| | 78,405 | | | BGI Genomics Co. Ltd., Class A (Health Care) | | | 686,743 | |
| | 21,824 | | | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | | | 452,876 | |
| | 1,680,876 | | | BOE Technology Group Co. Ltd., Class A (Information Technology) | | | 902,183 | |
| | |
| | |
| 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) | |
| China – (continued) | | | |
| | 2,309,423 | | | Bosideng International Holdings Ltd. (Consumer Discretionary) | | $ | 1,300,528 | |
| | 24,955 | | | BYD Co. Ltd., Class A (Consumer Discretionary) | | | 1,042,502 | |
| | 64,196 | | | BYD Co. Ltd., Class H (Consumer Discretionary) | | | 1,980,962 | |
| | 189,689 | | | By-health Co. Ltd., Class A (Consumer Staples) | | | 513,190 | |
| | 412,796 | | | Caitong Securities Co. Ltd., Class A (Financials) | | | 454,500 | |
| | 4,084,531 | | | CGN Power Co. Ltd., Class H (Utilities)(a) | | | 973,145 | |
| | 14,007 | | | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | | | 359,809 | |
| | 457,376 | | | Changjiang Securities Co. Ltd., Class A (Financials) | | | 377,522 | |
| | 60,153 | | | Chengxin Lithium Group Co. Ltd., Class A (Materials) | | | 464,048 | |
| | 4,277,824 | | | China Cinda Asset Management Co. Ltd., Class H (Financials) | | | 588,628 | |
| | 3,068,134 | | | China CITIC Bank Corp. Ltd., Class H (Financials) | | | 1,317,341 | |
| | 1,315,478 | | | China Communications Services Corp. Ltd., Class H (Industrials) | | | 564,817 | |
| | 136,512 | | | China Conch Venture Holdings Ltd. (Industrials) | | | 279,325 | |
| | 1,323,773 | | | China Construction Bank Corp., Class A (Financials) | | | 1,060,009 | |
| | 12,706,349 | | | China Construction Bank Corp., Class H (Financials) | | | 7,883,947 | |
| | 1,428,307 | | | China Everbright Bank Co. Ltd., Class A (Financials) | | | 594,649 | |
| | 2,814,165 | | | China Everbright Bank Co. Ltd., Class H (Financials) | | | 864,093 | |
| | 1,750,854 | | | China Feihe Ltd. (Consumer Staples)*(a) | | | 1,452,195 | |
| | 331,742 | | | China Galaxy Securities Co. Ltd., Class A (Financials) | | | 476,423 | |
| | 1,201,803 | | | China Galaxy Securities Co. Ltd., Class H (Financials) | | | 658,409 | |
| | 537,636 | | | China Hongqiao Group Ltd. (Materials) | | | 524,700 | |
| | 705,510 | | | China Life Insurance Co. Ltd., Class H (Financials) | | | 1,013,926 | |
| | 1,336,291 | | | China Medical System Holdings Ltd. (Health Care) | | | 1,981,746 | |
| | 608,635 | | | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | | | 2,764,461 | |
| | 227,597 | | | China Merchants Bank Co. Ltd., Class A (Financials) | | | 1,157,209 | |
| | 589,294 | | | China Merchants Bank Co. Ltd., Class H (Financials) | | | 3,025,736 | |
| | 333,306 | | | China Merchants Port Holdings Co. Ltd. (Industrials) | | | 501,094 | |
| | 197,316 | | | China Merchants Securities Co. Ltd., Class A (Financials) | | | 379,258 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 307,928 | | | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | | | 653,061 | |
| | 1,953,574 | | | China Minsheng Banking Corp. Ltd., Class A (Financials) | | | 1,020,210 | |
| | 3,315,279 | | | China Minsheng Banking Corp. Ltd., Class H (Financials) | | | 1,055,976 | |
| | 1,013,392 | | | China National Building Material Co. Ltd., Class H (Materials) | | | 960,604 | |
| | 678,188 | | | China National Nuclear Power Co. Ltd., Class A (Utilities) | | | 626,681 | |
| | 65,546 | | | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | | | 286,580 | |
| | 230,186 | | | China Overseas Land & Investment Ltd. (Real Estate) | | | 621,740 | |
| | 140,200 | | | China Pacific Insurance Group Co. Ltd., Class A (Financials) | | | 426,485 | |
| | 193,740 | | | China Pacific Insurance Group Co. Ltd., Class H (Financials) | | | 411,233 | |
| | 1,979,143 | | | China Petroleum & Chemical Corp., Class A (Energy) | | | 1,225,920 | |
| | 4,369,330 | | | China Petroleum & Chemical Corp., Class H (Energy) | | | 2,065,298 | |
| | 1,544,323 | | | China Power International Development Ltd. (Utilities) | | | 865,735 | |
| | 654,231 | | | China Railway Group Ltd., Class A (Industrials) | | | 545,703 | |
| | 1,034,507 | | | China Railway Group Ltd., Class H (Industrials) | | | 593,116 | |
| | 655,997 | | | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | | | 421,563 | |
| | 190,615 | | | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | | | 1,332,072 | |
| | 532,809 | | | China Resources Cement Holdings Ltd. (Materials) | | | 329,236 | |
| | 90,956 | | | China Resources Gas Group Ltd. (Utilities) | | | 355,186 | |
| | 146,757 | | | China Resources Land Ltd. (Real Estate) | | | 603,007 | |
| | 186,877 | | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,070,533 | |
| | 179,760 | | | China Shenhua Energy Co. Ltd., Class A (Energy) | | | 791,163 | |
| | 833,303 | | | China Shenhua Energy Co. Ltd., Class H (Energy) | | | 2,622,369 | |
| | 1,077,442 | | | China State Construction Engineering Corp. Ltd., Class A (Industrials) | | | 803,367 | |
| | 350,200 | | | China State Construction International Holdings Ltd. (Industrials) | | | 405,131 | |
| | 751,435 | | | China Suntien Green Energy Corp. Ltd., Class H (Energy) | | | 337,956 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 44,225 | | | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | | $ | 1,254,214 | |
| | 12,912,662 | | | China Tower Corp. Ltd., Class H (Communication Services)(a) | | | 1,612,263 | |
| | 1,707,212 | | | China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care) | | | 739,538 | |
| | 1,969,085 | | | China United Network Communications Ltd., Class A (Communication Services) | | | 1,014,028 | |
| | 378,575 | | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 1,316,916 | |
| | 2,242,940 | | | China Zheshang Bank Co. Ltd., Class A (Financials)* | | | 1,057,446 | |
| | 69,902 | | | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | | | 1,132,661 | |
| | 836,129 | | | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | | | 434,224 | |
| | 53,088 | | | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | | | 724,290 | |
| | 1,212,863 | | | CITIC Ltd. (Industrials) | | | 1,253,218 | |
| | 158,166 | | | CITIC Securities Co. Ltd., Class A (Financials) | | | 447,868 | |
| | 238,092 | | | CITIC Securities Co. Ltd., Class H (Financials) | | | 484,141 | |
| | 11,363 | | | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | | | 796,154 | |
| | 167,500 | | | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | | | 342,603 | |
| | 294,406 | | | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | | | 606,446 | |
| | 543,309 | | | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | | | 815,429 | |
| | 1,088,306 | | | Country Garden Holdings Co. Ltd. (Real Estate)(b) | | | 323,073 | |
| | 546,132 | | | CRRC Corp. Ltd., Class A (Industrials) | | | 396,910 | |
| | 2,257,305 | | | CRRC Corp. Ltd., Class H (Industrials) | | | 845,535 | |
| | 2,473,523 | | | CSPC Pharmaceutical Group Ltd. (Health Care) | | | 2,518,006 | |
| | 265,686 | | | Daan Gene Co. Ltd., Class A (Health Care) | | | 680,638 | |
| | 1,471,525 | | | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | | | 673,064 | |
| | 464,414 | | | Daqin Railway Co. Ltd., Class A (Industrials) | | | 434,532 | |
| | 14,458 | | | Daqo New Energy Corp. ADR (Information Technology)* | | | 963,915 | |
| | 491,644 | | | DHC Software Co. Ltd., Class A (Information Technology) | | | 415,079 | |
| | 123,854 | | | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | | | 615,537 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 967,922 | | | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | | | 615,368 | |
| | 364,092 | | | Dongxing Securities Co. Ltd., Class A (Financials) | | | 438,904 | |
| | 323,115 | | | Dongyue Group Ltd. (Materials) | | | 364,741 | |
| | 70,459 | | | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | | | 834,034 | |
| | 65,937 | | | ENN Energy Holdings Ltd. (Utilities) | | | 961,057 | |
| | 199,100 | | | ENN Natural Gas Co. Ltd., Class A (Utilities) | | | 593,238 | |
| | 510,457 | | | Far East Horizon Ltd. (Financials) | | | 386,964 | |
| | 566,631 | | | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | | | 670,730 | |
| | 183,836 | | | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | | | 383,750 | |
| | 625,293 | | | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | | | 549,684 | |
| | 359,982 | | | Fosun International Ltd. (Industrials) | | | 265,554 | |
| | 463,468 | | | Founder Securities Co. Ltd., Class A (Financials) | | | 467,263 | |
| | 286,014 | | | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | | | 385,443 | |
| | 70,549 | | | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | | | 399,742 | |
| | 12,597 | | | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | | | 521,437 | |
| | 1,305,843 | | | GD Power Development Co. Ltd., Class A (Utilities)* | | | 824,019 | |
| | 387,200 | | | Geely Automobile Holdings Ltd. (Consumer Discretionary) | | | 784,380 | |
| | 111,848 | | | Genscript Biotech Corp. (Health Care)* | | | 362,669 | |
| | 135,746 | | | GF Securities Co. Ltd., Class A (Financials) | | | 323,732 | |
| | 258,856 | | | Giant Network Group Co. Ltd., Class A (Communication Services) | | | 323,685 | |
| | 155,212 | | | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | | | 234,928 | |
| | 85,183 | | | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | | | 394,556 | |
| | 382,979 | | | Guangdong Investment Ltd. (Utilities) | | | 351,319 | |
| | 34,709 | | | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | | | 480,691 | |
| | 256,497 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | | | 1,012,065 | |
| | |
| | |
| 44 | | 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) | | | |
| | 312,651 | | | Guangzhou Haige Co.mmunications Group Inc Co., Class A (Information Technology) | | $ | 396,395 | |
| | 86,083 | | | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | | | 832,540 | |
| | 114,350 | | | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | | | 788,758 | |
| | 283,889 | | | Guosen Securities Co. Ltd., Class A (Financials) | | | 380,932 | |
| | 204,779 | | | Guotai Junan Securities Co. Ltd., Class A (Financials) | | | 439,350 | |
| | 433,797 | | | Guoyuan Securities Co. Ltd., Class A (Financials) | | | 460,633 | |
| | 640,222 | | | Haidilao International Holding Ltd. (Consumer Discretionary)*(a)(b) | | | 1,517,181 | |
| | 246,124 | | | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | | | 923,650 | |
| | 489,005 | | | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | | | 1,607,411 | |
| | 152,189 | | | Haitian International Holdings Ltd. (Industrials) | | | 374,226 | |
| | 309,338 | | | Haitong Securities Co. Ltd., Class A (Financials) | | | 425,401 | |
| | 584,950 | | | Haitong Securities Co. Ltd., Class H (Financials) | | | 383,813 | |
| | 83,806 | | | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | | | 305,753 | |
| | 146,855 | | | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | | | 293,753 | |
| | 234,368 | | | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | | | 499,093 | |
| | 85,128 | | | Hengan International Group Co. Ltd. (Consumer Staples) | | | 407,807 | |
| | 1,385,817 | | | Hesteel Co. Ltd., Class A (Materials) | | | 486,495 | |
| | 55,730 | | | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | | | 688,222 | |
| | 317,700 | | | Hopson Development Holdings Ltd. (Real Estate) | | | 437,154 | |
| | 26,276 | | | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | | | 427,670 | |
| | 685,391 | | | Huadian Power International Corp. Ltd., Class A (Utilities) | | | 542,860 | |
| | 128,402 | | | Huadong Medicine Co. Ltd., Class A (Health Care) | | | 785,475 | |
| | 215,559 | | | Huatai Securities Co. Ltd., Class A (Financials) | | | 410,883 | |
| | 375,474 | | | Huatai Securities Co. Ltd., Class H (Financials)(a) | | | 503,257 | |
| | 349,310 | | | Huaxi Securities Co. Ltd., Class A (Financials) | | | 406,389 | |
| | 1,511,277 | | | Huaxia Bank Co. Ltd., Class A (Financials) | | | 1,126,845 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 195,320 | | | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | | | 528,991 | |
| | 103,948 | | | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | | | 582,804 | |
| | 19,300 | | | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | | | 428,357 | |
| | 2,076,413 | | | Industrial & Commercial Bank of China Ltd., Class A (Financials) | | | 1,319,304 | |
| | 7,061,808 | | | Industrial & Commercial Bank of China Ltd., Class H (Financials) | | | 3,598,901 | |
| | 472,464 | | | Industrial Bank Co. Ltd., Class A (Financials) | | | 1,172,670 | |
| | 114,774 | | | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | | | 595,052 | |
| | 282,353 | | | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | | | 348,561 | |
| | 124,863 | | | Intco Medical Technology Co. Ltd., Class A (Health Care) | | | 397,762 | |
| | 108,497 | | | Jafron Biomedical Co. Ltd., Class A (Health Care) | | | 739,099 | |
| | 234,080 | | | JD.com, Inc., Class A (Consumer Discretionary) | | | 7,360,434 | |
| | 466,628 | | | Jiangsu Expressway Co. Ltd., Class H (Industrials) | | | 400,110 | |
| | 282,422 | | | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | | | 1,419,986 | |
| | 136,900 | | | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | | | 442,065 | |
| | 28,151 | | | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | | | 609,529 | |
| | 355,661 | | | Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)(b) | | | 704,176 | |
| | 247,328 | | | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | | | 391,431 | |
| | 354,824 | | | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | | | 611,486 | |
| | 17,642 | | | JOYY, Inc. ADR (Communication Services) | | | 534,905 | |
| | 412,728 | | | Kingboard Holdings Ltd. (Information Technology) | | | 1,306,725 | |
| | 235,899 | | | Kuaishou Technology (Communication Services)*(a) | | | 2,067,800 | |
| | 10,869 | | | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | | | 3,033,554 | |
| | 2,506,417 | | | Lenovo Group Ltd. (Information Technology) | | | 2,075,681 | |
| | 23,400 | | | Li Auto, Inc. ADR (Consumer Discretionary)* | | | 673,218 | |
| | 324,604 | | | Li Ning Co. Ltd. (Consumer Discretionary) | | | 2,977,696 | |
| | 1,707,512 | | | Liaoning Port Co. Ltd., Class A (Industrials) | | | 413,654 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 295,274 | | | Longfor Group Holdings Ltd. (Real Estate)(a) | | $ | 963,073 | |
| | 17,432 | | | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | | | 592,231 | |
| | 413,055 | | | Meituan, Class B (Consumer Discretionary)*(a) | | | 9,988,449 | |
| | 1,238,474 | | | Metallurgical Corp. of China Ltd., Class A (Industrials) | | | 576,699 | |
| | 47,600 | | | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | | | 404,771 | |
| | 225,111 | | | NetEase, Inc. (Communication Services) | | | 4,066,932 | |
| | 85,277 | | | New China Life Insurance Co. Ltd., Class A (Financials) | | | 356,396 | |
| | 185,640 | | | New China Life Insurance Co. Ltd., Class H (Financials) | | | 437,560 | |
| | 448,200 | | | New Oriental Education & Technology Group, Inc. (Consumer Discretionary)* | | | 1,341,942 | |
| | 40,200 | | | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | | | 417,946 | |
| | 40,000 | | | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | | | 458,748 | |
| | 358,033 | | | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | | | 2,137,109 | |
| | 107,708 | | | North Industries Group Red Arrow Co. Ltd., Class A (Industrials) | | | 477,640 | |
| | 400,759 | | | Northeast Securities Co. Ltd., Class A (Financials) | | | 417,993 | |
| | 796,349 | | | Offshore Oil Engineering Co. Ltd., Class A (Energy) | | | 518,689 | |
| | 574,820 | | | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | | | 416,092 | |
| | 2,600,299 | | | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | | | 805,051 | |
| | 2,956,839 | | | PetroChina Co. Ltd., Class A (Energy) | | | 2,290,477 | |
| | 4,984,129 | | | PetroChina Co. Ltd., Class H (Energy) | | | 2,355,902 | |
| | 1,994,664 | | | PICC Property & Casualty Co. Ltd., Class H (Financials) | | | 2,160,144 | |
| | 42,638 | | | Pinduoduo, Inc. ADR (Consumer Discretionary)* | | | 3,040,089 | |
| | 225,100 | | | Ping An Bank Co. Ltd., Class A (Financials) | | | 416,335 | |
| | 134,260 | | | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | | | 853,836 | |
| | 663,036 | | | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | | | 3,915,442 | |
| | 1,520,119 | | | Postal Savings Bank of China Co. Ltd., Class A (Financials) | | | 994,515 | |
| | 1,897,528 | | | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | | | 1,136,266 | |
| | 540,012 | | | Power Construction Corp. of China Ltd., Class A (Industrials) | | | 604,753 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 26,703 | | | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | | | 619,779 | |
| | 871,880 | | | Qingdao Rural Commercial Bank Corp., Class A (Financials) | | | 385,757 | |
| | 178,500 | | | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | | | 719,847 | |
| | 221,199 | | | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | | | 496,399 | |
| | 36,347 | | | Sangfor Technologies, Inc., Class A (Information Technology) | | | 509,176 | |
| | 218,276 | | | SDIC Power Holdings Co. Ltd., Class A (Utilities) | | | 353,051 | |
| | 839,697 | | | Sealand Securities Co. Ltd., Class A (Financials) | | | 434,858 | |
| | 1,217,300 | | | Seazen Group Ltd. (Real Estate)* | | | 406,343 | |
| | 23,663 | | | SG Micro Corp., Class A (Information Technology) | | | 549,907 | |
| | 216,155 | | | Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care) | | | 564,410 | |
| | 193,508 | | | Shandong Gold Mining Co. Ltd., Class A (Materials) | | | 502,469 | |
| | 737,986 | | | Shanghai International Port Group Co. Ltd., Class A (Industrials) | | | 579,165 | |
| | 198,441 | | | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | | | 364,149 | |
| | 159,966 | | | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | | | 400,985 | |
| | 1,102,551 | | | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | | | 1,162,760 | |
| | 478,099 | | | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | | | 405,031 | |
| | 352,100 | | | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | | | 409,635 | |
| | 243,700 | | | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | | | 410,082 | |
| | 512,945 | | | Shanxi Securities Co. Ltd., Class A (Financials) | | | 433,063 | |
| | 888,737 | | | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | | | 631,723 | |
| | 30,334 | | | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | | | 1,289,301 | |
| | 176,300 | | | Shengyi Technology Co. Ltd., Class A (Information Technology) | | | 406,637 | |
| | 752,170 | | | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | | | 456,089 | |
| | 347,632 | | | Shenzhen International Holdings Ltd. (Industrials) | | | 300,292 | |
| | 16,460 | | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | | | 712,740 | |
| | 20,866 | | | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | | | 218,926 | |
| | |
| | |
| 46 | | 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) | | | |
| | 228,781 | | | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | | $ | 709,885 | |
| | 459,262 | | | Shimao Group Holdings Ltd. (Real Estate)(b)(c) | | | 258,629 | |
| | 188,294 | | | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | | | 360,279 | |
| | 222,826 | | | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | | | 693,993 | |
| | 314,066 | | | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | | | 486,119 | |
| | 83,803 | | | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | | | 887,198 | |
| | 68,592 | | | Silergy Corp. (Information Technology) | | | 1,201,135 | |
| | 325,400 | | | Sinolink Securities Co. Ltd., Class A (Financials) | | | 407,839 | |
| | 270,104 | | | Sinopharm Group Co. Ltd., Class H (Health Care) | | | 601,543 | |
| | 829,288 | | | Sinotrans Ltd., Class A (Industrials) | | | 453,528 | |
| | 195,740 | | | Smoore International Holdings Ltd. (Consumer Staples)(a)(b) | | | 351,137 | |
| | 404,700 | | | SooChow Securities Co. Ltd., Class A (Financials) | | | 402,730 | |
| | 664,049 | | | Southwest Securities Co. Ltd., Class A (Financials) | | | 378,573 | |
| | 237,920 | | | Sunac China Holdings Ltd. (Real Estate)*(c) | | | 138,832 | |
| | 38,387 | | | Sunny Optical Technology Group Co. Ltd. (Information Technology) | | | 527,715 | |
| | 82,600 | | | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | | | 934,733 | |
| | 115,200 | | | TAL Education Group ADR (Consumer Discretionary)* | | | 665,856 | |
| | 69,759 | | | TBEA Co. Ltd., Class A (Industrials) | | | 250,760 | |
| | 660,944 | | | TCL Technology Group Corp., Class A (Consumer Discretionary) | | | 397,896 | |
| | 781,771 | | | Tencent Holdings Ltd. (Communication Services) | | | 32,590,185 | |
| | 146,021 | | | Tencent Music Entertainment Group ADR (Communication Services)* | | | 746,167 | |
| | 291,700 | | | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | | | 399,453 | |
| | 1,197,818 | | | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | | | 2,130,444 | |
| | 174,023 | | | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | | | 349,634 | |
| | 1,301,523 | | | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | | | 1,029,763 | |
| | 12,077 | | | Trip.com Group Ltd. ADR (Consumer Discretionary)* | | | 310,620 | |
| | 60,700 | | | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | | | 591,622 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 1,424,277 | | | Uni-President China Holdings Ltd. (Consumer Staples) | | | 1,228,505 | |
| | 197,268 | | | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | | | 2,290,281 | |
| | 1,938,165 | | | Want Want China Holdings Ltd. (Consumer Staples) | | | 1,368,026 | |
| | 246,701 | | | Weichai Power Co. Ltd., Class H (Industrials) | | | 330,659 | |
| | 257,152 | | | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)* | | | 884,834 | |
| | 414,844 | | | Western Securities Co. Ltd., Class A (Financials) | | | 389,957 | |
| | 228,831 | | | Wharf Holdings Ltd. (The) (Real Estate) | | | 862,980 | |
| | 611,000 | | | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | | | 407,714 | |
| | 30,841 | | | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | | | 747,990 | |
| | 120,104 | | | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | | | 1,066,557 | |
| | 554,900 | | | XCMG Construction Machinery Co. Ltd., Class A (Industrials)* | | | 419,382 | |
| | 438,385 | | | Xiamen C & D, Inc., Class A (Industrials) | | | 746,588 | |
| | 12,896 | | | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | | | 332,504 | |
| | 129,685 | | | Xiamen Intretech, Inc., Class A (Consumer Discretionary) | | | 382,835 | |
| | 604,550 | | | Xiaomi Corp., Class B (Information Technology)*(a) | | | 890,398 | |
| | 298,259 | | | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | | | 570,765 | |
| | 153,200 | | | Yankuang Energy Group Co. Ltd., Class H (Energy) | | | 608,986 | |
| | 239,930 | | | Yihai International Holding Ltd. (Consumer Staples)*(b) | | | 605,874 | |
| | 24,737 | | | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | | | 482,966 | |
| | 481,988 | | | Youngor Group Co. Ltd., Class A (Real Estate) | | | 447,480 | |
| | 26,996 | | | Youngy Co. Ltd., Class A (Materials)* | | | 469,896 | |
| | 146,900 | | | YTO Express Group Co. Ltd., Class A (Industrials) | | | 418,098 | |
| | 583,622 | | | Yuexiu Property Co. Ltd. (Real Estate) | | | 731,679 | |
| | 66,018 | | | Yum China Holdings, Inc. (Consumer Discretionary) | | | 3,308,162 | |
| | 53,400 | | | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | | | 405,600 | |
| | 31,912 | | | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | | | 861,967 | |
| | 9,551 | | | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | | | 417,021 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | | | |
| | 650,727 | | | Zhejiang Expressway Co. Ltd., Class H (Industrials) | | $ | 495,786 | |
| | 31,808 | | | Zhejiang Orient Gene Biotech Co. Ltd., Class A (Health Care) | | | 408,585 | |
| | 363,817 | | | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | | | 274,437 | |
| | 72,076 | | | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | | | 479,388 | |
| | 301,417 | | | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | | | 912,093 | |
| | 52,879 | | | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care) | | | 355,004 | |
| | 225,574 | | | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | | | 1,070,556 | |
| | 388,700 | | | Zhongtai Securities Co. Ltd., Class A (Financials) | | | 417,821 | |
| | | | | | | | |
| | | | | | | 330,354,044 | |
| | |
| Colombia – 0.1% | | | |
| | 1,036,435 | | | Ecopetrol SA (Energy) | | | 528,853 | |
| | |
| Czech Republic – 0.2% | | | |
| | 38,113 | | | CEZ AS (Utilities) | | | 1,543,461 | |
| | 21,333 | | | Komercni banka AS (Financials) | | | 502,860 | |
| | | | | | | | |
| | | | | | | 2,046,321 | |
| | |
| Egypt – 0.3% | | | |
| | 1,028,053 | | | Commercial International Bank Egypt SAE (Financials) | | | 2,041,656 | |
| | 2,910,935 | | | Eastern Co. SAE (Consumer Staples) | | | 1,477,440 | |
| | | | | | | | |
| | | | | | | 3,519,096 | |
| | |
| Greece – 0.4% | | | |
| | 643,054 | | | Eurobank Ergasias Services and Holdings SA (Financials)* | | | 601,359 | |
| | 197,403 | | | Hellenic Telecommunications Organization SA (Communication Services) | | | 3,148,188 | |
| | 38,697 | | | OPAP SA (Consumer Discretionary) | | | 511,690 | |
| | | | | | | | |
| | | | | | | 4,261,237 | |
| | |
| Hong Kong – 0.3% | | | |
| | 274,649 | | | Kingboard Laminates Holdings Ltd. (Information Technology) | | | 262,792 | |
| | 54,824 | | | Orient Overseas International Ltd. (Industrials) | | | 1,535,297 | |
| | 2,660,852 | | | Sino Biopharmaceutical Ltd. (Health Care) | | | 1,403,508 | |
| | | | | | | | |
| | | | | | | 3,201,597 | |
| | |
| Hungary – 0.2% | | | |
| | 107,253 | | | MOL Hungarian Oil & Gas PLC (Energy) | | | 737,630 | |
| | 18,079 | | | OTP Bank Nyrt (Financials) | | | 383,956 | |
| | |
|
| Common Stocks – (continued) | |
| Hungary – (continued) | | | |
| | 17,597 | | | Richter Gedeon Nyrt (Health Care) | | | 354,047 | |
| | | | | | | | |
| | | | | | | 1,475,633 | |
| | |
| India – 13.6% | | | |
| | 22,138 | | | ACC Ltd. (Materials) | | | 640,724 | |
| | 22,618 | | | Adani Enterprises Ltd. (Industrials) | | | 909,281 | |
| | 27,504 | | | Adani Green Energy Ltd. (Utilities)* | | | 843,277 | |
| | 8,228 | | | Adani Power Ltd. (Utilities)* | | | 42,865 | |
| | 23,100 | | | Adani Total Gas Ltd. (Utilities) | | | 1,088,728 | |
| | 19,731 | | | Adani Transmission Ltd. (Utilities)* | | | 983,519 | |
| | 76,748 | | | Asian Paints Ltd. (Materials) | | | 3,275,920 | |
| | 179,814 | | | Aurobindo Pharma Ltd. (Health Care) | | | 1,234,242 | |
| | 23,017 | | | Avenue Supermarts Ltd. (Consumer Staples)*(a) | | | 1,312,617 | |
| | 107,594 | | | Axis Bank Ltd. (Financials) | | | 1,017,604 | |
| | 14,298 | | | Bajaj Finance Ltd. (Financials) | | | 1,314,714 | |
| | 2,210 | | | Bajaj Finserv Ltd. (Financials) | | | 471,775 | |
| | 73,320 | | | Berger Paints India Ltd. (Materials) | | | 621,657 | |
| | 111,700 | | | Bharat Electronics Ltd. (Industrials) | | | 430,869 | |
| | 134,764 | | | Bharat Petroleum Corp. Ltd. (Energy) | | | 557,403 | |
| | 181,083 | | | Bharti Airtel Ltd. (Communication Services) | | | 1,655,902 | |
| | 169,098 | | | Biocon Ltd. (Health Care) | | | 659,510 | |
| | 55,438 | | | Britannia Industries Ltd. (Consumer Staples) | | | 2,614,807 | |
| | 42,200 | | | Cholamandalam Investment and Finance Co. Ltd. (Financials) | | | 419,753 | |
| | 186,423 | | | Cipla Ltd. (Health Care) | | | 2,436,389 | |
| | 147,300 | | | Coal India Ltd. (Energy) | | | 435,274 | |
| | 108,428 | | | Colgate-Palmolive India Ltd. (Consumer Staples) | | | 2,285,624 | |
| | 218,486 | | | Dabur India Ltd. (Consumer Staples) | | | 1,604,724 | |
| | 39,854 | | | Divi’s Laboratories Ltd. (Health Care) | | | 1,819,127 | |
| | 34,738 | | | Dr. Reddy’s Laboratories Ltd. (Health Care) | | | 1,855,877 | |
| | 274,740 | | | GAIL India Ltd. (Utilities) | | | 470,589 | |
| | 48,438 | | | Grasim Industries Ltd. (Materials) | | | 1,023,312 | |
| | 111,718 | | | Havells India Ltd. (Industrials) | | | 1,956,446 | |
| | 306,842 | | | HCL Technologies Ltd. (Information Technology) | | | 3,625,925 | |
| | 115,043 | | | HDFC Life Insurance Co. Ltd. (Financials)(a) | | | 832,800 | |
| | 228,234 | | | Hindalco Industries Ltd. (Materials) | | | 1,260,975 | |
| | 93,586 | | | Hindustan Unilever Ltd. (Consumer Staples) | | | 3,132,778 | |
| | 178,743 | | | Housing Development Finance Corp. Ltd. (Financials) | | | 5,503,235 | |
| | 455,903 | | | ICICI Bank Ltd. (Financials) | | | 5,091,016 | |
| | |
| | |
| 48 | | 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) | | | |
| | 49,270 | | | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | | $ | 798,842 | |
| | 1,932,856 | | | Indian Oil Corp. Ltd. (Energy) | | | 1,739,270 | |
| | 544,412 | | | Infosys Ltd. (Information Technology) | | | 10,229,031 | |
| | 506,186 | | | ITC Ltd. (Consumer Staples) | | | 2,041,737 | |
| | 164,252 | | | Jindal Steel & Power Ltd. (Materials) | | | 895,800 | |
| | 58,755 | | | JSW Steel Ltd. (Materials) | | | 493,136 | |
| | 180,101 | | | Jubilant Foodworks Ltd. (Consumer Discretionary) | | | 1,396,915 | |
| | 26,692 | | | Kotak Mahindra Bank Ltd. (Financials) | | | 643,448 | |
| | 41,080 | | | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | | | 2,399,767 | |
| | 77,850 | | | Larsen & Toubro Ltd. (Industrials) | | | 1,883,591 | |
| | 136,223 | | | Lupin Ltd. (Health Care) | | | 1,147,105 | |
| | 146,682 | | | Mahindra & Mahindra Ltd. (Consumer Discretionary) | | | 2,415,897 | |
| | 361,300 | | | Marico Ltd. (Consumer Staples) | | | 2,389,928 | |
| | 6,700 | | | Maruti Suzuki India Ltd. (Consumer Discretionary) | | | 765,826 | |
| | 32,724 | | | Mindtree Ltd. (Information Technology) | | | 1,361,747 | |
| | 26,276 | | | Mphasis Ltd. (Information Technology) | | | 704,683 | |
| | 63,809 | | | Muthoot Finance Ltd. (Financials) | | | 847,300 | |
| | 10,825 | | | Nestle India Ltd. (Consumer Staples) | | | 2,714,603 | |
| | 694,829 | | | NTPC Ltd. (Utilities) | | | 1,434,113 | |
| | 221,756 | | | Oil & Natural Gas Corp. Ltd. (Energy) | | | 386,812 | |
| | 5,363 | | | Page Industries Ltd. (Consumer Discretionary) | | | 3,445,140 | |
| | 9,912 | | | PI Industries Ltd. (Materials) | | | 428,648 | |
| | 72,321 | | | Pidilite Industries Ltd. (Materials) | | | 2,490,518 | |
| | 723,079 | | | Power Grid Corp. Of India Ltd. (Utilities) | | | 2,089,388 | |
| | 296,776 | | | Reliance Industries Ltd. (Energy) | | | 9,852,737 | |
| | 102,213 | | | SBI Life Insurance Co. Ltd. (Financials)(a) | | | 1,709,721 | |
| | 39,441 | | | Siemens Ltd. (Industrials) | | | 1,431,346 | |
| | 16,070 | | | SRF Ltd. (Materials) | | | 514,390 | |
| | 176,311 | | | State Bank of India (Financials) | | | 1,178,799 | |
| | 87,082 | | | Sun Pharmaceutical Industries Ltd. (Health Care) | | | 978,736 | |
| | 178,472 | | | Tata Consultancy Services Ltd. (Information Technology) | | | 7,212,606 | |
| | 123,026 | | | Tata Consumer Products Ltd. (Consumer Staples) | | | 1,253,591 | |
| | 8,356 | | | Tata Elxsi Ltd. (Information Technology) | | | 948,485 | |
| | 384,882 | | | Tata Motors Ltd. (Consumer Discretionary)* | | | 2,281,930 | |
| | 171,713 | | | Tata Power Co. Ltd. (The) (Utilities) | | | 512,061 | |
| | |
|
| Common Stocks – (continued) | |
| India – (continued) | | | |
| | 2,185,872 | | | Tata Steel Ltd. (Materials) | | | 2,979,303 | |
| | 257,670 | | | Tech Mahindra Ltd. (Information Technology) | | | 3,489,619 | |
| | 16,170 | | | Titan Co. Ltd. (Consumer Discretionary) | | | 530,055 | |
| | 75,164 | | | Torrent Pharmaceuticals Ltd. (Health Care) | | | 1,466,754 | |
| | 18,629 | | | UltraTech Cement Ltd. (Materials) | | | 1,565,625 | |
| | 404,182 | | | Vedanta Ltd. (Materials) | | | 1,374,688 | |
| | 302,866 | | | Wipro Ltd. (Information Technology) | | | 1,576,304 | |
| | | | | | | | |
| | | | | | | 139,429,253 | |
| | |
| Indonesia – 1.8% | | | |
| | 2,027,800 | | | Adaro Energy Indonesia Tbk PT (Energy) | | | 483,639 | |
| | 5,527,654 | | | Aneka Tambang Tbk (Materials) | | | 741,117 | |
| | 4,381,187 | | | Astra International Tbk PT (Consumer Discretionary) | | | 2,058,870 | |
| | 4,353,586 | | | Bank Central Asia Tbk PT (Financials) | | | 2,405,215 | |
| | 999,680 | | | Bank Mandiri Persero Tbk PT (Financials) | | | 596,070 | |
| | 695,352 | | | Bank Negara Indonesia Persero Tbk PT (Financials) | | | 399,385 | |
| | 2,679,472 | | | Bank Rakyat Indonesia Persero Tbk PT (Financials) | | | 783,487 | |
| | 234,549 | | | Gudang Garam Tbk PT (Consumer Staples) | | | 374,915 | |
| | 2,403,028 | | | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | | | 1,343,785 | |
| | 3,335,787 | | | Indofood Sukses Makmur Tbk PT (Consumer Staples) | | | 1,399,042 | |
| | 12,965,024 | | | Kalbe Farma Tbk PT (Health Care) | | | 1,467,491 | |
| | 2,929,502 | | | Merdeka Copper Gold Tbk PT (Materials)* | | | 844,754 | |
| | 5,150,848 | | | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | | | 756,534 | |
| | 11,521,369 | | | Telkom Indonesia Persero Tbk PT (Communication Services) | | | 3,539,663 | |
| | 4,458,962 | | | Unilever Indonesia Tbk PT (Consumer Staples) | | | 1,378,921 | |
| | | | | | | | |
| | | | | | | 18,572,888 | |
| | |
| Kuwait – 0.8% | | | |
| | 354,724 | | | Agility Public Warehousing Co. KSC (Industrials) | | | 969,890 | |
| | 332,759 | | | Boubyan Bank KSCP (Financials) | | | 902,269 | |
| | 1,072,232 | | | Kuwait Finance House KSCP (Financials) | | | 3,133,654 | |
| | 950,794 | | | National Bank of Kuwait SAKP (Financials) | | | 3,254,220 | |
| | | | | | | | |
| | | | | | | 8,260,033 | |
| | |
| Luxembourg – 0.1% | | | |
| | 46,127 | | | Reinet Investments SCA (Financials) | | | 760,818 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| Mexico – 2.1% | | | |
| | 917,566 | | | Alfa SAB de CV, Class A (Industrials) | | $ | 584,885 | |
| | 4,333,191 | | | America Movil SAB de CV, Series L (Communication Services) | | | 3,699,328 | |
| | 3,334,400 | | | Cemex SAB de CV, Series CPO (Materials)* | | | 1,238,463 | |
| | 375,161 | | | Fomento Economico Mexicano SAB de CV (Consumer Staples) | | | 2,355,389 | |
| | 203,271 | | | Gruma SAB de CV, Class B (Consumer Staples) | | | 2,218,779 | |
| | 1,094,936 | | | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | | | 3,605,144 | |
| | 363,167 | | | Grupo Financiero Banorte SAB de CV, Class O (Financials) | | | 2,148,449 | |
| | 546,815 | | | Grupo Mexico SAB de CV, Series B (Materials) | | | 2,073,938 | |
| | 1,196,330 | | | Wal-Mart de Mexico SAB de CV (Consumer Staples) | | | 3,916,387 | |
| | | | | | | | |
| | | | | | | 21,840,762 | |
| | |
| Philippines – 0.3% | | | |
| | 364,980 | | | Bank of the Philippine Islands (Financials) | | | 617,129 | |
| | 12,654 | | | Globe Telecom, Inc. (Communication Services) | | | 472,765 | |
| | 82,040 | | | International Container Terminal Services, Inc. (Industrials) | | | 264,725 | |
| | 167,850 | | | Manila Electric Co. (Utilities) | | | 900,301 | |
| | 26,285 | | | PLDT, Inc. (Communication Services) | | | 785,905 | |
| | | | | | | | |
| | | | | | | 3,040,825 | |
| | |
| Poland – 0.7% | | | |
| | 26,856 | | | Bank Pekao SA (Financials) | | | 373,151 | |
| | 16,684 | | | CD Projekt SA (Communication Services) | | | 299,086 | |
| | 33,198 | | | Dino Polska SA (Consumer Staples)*(a) | | | 2,431,572 | |
| | 24,857 | | | KGHM Polska Miedz SA (Materials) | | | 468,800 | |
| | 578 | | | LPP SA (Consumer Discretionary) | | | 1,045,758 | |
| | 451,813 | | | PGE Polska Grupa Energetyczna SA (Utilities)* | | | 690,549 | |
| | 115,825 | | | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | | | 580,544 | |
| | 209,297 | | | Powszechny Zaklad Ubezpieczen SA (Financials) | | | 1,256,005 | |
| | | | | | | | |
| | | | | | | 7,145,465 | |
| | |
| Qatar – 1.4% | | | |
| | 589,801 | | | Commercial Bank PSQC (The) (Financials) | | | 1,187,133 | |
| | 104,230 | | | Industries Qatar QSC (Industrials) | | | 519,469 | |
| | 1,079,017 | | | Masraf Al Rayan QSC (Financials) | | | 1,339,531 | |
| | |
|
| Common Stocks – (continued) | |
| Qatar – (continued) | | | |
| | 751,965 | | | Ooredoo QPSC (Communication Services) | | | 1,874,879 | |
| | 632,475 | | | Qatar International Islamic Bank QSC (Financials) | | | 2,068,450 | |
| | 371,598 | | | Qatar Islamic Bank (Financials) | | | 2,613,201 | |
| | 777,114 | | | Qatar National Bank QPSC (Financials) | | | 4,404,375 | |
| | | | | | | | |
| | | | | | | 14,007,038 | |
| | |
| Romania – 0.1% | | | |
| | 132,406 | | | NEPI Rockcastle S.A. (Real Estate) | | | 704,895 | |
| | |
| Russia – 0.0% | | | |
| | 1,256,908 | | | Gazprom PJSC (Energy)*(c) | | | — | |
| | 35,708,229 | | | Inter RAO UES PJSC (Utilities)(c) | | | — | |
| | 62,206 | | | LUKOIL PJSC (Energy)(c) | | | — | |
| | 11,906 | | | MMC Norilsk Nickel PJSC (Materials)(c) | | | — | |
| | 824,628 | | | Moscow Exchange MICEX-RTS PJSC (Financials)*(c) | | | — | |
| | 5,200 | | | Novatek PJSC GDR (Energy)(c) | | | — | |
| | 839,494 | | | Novolipetsk Steel PJSC (Materials)(c) | | | — | |
| | 127,440 | | | PhosAgro PJSC GDR (Materials)(c) | | | — | |
| | 820 | | | PhosAgro PJSC (Materials)(c) | | | — | |
| | 73,809 | | | Polymetal International PLC (Materials)(c) | | | — | |
| | 11,287 | | | Polyus PJSC (Materials)(c) | | | — | |
| | 90,086 | | | Rosneft Oil Co. PJSC (Energy)(c) | | | — | |
| | 1,661,273 | | | Sberbank of Russia PJSC (Financials)*(c) | | | — | |
| | 152,107 | | | Severstal PAO (Materials)(c) | | | — | |
| | 3,362,523 | | | Surgutneftegas PJSC (Energy)(c) | | | — | |
| | 277,377 | | | Tatneft PJSC (Energy)(c) | | | — | |
| | 29,482 | | | TCS Group Holding PLC GDR (Financials)*(c) | | | — | |
| | 799,132,583 | | | VTB Bank PJSC (Financials)*(c) | | | — | |
| | 69,395 | | | X5 Retail Group NV GDR (Consumer Staples)(c) | | | — | |
| | 41,484 | | | Yandex NV, Class A (Communication Services)*(c) | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | |
| Saudi Arabia – 4.3% | | | |
| | 54,322 | | | Advanced Petrochemical Co. (Materials) | | | 722,559 | |
| | 288,885 | | | Al Rajhi Bank (Financials)* | | | 6,932,010 | |
| | 82,200 | | | Alinma Bank (Financials) | | | 830,966 | |
| | 32,932 | | | Almarai Co. JSC (Consumer Staples) | | | 464,325 | |
| | 67,000 | | | Arab National Bank (Financials) | | | 534,717 | |
| | 46,100 | | | Bank AlBilad (Financials)* | | | 620,553 | |
| | 64,200 | | | Bank Al-Jazira (Financials) | | | 402,381 | |
| | 46,011 | | | Banque Saudi Fransi (Financials) | | | 608,951 | |
| | 27,463 | | | Bupa Arabia for Cooperative Insurance Co. (Financials) | | | 1,201,095 | |
| | |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| Saudi Arabia – (continued) | | | |
| | 147,052 | | | Dar Al Arkan Real Estate Development Co. (Real Estate)* | | $ | 553,939 | |
| | 213,062 | | | Etihad Etisalat Co. (Communication Services) | | | 2,074,506 | |
| | 10,024 | | | Jarir Marketing Co. (Consumer Discretionary) | | | 458,667 | |
| | 195,316 | | | Mobile Telecommunications Co Saudi Arabia (Communication Services)* | | | 601,692 | |
| | 168,284 | | | Rabigh Refining & Petrochemical Co. (Energy)* | | | 775,387 | |
| | 87,205 | | | Riyad Bank (Financials) | | | 823,564 | |
| | 33,113 | | | SABIC Agri-Nutrients Co. (Materials) | | | 1,532,765 | |
| | 207,740 | | | Sahara International Petrochemical Co. (Materials) | | | 2,638,889 | |
| | 48,796 | | | Saudi Arabian Mining Co. (Materials)* | | | 967,093 | |
| | 432,530 | | | Saudi Arabian Oil Co. (Energy)(a) | | | 4,314,944 | |
| | 110,447 | | | Saudi Basic Industries Corp. (Materials) | | | 2,944,078 | |
| | 63,136 | | | Saudi British Bank (The) (Financials) | | | 670,998 | |
| | 275,529 | | | Saudi Electricity Co. (Utilities) | | | 1,850,787 | |
| | 63,968 | | | Saudi Industrial Investment Group (Materials) | | | 435,643 | |
| | 96,700 | | | Saudi Investment Bank (The) (Financials) | | | 514,498 | |
| | 330,039 | | | Saudi Kayan Petrochemical Co. (Materials)* | | | 1,290,655 | |
| | 294,624 | | | Saudi National Bank (The) (Financials) | | | 5,478,643 | |
| | 231,347 | | | Saudi Telecom Co. (Communication Services) | | | 2,572,574 | |
| | 119,203 | | | Savola Group (The) (Consumer Staples) | | | 1,035,376 | |
| | | | | | | | |
| | | | | | | 43,852,255 | |
| | |
| Singapore – 0.0% | | | |
| | 50,200 | | | BOC Aviation Ltd. (Industrials)(a) | | | 403,258 | |
| | |
| South Africa – 3.7% | | | |
| | 168,887 | | | Absa Group Ltd. (Financials) | | | 1,763,938 | |
| | 57,183 | | | African Rainbow Minerals Ltd. (Materials) | | | 792,706 | |
| | 4,620 | | | Anglo American Platinum Ltd. (Materials) | | | 324,927 | |
| | 127,500 | | | Aspen Pharmacare Holdings Ltd. (Health Care) | | | 1,103,368 | |
| | 96,111 | | | Bid Corp. Ltd. (Consumer Staples) | | | 1,832,912 | |
| | 48,828 | | | Bidvest Group Ltd. (The) (Industrials) | | | 615,779 | |
| | 8,111 | | | Capitec Bank Holdings Ltd. (Financials) | | | 972,474 | |
| | 100,054 | | | Clicks Group Ltd. (Consumer Staples) | | | 1,749,436 | |
| | |
|
| Common Stocks – (continued) | |
| South Africa – (continued) | | | |
| | 32,542 | | | Discovery Ltd. (Financials)* | | | 234,532 | |
| | 614,739 | | | FirstRand Ltd. (Financials) | | | 2,314,414 | |
| | 172,198 | | | Gold Fields Ltd. (Materials) | | | 1,401,576 | |
| | 212,001 | | | Impala Platinum Holdings Ltd. (Materials) | | | 2,243,596 | |
| | 59,177 | | | Kumba Iron Ore Ltd. (Materials)(b) | | | 1,321,105 | |
| | 152,946 | | | Mr Price Group Ltd. (Consumer Discretionary) | | | 1,671,024 | |
| | 301,179 | | | MTN Group Ltd. (Communication Services) | | | 2,195,530 | |
| | 370,241 | | | MultiChoice Group (Communication Services) | | | 2,511,298 | |
| | 3,500 | | | Naspers Ltd., Class N (Consumer Discretionary) | | | 498,122 | |
| | 155,258 | | | Nedbank Group Ltd. (Financials)(b) | | | 1,847,312 | |
| | 687,719 | | | Old Mutual Ltd. (Financials) | | | 410,346 | |
| | 336,960 | | | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | | | 397,566 | |
| | 104,641 | | | Remgro Ltd. (Financials) | | | 781,904 | |
| | 291,157 | | | Sanlam Ltd. (Financials) | | | 910,826 | |
| | 46,391 | | | Sasol Ltd. (Materials)* | | | 903,166 | |
| | 243,879 | | | Shoprite Holdings Ltd. (Consumer Staples) | | | 3,329,863 | |
| | 572,493 | | | Sibanye Stillwater Ltd. (Materials) | | | 1,292,815 | |
| | 156,455 | | | SPAR Group Ltd. (The) (Consumer Staples) | | | 1,437,289 | |
| | 215,347 | | | Standard Bank Group Ltd. (Financials) | | | 1,935,980 | |
| | 170,422 | | | Vodacom Group Ltd. (Communication Services) | | | 1,261,337 | |
| | | | | | | | |
| | | | | | | 38,055,141 | |
| | |
| South Korea – 11.6% | | | |
| | 16,750 | | | Amorepacific Corp. (Consumer Staples) | | | 1,540,316 | |
| | 43,647 | | | AMOREPACIFIC Group (Consumer Staples) | | | 1,138,859 | |
| | 11,024 | | | BGF retail Co. Ltd. (Consumer Staples) | | | 1,322,831 | |
| | 4,595 | | | Celltrion, Inc. (Health Care) | | | 651,006 | |
| | 104,476 | | | Cheil Worldwide, Inc. (Communication Services) | | | 1,710,608 | |
| | 3,783 | | | CJ CheilJedang Corp. (Consumer Staples) | | | 1,152,534 | |
| | 14,207 | | | CJ Corp. (Industrials) | | | 830,614 | |
| | 13,524 | | | CJ ENM Co. Ltd. (Communication Services) | | | 993,914 | |
| | 9,275 | | | CJ Logistics Corp. (Industrials)* | | | 821,717 | |
| | 32,553 | | | Coway Co. Ltd. (Consumer Discretionary) | | | 1,550,317 | |
| | 10,204 | | | DB Insurance Co. Ltd. (Financials) | | | 455,444 | |
| | 10,114 | | | Doosan Bobcat, Inc. (Industrials) | | | 262,387 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | | | |
| | 32,724 | | | Doosan Enerbility Co. Ltd. (Industrials)* | | $ | 497,876 | |
| | 11,560 | | | Ecopro BM Co. Ltd. (Industrials) | | | 969,707 | |
| | 6,599 | | | E-MART, Inc. (Consumer Staples) | | | 482,511 | |
| | 8,356 | | | F&F Co. Ltd. (Consumer Discretionary) | | | 890,232 | |
| | 31,274 | | | GS Engineering & Construction Corp. (Industrials) | | | 704,954 | |
| | 49,082 | | | GS Holdings Corp. (Industrials) | | | 1,689,825 | |
| | 58,985 | | | Hana Financial Group, Inc. (Financials) | | | 1,730,897 | |
| | 41,606 | | | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | | | 1,180,477 | |
| | 1,800 | | | Hanmi Pharm Co. Ltd. (Health Care) | | | 414,489 | |
| | 21,209 | | | Hanwha Solutions Corp. (Materials)* | | | 834,057 | |
| | 18,664 | | | HMM Co. Ltd. (Industrials) | | | 310,474 | |
| | 29,036 | | | Hotel Shilla Co. Ltd. (Consumer Discretionary)(b) | | | 1,602,076 | |
| | 20,966 | | | Hyundai Engineering & Construction Co. Ltd. (Industrials) | | | 755,532 | |
| | 7,465 | | | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | | | 1,199,936 | |
| | 12,737 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 1,866,436 | |
| | 22,518 | | | Hyundai Steel Co. (Materials) | | | 553,880 | |
| | 178,869 | | | Industrial Bank of Korea (Financials) | | | 1,279,785 | |
| | 16,548 | | | Kakao Corp. (Communication Services) | | | 908,096 | |
| | 42,047 | | | Kangwon Land, Inc. (Consumer Discretionary)* | | | 834,621 | |
| | 57,236 | | | KB Financial Group, Inc. (Financials) | | | 2,116,048 | |
| | 52,911 | | | Kia Corp. (Consumer Discretionary) | | | 3,196,298 | |
| | 17,304 | | | Korea Aerospace Industries Ltd. (Industrials) | | | 789,162 | |
| | 49,489 | | | Korea Electric Power Corp. (Utilities)*(b) | | | 775,145 | |
| | 6,572 | | | Korea Investment Holdings Co. Ltd. (Financials) | | | 279,085 | |
| | 3,279 | | | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | | | 238,286 | |
| | 1,299 | | | Korea Zinc Co. Ltd. (Materials) | | | 652,632 | |
| | 26,780 | | | Korean Air Lines Co. Ltd. (Industrials)* | | | 537,582 | |
| | 22,033 | | | KT&G Corp. (Consumer Staples) | | | 1,370,525 | |
| | 6,779 | | | Kumho Petrochemical Co. Ltd. (Materials) | | | 658,869 | |
| | 4,374 | | | L&F Co. Ltd. (Information Technology)* | | | 753,771 | |
| | 2,204 | | | LG Chem Ltd. (Materials) | | | 1,041,403 | |
| | |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | | | |
| | 61,493 | | | LG Display Co. Ltd. (Information Technology) | | | 717,200 | |
| | 34,602 | | | LG Electronics, Inc. (Consumer Discretionary) | | | 2,612,838 | |
| | 3,204 | | | LG H&H Co. Ltd. (Consumer Staples) | | | 1,705,542 | |
| | 2,828 | | | LG Innotek Co. Ltd. (Information Technology) | | | 727,324 | |
| | 194,298 | | | LG Uplus Corp. (Communication Services)(b) | | | 1,670,537 | |
| | 2,764 | | | Lotte Chemical Corp. (Materials) | | | 361,631 | |
| | 17,875 | | | Lotte Shopping Co. Ltd. (Consumer Discretionary) | | | 1,320,362 | |
| | 16,070 | | | Meritz Financial Group, Inc. (Financials) | | | 370,047 | |
| | 27,831 | | | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | | | 797,966 | |
| | 426,921 | | | Meritz Securities Co. Ltd. (Financials) | | | 1,544,838 | |
| | 9,211 | | | NAVER Corp. (Communication Services) | | | 1,652,753 | |
| | 4,267 | | | NCSoft Corp. (Communication Services) | | | 1,207,476 | |
| | 97,526 | | | NH Investment & Securities Co. Ltd. (Financials) | | | 725,493 | |
| | 21,411 | | | Orion Corp. (Consumer Staples) | | | 1,575,150 | |
| | 11,709 | | | Pearl Abyss Corp. (Communication Services)* | | | 497,231 | |
| | 9,183 | | | POSCO Holdings, Inc. (Materials) | | | 1,750,712 | |
| | 27,695 | | | S-1 Corp. (Industrials) | | | 1,205,076 | |
| | 1,274 | | | Samsung Biologics Co. Ltd. (Health Care)*(a) | | | 795,327 | |
| | 15,474 | | | Samsung C&T Corp. (Industrials) | | | 1,394,054 | |
| | 14,735 | | | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | | | 1,542,297 | |
| | 689,610 | | | Samsung Electronics Co. Ltd. (Information Technology) | | | 30,779,946 | |
| | 27,334 | | | Samsung Engineering Co. Ltd. (Industrials)* | | | 479,221 | |
| | 11,278 | | | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | | | 1,644,208 | |
| | 136,294 | | | Samsung Heavy Industries Co. Ltd. (Industrials)* | | | 608,333 | |
| | 3,940 | | | Samsung SDI Co. Ltd. (Information Technology) | | | 1,761,519 | |
| | 12,320 | | | Samsung SDS Co. Ltd. (Information Technology) | | | 1,183,597 | |
| | 49,129 | | | Samsung Securities Co. Ltd. (Financials) | | | 1,245,167 | |
| | 23,291 | | | SD Biosensor, Inc. (Health Care) | | | 612,073 | |
| | 50,210 | | | Seegene, Inc. (Health Care)(b) | | | 1,184,349 | |
| | 71,158 | | | Shinhan Financial Group Co. Ltd. (Financials) | | | 1,947,129 | |
| | 83,393 | | | SK Hynix, Inc. (Information Technology) | | | 5,935,489 | |
| | 27,294 | | | SK Square Co. Ltd. (Information Technology)* | | | 826,442 | |
| | |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | | | |
| | 3,636 | | | SKC Co. Ltd. (Materials) | | $ | 330,286 | |
| | 152,449 | | | Woori Financial Group, Inc. (Financials) | | | 1,390,511 | |
| | 24,656 | | | Yuhan Corp. (Health Care) | | | 1,047,034 | |
| | | | | | | | |
| | | | | | | 118,694,372 | |
| | |
| Taiwan – 14.3% | | | |
| | 172,879 | | | Accton Technology Corp. (Information Technology) | | | 1,610,224 | |
| | 887,735 | | | Acer, Inc. (Information Technology) | | | 641,648 | |
| | 185,806 | | | Advantech Co. Ltd. (Information Technology) | | | 1,999,227 | |
| | 512,849 | | | ASE Technology Holding Co. Ltd. (Information Technology) | | | 1,438,926 | |
| | 493,401 | | | Asia Cement Corp. (Materials) | | | 701,095 | |
| | 125,248 | | | Asustek Computer, Inc. (Information Technology) | | | 1,049,306 | |
| | 1,470,157 | | | AUO Corp. (Information Technology) | | | 809,039 | |
| | 215,399 | | | Catcher Technology Co. Ltd. (Information Technology)* | | | 1,312,740 | |
| | 1,511,105 | | | Cathay Financial Holding Co. Ltd. (Financials) | | | 2,211,736 | |
| | 258,398 | | | Chailease Holding Co. Ltd. (Financials) | | | 1,672,424 | |
| | 389,798 | | | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | | | 453,991 | |
| | 5,400,539 | | | China Development Financial Holding Corp. (Financials) | | | 2,377,568 | |
| | 2,009,344 | | | China Steel Corp. (Materials) | | | 1,911,146 | |
| | 447,788 | | | Chunghwa Telecom Co. Ltd. (Communication Services) | | | 1,780,118 | |
| | 1,575,239 | | | Compal Electronics, Inc. (Information Technology) | | | 1,177,386 | |
| | 2,998,921 | | | CTBC Financial Holding Co. Ltd. (Financials) | | | 2,315,389 | |
| | 281,450 | | | Delta Electronics, Inc. (Information Technology) | | | 2,431,913 | |
| | 65,300 | | | E Ink Holdings, Inc. (Information Technology) | | | 513,818 | |
| | 13,669 | | | eMemory Technology, Inc. (Information Technology) | | | 621,982 | |
| | 1,370,176 | | | E.Sun Financial Holding Co. Ltd. (Financials) | | | 1,269,453 | |
| | 980,601 | | | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | | | 2,844,750 | |
| | 627,124 | | | Far Eastern New Century Corp. (Industrials) | | | 674,770 | |
| | 276,929 | | | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | | | 1,564,905 | |
| | 1,118,889 | | | First Financial Holding Co. Ltd. (Financials) | | | 975,984 | |
| | 380,739 | | | Formosa Plastics Corp. (Materials) | | | 1,139,559 | |
| | 1,426,936 | | | Fubon Financial Holding Co. Ltd. (Financials) | | | 2,690,961 | |
| | |
|
| Common Stocks – (continued) | |
| Taiwan – (continued) | | | |
| | 34,129 | | | Globalwafers Co. Ltd. (Information Technology) | | | 544,943 | |
| | 1,312,927 | | | Hon Hai Precision Industry Co. Ltd. (Information Technology) | | | 4,701,734 | |
| | 967,942 | | | Hua Nan Financial Holdings Co. Ltd. (Financials) | | | 739,372 | |
| | 1,911,818 | | | Innolux Corp. (Information Technology) | | | 760,016 | |
| | 907,809 | | | Inventec Corp. (Information Technology) | | | 690,457 | |
| | 10,378 | | | Largan Precision Co. Ltd. (Information Technology) | | | 666,579 | |
| | 603,073 | | | Lite-On Technology Corp. (Information Technology) | | | 1,303,727 | |
| | 248,342 | | | MediaTek, Inc. (Information Technology) | | | 5,442,106 | |
| | 1,346,097 | | | Mega Financial Holding Co. Ltd. (Financials) | | | 1,587,676 | |
| | 420,888 | | | Micro-Star International Co. Ltd. (Information Technology) | | | 1,590,213 | |
| | 480,022 | | | Nan Ya Plastics Corp. (Materials) | | | 1,083,450 | |
| | 55,947 | | | Nan Ya Printed Circuit Board Corp. (Information Technology) | | | 497,205 | |
| | 553,035 | | | Nanya Technology Corp. (Information Technology) | | | 970,253 | |
| | 138,723 | | | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | | | 1,289,811 | |
| | 222,083 | | | Novatek Microelectronics Corp. (Information Technology) | | | 1,922,591 | |
| | 580,090 | | | Pegatron Corp. (Information Technology) | | | 1,212,114 | |
| | 874,024 | | | Pou Chen Corp. (Consumer Discretionary) | | | 832,746 | |
| | 382,020 | | | President Chain Store Corp. (Consumer Staples) | | | 3,363,659 | |
| | 375,762 | | | Quanta Computer, Inc. (Information Technology) | | | 978,987 | |
| | 219,096 | | | Realtek Semiconductor Corp. (Information Technology) | | | 2,490,586 | |
| | 2,161,014 | | | SinoPac Financial Holdings Co. Ltd. (Financials) | | | 1,231,822 | |
| | 675,731 | | | Synnex Technology International Corp. (Information Technology) | | | 1,238,794 | |
| | 2,270,125 | | | Taishin Financial Holding Co. Ltd. (Financials) | | | 1,133,664 | |
| | 651,460 | | | Taiwan Cement Corp. (Materials) | | | 841,146 | |
| | 717,672 | | | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | | | 651,947 | |
| | 200,481 | | | Taiwan Mobile Co. Ltd. (Communication Services) | | | 656,030 | |
| | 3,442,608 | | | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | | | 57,117,603 | |
| | 106,307 | | | Unimicron Technology Corp. (Information Technology) | | | 529,134 | |
| | 1,580,334 | | | Uni-President Enterprises Corp. (Consumer Staples) | | | 3,426,761 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
|
| Common Stocks – (continued) | |
| Taiwan – (continued) | | | |
| | 2,238,173 | | | United Microelectronics Corp. (Information Technology)* | | $ | 3,022,223 | |
| | 275,965 | | | Vanguard International Semiconductor Corp. (Information Technology) | | | 674,556 | |
| | 157,889 | | | Wan Hai Lines Ltd. (Industrials) | | | 450,259 | |
| | 1,494,235 | | | Winbond Electronics Corp. (Information Technology) | | | 1,089,840 | |
| | 787,645 | | | WPG Holdings Ltd. (Information Technology) | | | 1,330,101 | |
| | 354,133 | | | Yang Ming Marine Transport Corp. (Industrials) | | | 917,982 | |
| | 2,737,597 | | | Yuanta Financial Holding Co. Ltd. (Financials) | | | 1,825,814 | |
| | | | | | | | |
| | | | | | | 146,995,959 | |
| | |
| Tanzania – 0.0% | | | |
| | 32,036 | | | AngloGold Ashanti Ltd. (Materials)(b) | | | 431,604 | |
| | |
| Thailand – 1.6% | | | |
| | 372,216 | | | Advanced Info Service PCL NVDR (Communication Services) | | | 1,959,972 | |
| | 281,700 | | | Airports of Thailand PCL NVDR (Industrials)* | | | 562,048 | |
| | 1,816,600 | | | Bangkok Dusit Medical Services PCL NVDR (Health Care) | | | 1,457,266 | |
| | 84,800 | | | Bumrungrad Hospital PCL NVDR (Health Care) | | | 502,346 | |
| | 796,400 | | | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | | | 567,882 | |
| | 949,377 | | | CP ALL PCL NVDR (Consumer Staples) | | | 1,601,280 | |
| | 58,000 | | | Delta Electronics Thailand PCL NVDR (Information Technology) | | | 833,514 | |
| | 144,200 | | | Electricity Generating PCL NVDR (Utilities) | | | 723,719 | |
| | 469,300 | | | Gulf Energy Development PCL NVDR (Utilities) | | | 659,626 | |
| | 303,700 | | | Intouch Holdings PCL NVDR (Communication Services) | | | 605,942 | |
| | 284,700 | | | JMT Network Services PCL NVDR (Financials) | | | 609,026 | |
| | 1,304,000 | | | Krung Thai Bank PCL NVDR (Financials) | | | 604,391 | |
| | 455,200 | | | Krungthai Card PCL NVDR (Financials) | | | 752,165 | |
| | 655,100 | | | Muangthai Capital PCL NVDR (Financials) | | | 763,572 | |
| | 138,200 | | | PTT Exploration & Production PCL NVDR (Energy) | | | 638,648 | |
| | 389,000 | | | PTT Global Chemical PCL NVDR (Materials) | | | 506,753 | |
| | 1,061,600 | | | PTT PCL NVDR (Energy) | | | 1,091,807 | |
| | 570,800 | | | Ratch Group PCL NVDR (Utilities) | | | 688,795 | |
| | |
|
| Common Stocks – (continued) | |
| Thailand – (continued) | | | |
| | 62,700 | | | Siam Cement PCL (The) NVDR (Materials) | | | 615,608 | |
| | 862,400 | | | Thai Union Group PCL NVDR (Consumer Staples) | | | 413,905 | |
| | | | | | | | |
| | | | | | | 16,158,265 | |
| | |
| Turkey – 0.5% | | | |
| | 324,700 | | | BIM Birlesik Magazalar AS (Consumer Staples) | | | 1,952,358 | |
| | 551,329 | | | Eregli Demir ve Celik Fabrikalari TAS (Materials) | | | 872,090 | |
| | 518,053 | | | KOC Holding AS (Industrials) | | | 1,298,941 | |
| | 660,822 | | | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | | | 900,007 | |
| | | | | | | | |
| | | | | | | 5,023,396 | |
| | |
| United Arab Emirates – 1.6% | | | |
| | 699,400 | | | Abu Dhabi Commercial Bank PJSC (Financials) | | | 1,727,054 | |
| | 490,028 | | | Abu Dhabi Islamic Bank PJSC (Financials) | | | 1,180,694 | |
| | 1,313,494 | | | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | | | 1,587,758 | |
| | 941,438 | | | Aldar Properties PJSC (Real Estate) | | | 1,235,412 | |
| | 1,028,292 | | | Dubai Islamic Bank PJSC (Financials) | | | 1,637,742 | |
| | 1,068,663 | | | Emaar Properties PJSC (Real Estate) | | | 1,821,328 | |
| | 550,868 | | | Emirates NBD Bank PJSC (Financials) | | | 2,002,175 | |
| | 392,231 | | | Emirates Telecommunications Group Co. PJSC (Communication Services) | | | 2,746,541 | |
| | 468,889 | | | First Abu Dhabi Bank PJSC (Financials) | | | 2,438,241 | |
| | | | | | | | |
| | | | | | | 16,376,945 | |
| | |
| United States – 0.3% | | | |
| | 526,002 | | | JBS SA (Consumer Staples) | | | 3,004,130 | |
| | 11,500 | | | Parade Technologies Ltd. (Information Technology) | | | 326,062 | |
| | | | | | | | |
| | | | | | | 3,330,192 | |
| | |
| | TOTAL COMMON STOCKS | | | | |
| | (Cost $957,308,056) | | $ | 990,531,570 | |
| | |
| | | | | | | | | | | | |
| Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stocks – 2.2% | |
| Brazil – 1.4% | | | | |
| | 809,211 | | | Banco Bradesco SA (Financials) | | | 3.29 | % | | $ | 2,961,328 | |
| | 119,063 | | | Braskem SA, Class A (Materials) | | | 30.35 | | | | 699,762 | |
| | |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
| | | | | | | | | | | | |
| Shares | | | Description | | Rate | | |
Value | |
|
| Preferred Stocks – (continued) | |
| Brazil – (continued) | | | | |
| | 44,200 | | | Centrais Eletricas Brasileiras SA, Class B (Utilities) | | | 3.33 | % | | $ | 408,643 | |
| | 274,737 | | | Cia Energetica de Minas Gerais (Utilities) | | | 9.62 | | | | 641,636 | |
| | 111,664 | | | Gerdau SA (Materials) | | | 17.22 | | | | 502,607 | |
| | 630,670 | | | Itau Unibanco Holding SA (Financials) | | | 3.15 | | | | 3,141,786 | |
| | 770,355 | | | Itausa SA (Financials) | | | 6.16 | | | | 1,360,500 | |
| | 720,396 | | | Petroleo Brasileiro SA (Energy) | | | 33.98 | | | | 4,620,490 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,336,752 | |
| | |
| Chile – 0.1% | | | | |
| | 8,256 | | | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | | | 4.38 | | | | 828,763 | |
| | |
| Colombia – 0.0% | | | | |
| | 85,275 | | | Bancolombia SA (Financials) | | | 5.45 | | | | 589,549 | |
| | |
| Russia – 0.0% | | | | |
| | 3,212,489 | | | Surgutneftegas PJSC (Energy)(c) | | | 15.71 | | | | — | |
| | |
| South Korea – 0.7% | | | | |
| | 6,930 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 5.48 | | | | 483,398 | |
| | 6,639 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 5.52 | | | | 452,676 | |
| | 5,415 | | | LG H&H Co. Ltd. (Consumer Staples) | | | 3.33 | | | | 1,483,756 | |
| | 120,170 | | | Samsung Electronics Co. Ltd. (Information Technology) | | | 2.72 | | | | 4,896,464 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,316,294 | |
| | |
| | TOTAL PREFERRED STOCKS | | | | | | | | |
| | (Cost $21,413,328) | | | | | | $ | 23,071,358 | |
| | |
| | | | | | | | |
| Shares | | | Description | | Value | |
|
| Exchange-Traded Fund – 0.6% | |
| United States – 0.6% | | | |
| | 257,264 | | | iShares MSCI Malaysia ETF(b) | | | | |
| | (Cost $7,732,868) | | $ | 5,742,132 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $986,454,252) | | $ | 1,019,345,060 | |
| | |
| Shares | | | Dividend
Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 1.1%(d) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 10,851,775 | | | 2.154% | | $ | 10,851,775 | |
| (Cost $10,851,775) | | | |
| | |
| | TOTAL INVESTMENTS – 100.5% | | | | |
| | (Cost $997,306,027) | | $ | 1,030,196,835 | |
| | |
| LIABILITIES IN EXCESS OF OTHER
ASSETS – (0.5)% | | | (4,989,136 | ) |
| | |
| | NET ASSETS – 100.0% | | $ | 1,025,207,699 | |
| | |
| | |
|
| 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) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| |
(d) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
GDR | | —Global Depositary Receipt |
NVDR | | —Non-Voting Depository Receipt |
PLC | | —Public Limited Company |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
Long position contracts: | | | | | | | | | | | | | | | | |
MSCI Emerging Markets Index Future | | | 64 | | | | 09/16/22 | | | $ | 3,150,514 | | | $ | (8,434 | ) |
| | | | |
| Sector | | % of Market
Value | |
| |
Financials | | | 21.2 | % |
Information Technology | | | 19.2 | |
Consumer Discretionary | | | 11.7 | |
Consumer Staples | | | 11.0 | |
Communication Services | | | 9.2 | |
Materials | | | 7.8 | |
Industrials | | | 5.2 | |
Health Care | | | 4.7 | |
Energy | | | 4.3 | |
Utilities | | | 3.0 | |
Real Estate | | | 1.0 | |
Exchange-Traded Fund | | | 0.6 | |
Securities Lending Reinvestment Vehicle | | | 1.1 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | | Description | | Value | |
|
| Common Stocks – 98.7% | |
| Australia – 1.2% | | | |
| | 12,680 | | | Glencore PLC (Materials)* | | $ | 69,833 | |
| | 1,472 | | | Rio Tinto PLC (Materials) | | | 81,718 | |
| | | | | | | | |
| | | | | | | 151,551 | |
| | |
| Austria – 0.6% | | | |
| | 507 | | | Erste Group Bank AG (Financials) | | | 11,461 | |
| | 376 | | | Mondi PLC (Materials) | | | 6,414 | |
| | 878 | | | OMV AG (Energy) | | | 35,562 | |
| | 121 | | | Verbund AG (Utilities) | | | 11,601 | |
| | 518 | | | voestalpine AG (Materials) | | | 10,480 | |
| | | | | | | | |
| | | | | | | 75,518 | |
| | |
| Belgium – 1.2% | | | |
| | 199 | | | Ageas SA/NV (Financials) | | | 8,102 | |
| | 588 | | | Anheuser-Busch InBev SA/NV (Consumer Staples) | | | 28,585 | |
| | 57 | | | D’ieteren Group (Consumer Discretionary) | | | 8,637 | |
| | 124 | | | Elia Group SA/NV (Utilities) | | | 18,067 | |
| | 153 | | | Groupe Bruxelles Lambert SA (Financials) | | | 11,616 | |
| | 112 | | | KBC Group NV (Financials) | | | 5,336 | |
| | 361 | | | Proximus SADP (Communication Services) | | | 4,603 | |
| | 89 | | | Sofina SA (Financials) | | | 17,917 | |
| | 171 | | | Solvay SA (Materials) | | | 13,866 | |
| | 328 | | | UCB SA (Health Care) | | | 23,120 | |
| | 169 | | | Warehouses De Pauw CVA REIT (Real Estate) | | | 5,163 | |
| | | | | | | | |
| | | | | | | 145,012 | |
| | |
| Brazil – 0.1% | | | |
| | 317 | | | Yara International ASA (Materials) | | | 13,461 | |
| | |
| China – 0.1% | | | |
| | 110 | | | Prosus NV (Consumer Discretionary)* | | | 6,830 | |
| | |
| Denmark – 4.5% | | | |
| | 24 | | | AP Moller – Maersk A/S, Class A (Industrials) | | | 56,331 | |
| | 25 | | | AP Moller – Maersk A/S, Class B (Industrials) | | | 60,013 | |
| | 184 | | | Carlsberg AS, Class B (Consumer Staples) | | | 24,027 | |
| | 115 | | | Chr Hansen Holding A/S (Materials) | | | 6,720 | |
| | 102 | | | Coloplast A/S, Class B (Health Care) | | | 11,697 | |
| | 1,622 | | | Danske Bank A/S (Financials) | | | 21,750 | |
| | 231 | | | Demant A/S (Health Care)* | | | 7,136 | |
| | 82 | | | DSV A/S (Industrials) | | | 12,157 | |
| | 31 | | | Genmab A/S (Health Care)* | | | 11,065 | |
| | 2,514 | | | Novo Nordisk A/S, Class B (Health Care) | | | 269,371 | |
| | 244 | | | Novozymes A/S, Class B (Materials) | | | 14,040 | |
| | 46 | | | Orsted AS (Utilities)(a) | | | 4,521 | |
| | 386 | | | Pandora A/S (Consumer Discretionary) | | | 23,333 | |
| | 29 | | | ROCKWOOL A/S, Class B (Industrials) | | | 6,001 | |
| | 964 | | | Tryg A/S (Financials) | | | 21,851 | |
| | 172 | | | Vestas Wind Systems A/S (Industrials) | | | 4,335 | |
| | | | | | | | |
| | | | | | | 554,348 | |
| | |
|
| Common Stocks – (continued) | |
| Finland – 1.8% | | | |
| | 342 | | | Elisa OYJ (Communication Services) | | | 18,316 | |
| | 2,843 | | | Fortum OYJ (Utilities) | | | 29,288 | |
| | 143 | | | Kesko OYJ, Class B (Consumer Staples) | | | 3,017 | |
| | 189 | | | Kone OYJ, Class B (Industrials) | | | 7,587 | |
| | 55 | | | Neste OYJ (Energy) | | | 2,724 | |
| | 7,268 | | | Nokia OYJ (Information Technology) | | | 36,630 | |
| | 3,095 | | | Nordea Bank Abp (Financials) | | | 28,859 | |
| | 1,149 | | | Orion OYJ, Class B (Health Care) | | | 52,188 | |
| | 606 | | | Sampo OYJ, Class A (Financials) | | | 27,482 | |
| | 587 | | | Stora Enso OYJ, Class R (Materials) | | | 8,780 | |
| | 319 | | | UPM-Kymmene OYJ (Materials) | | | 10,871 | |
| | | | | | | | |
| | | | | | | 225,742 | |
| | |
| France – 17.8% | | | |
| | 65 | | | Aeroports de Paris (Industrials)* | | | 8,945 | |
| | 482 | | | Air Liquide SA (Materials) | | | 60,681 | |
| | 312 | | | Airbus SE (Industrials) | | | 30,711 | |
| | 97 | | | Amundi SA (Financials)(a) | | | 4,945 | |
| | 93 | | | Arkema SA (Materials) | | | 7,891 | |
| | 2,006 | | | AXA SA (Financials) | | | 47,453 | |
| | 333 | | | BioMerieux (Health Care) | | | 30,558 | |
| | 1,175 | | | BNP Paribas SA (Financials) | | | 54,923 | |
| | 4,295 | | | Bollore SE (Communication Services) | | | 20,627 | |
| | 535 | | | Bouygues SA (Industrials) | | | 15,763 | |
| | 791 | | | Bureau Veritas SA (Industrials) | | | 19,702 | |
| | 352 | | | Capgemini SE (Information Technology) | | | 61,234 | |
| | 3,140 | | | Carrefour SA (Consumer Staples) | | | 52,540 | |
| | 1,275 | | | Cie de Saint-Gobain (Industrials) | | | 51,732 | |
| | 690 | | | Cie Generale des Etablissements Michelin (Consumer Discretionary) | | | 16,864 | |
| | 81 | | | Covivio REIT (Real Estate) | | | 4,545 | |
| | 2,573 | | | Credit Agricole SA (Financials) | | | 23,777 | |
| | 928 | | | Danone SA (Consumer Staples) | | | 49,000 | |
| | 142 | | | Dassault Aviation SA (Industrials) | | | 19,562 | |
| | 749 | | | Dassault Systemes (Information Technology) | | | 29,053 | |
| | 208 | | | Edenred (Information Technology) | | | 10,562 | |
| | 819 | | | Eiffage SA (Industrials) | | | 72,357 | |
| | 228 | | | Electricite de France SA (Utilities) | | | 2,736 | |
| | 2,920 | | | Engie SA (Utilities) | | | 34,847 | |
| | 304 | | | EssilorLuxottica SA (Consumer Discretionary) | | | 45,624 | |
| | 246 | | | Eurazeo SE (Financials) | | | 14,755 | |
| | 82 | | | Gecina SA REIT (Real Estate) | | | 7,334 | |
| | 1,076 | | | Getlink SE (Industrials) | | | 20,330 | |
| | 61 | | | Hermes International (Consumer Discretionary) | | | 78,667 | |
| | 788 | | | Ipsen SA (Health Care) | | | 75,711 | |
| | 80 | | | Kering (Consumer Discretionary) | | | 40,463 | |
| | 197 | | | Klepierre SA REIT (Real Estate)* | | | 4,061 | |
| | 1,972 | | | La Francaise des Jeux SAEM (Consumer Discretionary)(a) | | | 64,188 | |
| | 370 | | | Legrand SA (Industrials) | | | 26,892 | |
| | 389 | | | L’Oreal SA (Consumer Staples) | | | 134,265 | |
| | 355 | | | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | | | 231,138 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| France – (continued) | | | |
| | 2,224 | | | Orange SA (Communication Services) | | $ | 22,583 | |
| | 217 | | | Pernod Ricard SA (Consumer Staples) | | | 40,051 | |
| | 412 | | | Publicis Groupe SA (Communication Services) | | | 20,196 | |
| | 99 | | | Remy Cointreau SA (Consumer Staples) | | | 18,447 | |
| | 631 | | | Renault SA (Consumer Discretionary)* | | | 18,153 | |
| | 218 | | | Safran SA (Industrials) | | | 22,338 | |
| | 1,486 | | | Sanofi (Health Care) | | | 122,797 | |
| | 58 | | | Sartorius Stedim Biotech (Health Care) | | | 21,328 | |
| | 511 | | | SEB SA (Consumer Discretionary) | | | 38,024 | |
| | 1,802 | | | Societe Generale SA (Financials) | | | 40,009 | |
| | 137 | | | Sodexo SA (Consumer Discretionary) | | | 10,530 | |
| | 44 | | | Teleperformance (Industrials) | | | 12,579 | |
| | 165 | | | Thales SA (Industrials) | | | 19,935 | |
| | 2,858 | | | TotalEnergies SE (Energy) | | | 145,676 | |
| | 284 | | | Ubisoft Entertainment SA (Communication Services)* | | | 13,139 | |
| | 1,096 | | | Veolia Environnement SA (Utilities) | | | 24,554 | |
| | 595 | | | Vinci SA (Industrials) | | | 55,193 | |
| | 1,417 | | | Vivendi SE (Communication Services) | | | 12,901 | |
| | 764 | | | Wendel SE (Financials) | | | 60,307 | |
| | 242 | | | Worldline SA (Information Technology)*(a) | | | 10,413 | |
| | | | | | | | |
| | | | | | | 2,203,589 | |
| | |
| Germany – 11.8% | | | |
| | 358 | | | adidas AG (Consumer Discretionary) | | | 53,379 | |
| | 343 | | | Allianz SE (Financials) | | | 58,144 | |
| | 589 | | | BASF SE (Materials) | | | 24,917 | |
| | 1,141 | | | Bayer AG (Health Care) | | | 60,350 | |
| | 518 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 38,269 | |
| | 121 | | | Bechtle AG (Information Technology) | | | 4,652 | |
| | 243 | | | Beiersdorf AG (Consumer Staples) | | | 24,581 | |
| | 324 | | | Brenntag SE (Industrials) | | | 21,314 | |
| | 106 | | | Carl Zeiss Meditec AG (Health Care) | | | 13,238 | |
| | 4,556 | | | Commerzbank AG (Financials)* | | | 30,374 | |
| | 330 | | | Covestro AG (Materials)(a) | | | 9,995 | |
| | 556 | | | Daimler Truck Holding AG (Industrials)* | | | 14,271 | |
| | 4,129 | | | Deutsche Bank AG (Financials) | | | 34,556 | |
| | 173 | | | Deutsche Boerse AG (Financials) | | | 29,304 | |
| | 6,461 | | | Deutsche Lufthansa AG (Industrials)* | | | 38,559 | |
| | 2,235 | | | Deutsche Post AG (Industrials) | | | 81,794 | |
| | 3,273 | | | Deutsche Telekom AG (Communication Services) | | | 61,834 | |
| | 2,801 | | | E.ON SE (Utilities) | | | 23,969 | |
| | 336 | | | Evonik Industries AG (Materials) | | | 6,283 | |
| | 439 | | | Fresenius Medical Care AG & Co. KGaA (Health Care) | | | 15,093 | |
| | 1,350 | | | Fresenius SE & Co. KGaA (Health Care) | | | 33,476 | |
| | 400 | | | GEA Group AG (Industrials) | | | 13,953 | |
| | 99 | | | Hannover Rueck SE (Financials) | | | 14,624 | |
| | 627 | | | HeidelbergCement AG (Materials) | | | 28,435 | |
| | 1,741 | | | HelloFresh SE (Consumer Staples)* | | | 41,771 | |
| | 150 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 9,397 | |
| | 872 | | | Infineon Technologies AG (Information Technology) | | | 21,307 | |
| | |
|
| Common Stocks – (continued) | |
| Germany – (continued) | | | |
| | 85 | | | KION Group AG (Industrials) | | | 3,404 | |
| | 321 | | | Knorr-Bremse AG (Industrials) | | | 15,606 | |
| | 90 | | | LEG Immobilien SE (Real Estate) | | | 6,816 | |
| | 1,111 | | | Mercedes-Benz Group AG (Consumer Discretionary) | | | 62,695 | |
| | 240 | | | Merck KGaA (Health Care) | | | 41,364 | |
| | 99 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | | | 23,713 | |
| | 750 | | | Nemetschek SE (Information Technology) | | | 44,420 | |
| | 619 | | | Puma SE (Consumer Discretionary) | | | 37,981 | |
| | 61 | | | Rational AG (Industrials) | | | 33,031 | |
| | 62 | | | Rheinmetall AG (Industrials) | | | 9,875 | |
| | 1,224 | | | RWE AG (Utilities) | | | 46,869 | |
| | 1,205 | | | SAP SE (Information Technology) | | | 102,921 | |
| | 107 | | | Scout24 SE (Communication Services)(a) | | | 6,191 | |
| | 737 | | | Siemens AG (Industrials) | | | 74,909 | |
| | 964 | | | Siemens Energy AG (Industrials) | | | 14,225 | |
| | 187 | | | Siemens Healthineers AG (Health Care)(a) | | | 9,163 | |
| | 177 | | | Symrise AG (Materials) | | | 18,572 | |
| | 4,653 | | | Telefonica Deutschland Holding AG (Communication Services) | | | 12,095 | |
| | 1,186 | | | Uniper SE (Utilities)(b) | | | 6,422 | |
| | 329 | | | United Internet AG (Communication Services) | | | 7,460 | |
| | 127 | | | Volkswagen AG (Consumer Discretionary) | | | 23,523 | |
| | 380 | | | Vonovia SE (Real Estate) | | | 10,317 | |
| | 1,582 | | | Zalando SE (Consumer Discretionary)*(a) | | | 36,763 | |
| | | | | | | | |
| | | | | | | 1,456,174 | |
| | |
| Hong Kong – 0.0% | | | |
| | 472 | | | Prudential PLC (Financials) | | | 4,963 | |
| | |
| Ireland – 0.7% | | | |
| | 455 | | | AerCap Holdings NV (Industrials)* | | | 20,043 | |
| | 766 | | | CRH PLC (Materials) | | | 28,341 | |
| | 136 | | | Kerry Group PLC, Class A (Consumer Staples) | | | 14,065 | |
| | 227 | | | Kingspan Group PLC (Industrials) | | | 12,929 | |
| | 378 | | | Smurfit Kappa Group PLC (Materials) | | | 12,752 | |
| | | | | | | | |
| | | | | | | 88,130 | |
| | |
| Italy – 3.6% | | | |
| | 1,693 | | | Assicurazioni Generali SpA (Financials) | | | 24,923 | |
| | 921 | | | Atlantia SpA (Industrials) | | | 21,143 | |
| | 579 | | | Coca-Cola HBC AG (Consumer Staples)* | | | 13,272 | |
| | 1,332 | | | Davide Campari-Milano NV (Consumer Staples) | | | 13,137 | |
| | 107 | | | DiaSorin SpA (Health Care) | | | 14,089 | |
| | 7,271 | | | Enel SpA (Utilities) | | | 34,331 | |
| | 5,225 | | | Eni SpA (Energy) | | | 62,039 | |
| | 216 | | | Ferrari NV (Consumer Discretionary) | | | 41,963 | |
| | 1,223 | | | FinecoBank Banca Fineco SpA (Financials) | | | 13,300 | |
| | 672 | | | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | | | 6,257 | |
| | 7,284 | | | Intesa Sanpaolo SpA (Financials) | | | 12,620 | |
| | 748 | | | Mediobanca Banca di Credito Finanziario SpA (Financials) | | | 5,948 | |
| | |
| | |
| 58 | | 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) | | | |
| | 912 | | | Moncler SpA (Consumer Discretionary) | | $ | 40,938 | |
| | 598 | | | Nexi SpA (Information Technology)*(a) | | | 4,932 | |
| | 3,363 | | | Poste Italiane SpA (Financials)(a) | | | 27,026 | |
| | 470 | | | Prysmian SpA (Industrials) | | | 14,467 | |
| | 501 | | | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | | | 20,524 | |
| | 3,233 | | | Snam SpA (Utilities) | | | 15,396 | |
| | 170,174 | | | Telecom Italia SpA (Communication Services)* | | | 35,250 | |
| | 2,048 | | | Terna – Rete Elettrica Nazionale (Utilities) | | | 14,622 | |
| | 834 | | | UniCredit SpA (Financials) | | | 8,217 | |
| | | | | | | | |
| | | | | | | 444,394 | |
| | |
| Jordan – 0.1% | | | |
| | 943 | | | Hikma Pharmaceuticals PLC (Health Care) | | | 14,407 | |
| | |
| Luxembourg – 0.7% | | | |
| | 3,135 | | | ArcelorMittal (Materials) | | | 74,885 | |
| | 224 | | | Eurofins Scientific SE (Health Care) | | | 15,565 | |
| | | | | | | | |
| | | | | | | 90,450 | |
| | |
| Netherlands – 8.2% | | | |
| | 464 | | | ABN AMRO Bank NV (Financials)(a)(b) | | | 4,467 | |
| | 10 | | | Adyen NV (Information Technology)*(a) | | | 15,536 | |
| | 5,302 | | | Aegon NV (Financials) | | | 23,821 | |
| | 244 | | | Akzo Nobel NV (Materials) | | | 15,467 | |
| | 15 | | | Argenx SE (Health Care)* | | | 5,634 | |
| | 70 | | | ASM International NV (Information Technology) | | | 19,082 | |
| | 503 | | | ASML Holding NV (Information Technology) | | | 245,132 | |
| | 120 | | | Euronext NV (Financials)(a) | | | 8,905 | |
| | 448 | | | EXOR NV (Financials) | | | 27,146 | |
| | 290 | | | Heineken Holding NV (Consumer Staples) | | | 20,646 | |
| | 237 | | | Heineken NV (Consumer Staples) | | | 21,386 | |
| | 122 | | | IMCD NV (Industrials) | | | 16,905 | |
| | 2,304 | | | ING Groep NV (Financials) | | | 20,309 | |
| | 565 | | | JDE Peet’s NV (Consumer Staples) | | | 17,453 | |
| | 3,435 | | | Koninklijke Ahold Delhaize NV (Consumer Staples) | | | 94,641 | |
| | 125 | | | Koninklijke DSM NV (Materials) | | | 16,007 | |
| | 6,875 | | | Koninklijke KPN NV (Communication Services) | | | 21,915 | |
| | 1,300 | | | Koninklijke Philips NV (Health Care) | | | 21,762 | |
| | 1,341 | | | NN Group NV (Financials) | | | 55,246 | |
| | 251 | | | OCI NV (Materials) | | | 9,450 | |
| | 849 | | | Randstad NV (Industrials) | | | 39,689 | |
| | 8,044 | | | Shell PLC (Energy) | | | 214,344 | |
| | 608 | | | Universal Music Group NV (Communication Services) | | | 12,109 | |
| | 632 | | | Wolters Kluwer NV (Industrials) | | | 61,924 | |
| | | | | | | | |
| | | | | | | 1,008,976 | |
| | |
|
| Common Stocks – (continued) | |
| Norway – 1.4% | | | |
| | 450 | | | Aker BP ASA (Energy) | | | 15,766 | |
| | 1,061 | | | DNB Bank ASA (Financials) | | | 20,313 | |
| | 1,362 | | | Equinor ASA (Energy) | | | 52,522 | |
| | 1,606 | | | Gjensidige Forsikring ASA (Financials) | | | 32,689 | |
| | 262 | | | Kongsberg Gruppen ASA (Industrials) | | | 8,976 | |
| | 424 | | | Mowi ASA (Consumer Staples) | | | 8,729 | |
| | 1,357 | | | Norsk Hydro ASA (Materials) | | | 9,366 | |
| | 1,850 | | | Orkla ASA (Consumer Staples) | | | 15,551 | |
| | 52 | | | Salmar ASA (Consumer Staples) | | | 3,456 | |
| | 902 | | | Telenor ASA (Communication Services) | | | 9,907 | |
| | | | | | | | |
| | | | | | | 177,275 | |
| | |
| Portugal – 0.7% | | | |
| | 1,942 | | | EDP – Energias de Portugal SA (Utilities) | | | 9,299 | |
| | 3,371 | | | Jeronimo Martins SGPS SA (Consumer Staples) | | | 74,913 | |
| | | | | | | | |
| | | | | | | 84,212 | |
| | |
| Singapore – 0.3% | | | |
| | 950 | | | STMicroelectronics NV (Information Technology) | | | 33,191 | |
| | |
| South Africa – 0.3% | | | |
| | 950 | | | Anglo American PLC (Materials) | | | 30,764 | |
| | |
| Spain – 3.7% | | | |
| | 78 | | | Acciona SA (Utilities) | | | 15,302 | |
| | 757 | | | ACS Actividades de Construccion y Servicios SA (Industrials) | | | 16,906 | |
| | 23 | | | Aena SME SA (Industrials)*(a) | | | 2,830 | |
| | 336 | | | Amadeus IT Group SA (Information Technology)* | | | 17,778 | |
| | 7,644 | | | Banco Bilbao Vizcaya Argentaria SA (Financials) | | | 34,524 | |
| | 17,635 | | | Banco Santander SA (Financials) | | | 42,860 | |
| | 5,627 | | | CaixaBank SA (Financials) | | | 16,997 | |
| | 153 | | | Cellnex Telecom SA (Communication Services)*(a) | | | 5,965 | |
| | 658 | | | Enagas SA (Utilities) | | | 12,036 | |
| | 562 | | | Endesa SA (Utilities) | | | 9,664 | |
| | 550 | | | Ferrovial SA (Industrials) | | | 13,815 | |
| | 598 | | | Grifols SA (Health Care)*(b) | | | 7,243 | |
| | 6,685 | | | Iberdrola SA (Utilities) | | | 69,809 | |
| | 2,471 | | | Industria de Diseno Textil SA (Consumer Discretionary) | | | 53,546 | |
| | 800 | | | Naturgy Energy Group SA (Utilities)(b) | | | 22,106 | |
| | 1,336 | | | Red Electrica Corp. SA (Utilities) | | | 24,497 | |
| | 4,647 | | | Repsol SA (Energy) | | | 60,676 | |
| | 6,267 | | | Telefonica SA (Communication Services) | | | 25,938 | |
| | | | | | | | |
| | | | | | | 452,492 | |
| | |
| Sweden – 4.2% | | | |
| | 166 | | | Alfa Laval AB (Industrials) | | | 4,457 | |
| | 57 | | | Alleima AB (Materials)* | | | 229 | |
| | 729 | | | Assa Abloy AB, Class B (Industrials) | | | 14,857 | |
| | 2,032 | | | Atlas Copco AB, Class A (Industrials) | | | 20,780 | |
| | 1,065 | | | Atlas Copco AB, Class B (Industrials) | | | 9,767 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Sweden – (continued) | | | |
| | 103 | | | Boliden AB (Materials) | | $ | 3,328 | |
| | 296 | | | Electrolux AB, Class B (Consumer Discretionary) | | | 3,765 | |
| | 306 | | | Epiroc AB, Class A (Industrials) | | | 4,709 | |
| | 228 | | | Epiroc AB, Class B (Industrials) | | | 3,120 | |
| | 516 | | | EQT AB (Financials) | | | 11,661 | |
| | 416 | | | Essity AB, Class B (Consumer Staples) | | | 9,276 | |
| | 309 | | | Getinge AB, Class B (Health Care) | | | 5,758 | |
| | 4,005 | | | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | | | 41,831 | |
| | 2,019 | | | Hexagon AB, Class B (Information Technology) | | | 20,782 | |
| | 228 | | | Holmen AB, Class B (Materials) | | | 9,833 | |
| | 1,159 | | | Husqvarna AB, Class B (Industrials) | | | 7,848 | |
| | 382 | | | Industrivarden AB, Class A (Financials) | | | 8,521 | |
| | 390 | | | Industrivarden AB, Class C (Financials) | | | 8,612 | |
| | 1,237 | | | Investor AB, Class A (Financials) | | | 20,684 | |
| | 1,631 | | | Investor AB, Class B (Financials) | | | 25,876 | |
| | 177 | | | L E Lundbergforetagen AB, Class B (Financials) | | | 7,357 | |
| | 445 | | | Lifco AB, Class B (Industrials) | | | 6,966 | |
| | 955 | | | Nibe Industrier AB, Class B (Industrials) | | | 9,004 | |
| | 289 | | | Sandvik AB (Industrials) | | | 4,537 | |
| | 1,499 | | | Securitas AB, Class B (Industrials)(b) | | | 13,195 | |
| | 1,855 | | | Skandinaviska Enskilda Banken AB, Class A (Financials) | | | 18,605 | |
| | 760 | | | Skanska AB, Class B (Industrials) | | | 11,304 | |
| | 856 | | | Svenska Cellulosa AB SCA, Class B (Materials) | | | 12,909 | |
| | 1,720 | | | Svenska Handelsbanken AB, Class A (Financials) | | | 14,167 | |
| | 1,142 | | | Swedbank AB, Class A (Financials) | | | 14,853 | |
| | 7,994 | | | Swedish Match AB (Consumer Staples) | | | 80,517 | |
| | 569 | | | Swedish Orphan Biovitrum AB (Health Care)* | | | 12,607 | |
| | 1,486 | | | Tele2 AB, Class B (Communication Services) | | | 15,876 | |
| | 3,833 | | | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | | | 28,831 | |
| | 4,007 | | | Telia Co. AB (Communication Services) | | | 14,162 | |
| | 279 | | | Volvo AB, Class A (Industrials) | | | 4,668 | |
| | 979 | | | Volvo AB, Class B (Industrials) | | | 15,586 | |
| | | | | | | | |
| | | | | | | 520,838 | |
| | |
| Switzerland – 8.4% | | | |
| | 1,479 | | | ABB Ltd. (Industrials) | | | 40,872 | |
| | 199 | | | Adecco Group AG (Industrials) | | | 6,331 | |
| | 273 | | | Alcon, Inc. (Health Care) | | | 18,059 | |
| | 110 | | | Baloise Holding AG (Financials) | | | 15,937 | |
| | 9 | | | Barry Callebaut AG (Consumer Staples) | | | 18,481 | |
| | 3 | | | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | | | 31,784 | |
| | 508 | | | Cie Financiere Richemont SA (Consumer Discretionary) | | | 57,179 | |
| | 279 | | | Clariant AG (Materials)* | | | 5,177 | |
| | 761 | | | Credit Suisse Group AG (Financials) | | | 3,946 | |
| | |
|
| Common Stocks – (continued) | |
| Switzerland – (continued) | | | |
| | 22 | | | EMS-Chemie Holding AG (Materials) | | | 15,520 | |
| | 60 | | | Geberit AG (Industrials) | | | 27,844 | |
| | 5 | | | Givaudan SA (Materials) | | | 16,031 | |
| | 577 | | | Holcim AG (Materials)* | | | 25,742 | |
| | 79 | | | Julius Baer Group Ltd. (Financials) | | | 3,841 | |
| | 244 | | | Kuehne + Nagel International AG (Industrials) | | | 56,503 | |
| | 655 | | | Logitech International SA (Information Technology) | | | 32,792 | |
| | 37 | | | Lonza Group AG (Health Care) | | | 19,843 | |
| | 2,702 | | | Novartis AG (Health Care) | | | 219,078 | |
| | 57 | | | Partners Group Holding AG (Financials) | | | 55,274 | |
| | 45 | | | Schindler Holding AG (Industrials) | | | 7,617 | |
| | 61 | | | Schindler Holding AG Participation Certificates (Industrials) | | | 10,669 | |
| | 26 | | | SGS SA (Industrials) | | | 57,437 | |
| | 205 | | | SIG Group AG (Materials)* | | | 4,827 | |
| | 51 | | | Sika AG (Materials) | | | 11,517 | |
| | 50 | | | Sonova Holding AG (Health Care) | | | 13,254 | |
| | 292 | | | Straumann Holding AG (Health Care) | | | 32,223 | |
| | 87 | | | Swatch Group AG (The) – Bearer (Consumer Discretionary) | | | 21,243 | |
| | 450 | | | Swatch Group AG (The) – Registered (Consumer Discretionary) | | | 20,592 | |
| | 47 | | | Swiss Life Holding AG (Financials) | | | 24,676 | |
| | 150 | | | Swiss Prime Site AG (Real Estate) | | | 12,957 | |
| | 44 | | | Swisscom AG (Communication Services) | | | 22,822 | |
| | 4,153 | | | UBS Group AG (Financials) | | | 66,085 | |
| | 38 | | | VAT Group AG (Industrials)(a) | | | 9,135 | |
| | 128 | | | Zurich Insurance Group AG (Financials) | | | 56,934 | |
| | | | | | | | |
| | | | | | | 1,042,222 | |
| | |
| United Kingdom – 18.3% | | | |
| | 1,943 | | | 3i Group PLC (Financials) | | | 27,481 | |
| | 7,501 | | | abrdn PLC (Financials) | | | 12,817 | |
| | 1,162 | | | Admiral Group PLC (Financials) | | | 28,692 | |
| | 408 | | | Ashtead Group PLC (Industrials) | | | 20,177 | |
| | 1,686 | | | Associated British Foods PLC (Consumer Staples) | | | 29,918 | |
| | 1,776 | | | AstraZeneca PLC (Health Care) | | | 219,964 | |
| | 7,801 | | | Auto Trader Group PLC (Communication Services)(a) | | | 59,165 | |
| | 5,359 | | | Aviva PLC (Financials) | | | 26,109 | |
| | 3,931 | | | BAE Systems PLC (Industrials) | | | 35,504 | |
| | 16,322 | | | Barclays PLC (Financials) | | | 31,242 | |
| | 2,115 | | | Barratt Developments PLC (Consumer Discretionary) | | | 10,516 | |
| | 130 | | | Berkeley Group Holdings PLC (Consumer Discretionary) | | | 5,529 | |
| | 19,095 | | | BP PLC (Energy) | | | 98,097 | |
| | 2,436 | | | British American Tobacco PLC (Consumer Staples) | | | 97,834 | |
| | 1,189 | | | British Land Co. PLC (The) REIT (Real Estate) | | | 5,960 | |
| | 3,465 | | | BT Group PLC (Communication Services) | | | 6,076 | |
| | 701 | | | Bunzl PLC (Industrials) | | | 23,337 | |
| | |
| | |
| 60 | | 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) | | | |
| | 2,776 | | | Burberry Group PLC (Consumer Discretionary) | | $ | 56,463 | |
| | 2,248 | | | CNH Industrial NV (Industrials) | | | 27,533 | |
| | 448 | | | Coca-Cola Europacific Partners PLC (Consumer Staples) | | | 22,028 | |
| | 4,197 | | | Compass Group PLC (Consumer Discretionary) | | | 90,787 | |
| | 152 | | | Croda International PLC (Materials) | | | 11,896 | |
| | 208 | | | DCC PLC (Industrials) | | | 12,012 | |
| | 2,514 | | | Diageo PLC (Consumer Staples) | | | 110,108 | |
| | 474 | | | Entain PLC (Consumer Discretionary) | | | 7,021 | |
| | 985 | | | Experian PLC (Industrials) | | | 30,063 | |
| | 6,669 | | | Haleon PLC (Consumer Staples)* | | | 20,087 | |
| | 415 | | | Halma PLC (Information Technology) | | | 10,020 | |
| | 4,133 | | | Hargreaves Lansdown PLC (Financials) | | | 39,320 | |
| | 14,892 | | | HSBC Holdings PLC (Financials) | | | 91,632 | |
| | 1,942 | | | Imperial Brands PLC (Consumer Staples) | | | 42,855 | |
| | 1,502 | | | Informa PLC (Communication Services) | | | 9,557 | |
| | 209 | | | InterContinental Hotels Group PLC (Consumer Discretionary) | | | 11,408 | |
| | 161 | | | Intertek Group PLC (Industrials) | | | 7,417 | |
| | 21,217 | | | J Sainsbury PLC (Consumer Staples) | | | 50,216 | |
| | 33,934 | | | JD Sports Fashion PLC (Consumer Discretionary) | | | 44,599 | |
| | 367 | | | Johnson Matthey PLC (Materials) | | | 8,605 | |
| | 12,540 | | | Kingfisher PLC (Consumer Discretionary) | | | 33,867 | |
| | 1,266 | | | Land Securities Group PLC REIT (Real Estate) | | | 9,584 | |
| | 5,780 | | | Legal & General Group PLC (Financials) | | | 16,982 | |
| | 72,888 | | | Lloyds Banking Group PLC (Financials) | | | 37,216 | |
| | 118 | | | London Stock Exchange Group PLC (Financials) | | | 11,124 | |
| | 2,069 | | | M&G PLC (Financials) | | | 4,713 | |
| | 8,233 | | | Melrose Industries PLC (Industrials) | | | 13,077 | |
| | 3,602 | | | National Grid PLC (Utilities) | | | 45,182 | |
| | 5,546 | | | NatWest Group PLC (Financials) | | | 15,904 | |
| | 445 | | | Next PLC (Consumer Discretionary) | | | 30,095 | |
| | 229 | | | Persimmon PLC (Consumer Discretionary) | | | 3,933 | |
| | 2,133 | | | Phoenix Group Holdings PLC (Financials) | | | 14,951 | |
| | 607 | | | Reckitt Benckiser Group PLC (Consumer Staples) | | | 46,955 | |
| | 2,266 | | | RELX PLC (Industrials) | | | 59,643 | |
| | 2,342 | | | Rentokil Initial PLC (Industrials) | | | 14,198 | |
| | 2,672 | | | Rolls-Royce Holdings PLC (Industrials)* | | | 2,394 | |
| | 5,449 | | | Sage Group PLC (The) (Information Technology) | | | 45,347 | |
| | 262 | | | Schroders PLC (Financials)(b) | | | 8,195 | |
| | 1,176 | | | Segro PLC REIT (Real Estate) | | | 12,904 | |
| | 718 | | | Severn Trent PLC (Utilities) | | | 23,284 | |
| | 1,415 | | | Smith & Nephew PLC (Health Care) | | | 16,720 | |
| | 908 | | | Smiths Group PLC (Industrials) | | | 15,753 | |
| | 69 | | | Spirax-Sarco Engineering PLC (Industrials) | | | 8,458 | |
| | 1,130 | | | SSE PLC (Utilities) | | | 21,728 | |
| | 1,469 | | | St James’s Place PLC (Financials) | | | 18,922 | |
| | 1,627 | | | Standard Chartered PLC (Financials) | | | 11,325 | |
| | |
|
| Common Stocks – (continued) | |
| United Kingdom – (continued) | | | |
| | 4,173 | | | Taylor Wimpey PLC (Consumer Discretionary) | | | 5,259 | |
| | 20,062 | | | Tesco PLC (Consumer Staples) | | | 58,057 | |
| | 2,583 | | | Unilever PLC (Consumer Staples) | | | 117,984 | |
| | 1,634 | | | United Utilities Group PLC (Utilities) | | | 20,087 | |
| | 42,692 | | | Vodafone Group PLC (Communication Services) | | | 57,466 | |
| | 2,092 | | | WPP PLC (Communication Services) | | | 18,121 | |
| | | | | | | | |
| | | | | | | 2,261,473 | |
| | |
| United States – 9.0% | |
| | 731 | | | Ferguson PLC (Industrials) | | | 84,940 | |
| | 5,413 | | | GSK PLC (Health Care) | | | 86,882 | |
| | 3,488 | | | Nestle SA (Consumer Staples) | | | 409,504 | |
| | 503 | | | QIAGEN NV (Health Care)* | | | 22,887 | |
| | 1,010 | | | Roche Holding AG (Health Care) | | | 326,404 | |
| | 112 | | | Roche Holding AG (Health Care) | | | 42,943 | |
| | 638 | | | Schneider Electric SE (Industrials) | | | 76,202 | |
| | 2,251 | | | Stellantis NV (Consumer Discretionary) | | | 30,227 | |
| | 288 | | | Swiss Re AG (Financials) | | | 22,481 | |
| | 690 | | | Tenaris SA (Energy) | | | 9,540 | |
| | | | | | | | |
| | | | | | | 1,112,010 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $13,450,348) | | $ | 12,198,022 | |
| | |
| | | | | | | | | | | | |
| Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stocks – 0.6% | |
| Germany – 0.6% | | | | |
| | 350 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 8.39 | % | | $ | 24,372 | |
| | 157 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 2.94 | | | | 10,142 | |
| | 18 | | | Sartorius AG (Health Care) | | | 0.30 | | | | 7,528 | |
| | 244 | | | Volkswagen AG (Consumer Discretionary) | | | 5.24 | | | | 34,874 | |
| | |
| | TOTAL PREFERRED STOCKS | | | | | |
| | (Cost $101,110) | | | | | | $ | 76,916 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $13,551,458) | | | | | | $ | 12,274,938 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Dividend Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.5%(c) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 61,124 | | | 2.154% | | $ | 61,124 | |
| | (Cost $61,124) | | | | |
| | |
| | TOTAL INVESTMENTS – 99.8% | | | | |
| | (Cost $13,612,582) | | $ | 12,336,062 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2% | | | 27,400 | |
| | |
| | NET ASSETS – 100.0% | | $ | 12,363,462 | |
| | |
| | |
|
| 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: |
CVA | | —Dutch Certification |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
Long position contracts: | | | | | | | | | | | | | | | | |
MSCI Europe Index | | | 3 | | | | 09/16/22 | | | $ | 81,885 | | | $ | (997 | ) |
| | | | |
| Sector | | % of Market
Value | |
| |
Health Care | | | 15.7 | % |
Consumer Staples | | | 15.2 | |
Industrials | | | 15.0 | |
Financials | | | 14.2 | |
Consumer Discretionary | | | 12.2 | |
Information Technology | | | 6.4 | |
Materials | | | 5.8 | |
Energy | | | 5.7 | |
Utilities | | | 4.4 | |
Communication Services | | | 4.2 | |
Real Estate | | | 0.7 | |
Securities Lending Reinvestment Vehicle | | | 0.5 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – 99.2% | |
| Australia – 7.2% | | | |
| | 43,485 | | | Ampol Ltd. (Energy) | | $ | 1,030,870 | |
| | 278,747 | | | APA Group (Utilities) | | | 2,119,244 | |
| | 82,313 | | | Aristocrat Leisure Ltd. (Consumer Discretionary) | | | 2,014,540 | |
| | 31,073 | | | ASX Ltd. (Financials) | | | 1,671,150 | |
| | 386,716 | | | Aurizon Holdings Ltd. (Industrials) | | | 988,872 | |
| | 388,135 | | | Australia & New Zealand Banking Group Ltd. (Financials) | | | 6,074,744 | |
| | 772,066 | | | BHP Group Ltd. (Materials) | | | 21,489,172 | |
| | 668,997 | | | BlueScope Steel Ltd. (Materials) | | | 7,668,310 | |
| | 141,200 | | | Brambles Ltd. (Industrials) | | | 1,198,380 | |
| | 30,932 | | | Cochlear Ltd. (Health Care) | | | 4,544,325 | |
| | 616,193 | | | Coles Group Ltd. (Consumer Staples) | | | 7,417,892 | |
| | 251,301 | | | Commonwealth Bank of Australia (Financials) | | | 16,792,077 | |
| | 126,244 | | | Computershare Ltd. (Information Technology) | | | 2,137,701 | |
| | 37,672 | | | CSL Ltd. (Health Care) | | | 7,580,977 | |
| | 214,534 | | | Dexus REIT (Real Estate) | | | 1,283,954 | |
| | 246,273 | | | Endeavour Group Ltd. (Consumer Staples) | | | 1,227,412 | |
| | 568,767 | | | Fortescue Metals Group Ltd. (Materials) | | | 7,182,295 | |
| | 1,777,048 | | | Glencore PLC (Materials)* | | | 9,786,774 | |
| | 86,265 | | | Goodman Group REIT (Real Estate) | | | 1,163,264 | |
| | 379,198 | | | GPT Group (The) REIT (Real Estate) | | | 1,094,428 | |
| | 206,904 | | | Insurance Australia Group Ltd. (Financials) | | | 659,570 | |
| | 214,482 | | | Lottery Corp. Ltd. (The) (Consumer Discretionary)* | | | 649,909 | |
| | 49,406 | | | Macquarie Group Ltd. (Financials) | | | 6,003,848 | |
| | 824,893 | | | Medibank Pvt Ltd. (Financials) | | | 2,098,026 | |
| | 13,696 | | | Mineral Resources Ltd. (Materials)* | | | 600,633 | |
| | 382,986 | | | National Australia Bank Ltd. (Financials) | | | 8,031,591 | |
| | 44,004 | | | Newcrest Mining Ltd. (Materials) | | | 534,860 | |
| | 63,575 | | | Orica Ltd. (Materials) | | | 674,242 | |
| | 354,354 | | | Origin Energy Ltd. (Utilities) | | | 1,532,872 | |
| | 135,134 | | | QBE Insurance Group Ltd. (Financials) | | | 1,118,179 | |
| | 15,773 | | | Ramsay Health Care Ltd. (Health Care) | | | 775,413 | |
| | 26,433 | | | REA Group Ltd. (Communication Services) | | | 2,311,352 | |
| | 77,512 | | | Reece Ltd. (Industrials) | | | 850,745 | |
| | 105,684 | | | Rio Tinto Ltd. (Materials) | | | 6,846,684 | |
| | 181,388 | | | Rio Tinto PLC (Materials) | | | 10,069,824 | |
| | 336,879 | | | Santos Ltd. (Energy) | | | 1,822,175 | |
| | 291,361 | | | Scentre Group REIT (Real Estate) | | | 587,243 | |
| | 90,458 | | | Sonic Healthcare Ltd. (Health Care) | | | 2,108,459 | |
| | 1,826,421 | | | South32 Ltd. (Materials) | | | 5,196,228 | |
| | 284,311 | | | Stockland REIT (Real Estate) | | | 705,572 | |
| | 357,839 | | | Suncorp Group Ltd. (Financials) | | | 2,673,951 | |
| | 864,931 | | | Telstra Corp. Ltd. (Communication Services) | | | 2,354,026 | |
| | |
|
| Common Stocks – (continued) | |
| Australia – (continued) | | | |
| | 234,070 | | | Transurban Group (Industrials) | | | 2,240,116 | |
| | 72,019 | | | Treasury Wine Estates Ltd. (Consumer Staples) | | | 651,225 | |
| | 671,479 | | | Vicinity Centres REIT (Real Estate) | | | 890,744 | |
| | 264,045 | | | Wesfarmers Ltd. (Consumer Discretionary) | | | 8,509,566 | |
| | 434,551 | | | Westpac Banking Corp. (Financials) | | | 6,437,760 | |
| | 20,160 | | | WiseTech Global Ltd. (Information Technology) | | | 812,242 | |
| | 220,702 | | | Woodside Energy Group Ltd. (Energy) | | | 5,182,103 | |
| | 394,474 | | | Woolworths Group Ltd. (Consumer Staples) | | | 9,759,880 | |
| | | | | | | | |
| | | | | | | 197,155,419 | |
| | |
| Austria – 0.3% | | | |
| | 36,824 | | | Erste Group Bank AG (Financials) | | | 832,398 | |
| | 48,119 | | | Mondi PLC (Materials) | | | 820,833 | |
| | 100,662 | | | OMV AG (Energy) | | | 4,077,169 | |
| | 20,661 | | | Verbund AG (Utilities) | | | 1,980,960 | |
| | | | | | | | |
| | | | | | | 7,711,360 | |
| | |
| Belgium – 0.7% | | | |
| | 39,666 | | | Ageas SA/NV (Financials) | | | 1,614,990 | |
| | 84,764 | | | Anheuser-Busch InBev SA/NV (Consumer Staples) | | | 4,120,660 | |
| | 8,059 | | | D’ieteren Group (Consumer Discretionary) | | | 1,221,232 | |
| | 14,553 | | | Elia Group SA/NV (Utilities) | | | 2,120,433 | |
| | 21,181 | | | Groupe Bruxelles Lambert SA (Financials) | | | 1,608,041 | |
| | 9,635 | | | Sofina SA (Financials) | | | 1,939,633 | |
| | 31,613 | | | Solvay SA (Materials) | | | 2,563,421 | |
| | 42,884 | | | UCB SA (Health Care) | | | 3,022,853 | |
| | 31,153 | | | Warehouses De Pauw CVA REIT (Real Estate) | | | 951,681 | |
| | | | | | | | |
| | | | | | | 19,162,944 | |
| | |
| Brazil – 0.0% | | | |
| | 24,818 | | | Yara International ASA (Materials) | | | 1,053,824 | |
| | |
| Canada – 12.3% | | | |
| | 91,300 | | | Algonquin Power & Utilities Corp. (Utilities) | | | 1,257,676 | |
| | 173,546 | | | Alimentation Couche-Tard, Inc. (Consumer Staples) | | | 7,479,334 | |
| | 76,767 | | | AltaGas Ltd. (Utilities) | | | 1,660,080 | |
| | 264,814 | | | ARC Resources Ltd. (Energy) | | | 3,666,064 | |
| | 83,520 | | | Bank of Montreal (Financials) | | | 7,732,743 | |
| | 149,411 | | | Bank of Nova Scotia (The) (Financials) | | | 8,285,146 | |
| | 157,320 | | | Barrick Gold Corp. (Materials) | | | 2,342,502 | |
| | 37,611 | | | BCE, Inc. (Communication Services) | | | 1,820,239 | |
| | 102,981 | | | Brookfield Asset Management, Inc., Class A (Financials) | | | 4,968,188 | |
| | 35,131 | | | Cameco Corp. (Energy) | | | 1,026,890 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Canada – (continued) | | | |
| | 29,491 | | | Canadian Apartment Properties REIT (Real Estate) | | $ | 1,005,928 | |
| | 124,482 | | | Canadian Imperial Bank of Commerce (Financials) | | | 5,903,770 | |
| | 42,152 | | | Canadian National Railway Co. (Industrials) | | | 5,027,276 | |
| | 141,584 | | | Canadian Natural Resources Ltd. (Energy) | | | 7,784,093 | |
| | 67,645 | | | Canadian Pacific Railway Ltd. (Industrials) | | | 5,078,540 | |
| | 23,949 | | | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | | | 2,824,834 | |
| | 51,332 | | | Canadian Utilities Ltd., Class A (Utilities) | | | 1,574,923 | |
| | 29,751 | | | CCL Industries, Inc., Class B (Materials) | | | 1,463,469 | |
| | 470,347 | | | Cenovus Energy, Inc. (Energy) | | | 8,849,534 | |
| | 47,984 | | | CGI, Inc. (Information Technology)* | | | 3,810,580 | |
| | 8,908 | | | Constellation Software, Inc. (Information Technology) | | | 13,447,842 | |
| | 151,590 | | | Dollarama, Inc. (Consumer Discretionary) | | | 9,257,917 | |
| | 46,082 | | | Emera, Inc. (Utilities) | | | 2,138,365 | |
| | 453,709 | | | Empire Co. Ltd., Class A (Consumer Staples) | | | 12,960,640 | |
| | 176,583 | | | Enbridge, Inc. (Energy) | | | 7,302,791 | |
| | 10,736 | | | Fairfax Financial Holdings Ltd. (Financials) | | | 5,367,508 | |
| | 22,168 | | | FirstService Corp. (Real Estate) | | | 2,780,987 | |
| | 63,103 | | | Fortis, Inc. (Utilities) | | | 2,791,836 | |
| | 6,049 | | | Franco-Nevada Corp. (Materials) | | | 729,335 | |
| | 89,164 | | | George Weston Ltd. (Consumer Staples) | | | 10,222,949 | |
| | 98,520 | | | Great-West Lifeco, Inc. (Financials)(a) | | | 2,320,817 | |
| | 81,751 | | | Hydro One Ltd. (Utilities)(b) | | | 2,219,812 | |
| | 120,457 | | | iA Financial Corp., Inc. (Financials) | | | 6,489,189 | |
| | 55,350 | | | IGM Financial, Inc. (Financials) | | | 1,510,967 | |
| | 160,672 | | | Imperial Oil Ltd. (Energy) | | | 7,908,458 | |
| | 24,784 | | | Intact Financial Corp. (Financials) | | | 3,600,455 | |
| | 45,178 | | | Keyera Corp. (Energy) | | | 1,116,341 | |
| | 168,840 | | | Loblaw Cos. Ltd. (Consumer Staples) | | | 14,964,309 | |
| | 42,677 | | | Magna International, Inc. (Consumer Discretionary) | | | 2,472,437 | |
| | 447,465 | | | Manulife Financial Corp. (Financials) | | | 7,762,985 | |
| | 64,036 | | | Metro, Inc. (Consumer Staples) | | | 3,377,831 | |
| | 70,556 | | | National Bank of Canada (Financials) | | | 4,681,285 | |
| | 62,833 | | | Northland Power, Inc. (Utilities) | | | 2,157,126 | |
| | 86,823 | | | Nutrien Ltd. (Materials) | | | 7,993,471 | |
| | 55,799 | | | Onex Corp. (Financials) | | | 2,767,368 | |
| | 35,067 | | | Open Text Corp. (Information Technology) | | | 1,107,759 | |
| | 28,210 | | | Parkland Corp. (Energy) | | | 694,480 | |
| | 80,989 | | | Pembina Pipeline Corp. (Energy) | | | 2,868,257 | |
| | 242,883 | | | Power Corp. of Canada (Financials) | | | 6,263,102 | |
| | 48,657 | | | Quebecor, Inc., Class B (Communication Services) | | | 1,054,062 | |
| | |
|
| Common Stocks – (continued) | |
| Canada – (continued) | | | |
| | 17,343 | | | Restaurant Brands International, Inc. (Consumer Discretionary) | | | 1,026,728 | |
| | 41,748 | | | RioCan Real Estate Investment Trust REIT (Real Estate) | | | 641,713 | |
| | 35,703 | | | Rogers Communications, Inc., Class B (Communication Services) | | | 1,541,696 | |
| | 211,246 | | | Royal Bank of Canada (Financials) | | | 19,700,270 | |
| | 120,380 | | | Saputo, Inc. (Consumer Staples) | | | 3,065,572 | |
| | 64,909 | | | Shaw Communications, Inc., Class B (Communication Services) | | | 1,669,315 | |
| | 93,785 | | | Sun Life Financial, Inc. (Financials) | | | 4,143,555 | |
| | 215,243 | | | Suncor Energy, Inc. (Energy) | | | 6,983,564 | |
| | 97,198 | | | TC Energy Corp. (Energy) | | | 4,697,359 | |
| | 160,178 | | | Teck Resources Ltd., Class B (Materials) | | | 5,440,377 | |
| | 101,610 | | | TELUS Corp. (Communication Services) | | | 2,295,070 | |
| | 13,993 | | | Thomson Reuters Corp. (Industrials) | | | 1,545,256 | |
| | 16,955 | | | TMX Group Ltd. (Financials) | | | 1,707,670 | |
| | 34,410 | | | Toromont Industries Ltd. (Industrials) | | | 2,671,137 | |
| | 245,219 | | | Toronto-Dominion Bank (The) (Financials) | | | 15,820,520 | |
| | 34,197 | | | Tourmaline Oil Corp. (Energy) | | | 2,027,640 | |
| | 150,029 | | | West Fraser Timber Co. Ltd. (Materials) | | | 13,460,910 | |
| | 97,871 | | | WSP Global, Inc. (Industrials) | | | 11,696,541 | |
| | | | | | | | |
| | | | | | | 334,027,383 | |
| | |
| Chile – 0.1% | | | |
| | 656,742 | | | Lundin Mining Corp. (Materials) | | | 3,425,128 | |
| | |
| China – 0.6% | | | |
| | 1,429,149 | | | BOC Hong Kong Holdings Ltd. (Financials) | | | 4,934,473 | |
| | 1,240,127 | | | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | | | 2,505,898 | |
| | 18,817 | | | Prosus NV (Consumer Discretionary)* | | | 1,168,399 | |
| | 2,254,311 | | | SITC International Holdings Co. Ltd. (Industrials) | | | 5,744,309 | |
| | 231,161 | | | Wilmar International Ltd. (Consumer Staples) | | | 669,407 | |
| | 749,926 | | | Xinyi Glass Holdings Ltd. (Industrials) | | | 1,391,149 | |
| | | | | | | | |
| | | | | | | 16,413,635 | |
| | |
| Denmark – 2.6% | | | |
| | 3,285 | | | AP Moller – Maersk A/S, Class A (Industrials) | | | 7,710,287 | |
| | 3,534 | | | AP Moller – Maersk A/S, Class B (Industrials) | | | 8,483,454 | |
| | 22,914 | | | Carlsberg AS, Class B (Consumer Staples) | | | 2,992,083 | |
| | 13,948 | | | Chr Hansen Holding A/S (Materials) | | | 815,046 | |
| | 22,627 | | | Coloplast A/S, Class B (Health Care) | | | 2,594,841 | |
| | |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Denmark – (continued) | | | |
| | 172,410 | | | Danske Bank A/S (Financials) | | $ | 2,311,916 | |
| | 52,977 | | | Demant A/S (Health Care)* | | | 1,636,662 | |
| | 11,437 | | | DSV A/S (Industrials) | | | 1,695,533 | |
| | 3,802 | | | Genmab A/S (Health Care)* | | | 1,357,068 | |
| | 297,339 | | | Novo Nordisk A/S, Class B (Health Care) | | | 31,859,329 | |
| | 28,816 | | | Novozymes A/S, Class B (Materials) | | | 1,658,138 | |
| | 51,930 | | | Pandora A/S (Consumer Discretionary) | | | 3,139,124 | |
| | 4,532 | | | ROCKWOOL A/S, Class B (Industrials) | | | 937,797 | |
| | 130,586 | | | Tryg A/S (Financials) | | | 2,959,959 | |
| | | | | | | | |
| | | | | | | 70,151,237 | |
| | |
| Finland – 1.1% | | | |
| | 30,561 | | | Elisa OYJ (Communication Services) | | | 1,636,713 | |
| | 460,376 | | | Fortum OYJ (Utilities) | | | 4,742,730 | |
| | 23,157 | | | Kone OYJ, Class B (Industrials) | | | 929,558 | |
| | 10,826 | | | Neste OYJ (Energy) | | | 536,140 | |
| | 968,678 | | | Nokia OYJ (Information Technology) | | | 4,881,960 | |
| | 360,074 | | | Nordea Bank Abp (Financials) | | | 3,357,519 | |
| | 167,032 | | | Orion OYJ, Class B (Health Care) | | | 7,586,710 | |
| | 88,802 | | | Sampo OYJ, Class A (Financials) | | | 4,027,198 | |
| | 83,062 | | | Stora Enso OYJ, Class R (Materials) | | | 1,242,405 | |
| | 42,606 | | | UPM-Kymmene OYJ (Materials) | | | 1,451,931 | |
| | | | | | | | |
| | | | | | | 30,392,864 | |
| | |
| France – 10.3% | | | |
| | 9,018 | | | Aeroports de Paris (Industrials)* | | | 1,240,963 | |
| | 46,425 | | | Air Liquide SA (Materials) | | | 5,844,670 | |
| | 31,040 | | | Airbus SE (Industrials) | | | 3,055,370 | |
| | 10,358 | | | Arkema SA (Materials) | | | 878,859 | |
| | 260,864 | | | AXA SA (Financials) | | | 6,170,886 | |
| | 41,012 | | | BioMerieux (Health Care) | | | 3,763,528 | |
| | 138,276 | | | BNP Paribas SA (Financials) | | | 6,463,435 | |
| | 1,312,173 | | | Bollore SE (Communication Services) | | | 6,301,721 | |
| | 62,772 | | | Bouygues SA (Industrials) | | | 1,849,428 | |
| | 71,860 | | | Bureau Veritas SA (Industrials) | | | 1,789,851 | |
| | 54,154 | | | Capgemini SE (Information Technology) | | | 9,420,639 | |
| | 448,794 | | | Carrefour SA (Consumer Staples) | | | 7,509,380 | |
| | 162,699 | | | Cie de Saint-Gobain (Industrials) | | | 6,601,341 | |
| | 67,154 | | | Cie Generale des Etablissements Michelin (Consumer Discretionary) | | | 1,641,237 | |
| | 232,370 | | | Credit Agricole SA (Financials) | | | 2,147,333 | |
| | 93,582 | | | Danone SA (Consumer Staples) | | | 4,941,264 | |
| | 11,974 | | | Dassault Aviation SA (Industrials) | | | 1,649,543 | |
| | 102,740 | | | Dassault Systemes (Information Technology) | | | 3,985,192 | |
| | 31,828 | | | Edenred (Information Technology) | | | 1,616,235 | |
| | 102,326 | | | Eiffage SA (Industrials) | | | 9,040,260 | |
| | 47,020 | | | Electricite de France SA (Utilities) | | | 564,298 | |
| | 351,927 | | | Engie SA (Utilities) | | | 4,199,851 | |
| | |
|
| Common Stocks – (continued) | |
| France – (continued) | | | |
| | 38,617 | | | EssilorLuxottica SA (Consumer Discretionary) | | | 5,795,576 | |
| | 28,917 | | | Eurazeo SE (Financials) | | | 1,734,472 | |
| | 11,078 | | | Gecina SA REIT (Real Estate) | | | 990,857 | |
| | 122,225 | | | Getlink SE (Industrials) | | | 2,309,354 | |
| | 9,162 | | | Hermes International (Consumer Discretionary) | | | 11,815,481 | |
| | 111,289 | | | Ipsen SA (Health Care) | | | 10,692,682 | |
| | 10,049 | | | Kering (Consumer Discretionary) | | | 5,082,701 | |
| | 38,661 | | | Klepierre SA REIT (Real Estate)* | | | 796,949 | |
| | 209,776 | | | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | | | 6,828,137 | |
| | 34,836 | | | Legrand SA (Industrials) | | | 2,531,921 | |
| | 52,406 | | | L’Oreal SA (Consumer Staples) | | | 18,088,197 | |
| | 44,969 | | | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | | | 29,279,033 | |
| | 279,015 | | | Orange SA (Communication Services) | | | 2,833,131 | |
| | 20,202 | | | Pernod Ricard SA (Consumer Staples) | | | 3,728,657 | |
| | 96,870 | | | Publicis Groupe SA (Communication Services) | | | 4,748,623 | |
| | 16,606 | | | Remy Cointreau SA (Consumer Staples) | | | 3,094,170 | |
| | 87,527 | | | Renault SA (Consumer Discretionary)* | | | 2,518,046 | |
| | 20,387 | | | Safran SA (Industrials) | | | 2,088,965 | |
| | 168,664 | | | Sanofi (Health Care) | | | 13,937,737 | |
| | 11,707 | | | Sartorius Stedim Biotech (Health Care) | | | 4,305,011 | |
| | 77,243 | | | SEB SA (Consumer Discretionary) | | | 5,747,707 | |
| | 207,529 | | | Societe Generale SA (Financials) | | | 4,607,672 | |
| | 17,843 | | | Sodexo SA (Consumer Discretionary) | | | 1,371,489 | |
| | 4,817 | | | Teleperformance (Industrials) | | | 1,377,074 | |
| | 22,505 | | | Thales SA (Industrials) | | | 2,718,983 | |
| | 325,069 | | | TotalEnergies SE (Energy) | | | 16,569,201 | |
| | 63,506 | | | Ubisoft Entertainment SA (Communication Services)* | | | 2,938,128 | |
| | 10,414 | | | Unibail – Rodamco-Westfield REIT (Real Estate)* | | | 538,250 | |
| | 154,288 | | | Veolia Environnement SA (Utilities) | | | 3,456,615 | |
| | 76,618 | | | Vinci SA (Industrials) | | | 7,107,239 | |
| | 173,765 | | | Vivendi SE (Communication Services) | | | 1,582,000 | |
| | 74,933 | | | Wendel SE (Financials) | | | 5,914,888 | |
| | 63,451 | | | Worldline SA (Information Technology)*(b) | | | 2,730,137 | |
| | | | | | | | |
| | | | | | | 280,534,367 | |
| | |
| Germany – 6.3% | | | |
| | 42,490 | | | adidas AG (Consumer Discretionary) | | | 6,335,385 | |
| | 42,982 | | | Allianz SE (Financials) | | | 7,286,121 | |
| | 49,010 | | | BASF SE (Materials) | | | 2,073,294 | |
| | 147,590 | | | Bayer AG (Health Care) | | | 7,806,321 | |
| | 58,032 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 4,287,275 | |
| | 20,980 | | | Bechtle AG (Information Technology) | | | 806,517 | |
| | 37,466 | | | Beiersdorf AG (Consumer Staples) | | | 3,789,999 | |
| | 37,975 | | | Brenntag SE (Industrials) | | | 2,498,113 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Germany – (continued) | | | |
| | 9,980 | | | Carl Zeiss Meditec AG (Health Care) | | $ | 1,246,396 | |
| | 406,627 | | | Commerzbank AG (Financials)* | | | 2,710,900 | |
| | 36,930 | | | Covestro AG (Materials)(b) | | | 1,118,505 | |
| | 63,038 | | | Daimler Truck Holding AG (Industrials)* | | | 1,617,975 | |
| | 425,178 | | | Deutsche Bank AG (Financials) | | | 3,558,397 | |
| | 28,120 | | | Deutsche Boerse AG (Financials) | | | 4,763,104 | |
| | 458,671 | | | Deutsche Lufthansa AG (Industrials)* | | | 2,737,321 | |
| | 288,273 | | | Deutsche Post AG (Industrials) | | | 10,549,926 | |
| | 361,461 | | | Deutsche Telekom AG (Communication Services) | | | 6,828,821 | |
| | 264,917 | | | E.ON SE (Utilities) | | | 2,266,956 | |
| | 46,206 | | | Evonik Industries AG (Materials) | | | 863,969 | |
| | 64,726 | | | Fresenius Medical Care AG & Co. KGaA (Health Care) | | | 2,225,264 | |
| | 173,771 | | | Fresenius SE & Co. KGaA (Health Care) | | | 4,308,976 | |
| | 43,800 | | | GEA Group AG (Industrials) | | | 1,527,855 | |
| | 12,353 | | | Hannover Rueck SE (Financials) | | | 1,824,727 | |
| | 99,103 | | | HeidelbergCement AG (Materials) | | | 4,494,352 | |
| | 175,054 | | | HelloFresh SE (Consumer Staples)* | | | 4,199,970 | |
| | 25,993 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 1,628,352 | |
| | 37,304 | | | Infineon Technologies AG (Information Technology) | | | 911,518 | |
| | 35,849 | | | Knorr-Bremse AG (Industrials) | | | 1,742,919 | |
| | 10,472 | | | LEG Immobilien SE (Real Estate) | | | 793,129 | |
| | 126,076 | | | Mercedes-Benz Group AG (Consumer Discretionary) | | | 7,114,655 | |
| | 30,603 | | | Merck KGaA (Health Care) | | | 5,274,467 | |
| | 2,989 | | | MTU Aero Engines AG (Industrials) | | | 528,833 | |
| | 13,028 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | | | 3,120,493 | |
| | 81,113 | | | Nemetschek SE (Information Technology) | | | 4,804,072 | |
| | 82,403 | | | Puma SE (Consumer Discretionary) | | | 5,056,138 | |
| | 5,992 | | | Rational AG (Industrials) | | | 3,244,601 | |
| | 10,486 | | | Rheinmetall AG (Industrials) | | | 1,670,201 | |
| | 194,299 | | | RWE AG (Utilities) | | | 7,439,971 | |
| | 132,413 | | | SAP SE (Information Technology) | | | 11,309,584 | |
| | 11,060 | | | Scout24 SE (Communication Services)(b) | | | 639,925 | |
| | 69,208 | | | Siemens AG (Industrials) | | | 7,034,371 | |
| | 171,120 | | | Siemens Energy AG (Industrials) | | | 2,525,123 | |
| | 23,872 | | | Siemens Healthineers AG (Health Care)(b) | | | 1,169,739 | |
| | 23,430 | | | Symrise AG (Materials) | | | 2,458,490 | |
| | 654,740 | | | Telefonica Deutschland Holding AG (Communication Services) | | | 1,701,897 | |
| | 147,049 | | | Uniper SE (Utilities)(a) | | | 796,254 | |
| | 29,869 | | | United Internet AG (Communication Services) | | | 677,284 | |
| | 17,340 | | | Volkswagen AG (Consumer Discretionary) | | | 3,211,755 | |
| | 46,854 | | | Vonovia SE (Real Estate) | | | 1,272,079 | |
| | |
|
| Common Stocks – (continued) | |
| Germany – (continued) | | | |
| | 158,426 | | | Zalando SE (Consumer Discretionary)*(b) | | | 3,681,545 | |
| | | | | | | | |
| | | | | | | 171,533,834 | |
| | |
| Hong Kong – 1.9% | | | |
| | 1,119,092 | | | AIA Group Ltd. (Financials) | | | 10,828,980 | |
| | 604,231 | | | CK Asset Holdings Ltd. (Real Estate) | | | 4,087,818 | |
| | 117,881 | | | CK Infrastructure Holdings Ltd. (Utilities) | | | 717,903 | |
| | 139,951 | | | CLP Holdings Ltd. (Utilities) | | | 1,207,143 | |
| | 73,804 | | | Hang Seng Bank Ltd. (Financials) | | | 1,156,589 | |
| | 1,381,293 | | | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | | | 1,152,713 | |
| | 1,207,787 | | | HKT Trust & HKT Ltd. (Communication Services) | | | 1,621,903 | |
| | 937,000 | | | Hong Kong & China Gas Co. Ltd. (Utilities) | | | 925,199 | |
| | 171,549 | | | Hong Kong Exchanges & Clearing Ltd. (Financials) | | | 6,946,020 | |
| | 168,800 | | | Hongkong Land Holdings Ltd. (Real Estate) | | | 816,992 | |
| | 46,959 | | | Jardine Matheson Holdings Ltd. (Industrials) | | | 2,493,523 | |
| | 132,202 | | | Link REIT (Real Estate) | | | 1,024,926 | |
| | 206,499 | | | MTR Corp. Ltd. (Industrials) | | | 1,058,956 | |
| | 787,383 | | | New World Development Co. Ltd. (Real Estate) | | | 2,573,163 | |
| | 250,123 | | | Power Assets Holdings Ltd. (Utilities) | | | 1,497,771 | |
| | 58,608 | | | Prudential PLC (Financials) | | | 616,222 | |
| | 378,391 | | | Sino Land Co. Ltd. (Real Estate) | | | 554,412 | |
| | 100,646 | | | Sun Hung Kai Properties Ltd. (Real Estate) | | | 1,183,565 | |
| | 162,716 | | | Swire Pacific Ltd., Class A (Real Estate) | | | 1,126,740 | |
| | 381,999 | | | Techtronic Industries Co. Ltd. (Industrials) | | | 4,535,990 | |
| | 9,525,407 | | | WH Group Ltd. (Consumer Staples)(b) | | | 6,504,925 | |
| | | | | | | | |
| | | | | | | 52,631,453 | |
| | |
| Ireland – 0.5% | | | |
| | 75,474 | | | AerCap Holdings NV (Industrials)* | | | 3,324,630 | |
| | 91,274 | | | CRH PLC (Materials) | | | 3,377,066 | |
| | 15,829 | | | Kerry Group PLC, Class A (Consumer Staples) | | | 1,637,048 | |
| | 24,060 | | | Kingspan Group PLC (Industrials) | | | 1,370,322 | |
| | 78,479 | | | Smurfit Kappa Group PLC (Materials) | | | 2,647,584 | |
| | | | | | | | |
| | | | | | | 12,356,650 | |
| | |
| Israel – 1.1% | | | |
| | 11,136 | | | Azrieli Group Ltd. (Real Estate) | | | 928,990 | |
| | 193,959 | | | Bank Hapoalim BM (Financials) | | | 2,023,291 | |
| | 231,864 | | | Bank Leumi Le-Israel BM (Financials) | | | 2,464,703 | |
| | |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Israel – (continued) | | | |
| | 947,789 | | | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | | $ | 1,604,128 | |
| | 27,141 | | | Check Point Software Technologies Ltd. (Information Technology)* | | | 3,263,434 | |
| | 5,568 | | | Elbit Systems Ltd. (Industrials) | | | 1,193,627 | |
| | 204,065 | | | ICL Group Ltd. (Materials)(a) | | | 1,963,078 | |
| | 279,105 | | | Israel Discount Bank Ltd., Class A (Financials) | | | 1,715,852 | |
| | 63,961 | | | Mizrahi Tefahot Bank Ltd. (Financials) | | | 2,615,009 | |
| | 5,927 | | | Nice Ltd. (Information Technology)* | | | 1,286,979 | |
| | 642,192 | | | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | | | 5,805,416 | |
| | 25,261 | | | Tower Semiconductor Ltd. (Information Technology)* | | | 1,189,218 | |
| | 105,735 | | | ZIM Integrated Shipping Services Ltd. (Industrials)(a) | | | 3,815,976 | |
| | | | | | | | |
| | | | | | | 29,869,701 | |
| | |
| Italy – 2.0% | | | |
| | 221,969 | | | Assicurazioni Generali SpA (Financials) | | | 3,267,662 | |
| | 119,087 | | | Atlantia SpA (Industrials) | | | 2,733,846 | |
| | 97,162 | | | Coca-Cola HBC AG (Consumer Staples)* | | | 2,227,238 | |
| | 142,658 | | | Davide Campari-Milano NV (Consumer Staples) | | | 1,406,955 | |
| | 15,821 | | | DiaSorin SpA (Health Care) | | | 2,083,259 | |
| | 381,262 | | | Enel SpA (Utilities) | | | 1,800,152 | |
| | 687,143 | | | Eni SpA (Energy) | | | 8,158,817 | |
| | 28,785 | | | Ferrari NV (Consumer Discretionary) | | | 5,592,128 | |
| | 189,315 | | | FinecoBank Banca Fineco SpA (Financials) | | | 2,058,805 | |
| | 87,596 | | | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | | | 815,641 | |
| | 710,712 | | | Intesa Sanpaolo SpA (Financials) | | | 1,231,353 | |
| | 111,085 | | | Moncler SpA (Consumer Discretionary) | | | 4,986,357 | |
| | 151,893 | | | Nexi SpA (Information Technology)*(b) | | | 1,252,741 | |
| | 366,318 | | | Poste Italiane SpA (Financials)(b) | | | 2,943,862 | |
| | 77,870 | | | Prysmian SpA (Industrials) | | | 2,396,830 | |
| | 83,209 | | | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | | | 3,408,749 | |
| | 316,860 | | | Snam SpA (Utilities) | | | 1,508,978 | |
| | 13,544,894 | | | Telecom Italia SpA (Communication Services)* | | | 2,805,734 | |
| | 278,521 | | | Terna – Rete Elettrica Nazionale (Utilities) | | | 1,988,474 | |
| | 110,499 | | | UniCredit SpA (Financials) | | | 1,088,678 | |
| | | | | | | | |
| | | | | | | 53,756,259 | |
| | |
|
| Common Stocks – (continued) | |
| Japan – 19.3% | | | |
| | 59,347 | | | Advantest Corp. (Information Technology) | | | 3,424,895 | |
| | 74,000 | | | Aeon Co. Ltd. (Consumer Staples)(a) | | | 1,453,309 | |
| | 20,165 | | | Aisin Corp. (Consumer Discretionary) | | | 604,405 | |
| | 65,998 | | | Ajinomoto Co., Inc. (Consumer Staples) | | | 1,838,184 | |
| | 82,318 | | | Asahi Group Holdings Ltd. (Consumer Staples) | | | 2,774,911 | |
| | 42,624 | | | Asahi Intecc Co. Ltd. (Health Care) | | | 770,230 | |
| | 500,041 | | | Astellas Pharma, Inc. (Health Care) | | | 7,158,387 | |
| | 39,281 | | | Azbil Corp. (Information Technology) | | | 1,130,613 | |
| | 61,057 | | | Bandai Namco Holdings, Inc. (Consumer Discretionary) | | | 4,618,089 | |
| | 79,715 | | | Bridgestone Corp. (Consumer Discretionary) | | | 3,078,192 | |
| | 217,707 | | | Brother Industries Ltd. (Information Technology) | | | 4,202,589 | |
| | 111,334 | | | Canon, Inc. (Information Technology) | | | 2,678,441 | |
| | 58,010 | | | Capcom Co. Ltd. (Communication Services) | | | 1,594,360 | |
| | 7,612 | | | Central Japan Railway Co. (Industrials) | | | 903,007 | |
| | 133,497 | | | Chubu Electric Power Co., Inc. (Utilities) | | | 1,361,693 | |
| | 105,152 | | | Chugai Pharmaceutical Co. Ltd. (Health Care) | | | 2,737,555 | |
| | 171,989 | | | Concordia Financial Group Ltd. (Financials) | | | 548,380 | |
| | 405,183 | | | CyberAgent, Inc. (Communication Services) | | | 4,001,410 | |
| | 37,567 | | | Dai Nippon Printing Co. Ltd. (Industrials) | | | 795,919 | |
| | 57,618 | | | Dai-ichi Life Holdings, Inc. (Financials) | | | 1,000,444 | |
| | 145,925 | | | Daiichi Sankyo Co. Ltd. (Health Care) | | | 4,418,014 | |
| | 16,477 | | | Daikin Industries Ltd. (Industrials) | | | 2,910,293 | |
| | 46,120 | | | Daito Trust Construction Co. Ltd. (Real Estate) | | | 4,571,245 | |
| | 41,277 | | | Daiwa House Industry Co. Ltd. (Real Estate) | | | 933,776 | |
| | 514 | | | Daiwa House REIT Investment Corp. REIT (Real Estate) | | | 1,193,926 | |
| | 238,571 | | | Daiwa Securities Group, Inc. (Financials) | | | 1,047,389 | |
| | 22,834 | | | Denso Corp. (Consumer Discretionary) | | | 1,260,256 | |
| | 70,239 | | | Dentsu Group, Inc. (Communication Services) | | | 2,287,676 | |
| | 2,765 | | | Disco Corp. (Information Technology) | | | 682,150 | |
| | 11,283 | | | East Japan Railway Co. (Industrials) | | | 589,198 | |
| | 55,789 | | | Eisai Co. Ltd. (Health Care) | | | 2,292,732 | |
| | 446,992 | | | ENEOS Holdings, Inc. (Energy) | | | 1,688,332 | |
| | 4,279 | | | FANUC Corp. (Industrials) | | | 695,598 | |
| | 7,610 | | | Fast Retailing Co. Ltd. (Consumer Discretionary)(a) | | | 4,498,752 | |
| | 12,517 | | | Fuji Electric Co. Ltd. (Industrials) | | | 548,084 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | | | |
| | 83,443 | | | FUJIFILM Holdings Corp. (Information Technology) | | $ | 4,280,348 | |
| | 41,469 | | | Fujitsu Ltd. (Information Technology) | | | 4,955,340 | |
| | 1,162 | | | GLP J REIT (Real Estate) | | | 1,424,157 | |
| | 134,693 | | | Hakuhodo DY Holdings, Inc. (Communication Services) | | | 1,215,516 | |
| | 18,503 | | | Hamamatsu Photonics KK (Information Technology) | | | 794,177 | |
| | 44,074 | | | Hankyu Hanshin Holdings, Inc. (Industrials) | | | 1,330,566 | |
| | 6,105 | | | Hirose Electric Co. Ltd. (Information Technology) | | | 874,188 | |
| | 110,245 | | | Hitachi Ltd. (Industrials) | | | 5,563,744 | |
| | 100,229 | | | Hitachi Metals Ltd. (Materials)* | | | 1,513,286 | |
| | 432,048 | | | Honda Motor Co. Ltd. (Consumer Discretionary) | | | 11,606,469 | |
| | 19,324 | | | Hoshizaki Corp. (Industrials) | | | 578,500 | |
| | 90,033 | | | Hoya Corp. (Health Care) | | | 9,254,970 | |
| | 65,974 | | | Ibiden Co. Ltd. (Information Technology) | | | 2,132,108 | |
| | 47,646 | | | Idemitsu Kosan Co. Ltd. (Energy) | | | 1,254,520 | |
| | 624,516 | | | Inpex Corp. (Energy) | | | 7,226,140 | |
| | 288,356 | | | Isuzu Motors Ltd. (Consumer Discretionary) | | | 3,600,680 | |
| | 102,798 | | | Ito En Ltd. (Consumer Staples) | | | 4,553,145 | |
| | 304,347 | | | ITOCHU Corp. (Industrials)(a) | | | 8,437,190 | |
| | 41,516 | | | Itochu Techno-Solutions Corp. (Information Technology) | | | 1,058,677 | |
| | 46,055 | | | Japan Exchange Group, Inc. (Financials) | | | 692,528 | |
| | 913 | | | Japan Metropolitan Fund Invest REIT (Real Estate) | | | 728,424 | |
| | 172,321 | | | Japan Post Bank Co. Ltd. (Financials) | | | 1,260,476 | |
| | 551,595 | | | Japan Post Holdings Co. Ltd. (Financials) | | | 3,825,055 | |
| | 171,800 | | | Japan Post Insurance Co. Ltd. (Financials)(a) | | | 2,642,219 | |
| | 263 | | | Japan Real Estate Investment Corp. REIT (Real Estate) | | | 1,223,697 | |
| | 183,485 | | | Japan Tobacco, Inc. (Consumer Staples) | | | 3,123,712 | |
| | 73,239 | | | Kajima Corp. (Industrials) | | | 776,109 | |
| | 250,252 | | | Kakaku.com, Inc. (Communication Services) | | | 4,673,778 | |
| | 140,708 | | | Kansai Electric Power Co., Inc. (The) (Utilities) | | | 1,366,225 | |
| | 77,626 | | | Kao Corp. (Consumer Staples) | | | 3,390,625 | |
| | 241,964 | | | KDDI Corp. (Communication Services) | | | 7,465,320 | |
| | 14,196 | | | Keyence Corp. (Information Technology) | | | 5,411,121 | |
| | 52,960 | | | Kikkoman Corp. (Consumer Staples) | | | 3,270,244 | |
| | 20,609 | | | Kintetsu Group Holdings Co. Ltd. (Industrials) | | | 704,683 | |
| | 121,954 | | | Kirin Holdings Co. Ltd. (Consumer Staples) | | | 2,018,564 | |
| | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | | | |
| | 17,273 | | | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | | | 988,097 | |
| | 50,145 | | | Komatsu Ltd. (Industrials) | | | 1,059,873 | |
| | 47,749 | | | Kose Corp. (Consumer Staples) | | | 4,560,482 | |
| | 35,091 | | | Kubota Corp. (Industrials) | | | 550,698 | |
| | 30,014 | | | Kyocera Corp. (Information Technology) | | | 1,684,032 | |
| | 40,802 | | | Kyowa Kirin Co. Ltd. (Health Care) | | | 922,736 | |
| | 64,530 | | | Lixil Corp. (Industrials) | | | 1,135,356 | |
| | 57,040 | | | M3, Inc. (Health Care) | | | 1,860,255 | |
| | 659,999 | | | Marubeni Corp. (Industrials) | | | 6,913,028 | |
| | 229,169 | | | Mazda Motor Corp. (Consumer Discretionary) | | | 2,035,037 | |
| | 32,341 | | | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | | | 1,159,493 | |
| | 50,345 | | | MEIJI Holdings Co. Ltd. (Consumer Staples) | | | 2,407,844 | |
| | 141,728 | | | MISUMI Group, Inc. (Industrials) | | | 3,527,225 | |
| | 149,436 | | | Mitsubishi Chemical Group Corp. (Materials) | | | 790,165 | |
| | 251,290 | | | Mitsubishi Corp. (Industrials) | | | 8,273,310 | |
| | 160,417 | | | Mitsubishi Electric Corp. (Industrials) | | | 1,641,490 | |
| | 114,078 | | | Mitsubishi Estate Co. Ltd. (Real Estate) | | | 1,547,099 | |
| | 206,456 | | | Mitsubishi HC Capital, Inc. (Financials) | | | 1,006,776 | |
| | 76,140 | | | Mitsubishi Heavy Industries Ltd. (Industrials) | | | 2,951,678 | |
| | 1,075,509 | | | Mitsubishi UFJ Financial Group, Inc. (Financials) | | | 5,594,586 | |
| | 297,327 | | | Mitsui & Co. Ltd. (Industrials) | | | 7,005,013 | |
| | 85,467 | | | Mitsui Fudosan Co. Ltd. (Real Estate) | | | 1,740,783 | |
| | 83,476 | | | Mitsui OSK Lines Ltd. (Industrials)(a) | | | 2,200,936 | |
| | 184,198 | | | Mizuho Financial Group, Inc. (Financials) | | | 2,117,363 | |
| | 313,998 | | | MonotaRO Co. Ltd. (Industrials) | | | 5,717,085 | |
| | 86,692 | | | MS&AD Insurance Group Holdings, Inc. (Financials)(a) | | | 2,602,167 | |
| | 51,131 | | | Murata Manufacturing Co. Ltd. (Information Technology) | | | 2,786,248 | |
| | 191,817 | | | NEC Corp. (Information Technology) | | | 7,056,928 | |
| | 68,361 | | | Nexon Co. Ltd. (Communication Services) | | | 1,375,357 | |
| | 60,343 | | | NGK Insulators Ltd. (Industrials) | | | 870,158 | |
| | 12,852 | | | Nidec Corp. (Industrials) | | | 864,433 | |
| | 57,379 | | | Nihon M&A Center Holdings, Inc. (Industrials) | | | 723,938 | |
| | 10,771 | | | Nintendo Co. Ltd. (Communication Services) | | | 4,428,056 | |
| | 214 | | | Nippon Building Fund, Inc. REIT (Real Estate) | | | 1,071,351 | |
| | 541 | | | Nippon Prologis REIT, Inc. REIT (Real Estate) | | | 1,367,867 | |
| | |
| | |
| 68 | | 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) | | | |
| | 428,940 | | | Nippon Telegraph & Telephone Corp. (Communication Services) | | $ | 11,662,217 | |
| | 93,950 | | | Nippon Yusen KK (Industrials)(a) | | | 7,244,909 | |
| | 22,065 | | | Nissan Chemical Corp. (Materials) | | | 1,125,335 | |
| | 68,513 | | | Nisshin Seifun Group, Inc. (Consumer Staples) | | | 775,945 | |
| | 17,908 | | | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | | | 1,286,663 | |
| | 37,116 | | | Nitori Holdings Co. Ltd. (Consumer Discretionary) | | | 3,585,091 | |
| | 19,143 | | | Nitto Denko Corp. (Materials) | | | 1,190,353 | |
| | 181,637 | | | Nomura Holdings, Inc. (Financials) | | | 660,117 | |
| | 22,697 | | | Nomura Real Estate Holdings, Inc. (Real Estate) | | | 560,773 | |
| | 968 | | | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | | | 1,188,484 | |
| | 61,428 | | | Nomura Research Institute Ltd. (Information Technology) | | | 1,679,438 | |
| | 192,584 | | | NTT Data Corp. (Information Technology) | | | 2,742,368 | |
| | 119,010 | | | Obayashi Corp. (Industrials) | | | 829,314 | |
| | 5,372 | | | Obic Co. Ltd. (Information Technology) | | | 804,880 | |
| | 201,301 | | | Oji Holdings Corp. (Materials) | | | 808,834 | |
| | 268,746 | | | Olympus Corp. (Health Care) | | | 5,835,350 | |
| | 50,484 | | | Omron Corp. (Information Technology) | | | 2,691,266 | |
| | 102,618 | | | Ono Pharmaceutical Co. Ltd. (Health Care) | | | 2,463,572 | |
| | 37,162 | | | Oracle Corp. Japan (Information Technology) | | | 2,238,432 | |
| | 16,654 | | | Oriental Land Co. Ltd. (Consumer Discretionary) | | | 2,504,858 | |
| | 139,912 | | | ORIX Corp. (Financials) | | | 2,317,316 | |
| | 59,773 | | | Osaka Gas Co. Ltd. (Utilities) | | | 1,010,697 | |
| | 22,340 | | | Otsuka Corp. (Information Technology) | | | 730,029 | |
| | 90,787 | | | Otsuka Holdings Co. Ltd. (Health Care) | | | 2,987,048 | |
| | 50,072 | | | Pan Pacific International Holdings Corp. (Consumer Discretionary) | | | 904,818 | |
| | 190,017 | | | Panasonic Holdings Corp. (Consumer Discretionary) | | | 1,553,033 | |
| | 239,257 | | | Persol Holdings Co. Ltd. (Industrials) | | | 4,867,122 | |
| | 269,891 | | | Recruit Holdings Co. Ltd. (Industrials) | | | 8,728,017 | |
| | 299,817 | | | Renesas Electronics Corp. (Information Technology)* | | | 2,863,536 | |
| | 395,627 | | | Resona Holdings, Inc. (Financials) | | | 1,462,072 | |
| | 696,068 | | | Ricoh Co. Ltd. (Information Technology) | | | 5,508,289 | |
| | 199,813 | | | SBI Holdings, Inc. (Financials) | | | 3,958,063 | |
| | 34,317 | | | SCSK Corp. (Information Technology) | | | 564,420 | |
| | 34,981 | | | Secom Co. Ltd. (Industrials) | | | 2,251,401 | |
| | 165,615 | | | Seiko Epson Corp. (Information Technology) | | | 2,623,557 | |
| | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | | | |
| | 83,248 | | | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | | | 1,144,604 | |
| | 100,190 | | | Sekisui House Ltd. (Consumer Discretionary) | | | 1,715,788 | |
| | 130,960 | | | Seven & i Holdings Co. Ltd. (Consumer Staples)(a) | | | 5,227,064 | |
| | 115,491 | | | Sharp Corp. (Consumer Discretionary) | | | 835,617 | |
| | 57,078 | | | Shimadzu Corp. (Information Technology) | | | 1,684,033 | |
| | 9,011 | | | Shimano, Inc. (Consumer Discretionary) | | | 1,613,367 | |
| | 22,962 | | | Shin-Etsu Chemical Co. Ltd. (Materials) | | | 2,702,435 | |
| | 24,068 | | | Shionogi & Co. Ltd. (Health Care) | | | 1,181,307 | |
| | 148,233 | | | Shiseido Co. Ltd. (Consumer Staples) | | | 5,661,993 | |
| | 144,405 | | | Shizuoka Bank Ltd. (The) (Financials) | | | 839,606 | |
| | 2,252 | | | SMC Corp. (Industrials) | | | 1,081,935 | |
| | 358,232 | | | SoftBank Corp. (Communication Services) | | | 3,952,504 | |
| | 137,562 | | | SoftBank Group Corp. (Communication Services) | | | 5,519,350 | |
| | 61,252 | | | Sompo Holdings, Inc. (Financials) | | | 2,639,193 | |
| | 117,226 | | | Sony Group Corp. (Consumer Discretionary) | | | 9,416,134 | |
| | 44,460 | | | Square Enix Holdings Co. Ltd. (Communication Services) | | | 1,946,779 | |
| | 322,009 | | | Subaru Corp. (Consumer Discretionary) | | | 5,889,658 | |
| | 45,428 | | | SUMCO Corp. (Information Technology) | | | 625,915 | |
| | 545,148 | | | Sumitomo Chemical Co. Ltd. (Materials) | | | 2,162,896 | |
| | 265,619 | | | Sumitomo Corp. (Industrials) | | | 3,765,131 | |
| | 59,396 | | | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | | | 686,616 | |
| | 171,867 | | | Sumitomo Mitsui Financial Group, Inc. (Financials) | | | 5,199,713 | |
| | 54,502 | | | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | | | 1,704,748 | |
| | 73,840 | | | Suntory Beverage & Food Ltd. (Consumer Staples) | | | 2,716,566 | |
| | 54,415 | | | Sysmex Corp. (Health Care) | | | 3,376,968 | |
| | 134,507 | | | Taisei Corp. (Industrials) | | | 4,109,195 | |
| | 306,593 | | | Takeda Pharmaceutical Co. Ltd. (Health Care) | | | 8,514,936 | |
| | 15,444 | | | TDK Corp. (Information Technology) | | | 547,573 | |
| | 51,928 | | | Terumo Corp. (Health Care) | | | 1,687,918 | |
| | 38,431 | | | TIS, Inc. (Information Technology) | | | 1,106,147 | |
| | 29,351 | | | Tobu Railway Co. Ltd. (Industrials) | | | 697,649 | |
| | 28,295 | | | Toho Co. Ltd. (Communication Services) | | | 1,083,834 | |
| | 71,939 | | | Tokio Marine Holdings, Inc. (Financials) | | | 4,043,633 | |
| | 208,918 | | | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | | | 819,848 | |
| | 27,228 | | | Tokyo Electron Ltd. (Information Technology)(a) | | | 8,673,677 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 69 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | | | |
| | 83,150 | | | Tokyo Gas Co. Ltd. (Utilities) | | $ | 1,566,729 | |
| | 49,830 | | | Tokyu Corp. (Industrials) | | | 596,342 | |
| | 128,191 | | | TOPPAN, Inc. (Industrials) | | | 2,026,088 | |
| | 117,377 | | | Toray Industries, Inc. (Materials) | | | 676,447 | |
| | 41,663 | | | Toshiba Corp. (Industrials) | | | 1,552,914 | |
| | 60,569 | | | Tosoh Corp. (Materials)(a) | | | 789,527 | |
| | 25,656 | | | TOTO Ltd. (Industrials) | | | 894,837 | |
| | 884,502 | | | Toyota Motor Corp. (Consumer Discretionary) | | | 13,408,699 | |
| | 42,627 | | | Trend Micro, Inc. (Information Technology) | | | 2,650,638 | |
| | 56,310 | | | Unicharm Corp. (Consumer Staples) | | | 1,970,495 | |
| | 112,033 | | | USS Co. Ltd. (Consumer Discretionary) | | | 1,991,339 | |
| | 225,879 | | | Welcia Holdings Co. Ltd. (Consumer Staples) | | | 4,762,808 | |
| | 28,151 | | | Yakult Honsha Co. Ltd. (Consumer Staples) | | | 1,671,291 | |
| | 14,483 | | | Yamaha Corp. (Consumer Discretionary) | | | 570,440 | |
| | 60,925 | | | Yamato Holdings Co. Ltd. (Industrials) | | | 958,099 | |
| | 99,847 | | | Yokogawa Electric Corp. (Information Technology) | | | 1,761,053 | |
| | 269,605 | | | ZOZO, Inc. (Consumer Discretionary) | | | 6,048,487 | |
| | | | | | | | |
| | | | | | | 525,734,058 | |
| | |
| Jordan – 0.1% | | | |
| | 130,477 | | | Hikma Pharmaceuticals PLC (Health Care) | | | 1,993,437 | |
| | |
| Luxembourg – 0.5% | | | |
| | 424,592 | | | ArcelorMittal (Materials) | | | 10,142,163 | |
| | 34,330 | | | Eurofins Scientific SE (Health Care) | | | 2,385,369 | |
| | | | | | | | |
| | | | | | | 12,527,532 | |
| | |
| Netherlands – 4.7% | | | |
| | 121,071 | | | ABN AMRO Bank NV (Financials)(a)(b) | | | 1,165,567 | |
| | 484 | | | Adyen NV (Information Technology)*(b) | | | 751,930 | |
| | 722,947 | | | Aegon NV (Financials) | | | 3,248,055 | |
| | 21,135 | | | Akzo Nobel NV (Materials) | | | 1,339,745 | |
| | 2,132 | | | Argenx SE (Health Care)* | | | 800,722 | |
| | 7,902 | | | ASM International NV (Information Technology) | | | 2,154,122 | |
| | 51,094 | | | ASML Holding NV (Information Technology) | | | 24,900,143 | |
| | 13,763 | | | Euronext NV (Financials)(b) | | | 1,021,347 | |
| | 59,308 | | | EXOR NV (Financials) | | | 3,593,736 | |
| | 53,519 | | | Heineken Holding NV (Consumer Staples) | | | 3,810,175 | |
| | 29,607 | | | Heineken NV (Consumer Staples) | | | 2,671,679 | |
| | 11,888 | | | IMCD NV (Industrials) | | | 1,647,258 | |
| | 371,317 | | | ING Groep NV (Financials) | | | 3,273,030 | |
| | 95,417 | | | JDE Peet’s NV (Consumer Staples) | | | 2,947,479 | |
| | |
|
| Common Stocks – (continued) | |
| Netherlands – (continued) | | | |
| | 469,576 | | | Koninklijke Ahold Delhaize NV (Consumer Staples) | | | 12,937,793 | |
| | 13,243 | | | Koninklijke DSM NV (Materials) | | | 1,695,856 | |
| | 929,848 | | | Koninklijke KPN NV (Communication Services) | | | 2,963,978 | |
| | 182,737 | | | Koninklijke Philips NV (Health Care) | | | 3,059,090 | |
| | 152,703 | | | NN Group NV (Financials) | | | 6,290,965 | |
| | 36,672 | | | OCI NV (Materials) | | | 1,380,620 | |
| | 92,768 | | | Randstad NV (Industrials) | | | 4,336,721 | |
| | 1,175,790 | | | Shell PLC (Energy) | | | 31,330,631 | |
| | 64,699 | | | Universal Music Group NV (Communication Services) | | | 1,288,540 | |
| | 96,927 | | | Wolters Kluwer NV (Industrials) | | | 9,496,986 | |
| | | | | | | | |
| | | | | | | 128,106,168 | |
| | |
| New Zealand – 0.2% | | | |
| | 179,686 | | | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | | | 2,165,854 | |
| | 504,998 | | | Spark New Zealand Ltd. (Communication Services) | | | 1,678,109 | |
| | 32,630 | | | Xero Ltd. (Information Technology)* | | | 1,962,924 | |
| | | | | | | | |
| | | | | | | 5,806,887 | |
| | |
| Norway – 0.8% | | | |
| | 50,764 | | | Aker BP ASA (Energy) | | | 1,778,554 | |
| | 143,467 | | | DNB Bank ASA (Financials) | | | 2,746,707 | |
| | 160,681 | | | Equinor ASA (Energy) | | | 6,196,260 | |
| | 235,919 | | | Gjensidige Forsikring ASA (Financials) | | | 4,801,987 | |
| | 38,962 | | | Kongsberg Gruppen ASA (Industrials) | | | 1,334,833 | |
| | 58,159 | | | Mowi ASA (Consumer Staples) | | | 1,197,270 | |
| | 258,243 | | | Norsk Hydro ASA (Materials) | | | 1,782,485 | |
| | 131,615 | | | Orkla ASA (Consumer Staples) | | | 1,106,324 | |
| | 11,694 | | | Salmar ASA (Consumer Staples) | | | 777,114 | |
| | 90,915 | | | Telenor ASA (Communication Services) | | | 998,547 | |
| | | | | | | | |
| | | | | | | 22,720,081 | |
| | |
| Portugal – 0.4% | | | |
| | 231,884 | | | EDP – Energias de Portugal SA (Utilities) | | | 1,110,360 | |
| | 50,488 | | | Galp Energia SGPS SA (Energy) | | | 548,043 | |
| | 395,288 | | | Jeronimo Martins SGPS SA (Consumer Staples) | | | 8,784,350 | |
| | | | | | | | |
| | | | | | | 10,442,753 | |
| | |
| Singapore – 1.6% | | | |
| | 541,961 | | | CapitaLand Integrated Commercial Trust REIT (Real Estate) | | | 804,143 | |
| | 205,975 | | | Capitaland Investment Ltd. (Real Estate) | | | 544,798 | |
| | 95,180 | | | City Developments Ltd. (Real Estate) | | | 554,665 | |
| | |
| | |
| 70 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Singapore – (continued) | | | |
| | 368,278 | | | DBS Group Holdings Ltd. (Financials) | | $ | 8,605,736 | |
| | 177,340 | | | Grab Holdings Ltd., Class A (Industrials)* | | | 505,419 | |
| | 369,122 | | | Keppel Corp. Ltd. (Industrials) | | | 1,923,530 | |
| | 679,261 | | | Mapletree Logistics Trust REIT (Real Estate) | | | 813,107 | |
| | 841,308 | | | Oversea-Chinese Banking Corp. Ltd. (Financials) | | | 7,290,813 | |
| | 8,447 | | | Sea Ltd. ADR (Communication Services)* | | | 523,714 | |
| | 144,988 | | | Singapore Airlines Ltd. (Industrials)* | | | 552,890 | |
| | 1,271,685 | | | Singapore Exchange Ltd. (Financials) | | | 8,650,484 | |
| | 203,817 | | | Singapore Technologies Engineering Ltd. (Industrials) | | | 544,934 | |
| | 972,141 | | | Singapore Telecommunications Ltd. (Communication Services) | | | 1,825,682 | |
| | 151,986 | | | STMicroelectronics NV (Information Technology) | | | 5,310,063 | |
| | 237,822 | | | United Overseas Bank Ltd. (Financials) | | | 4,658,932 | |
| | 109,199 | | | UOL Group Ltd. (Real Estate) | | | 541,651 | |
| | 50,379 | | | Venture Corp. Ltd. (Information Technology) | | | 660,477 | |
| | | | | | | | |
| | | | | | | 44,311,038 | |
| | |
| South Africa – 0.2% | | | |
| | 133,540 | | | Anglo American PLC (Materials) | | | 4,324,426 | |
| | |
| Spain – 2.0% | | | |
| | 8,708 | | | Acciona SA (Utilities) | | | 1,708,360 | |
| | 87,112 | | | ACS Actividades de Construccion y Servicios SA (Industrials) | | | 1,945,496 | |
| | 33,012 | | | Amadeus IT Group SA (Information Technology)* | | | 1,746,733 | |
| | 680,784 | | | Banco Bilbao Vizcaya Argentaria SA (Financials) | | | 3,074,712 | |
| | 1,533,403 | | | Banco Santander SA (Financials) | | | 3,726,805 | |
| | 772,089 | | | CaixaBank SA (Financials) | | | 2,332,228 | |
| | 20,730 | | | Cellnex Telecom SA (Communication Services)*(b) | | | 808,163 | |
| | 93,952 | | | Enagas SA (Utilities) | | | 1,718,472 | |
| | 69,982 | | | Endesa SA (Utilities) | | | 1,203,334 | |
| | 73,768 | | | Ferrovial SA (Industrials) | | | 1,852,952 | |
| | 49,404 | | | Grifols SA (Health Care)*(a) | | | 598,374 | |
| | 683,850 | | | Iberdrola SA (Utilities) | | | 7,141,198 | |
| | 351,997 | | | Industria de Diseno Textil SA (Consumer Discretionary) | | | 7,627,636 | |
| | 75,935 | | | Naturgy Energy Group SA (Utilities)(a) | | | 2,098,275 | |
| | 127,502 | | | Red Electrica Corp. SA (Utilities) | | | 2,337,903 | |
| | 731,634 | | | Repsol SA (Energy) | | | 9,552,995 | |
| | 891,144 | | | Telefonica SA (Communication Services) | | | 3,688,306 | |
| | | | | | | | |
| | | | | | | 53,161,942 | |
| | |
|
| Common Stocks – (continued) | |
| Sweden – 2.3% | | | |
| | 11,014 | | | Alleima AB (Materials)* | | | 44,333 | |
| | 75,224 | | | Assa Abloy AB, Class B (Industrials) | | | 1,533,025 | |
| | 334,220 | | | Atlas Copco AB, Class A (Industrials) | | | 3,417,872 | |
| | 155,105 | | | Atlas Copco AB, Class B (Industrials) | | | 1,422,504 | |
| | 29,890 | | | Boliden AB (Materials) | | | 965,717 | |
| | 53,951 | | | Epiroc AB, Class A (Industrials) | | | 830,328 | |
| | 51,541 | | | Epiroc AB, Class B (Industrials) | | | 705,261 | |
| | 121,576 | | | EQT AB (Financials) | | | 2,747,487 | |
| | 49,372 | | | Essity AB, Class B (Consumer Staples) | | | 1,100,896 | |
| | 31,553 | | | Getinge AB, Class B (Health Care) | | | 587,988 | |
| | 445,412 | | | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)(a) | | | 4,652,148 | |
| | 82,239 | | | Hexagon AB, Class B (Information Technology) | | | 846,501 | |
| | 28,896 | | | Holmen AB, Class B (Materials) | | | 1,246,252 | |
| | 191,418 | | | Husqvarna AB, Class B (Industrials) | | | 1,296,132 | |
| | 47,794 | | | Industrivarden AB, Class A (Financials) | | | 1,066,159 | |
| | 57,589 | | | Industrivarden AB, Class C (Financials) | | | 1,271,662 | |
| | 140,667 | | | Investor AB, Class A (Financials)(a) | | | 2,352,112 | |
| | 217,979 | | | Investor AB, Class B (Financials) | | | 3,458,308 | |
| | 22,213 | | | L E Lundbergforetagen AB, Class B (Financials) | | | 923,344 | |
| | 34,357 | | | Lifco AB, Class B (Industrials) | | | 537,815 | |
| | 55,161 | | | Sandvik AB (Industrials) | | | 866,069 | |
| | 205,607 | | | Securitas AB, Class B (Industrials)(a) | | | 1,809,871 | |
| | 179,508 | | | Skandinaviska Enskilda Banken AB, Class A (Financials) | | | 1,800,440 | |
| | 59,050 | | | Skanska AB, Class B (Industrials) | | | 878,260 | |
| | 113,234 | | | Svenska Cellulosa AB SCA, Class B (Materials) | | | 1,707,575 | |
| | 213,138 | | | Svenska Handelsbanken AB, Class A (Financials) | | | 1,755,496 | |
| | 140,250 | | | Swedbank AB, Class A (Financials) | | | 1,824,144 | |
| | 1,042,864 | | | Swedish Match AB (Consumer Staples) | | | 10,503,913 | |
| | 56,055 | | | Swedish Orphan Biovitrum AB (Health Care)* | | | 1,242,006 | |
| | 178,841 | | | Tele2 AB, Class B (Communication Services) | | | 1,910,642 | |
| | 463,629 | | | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | | | 3,487,273 | |
| | 581,063 | | | Telia Co. AB (Communication Services) | | | 2,053,591 | |
| | 49,430 | | | Volvo AB, Class A (Industrials) | | | 826,990 | |
| | 122,771 | | | Volvo AB, Class B (Industrials) | | | 1,954,499 | |
| | | | | | | | |
| | | | | | | 63,626,613 | |
| | |
| Switzerland – 4.6% | | | |
| | 148,148 | | | ABB Ltd. (Industrials) | | | 4,094,013 | |
| | 25,756 | | | Adecco Group AG (Industrials) | | | 819,431 | |
| | 31,700 | | | Alcon, Inc. (Health Care) | | | 2,096,984 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 71 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Switzerland – (continued) | | | |
| | 16,551 | | | Baloise Holding AG (Financials) | | $ | 2,397,983 | |
| | 959 | | | Barry Callebaut AG (Consumer Staples) | | | 1,969,195 | |
| | 360 | | | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | | | 3,814,130 | |
| | 53,481 | | | Cie Financiere Richemont SA (Consumer Discretionary) | | | 6,019,661 | |
| | 40,226 | | | Clariant AG (Materials)* | | | 746,445 | |
| | 3,268 | | | EMS-Chemie Holding AG (Materials) | | | 2,305,464 | |
| | 6,330 | | | Geberit AG (Industrials) | | | 2,937,504 | |
| | 627 | | | Givaudan SA (Materials) | | | 2,010,229 | |
| | 87,478 | | | Holcim AG (Materials)* | | | 3,902,651 | |
| | 12,457 | | | Julius Baer Group Ltd. (Financials) | | | 605,651 | |
| | 33,352 | | | Kuehne + Nagel International AG (Industrials) | | | 7,723,297 | |
| | 64,272 | | | Logitech International SA (Information Technology) | | | 3,217,716 | |
| | 3,232 | | | Lonza Group AG (Health Care) | | | 1,733,315 | |
| | 314,806 | | | Novartis AG (Health Care) | | | 25,524,462 | |
| | 7,762 | | | Partners Group Holding AG (Financials) | | | 7,526,981 | |
| | 6,943 | | | Schindler Holding AG (Industrials) | | | 1,175,248 | |
| | 7,882 | | | Schindler Holding AG Participation Certificates (Industrials) | | | 1,378,613 | |
| | 2,678 | | | SGS SA (Industrials) | | | 5,916,049 | |
| | 6,128 | | | Sika AG (Materials) | | | 1,383,894 | |
| | 5,943 | | | Sonova Holding AG (Health Care) | | | 1,575,341 | |
| | 50,369 | | | Straumann Holding AG (Health Care) | | | 5,558,421 | |
| | 13,451 | | | Swatch Group AG (The) – Bearer (Consumer Discretionary) | | | 3,284,362 | |
| | 60,629 | | | Swatch Group AG (The) – Registered (Consumer Discretionary) | | | 2,774,416 | |
| | 5,982 | | | Swiss Life Holding AG (Financials) | | | 3,140,711 | |
| | 19,316 | | | Swiss Prime Site AG (Real Estate) | | | 1,668,465 | |
| | 5,603 | | | Swisscom AG (Communication Services) | | | 2,906,131 | |
| | 407,286 | | | UBS Group AG (Financials) | | | 6,481,020 | |
| | 5,178 | | | VAT Group AG (Industrials)(b) | | | 1,244,694 | |
| | 14,753 | | | Zurich Insurance Group AG (Financials) | | | 6,562,096 | |
| | | | | | | | |
| | | | | | | 124,494,573 | |
| | |
| United Kingdom – 10.4% | | | |
| | 265,996 | | | 3i Group PLC (Financials) | | | 3,762,131 | |
| | 1,048,796 | | | abrdn PLC (Financials) | | | 1,792,127 | |
| | 238,643 | | | Admiral Group PLC (Financials) | | | 5,892,478 | |
| | 22,751 | | | Ashtead Group PLC (Industrials) | | | 1,125,106 | |
| | 298,801 | | | Associated British Foods PLC (Consumer Staples) | | | 5,302,196 | |
| | 186,760 | | | AstraZeneca PLC (Health Care) | | | 23,130,905 | |
| | 1,151,714 | | | Auto Trader Group PLC (Communication Services)(b) | | | 8,735,000 | |
| | 765,223 | | | Aviva PLC (Financials) | | | 3,728,163 | |
| | 465,226 | | | BAE Systems PLC (Industrials) | | | 4,201,859 | |
| | |
|
| Common Stocks – (continued) | |
| United Kingdom – (continued) | | | |
| | 2,110,568 | | | Barclays PLC (Financials) | | | 4,039,886 | |
| | 304,113 | | | Barratt Developments PLC (Consumer Discretionary) | | | 1,512,070 | |
| | 21,330 | | | Berkeley Group Holdings PLC (Consumer Discretionary) | | | 907,156 | |
| | 2,384,255 | | | BP PLC (Energy) | | | 12,248,624 | |
| | 331,893 | | | British American Tobacco PLC (Consumer Staples) | | | 13,329,377 | |
| | 351,606 | | | BT Group PLC (Communication Services) | | | 616,557 | |
| | 79,354 | | | Bunzl PLC (Industrials) | | | 2,641,743 | |
| | 358,408 | | | Burberry Group PLC (Consumer Discretionary) | | | 7,289,924 | |
| | 865,566 | | | CK Hutchison Holdings Ltd. (Industrials) | | | 5,596,677 | |
| | 331,196 | | | CNH Industrial NV (Industrials) | | | 4,056,356 | |
| | 71,057 | | | Coca-Cola Europacific Partners PLC (Consumer Staples) | | | 3,493,873 | |
| | 501,055 | | | Compass Group PLC (Consumer Discretionary) | | | 10,838,488 | |
| | 14,959 | | | Croda International PLC (Materials) | | | 1,170,748 | |
| | 41,286 | | | DCC PLC (Industrials) | | | 2,384,246 | |
| | 226,502 | | | Diageo PLC (Consumer Staples) | | | 9,920,317 | |
| | 83,273 | | | Entain PLC (Consumer Discretionary) | | | 1,233,492 | |
| | 130,980 | | | Experian PLC (Industrials) | | | 3,997,672 | |
| | 772,189 | | | Haleon PLC (Consumer Staples)* | | | 2,325,818 | |
| | 61,300 | | | Halma PLC (Information Technology) | | | 1,480,071 | |
| | 419,283 | | | Hargreaves Lansdown PLC (Financials) | | | 3,988,890 | |
| | 1,584,856 | | | HSBC Holdings PLC (Financials) | | | 9,751,808 | |
| | 255,264 | | | Imperial Brands PLC (Consumer Staples) | | | 5,633,085 | |
| | 203,100 | | | Informa PLC (Communication Services) | | | 1,292,237 | |
| | 29,533 | | | InterContinental Hotels Group PLC (Consumer Discretionary) | | | 1,612,044 | |
| | 26,550 | | | Intertek Group PLC (Industrials) | | | 1,223,077 | |
| | 3,010,271 | | | J Sainsbury PLC (Consumer Staples) | | | 7,124,599 | |
| | 3,660,358 | | | JD Sports Fashion PLC (Consumer Discretionary) | | | 4,810,760 | |
| | 36,948 | | | Johnson Matthey PLC (Materials) | | | 866,303 | |
| | 1,333,008 | | | Kingfisher PLC (Consumer Discretionary) | | | 3,600,077 | |
| | 203,289 | | | Land Securities Group PLC REIT (Real Estate) | | | 1,538,976 | |
| | 1,093,220 | | | Legal & General Group PLC (Financials) | | | 3,211,980 | |
| | 11,780,053 | | | Lloyds Banking Group PLC (Financials) | | | 6,014,752 | |
| | 13,092 | | | London Stock Exchange Group PLC (Financials) | | | 1,234,247 | |
| | 239,342 | | | M&G PLC (Financials) | | | 545,161 | |
| | 1,403,715 | | | Melrose Industries PLC (Industrials) | | | 2,229,541 | |
| | |
| | |
| 72 | | 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) | | | |
| | 413,024 | | | National Grid PLC (Utilities) | | $ | 5,180,813 | |
| | 587,364 | | | NatWest Group PLC (Financials) | | | 1,684,380 | |
| | 70,857 | | | Next PLC (Consumer Discretionary) | | | 4,791,950 | |
| | 232,658 | | | Phoenix Group Holdings PLC (Financials) | | | 1,630,823 | |
| | 72,179 | | | Reckitt Benckiser Group PLC (Consumer Staples) | | | 5,583,490 | |
| | 268,325 | | | RELX PLC (Industrials) | | | 7,062,487 | |
| | 246,637 | | | Rentokil Initial PLC (Industrials) | | | 1,495,202 | |
| | 775,841 | | | Sage Group PLC (The) (Information Technology) | | | 6,456,604 | |
| | 35,024 | | | Schroders PLC (Financials)(a) | | | 1,095,466 | |
| | 124,412 | | | Segro PLC REIT (Real Estate) | | | 1,365,142 | |
| | 74,482 | | | Severn Trent PLC (Utilities) | | | 2,415,417 | |
| | 219,640 | | | Smith & Nephew PLC (Health Care) | | | 2,595,346 | |
| | 114,062 | | | Smiths Group PLC (Industrials) | | | 1,978,894 | |
| | 8,733 | | | Spirax-Sarco Engineering PLC (Industrials) | | | 1,070,538 | |
| | 147,917 | | | SSE PLC (Utilities) | | | 2,844,222 | |
| | 267,899 | | | St James’s Place PLC (Financials) | | | 3,450,822 | |
| | 229,285 | | | Standard Chartered PLC (Financials) | | | 1,595,974 | |
| | 1,052,665 | | | Taylor Wimpey PLC (Consumer Discretionary) | | | 1,326,547 | |
| | 2,254,178 | | | Tesco PLC (Consumer Staples) | | | 6,523,308 | |
| | 211,468 | | | Unilever PLC (Consumer Staples) | | | 9,659,253 | |
| | 139,738 | | | United Utilities Group PLC (Utilities) | | | 1,717,861 | |
| | 4,621,803 | | | Vodafone Group PLC (Communication Services) | | | 6,221,192 | |
| | 305,901 | | | WPP PLC (Communication Services) | | | 2,649,666 | |
| | | | | | | | |
| | | | | | | 281,825,994 | |
| | |
| United States – 5.0% | | | |
| | 35,875 | | | BRP, Inc. (Consumer Discretionary) | | | 2,495,307 | |
| | 106,062 | | | Ferguson PLC (Industrials) | | | 12,324,102 | |
| | 634,793 | | | GSK PLC (Health Care) | | | 10,188,875 | |
| | 88,434 | | | James Hardie Industries PLC CDI (Materials) | | | 2,031,575 | |
| | 414,497 | | | Nestle SA (Consumer Staples) | | | 48,663,422 | |
| | 57,014 | | | QIAGEN NV (Health Care)* | | | 2,594,202 | |
| | 117,616 | | | Roche Holding AG (Health Care) | | | 38,010,232 | |
| | 12,640 | | | Roche Holding AG (Health Care)(a) | | | 4,846,445 | |
| | 69,457 | | | Schneider Electric SE (Industrials) | | | 8,295,892 | |
| | 256,897 | | | Stellantis NV (Consumer Discretionary) | | | 3,449,643 | |
| | 31,835 | | | Swiss Re AG (Financials) | | | 2,484,953 | |
| | 139,752 | | | Tenaris SA (Energy) | | | 1,932,255 | |
| | | | | | | | |
| | | | | | | 137,316,903 | |
| | |
| Zambia – 0.1% | | | |
| | 76,583 | | | First Quantum Minerals Ltd. (Materials) | | | 1,359,032 | |
| | |
| | TOTAL COMMON STOCKS | | | | |
| | (Cost $2,761,597,364) | | $ | 2,697,927,495 | |
| | |
| | | | | | | | | | | | |
Shares | | |
Description | |
Rate | | |
Value | |
|
| Preferred Stocks – 0.4% | |
| Germany – 0.4% | | | | |
| | 43,650 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 8.39 | % | | $ | 3,039,539 | |
| | 27,691 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 2.94 | | | | 1,788,743 | |
| | 3,257 | | | Sartorius AG (Health Care) | | | 0.30 | | | | 1,362,104 | |
| | 25,783 | | | Volkswagen AG (Consumer Discretionary) | | | 5.24 | | | | 3,685,136 | |
| | |
| TOTAL PREFERRED STOCKS
(Cost $12,079,590) | | | | | | $ | 9,875,522 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $2,773,676,954) | | | $ | 2,707,803,017 | |
| | |
| | | | | | | | |
| Shares | | | Dividend
Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 2.2%(c) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 59,641,107 | | | 2.154% | | $ | 59,641,107 | |
| | (Cost $59,641,107) | | | | |
| | |
| | TOTAL INVESTMENTS – 101.8% | |
| | (Cost $2,833,318,061) | | $ | 2,767,444,124 | |
| | |
| LIABILITIES IN EXCESS OF
OTHER ASSETS – (1.8)% | | | (47,407,351 | ) |
| | |
| | NET ASSETS – 100.0% | | $ | 2,720,036,773 | |
| | |
| | |
|
| 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 |
CVA | | —Dutch Certification |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 73 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/ (Depreciation) | |
Long position contracts: | | | | | | | | | | | | | | | | |
E-Mini MSCI EAFE Index Future | | | 103 | | | | 09/16/22 | | | $ | 10,108,941 | | | $ | (699,376 | ) |
| | | | |
| Sector | | % of Market
Value | |
| |
Financials | | | 17.4 | % |
Industrials | | | 14.2 | |
Consumer Staples | | | 13.1 | |
Health Care | | | 11.4 | |
Consumer Discretionary | | | 11.0 | |
Information Technology | | | 7.4 | |
Materials | | | 7.0 | |
Energy | | | 6.0 | |
Communication Services | | | 5.1 | |
Utilities | | | 3.3 | |
Real Estate | | | 1.9 | |
Securities Lending Reinvestment Vehicle | | | 2.2 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| 74 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – 99.9% | |
| Communication Services – 8.8% | |
| | 943 | | | Capcom Co. Ltd. | | $ | 25,918 | |
| | 3,618 | | | CyberAgent, Inc. | | | 35,730 | |
| | 1,388 | | | Dentsu Group, Inc. | | | 45,207 | |
| | 4,095 | | | Hakuhodo DY Holdings, Inc.(a) | | | 36,955 | |
| | 1,292 | | | Kakaku.com, Inc. | | | 24,130 | |
| | 6,037 | | | KDDI Corp. | | | 186,260 | |
| | 182 | | | Koei Tecmo Holdings Co. Ltd. | | | 6,164 | |
| | 438 | | | Konami Group Corp. | | | 22,370 | |
| | 1,269 | | | Nexon Co. Ltd. | | | 25,531 | |
| | 348 | | | Nintendo Co. Ltd. | | | 143,066 | |
| | 6,535 | | | Nippon Telegraph & Telephone Corp. | | | 177,677 | |
| | 10,064 | | | SoftBank Corp. | | | 111,040 | |
| | 3,951 | | | SoftBank Group Corp. | | | 158,524 | |
| | 685 | | | Square Enix Holdings Co. Ltd. | | | 29,994 | |
| | 356 | | | Toho Co. Ltd. | | | 13,636 | |
| | 5,959 | | | Z Holdings Corp. | | | 17,839 | |
| | | | | | | | |
| | | | | | | 1,060,041 | |
| | |
| Consumer Discretionary – 18.1% | |
| | 443 | | | Aisin Corp. | | | 13,278 | |
| | 1,015 | | | Bandai Namco Holdings, Inc. | | | 76,770 | |
| | 1,819 | | | Bridgestone Corp. | | | 70,241 | |
| | 1,219 | | | Denso Corp. | | | 67,279 | |
| | 169 | | | Fast Retailing Co. Ltd.(a) | | | 99,907 | |
| | 88 | | | Hikari Tsushin, Inc. | | | 11,204 | |
| | 9,641 | | | Honda Motor Co. Ltd. | | | 258,994 | |
| | 658 | | | Iida Group Holdings Co. Ltd. | | | 10,077 | |
| | 3,655 | | | Isuzu Motors Ltd. | | | 45,640 | |
| | 154 | | | Koito Manufacturing Co. Ltd. | | | 5,316 | |
| | 4,054 | | | Mazda Motor Corp. | | | 36,000 | |
| | 532 | | | McDonald’s Holdings Co. Japan Ltd. | | | 19,073 | |
| | 3,775 | | | Nissan Motor Co. Ltd. | | | 14,975 | |
| | 349 | | | Nitori Holdings Co. Ltd. | | | 33,710 | |
| | 379 | | | Open House Group Co. Ltd. | | | 14,955 | |
| | 461 | | | Oriental Land Co. Ltd. | | | 69,337 | |
| | 1,827 | | | Pan Pacific International Holdings Corp. | | | 33,015 | |
| | 6,203 | | | Panasonic Holdings Corp. | | | 50,698 | |
| | 1,850 | | | Rakuten Group, Inc. | | | 9,021 | |
| | 1,955 | | | Sekisui Chemical Co. Ltd. | | | 26,880 | |
| | 2,040 | | | Sekisui House Ltd. | | | 34,936 | |
| | 2,114 | | | Sharp Corp. | | | 15,296 | |
| | 236 | | | Shimano, Inc. | | | 42,254 | |
| | 4,151 | | | Sony Group Corp. | | | 333,427 | |
| | 5,866 | | | Subaru Corp. | | | 107,291 | |
| | 1,917 | | | Sumitomo Electric Industries Ltd. | | | 22,160 | |
| | 696 | | | Suzuki Motor Corp. | | | 24,496 | |
| | 34,534 | | | Toyota Motor Corp. | | | 523,522 | |
| | 2,118 | | | USS Co. Ltd. | | | 37,647 | |
| | 409 | | | Yamaha Corp. | | | 16,109 | |
| | 1,250 | | | Yamaha Motor Co. Ltd. | | | 26,141 | |
| | 1,321 | | | ZOZO, Inc. | | | 29,636 | |
| | | | | | | | |
| | | | | | | 2,179,285 | |
| | |
| Consumer Staples – 7.5% | |
| | 1,764 | | | Aeon Co. Ltd.(a) | | | 34,644 | |
| | 2,478 | | | Ajinomoto Co., Inc. | | | 69,018 | |
| | |
|
| Common Stocks – (continued) | |
| Consumer Staples – (continued) | |
| | 1,602 | | | Asahi Group Holdings Ltd. | | | 54,003 | |
| | 637 | | | Ito En Ltd. | | | 28,214 | |
| | 4,875 | | | Japan Tobacco, Inc. | | | 82,994 | |
| | 1,576 | | | Kao Corp. | | | 68,838 | |
| | 643 | | | Kikkoman Corp. | | | 39,705 | |
| | 3,214 | | | Kirin Holdings Co. Ltd. | | | 53,198 | |
| | 320 | | | Kobayashi Pharmaceutical Co. Ltd. | | | 18,305 | |
| | 307 | | | Kobe Bussan Co. Ltd. | | | 7,906 | |
| | 311 | | | Kose Corp. | | | 29,703 | |
| | 665 | | | MEIJI Holdings Co. Ltd. | | | 31,805 | |
| | 1,591 | | | Nisshin Seifun Group, Inc. | | | 18,019 | |
| | 431 | | | Nissin Foods Holdings Co. Ltd. | | | 30,967 | |
| | 3,249 | | | Seven & i Holdings Co. Ltd. | | | 129,679 | |
| | 1,222 | | | Shiseido Co. Ltd. | | | 46,676 | |
| | 1,162 | | | Suntory Beverage & Food Ltd. | | | 42,750 | |
| | 1,245 | | | Unicharm Corp. | | | 43,567 | |
| | 1,406 | | | Welcia Holdings Co. Ltd. | | | 29,646 | |
| | 785 | | | Yakult Honsha Co. Ltd. | | | 46,604 | |
| | | | | | | | |
| | | | | | | 906,241 | |
| | |
| Energy – 1.8% | |
| | 9,494 | | | ENEOS Holdings, Inc.(a) | | | 35,860 | |
| | 1,499 | | | Idemitsu Kosan Co. Ltd. | | | 39,469 | |
| | 11,792 | | | Inpex Corp. | | | 136,442 | |
| | | | | | | | |
| | | | | | | 211,771 | |
| | |
| Financials – 11.0% | |
| | 1,439 | | | Chiba Bank Ltd. (The) | | | 7,806 | |
| | 4,247 | | | Concordia Financial Group Ltd. | | | 13,541 | |
| | 6,186 | | | Dai-ichi Life Holdings, Inc. | | | 107,410 | |
| | 3,857 | | | Daiwa Securities Group, Inc. | | | 16,933 | |
| | 2,077 | | | Japan Exchange Group, Inc. | | | 31,232 | |
| | 2,517 | | | Japan Post Bank Co. Ltd. | | | 18,411 | |
| | 15,605 | | | Japan Post Holdings Co. Ltd. | | | 108,213 | |
| | 5,779 | | | Japan Post Insurance Co. Ltd.(a) | | | 88,879 | |
| | 4,998 | | | Mitsubishi HC Capital, Inc. | | | 24,373 | |
| | 33,715 | | | Mitsubishi UFJ Financial Group, Inc. | | | 175,379 | |
| | 7,882 | | | Mizuho Financial Group, Inc. | | | 90,604 | |
| | 2,120 | | | MS&AD Insurance Group Holdings, Inc.(a) | | | 63,634 | |
| | 4,037 | | | Nomura Holdings, Inc. | | | 14,672 | |
| | 3,888 | | | ORIX Corp. | | | 64,396 | |
| | 8,968 | | | Resona Holdings, Inc. | | | 33,142 | |
| | 3,602 | | | SBI Holdings, Inc. | | | 71,351 | |
| | 2,313 | | | Shizuoka Bank Ltd. (The) | | | 13,448 | |
| | 1,790 | | | Sompo Holdings, Inc. | | | 77,127 | |
| | 4,017 | | | Sumitomo Mitsui Financial Group, Inc. | | | 121,531 | |
| | 1,288 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 40,287 | |
| | 1,116 | | | T&D Holdings, Inc. | | | 12,245 | |
| | 2,334 | | | Tokio Marine Holdings, Inc. | | | 131,192 | |
| | | | | | | | |
| | | | | | | 1,325,806 | |
| | |
| Health Care – 10.0% | |
| | 1,193 | | | Asahi Intecc Co. Ltd. | | | 21,558 | |
| | 8,742 | | | Astellas Pharma, Inc. | | | 125,147 | |
| | 2,259 | | | Chugai Pharmaceutical Co. Ltd. | | | 58,812 | |
| | 5,488 | | | Daiichi Sankyo Co. Ltd. | | | 166,154 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 75 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Health Care – (continued) | |
| | 1,371 | | | Eisai Co. Ltd. | | $ | 56,343 | |
| | 1,240 | | | Hoya Corp. | | | 127,466 | |
| | 1,284 | | | Kyowa Kirin Co. Ltd. | | | 29,038 | |
| | 1,246 | | | M3, Inc. | | | 40,636 | |
| | 413 | | | Nippon Shinyaku Co. Ltd. | | | 22,792 | |
| | 4,658 | | | Olympus Corp. | | | 101,140 | |
| | 2,931 | | | Ono Pharmaceutical Co. Ltd. | | | 70,365 | |
| | 2,024 | | | Otsuka Holdings Co. Ltd. | | | 66,593 | |
| | 942 | | | Shionogi & Co. Ltd. | | | 46,235 | |
| | 702 | | | Sysmex Corp. | | | 43,566 | |
| | 6,336 | | | Takeda Pharmaceutical Co. Ltd. | | | 175,968 | |
| | 1,693 | | | Terumo Corp. | | | 55,031 | |
| | | | | | | | |
| | | | | | | 1,206,844 | |
| | |
| Industrials – 21.2% | |
| | 467 | | | AGC, Inc. | | | 16,002 | |
| | 312 | | | ANA Holdings, Inc.* | | | 6,049 | |
| | 216 | | | Central Japan Railway Co. | | | 25,624 | |
| | 1,326 | | | Dai Nippon Printing Co. Ltd. | | | 28,093 | |
| | 98 | | | Daifuku Co. Ltd. | | | 5,790 | |
| | 611 | | | Daikin Industries Ltd. | | | 107,919 | |
| | 401 | | | East Japan Railway Co. | | | 20,940 | |
| | 331 | | | FANUC Corp. | | | 53,808 | |
| | 583 | | | Fuji Electric Co. Ltd. | | | 25,528 | |
| | 1,002 | | | Hankyu Hanshin Holdings, Inc. | | | 30,250 | |
| | 147 | | | Hitachi Construction Machinery Co. Ltd. | | | 3,053 | |
| | 3,269 | | | Hitachi Ltd. | | | 164,977 | |
| | 345 | | | Hoshizaki Corp. | | | 10,328 | |
| | 5,366 | | | ITOCHU Corp. | | | 148,758 | |
| | 652 | | | Japan Airlines Co. Ltd.* | | | 12,106 | |
| | 1,236 | | | Kajima Corp. | | | 13,098 | |
| | 235 | | | Keio Corp. | | | 9,019 | |
| | 215 | | | Keisei Electric Railway Co. Ltd. | | | 6,049 | |
| | 361 | | | Kintetsu Group Holdings Co. Ltd. | | | 12,344 | |
| | 1,706 | | | Komatsu Ltd. | | | 36,058 | |
| | 2,101 | | | Kubota Corp. | | | 32,972 | |
| | 336 | | | Kurita Water Industries Ltd. | | | 13,234 | |
| | 1,039 | | | Lixil Corp. | | | 18,280 | |
| | 384 | | | Makita Corp. | | | 9,144 | |
| | 13,645 | | | Marubeni Corp. | | | 142,922 | |
| | 617 | | | MINEBEA MITSUMI, Inc. | | | 10,762 | |
| | 1,437 | | | MISUMI Group, Inc. | | | 35,763 | |
| | 6,611 | | | Mitsubishi Corp. | | | 217,656 | |
| | 4,804 | | | Mitsubishi Electric Corp. | | | 49,158 | |
| | 3,021 | | | Mitsubishi Heavy Industries Ltd. | | | 117,113 | |
| | 8,229 | | | Mitsui & Co. Ltd. | | | 193,875 | |
| | 2,393 | | | Mitsui OSK Lines Ltd.(a) | | | 63,094 | |
| | 1,930 | | | MonotaRO Co. Ltd. | | | 35,140 | |
| | 1,630 | | | NGK Insulators Ltd. | | | 23,505 | |
| | 788 | | | Nidec Corp. | | | 53,001 | |
| | 1,437 | | | Nihon M&A Center Holdings, Inc. | | | 18,130 | |
| | 129 | | | NIPPON EXPRESS HOLDINGS, Inc. | | | 7,156 | |
| | 1,361 | | | Nippon Yusen KK(a) | | | 104,953 | |
| | 2,474 | | | Obayashi Corp. | | | 17,240 | |
| | 572 | | | Odakyu Electric Railway Co. Ltd. | | | 7,885 | |
| | 2,867 | | | Persol Holdings Co. Ltd. | | | 58,322 | |
| | |
|
| Common Stocks – (continued) | |
| Industrials – (continued) | |
| | 4,854 | | | Recruit Holdings Co. Ltd. | | | 156,974 | |
| | 837 | | | Secom Co. Ltd. | | | 53,870 | |
| | 692 | | | SG Holdings Co. Ltd. | | | 11,576 | |
| | 1,451 | | | Shimizu Corp. | | | 8,018 | |
| | 119 | | | SMC Corp. | | | 57,172 | |
| | 4,052 | | | Sumitomo Corp. | | | 57,437 | |
| | 1,736 | | | Taisei Corp. | | | 53,035 | |
| | 584 | | | Tobu Railway Co. Ltd. | | | 13,881 | |
| | 1,276 | | | Tokyu Corp. | | | 15,271 | |
| | 2,674 | | | TOPPAN, Inc. | | | 42,263 | |
| | 1,105 | | | Toshiba Corp. | | | 41,187 | |
| | 656 | | | TOTO Ltd. | | | 22,880 | |
| | 176 | | | Toyota Industries Corp. | | | 9,928 | |
| | 367 | | | Toyota Tsusho Corp. | | | 12,986 | |
| | 275 | | | West Japan Railway Co. | | | 10,776 | |
| | 726 | | | Yamato Holdings Co. Ltd. | | | 11,417 | |
| | 570 | | | Yaskawa Electric Corp.(a) | | | 18,832 | |
| | | | | | | | |
| | | | | | | 2,562,601 | |
| | |
| Information Technology – 14.8% | |
| | 810 | | | Advantest Corp. | | | 46,745 | |
| | 626 | | | Azbil Corp. | | | 18,018 | |
| | 2,669 | | | Brother Industries Ltd. | | | 51,522 | |
| | 4,327 | | | Canon, Inc. | | | 104,098 | |
| | 129 | | | Disco Corp. | | | 31,825 | |
| | 1,470 | | | FUJIFILM Holdings Corp. | | | 75,406 | |
| | 803 | | | Fujitsu Ltd. | | | 95,955 | |
| | 52 | | | GMO Payment Gateway, Inc. | | | 4,209 | |
| | 547 | | | Hamamatsu Photonics KK | | | 23,478 | |
| | 202 | | | Hirose Electric Co. Ltd. | | | 28,925 | |
| | 539 | | | Ibiden Co. Ltd. | | | 17,419 | |
| | 830 | | | Itochu Techno-Solutions Corp. | | | 21,165 | |
| | 569 | | | Keyence Corp. | | | 216,887 | |
| | 941 | | | Kyocera Corp. | | | 52,798 | |
| | 150 | | | Lasertec Corp. | | | 20,997 | |
| | 1,850 | | | Murata Manufacturing Co. Ltd. | | | 100,811 | |
| | 2,593 | | | NEC Corp. | | | 95,396 | |
| | 1,337 | | | Nomura Research Institute Ltd. | | | 36,553 | |
| | 3,881 | | | NTT Data Corp. | | | 55,265 | |
| | 129 | | | Obic Co. Ltd. | | | 19,328 | |
| | 710 | | | Omron Corp. | | | 37,850 | |
| | 381 | | | Oracle Corp. Japan | | | 22,949 | |
| | 657 | | | Otsuka Corp. | | | 21,469 | |
| | 5,114 | | | Renesas Electronics Corp.* | | | 48,844 | |
| | 6,628 | | | Ricoh Co. Ltd. | | | 52,450 | |
| | 263 | | | Rohm Co. Ltd. | | | 19,959 | |
| | 1,029 | | | SCSK Corp. | | | 16,924 | |
| | 3,185 | | | Seiko Epson Corp. | | | 50,455 | |
| | 1,128 | | | Shimadzu Corp. | | | 33,281 | |
| | 1,224 | | | SUMCO Corp. | | | 16,864 | |
| | 622 | | | TDK Corp. | | | 22,053 | |
| | 1,315 | | | TIS, Inc. | | | 37,849 | |
| | 549 | | | Tokyo Electron Ltd.(a) | | | 174,888 | |
| | 1,085 | | | Trend Micro, Inc. | | | 67,468 | |
| | 2,292 | | | Yokogawa Electric Corp. | | | 40,425 | |
| | | | | | | | |
| | | | | | | 1,780,528 | |
| | |
| | |
| 76 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
|
| Common Stocks – (continued) | |
| Materials – 3.6% | |
| | 2,657 | | | Asahi Kasei Corp. | | $ | 19,608 | |
| | 857 | | | Hitachi Metals Ltd.* | | | 12,939 | |
| | 373 | | | JFE Holdings, Inc.(a) | | | 4,036 | |
| | 324 | | | JSR Corp. | | | 7,315 | |
| | 3,012 | | | Mitsubishi Chemical Group Corp. | | | 15,926 | |
| | 301 | | | Mitsui Chemicals, Inc. | | | 6,829 | |
| | 389 | | | Nippon Sanso Holdings Corp. | | | 7,139 | |
| | 1,199 | | | Nippon Steel Corp.(a) | | | 19,102 | |
| | 833 | | | Nissan Chemical Corp. | | | 42,484 | |
| | 488 | | | Nitto Denko Corp. | | | 30,345 | |
| | 11,958 | | | Oji Holdings Corp. | | | 48,048 | |
| | 849 | | | Shin-Etsu Chemical Co. Ltd. | | | 99,920 | |
| | 14,239 | | | Sumitomo Chemical Co. Ltd. | | | 56,494 | |
| | 315 | | | Sumitomo Metal Mining Co. Ltd. | | | 10,009 | |
| | 2,726 | | | Toray Industries, Inc. | | | 15,710 | |
| | 2,907 | | | Tosoh Corp.(a) | | | 37,893 | |
| | | | | | | | |
| | | | | | | 433,797 | |
| | |
| Real Estate – 2.5% | |
| | 432 | | | Daito Trust Construction Co. Ltd. | | | 42,818 | |
| | 1,858 | | | Daiwa House Industry Co. Ltd. | | | 42,032 | |
| | 6 | | | Daiwa House REIT Investment Corp. REIT | | | 13,937 | |
| | 10 | | | GLP J REIT | | | 12,256 | |
| | 1,041 | | | Hulic Co. Ltd. | | | 7,960 | |
| | 16 | | | Japan Metropolitan Fund Invest REIT | | | 12,765 | |
| | 3 | | | Japan Real Estate Investment Corp. REIT | | | 13,959 | |
| | 2,657 | | | Mitsubishi Estate Co. Ltd. | | | 36,034 | |
| | 2,085 | | | Mitsui Fudosan Co. Ltd. | | | 42,467 | |
| | 3 | | | Nippon Building Fund, Inc. REIT | | | 15,019 | |
| | 5 | | | Nippon Prologis REIT, Inc. REIT | | | 12,642 | |
| | 897 | | | Nomura Real Estate Holdings, Inc. | | | 22,162 | |
| | 12 | | | Nomura Real Estate Master Fund, Inc. REIT | | | 14,733 | |
| | 514 | | | Sumitomo Realty & Development Co. Ltd. | | | 12,681 | |
| | | | | | | | |
| | | | | | | 301,465 | |
| | |
| Utilities – 0.6% | |
| | 1,477 | | | Chubu Electric Power Co., Inc. | | | 15,066 | |
| | 1,490 | | | Kansai Electric Power Co., Inc. (The) | | | 14,467 | |
| | 1,179 | | | Osaka Gas Co. Ltd. | | | 19,936 | |
| | 1,088 | | | Tokyo Electric Power Co. Holdings, Inc.* | | | 4,269 | |
| | 1,327 | | | Tokyo Gas Co. Ltd. | | | 25,004 | |
| | | | | | | | |
| | | | | | | 78,742 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $12,104,492) | | $ | 12,047,121 | |
| | |
| | | | | | | | |
| Shares | | | Dividend
Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 7.1%(b) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 862,006 | | | 2.154% | | $ | 862,006 | |
| | (Cost $862,006) | | | | |
| | |
| | TOTAL INVESTMENTS – 107.0% | |
| | (Cost $12,966,498) | | $ | 12,909,127 | |
| | |
| LIABILITIES IN EXCESS OF OTHER
ASSETS – (7.0)% | | | (850,354 | ) |
| | |
| | NET ASSETS – 100.0% | | $ | 12,058,773 | |
| | |
| | | | | | | | |
|
| 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. | | 77 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 99.6% | | | |
| Communication Services – 7.1% | |
| | 56 | | | Activision Blizzard, Inc. | | $ | 4,396 | |
| | 1,157 | | | Alphabet, Inc., Class A* | | | 125,211 | |
| | 1,167 | | | Alphabet, Inc., Class C* | | | 127,378 | |
| | 1,400 | | | AT&T, Inc. | | | 24,556 | |
| | 27 | | | Charter Communications, Inc., Class A* | | | 11,141 | |
| | 833 | | | Comcast Corp., Class A | | | 30,146 | |
| | 38 | | | Electronic Arts, Inc. | | | 4,821 | |
| | 27 | | | Liberty Broadband Corp., Class C* | | | 2,746 | |
| | 20 | | | Live Nation Entertainment, Inc.* | | | 1,807 | |
| | 9 | | | Match Group, Inc.* | | | 509 | |
| | 450 | | | Meta Platforms, Inc., Class A* | | | 73,319 | |
| | 10 | | | Netflix, Inc.* | | | 2,236 | |
| | 86 | | | Omnicom Group, Inc. | | | 5,753 | |
| | 59 | | | Paramount Global, Class B | | | 1,380 | |
| | 70 | | | T-Mobile US, Inc.* | | | 10,077 | |
| | 494 | | | Verizon Communications, Inc. | | | 20,654 | |
| | 105 | | | Walt Disney Co. (The)* | | | 11,768 | |
| | 281 | | | Warner Bros Discovery, Inc.* | | | 3,720 | |
| | 7 | | | ZoomInfo Technologies, Inc.* | | | 318 | |
| | | | | | | | |
| | | | | | | 461,936 | |
| | |
| Consumer Discretionary – 9.3% | |
| | 84 | | | Advance Auto Parts, Inc. | | | 14,166 | |
| | 21 | | | AutoZone, Inc.* | | | 44,503 | |
| | 332 | | | Bath & Body Works, Inc. | | | 12,394 | |
| | 127 | | | Best Buy Co., Inc. | | | 8,978 | |
| | 5 | | | Booking Holdings, Inc.* | | | 9,379 | |
| | 69 | | | Burlington Stores, Inc.* | | | 9,673 | |
| | 46 | | | Caesars Entertainment, Inc.* | | | 1,983 | |
| | 7 | | | CarMax, Inc.* | | | 619 | |
| | 23 | | | Darden Restaurants, Inc. | | | 2,845 | |
| | 97 | | | Dollar General Corp. | | | 23,030 | |
| | 115 | | | Dollar Tree, Inc.* | | | 15,603 | |
| | 42 | | | Domino’s Pizza, Inc. | | | 15,618 | |
| | 38 | | | DoorDash, Inc., Class A* | | | 2,276 | |
| | 13 | | | D.R. Horton, Inc. | | | 925 | |
| | 272 | | | eBay, Inc. | | | 12,003 | |
| | 101 | | | Etsy, Inc.* | | | 10,667 | |
| | 59 | | | Expedia Group, Inc.* | | | 6,056 | |
| | 1,128 | | | Ford Motor Co. | | | 17,191 | |
| | 98 | | | Garmin Ltd. | | | 8,672 | |
| | 186 | | | Genuine Parts Co. | | | 29,018 | |
| | 2 | | | Hilton Worldwide Holdings, Inc. | | | 255 | |
| | 188 | | | Home Depot, Inc. (The) | | | 54,223 | |
| | 214 | | | Lennar Corp., Class A | | | 16,574 | |
| | 124 | | | Lowe’s Cos., Inc. | | | 24,073 | |
| | 10 | | | Marriott International, Inc., Class A | | | 1,537 | |
| | 92 | | | McDonald’s Corp. | | | 23,210 | |
| | 523 | | | MGM Resorts International | | | 17,071 | |
| | 209 | | | NIKE, Inc., Class B | | | 22,248 | |
| | 2 | | | NVR, Inc.* | | | 8,280 | |
| | 63 | | | O’Reilly Automotive, Inc.* | | | 43,919 | |
| | 34 | | | Pool Corp. | | | 11,532 | |
| | 115 | | | Ross Stores, Inc. | | | 9,921 | |
| | 55 | | | Starbucks Corp. | | | 4,624 | |
| | 162 | | | Target Corp. | | | 25,975 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Consumer Discretionary – (continued) | |
| | 379 | | | TJX Cos., Inc. (The) | | | 23,631 | |
| | 112 | | | Tractor Supply Co. | | | 20,737 | |
| | 86 | | | Ulta Beauty, Inc.* | | | 36,109 | |
| | 163 | | | VF Corp. | | | 6,756 | |
| | 87 | | | Yum! Brands, Inc. | | | 9,678 | |
| | | | | | | | |
| | | | | | | 605,952 | |
| | |
| Consumer Staples – 8.6% | |
| | 444 | | | Archer-Daniels-Midland Co. | | | 39,023 | |
| | 130 | | | Brown-Forman Corp., Class B | | | 9,451 | |
| | 5 | | | Bunge Ltd. | | | 496 | |
| | 154 | | | Church & Dwight Co., Inc. | | | 12,891 | |
| | 113 | | | Clorox Co. (The) | | | 16,310 | |
| | 561 | | | Coca-Cola Co. (The) | | | 34,619 | |
| | 331 | | | Colgate-Palmolive Co. | | | 25,888 | |
| | 214 | | | Conagra Brands, Inc. | | | 7,357 | |
| | 51 | | | Constellation Brands, Inc., Class A | | | 12,549 | |
| | 86 | | | Estee Lauder Cos., Inc. (The), Class A | | | 21,877 | |
| | 216 | | | General Mills, Inc. | | | 16,589 | |
| | 138 | | | Hershey Co. (The) | | | 31,005 | |
| | 161 | | | Hormel Foods Corp. | | | 8,095 | |
| | 51 | | | J M Smucker Co. (The) | | | 7,140 | |
| | 159 | | | Kellogg Co. | | | 11,566 | |
| | 436 | | | Keurig Dr Pepper, Inc. | | | 16,620 | |
| | 91 | | | Kimberly-Clark Corp. | | | 11,604 | |
| | 403 | | | Kraft Heinz Co. (The) | | | 15,072 | |
| | 129 | | | McCormick & Co., Inc. | | | 10,845 | |
| | 259 | | | Mondelez International, Inc., Class A | | | 16,022 | |
| | 187 | | | Monster Beverage Corp.* | | | 16,611 | |
| | 271 | | | PepsiCo, Inc. | | | 46,685 | |
| | 366 | | | Procter & Gamble Co. (The) | | | 50,486 | |
| | 211 | | | Sysco Corp. | | | 17,348 | |
| | 323 | | | Tyson Foods, Inc., Class A | | | 24,348 | |
| | 670 | | | Walgreens Boots Alliance, Inc. | | | 23,490 | |
| | 426 | | | Walmart, Inc. | | | 56,466 | |
| | | | | | | | |
| | | | | | | 560,453 | |
| | |
| Financials – 11.7% | |
| | 259 | | | Aflac, Inc. | | | 15,390 | |
| | 199 | | | Allstate Corp. (The) | | | 23,979 | |
| | 634 | | | Ally Financial, Inc. | | | 21,049 | |
| | 114 | | | American Express Co. | | | 17,328 | |
| | 297 | | | American International Group, Inc. | | | 15,370 | |
| | 37 | | | Ameriprise Financial, Inc. | | | 9,916 | |
| | 74 | | | Aon PLC, Class A | | | 20,665 | |
| | 66 | | | Apollo Global Management, Inc. | | | 3,668 | |
| | 196 | | | Arch Capital Group Ltd.* | | | 8,961 | |
| | 1,053 | | | Bank of America Corp. | | | 35,391 | |
| | 154 | | | Bank of New York Mellon Corp. (The) | | | 6,396 | |
| | 323 | | | Berkshire Hathaway, Inc., Class B* | | | 90,698 | |
| | 6 | | | BlackRock, Inc. | | | 3,998 | |
| | 230 | | | Blackstone, Inc. | | | 21,606 | |
| | 136 | | | Brown & Brown, Inc. | | | 8,573 | |
| | 218 | | | Capital One Financial Corp. | | | 23,069 | |
| | 157 | | | Charles Schwab Corp. (The) | | | 11,139 | |
| | 78 | | | Chubb Ltd. | | | 14,746 | |
| | |
| | |
| 78 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | |
| | 49 | | | Cincinnati Financial Corp. | | $ | 4,751 | |
| | 649 | | | Citigroup, Inc. | | | 31,678 | |
| | 81 | | | Citizens Financial Group, Inc. | | | 2,971 | |
| | 52 | | | CME Group, Inc. | | | 10,172 | |
| | 65 | | | Coinbase Global, Inc., Class A* | | | 4,342 | |
| | 138 | | | Discover Financial Services | | | 13,868 | |
| | 14 | | | FactSet Research Systems, Inc. | | | 6,067 | |
| | 86 | | | Fifth Third Bancorp | | | 2,937 | |
| | 14 | | | First Republic Bank | | | 2,126 | |
| | 109 | | | Hartford Financial Services Group, Inc. (The) | | | 7,010 | |
| | 88 | | | Huntington Bancshares, Inc. | | | 1,179 | |
| | 74 | | | Intercontinental Exchange, Inc. | | | 7,463 | |
| | 521 | | | JPMorgan Chase & Co. | | | 59,253 | |
| | 365 | | | KeyCorp | | | 6,457 | |
| | 92 | | | KKR & Co., Inc. | | | 4,652 | |
| | 26 | | | LPL Financial Holdings, Inc. | | | 5,755 | |
| | 28 | | | M&T Bank Corp. | | | 5,090 | |
| | 9 | | | Markel Corp.* | | | 10,747 | |
| | 135 | | | Marsh & McLennan Cos., Inc. | | | 21,785 | |
| | 249 | | | MetLife, Inc. | | | 16,018 | |
| | 54 | | | Moody’s Corp. | | | 15,364 | |
| | 128 | | | Morgan Stanley | | | 10,908 | |
| | 2 | | | MSCI, Inc. | | | 898 | |
| | 108 | | | Nasdaq, Inc. | | | 6,429 | |
| | 18 | | | Northern Trust Corp. | | | 1,712 | |
| | 36 | | | PNC Financial Services Group, Inc. (The) | | | 5,688 | |
| | 107 | | | Principal Financial Group, Inc. | | | 7,999 | |
| | 110 | | | Progressive Corp. (The) | | | 13,491 | |
| | 185 | | | Prudential Financial, Inc. | | | 17,714 | |
| | 90 | | | Raymond James Financial, Inc. | | | 9,393 | |
| | 177 | | | Regions Financial Corp. | | | 3,836 | |
| | 27 | | | S&P Global, Inc. | | | 9,509 | |
| | 6 | | | Signature Bank | | | 1,046 | |
| | 12 | | | State Street Corp. | | | 820 | |
| | 528 | | | Synchrony Financial | | | 17,292 | |
| | 56 | | | T. Rowe Price Group, Inc. | | | 6,720 | |
| | 65 | | | Travelers Cos., Inc. (The) | | | 10,507 | |
| | 68 | | | Truist Financial Corp. | | | 3,185 | |
| | 100 | | | US Bancorp | | | 4,561 | |
| | 752 | | | Wells Fargo & Co. | | | 32,870 | |
| | 24 | | | Willis Towers Watson PLC | | | 4,964 | |
| | | | | | | | |
| | | | | | | 761,169 | |
| | |
| Health Care – 18.6% | |
| | 269 | | | Abbott Laboratories | | | 27,613 | |
| | 348 | | | AbbVie, Inc. | | | 46,792 | |
| | 44 | | | ABIOMED, Inc.* | | | 11,408 | |
| | 83 | | | Agilent Technologies, Inc. | | | 10,645 | |
| | 33 | | | Align Technology, Inc.* | | | 8,042 | |
| | 4 | | | Alnylam Pharmaceuticals, Inc.* | | | 827 | |
| | 79 | | | AmerisourceBergen Corp. | | | 11,578 | |
| | 76 | | | Amgen, Inc. | | | 18,263 | |
| | 322 | | | Avantor, Inc.* | | | 8,021 | |
| | 123 | | | Baxter International, Inc. | | | 7,068 | |
| | 61 | | | Becton Dickinson and Co. | | | 15,398 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Health Care – (continued) | |
| | 43 | | | Biogen, Inc.* | | | 8,401 | |
| | 6 | | | BioMarin Pharmaceutical, Inc.* | | | 535 | |
| | 13 | | | Bio-Techne Corp. | | | 4,314 | |
| | 214 | | | Boston Scientific Corp.* | | | 8,626 | |
| | 528 | | | Bristol-Myers Squibb Co. | | | 35,593 | |
| | 21 | | | Cardinal Health, Inc. | | | 1,485 | |
| | 31 | | | Catalent, Inc.* | | | 2,728 | |
| | 344 | | | Centene Corp.* | | | 30,871 | |
| | 31 | | | Charles River Laboratories International, Inc.* | | | 6,363 | |
| | 117 | | | Cigna Corp. | | | 33,164 | |
| | 18 | | | Cooper Cos., Inc. (The) | | | 5,174 | |
| | 609 | | | CVS Health Corp. | | | 59,773 | |
| | 104 | | | Danaher Corp. | | | 28,071 | |
| | 66 | | | Dexcom, Inc.* | | | 5,426 | |
| | 254 | | | Edwards Lifesciences Corp.* | | | 22,885 | |
| | 68 | | | Elevance Health, Inc. | | | 32,988 | |
| | 187 | | | Eli Lilly & Co. | | | 56,330 | |
| | 335 | | | Gilead Sciences, Inc. | | | 21,262 | |
| | 18 | | | HCA Healthcare, Inc. | | | 3,562 | |
| | 272 | | | Hologic, Inc.* | | | 18,376 | |
| | 17 | | | Horizon Therapeutics PLC* | | | 1,007 | |
| | 22 | | | Humana, Inc. | | | 10,599 | |
| | 47 | | | IDEXX Laboratories, Inc.* | | | 16,338 | |
| | 6 | | | Illumina, Inc.* | | | 1,210 | |
| | 12 | | | Insulet Corp.* | | | 3,066 | |
| | 33 | | | Intuitive Surgical, Inc.* | | | 6,789 | |
| | 65 | | | IQVIA Holdings, Inc.* | | | 13,823 | |
| | 567 | | | Johnson & Johnson | | | 91,480 | |
| | 89 | | | Laboratory Corp. of America Holdings | | | 20,049 | |
| | 40 | | | McKesson Corp. | | | 14,680 | |
| | 146 | | | Medtronic PLC | | | 12,836 | |
| | 508 | | | Merck & Co., Inc. | | | 43,363 | |
| | 18 | | | Mettler-Toledo International, Inc.* | | | 21,824 | |
| | 78 | | | Moderna, Inc.* | | | 10,317 | |
| | 11 | | | Molina Healthcare, Inc.* | | | 3,711 | |
| | 89 | | | PerkinElmer, Inc. | | | 12,020 | |
| | 1,229 | | | Pfizer, Inc. | | | 55,588 | |
| | 132 | | | Quest Diagnostics, Inc. | | | 16,541 | |
| | 36 | | | Regeneron Pharmaceuticals, Inc.* | | | 20,918 | |
| | 57 | | | ResMed, Inc. | | | 12,535 | |
| | 182 | | | Royalty Pharma PLC, Class A | | | 7,609 | |
| | 12 | | | Seagen, Inc.* | | | 1,852 | |
| | 46 | | | STERIS PLC | | | 9,263 | |
| | 47 | | | Stryker Corp. | | | 9,644 | |
| | 15 | | | Teleflex, Inc. | | | 3,394 | |
| | 70 | | | Thermo Fisher Scientific, Inc. | | | 38,172 | |
| | 164 | | | UnitedHealth Group, Inc. | | | 85,170 | |
| | 81 | | | Vertex Pharmaceuticals, Inc.* | | | 22,823 | |
| | 3,960 | | | Viatris, Inc. | | | 37,818 | |
| | 64 | | | Waters Corp.* | | | 19,110 | |
| | 31 | | | West Pharmaceutical Services, Inc. | | | 9,197 | |
| | 58 | | | Zimmer Biomet Holdings, Inc. | | | 6,167 | |
| | 96 | | | Zoetis, Inc. | | | 15,027 | |
| | | | | | | | |
| | | | | | | 1,205,522 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 79 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – (continued) | | | |
| Industrials – 5.1% | |
| | 81 | | | 3M Co. | | $ | 10,072 | |
| | 39 | | | AMETEK, Inc. | | | 4,686 | |
| | 198 | | | Carrier Global Corp. | | | 7,746 | |
| | 6 | | | Caterpillar, Inc. | | | 1,108 | |
| | 23 | | | Cintas Corp. | | | 9,357 | |
| | 448 | | | CSX Corp. | | | 14,179 | |
| | 2 | | | Deere & Co. | | | 731 | |
| | 16 | | | Delta Air Lines, Inc.* | | | 497 | |
| | 34 | | | Dover Corp. | | | 4,249 | |
| | 95 | | | Expeditors International of Washington, Inc. | | | 9,775 | |
| | 463 | | | Fastenal Co. | | | 23,303 | |
| | 54 | | | FedEx Corp. | | | 11,384 | |
| | 93 | | | General Electric Co. | | | 6,830 | |
| | 30 | | | IDEX Corp. | | | 6,036 | |
| | 49 | | | Illinois Tool Works, Inc. | | | 9,547 | |
| | 20 | | | J.B. Hunt Transport Services, Inc. | | | 3,480 | |
| | 258 | | | Masco Corp. | | | 13,124 | |
| | 39 | | | Norfolk Southern Corp. | | | 9,482 | |
| | 36 | | | Old Dominion Freight Line, Inc. | | | 9,771 | |
| | 229 | | | Otis Worldwide Corp. | | | 16,538 | |
| | 55 | | | PACCAR, Inc. | | | 4,813 | |
| | 40 | | | Parker-Hannifin Corp. | | | 10,600 | |
| | 62 | | | Plug Power, Inc.* | | | 1,738 | |
| | 128 | | | Republic Services, Inc. | | | 18,268 | |
| | 16 | | | Rockwell Automation, Inc. | | | 3,791 | |
| | 293 | | | Southwest Airlines Co.* | | | 10,753 | |
| | 18 | | | Stanley Black & Decker, Inc. | | | 1,586 | |
| | 6 | | | TransUnion | | | 443 | |
| | 22 | | | Uber Technologies, Inc.* | | | 633 | |
| | 80 | | | Union Pacific Corp. | | | 17,961 | |
| | 468 | | | United Airlines Holdings, Inc.* | | | 16,385 | |
| | 90 | | | United Parcel Service, Inc., Class B | | | 17,506 | |
| | 19 | | | United Rentals, Inc.* | | | 5,549 | |
| | 26 | | | Verisk Analytics, Inc. | | | 4,866 | |
| | 111 | | | Waste Management, Inc. | | | 18,762 | |
| | 23 | | | Westinghouse Air Brake Technologies Corp. | | | 2,016 | |
| | 41 | | | W.W. Grainger, Inc. | | | 22,753 | |
| | 30 | | | Xylem, Inc. | | | 2,733 | |
| | | | | | | | |
| | | | | | | 333,051 | |
| | |
| Information Technology – 31.5% | |
| | 149 | | | Accenture PLC, Class A | | | 42,981 | |
| | 80 | | | Adobe, Inc.* | | | 29,875 | |
| | 262 | | | Advanced Micro Devices, Inc.* | | | 22,236 | |
| | 135 | | | Akamai Technologies, Inc.* | | | 12,188 | |
| | 165 | | | Amphenol Corp., Class A | | | 12,132 | |
| | 42 | | | Analog Devices, Inc. | | | 6,364 | |
| | 3,240 | | | Apple, Inc. | | | 509,393 | |
| | 261 | | | Applied Materials, Inc. | | | 24,552 | |
| | 99 | | | Arista Networks, Inc.* | | | 11,868 | |
| | 34 | | | Autodesk, Inc.* | | | 6,859 | |
| | 78 | | | Automatic Data Processing, Inc. | | | 19,064 | |
| | 73 | | | Block, Inc.* | | | 5,030 | |
| | 57 | | | Broadcom, Inc. | | | 28,449 | |
| | 25 | | | Broadridge Financial Solutions, Inc. | | | 4,279 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | |
| | 98 | | | Cadence Design Systems, Inc.* | | | 17,029 | |
| | 16 | | | CDW Corp. | | | 2,731 | |
| | 950 | | | Cisco Systems, Inc. | | | 42,484 | |
| | 100 | | | Cognex Corp. | | | 4,211 | |
| | 291 | | | Cognizant Technology Solutions Corp., Class A | | | 18,382 | |
| | 195 | | | Corning, Inc. | | | 6,692 | |
| | 30 | | | Datadog, Inc., Class A* | | | 3,149 | |
| | 169 | | | Dell Technologies, Inc., Class C | | | 6,471 | |
| | 129 | | | DocuSign, Inc.* | | | 7,510 | |
| | 33 | | | Enphase Energy, Inc.* | | | 9,453 | |
| | 23 | | | Entegris, Inc. | | | 2,182 | |
| | 9 | | | EPAM Systems, Inc.* | | | 3,839 | |
| | 183 | | | Fidelity National Information Services, Inc. | | | 16,721 | |
| | 197 | | | Fiserv, Inc.* | | | 19,934 | |
| | 36 | | | FleetCor Technologies, Inc.* | | | 7,651 | |
| | 251 | | | Fortinet, Inc.* | | | 12,221 | |
| | 68 | | | Gartner, Inc.* | | | 19,402 | |
| | 103 | | | Global Payments, Inc. | | | 12,796 | |
| | 2,312 | | | Hewlett Packard Enterprise Co. | | | 31,443 | |
| | 290 | | | HP, Inc. | | | 8,326 | |
| | 13 | | | HubSpot, Inc.* | | | 4,382 | |
| | 1,036 | | | Intel Corp. | | | 33,069 | |
| | 304 | | | International Business Machines Corp. | | | 39,049 | |
| | 59 | | | Intuit, Inc. | | | 25,475 | |
| | 120 | | | Keysight Technologies, Inc.* | | | 19,667 | |
| | 40 | | | KLA Corp. | | | 13,765 | |
| | 40 | | | Lam Research Corp. | | | 17,516 | |
| | 61 | | | Marvell Technology, Inc. | | | 2,856 | |
| | 100 | | | Mastercard, Inc., Class A | | | 32,437 | |
| | 140 | | | Microchip Technology, Inc. | | | 9,135 | |
| | 347 | | | Micron Technology, Inc. | | | 19,616 | |
| | 1,477 | | | Microsoft Corp. | | | 386,191 | |
| | 19 | | | Monolithic Power Systems, Inc. | | | 8,610 | |
| | 85 | | | Motorola Solutions, Inc. | | | 20,690 | |
| | 237 | | | NetApp, Inc. | | | 17,095 | |
| | 124 | | | NortonLifeLock, Inc. | | | 2,801 | |
| | 418 | | | NVIDIA Corp. | | | 63,093 | |
| | 280 | | | ON Semiconductor Corp.* | | | 19,256 | |
| | 173 | | | Oracle Corp. | | | 12,828 | |
| | 17 | | | Palo Alto Networks, Inc.* | | | 9,466 | |
| | 102 | | | Paychex, Inc. | | | 12,581 | |
| | 161 | | | PayPal Holdings, Inc.* | | | 15,044 | |
| | 122 | | | Qorvo, Inc.* | | | 10,953 | |
| | 274 | | | QUALCOMM, Inc. | | | 36,242 | |
| | 17 | | | Roper Technologies, Inc. | | | 6,844 | |
| | 120 | | | Salesforce, Inc.* | | | 18,734 | |
| | 128 | | | Seagate Technology Holdings PLC | | | 8,571 | |
| | 24 | | | ServiceNow, Inc.* | | | 10,431 | |
| | 92 | | | Skyworks Solutions, Inc. | | | 9,067 | |
| | 276 | | | SS&C Technologies Holdings, Inc. | | | 15,390 | |
| | 24 | | | Synopsys, Inc.* | | | 8,304 | |
| | 13 | | | Teledyne Technologies, Inc.* | | | 4,789 | |
| | 158 | | | Teradyne, Inc. | | | 13,373 | |
| | 177 | | | Texas Instruments, Inc. | | | 29,242 | |
| | 86 | | | Trimble, Inc.* | | | 5,440 | |
| | |
| | |
| 80 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | |
| | 79 | | | VeriSign, Inc.* | | $ | 14,395 | |
| | 198 | | | Visa, Inc., Class A | | | 39,345 | |
| | 73 | | | VMware, Inc., Class A | | | 8,470 | |
| | 462 | | | Western Digital Corp.* | | | 19,524 | |
| | 10 | | | Workday, Inc., Class A* | | | 1,646 | |
| | 40 | | | Zebra Technologies Corp., Class A* | | | 12,066 | |
| | 19 | | | Zendesk, Inc.* | | | 1,459 | |
| | 45 | | | Zoom Video Communications, Inc., Class A* | | | 3,618 | |
| | | | | | | | |
| | | | | | | 2,050,422 | |
| | |
| Materials – 2.2% | |
| | 17 | | | Air Products and Chemicals, Inc. | | | 4,292 | |
| | 63 | | | Alcoa Corp. | | | 3,117 | |
| | 27 | | | Avery Dennison Corp. | | | 4,958 | |
| | 30 | | | Ball Corp. | | | 1,674 | |
| | 27 | | | Celanese Corp. | | | 2,993 | |
| | 39 | | | CF Industries Holdings, Inc. | | | 4,035 | |
| | 231 | | | Corteva, Inc. | | | 14,190 | |
| | 14 | | | Crown Holdings, Inc. | | | 1,268 | |
| | 153 | | | Dow, Inc. | | | 7,803 | |
| | 60 | | | DuPont de Nemours, Inc. | | | 3,339 | |
| | 35 | | | Ecolab, Inc. | | | 5,734 | |
| | 24 | | | FMC Corp. | | | 2,594 | |
| | 159 | | | Freeport-McMoRan, Inc. | | | 4,706 | |
| | 34 | | | International Flavors & Fragrances, Inc. | | | 3,756 | |
| | 51 | | | International Paper Co. | | | 2,123 | |
| | 8 | | | Martin Marietta Materials, Inc. | | | 2,782 | |
| | 151 | | | Mosaic Co. (The) | | | 8,134 | |
| | 180 | | | Nucor Corp. | | | 23,929 | |
| | 32 | | | Packaging Corp. of America | | | 4,382 | |
| | 26 | | | PPG Industries, Inc. | | | 3,302 | |
| | 57 | | | Sherwin-Williams Co. (The) | | | 13,230 | |
| | 217 | | | Steel Dynamics, Inc. | | | 17,516 | |
| | 17 | | | Vulcan Materials Co. | | | 2,830 | |
| | | | | | | | |
| | | | | | | 142,687 | |
| | |
| Real Estate – 4.8% | |
| | 112 | | | Alexandria Real Estate Equities, Inc. REIT | | | 17,181 | |
| | 51 | | | American Tower Corp. REIT | | | 12,957 | |
| | 35 | | | AvalonBay Communities, Inc. REIT | | | 7,032 | |
| | 88 | | | Boston Properties, Inc. REIT | | | 6,990 | |
| | 112 | | | Camden Property Trust REIT | | | 14,393 | |
| | 67 | | | Crown Castle, Inc. REIT | | | 11,446 | |
| | 50 | | | Digital Realty Trust, Inc. REIT | | | 6,181 | |
| | 242 | | | Duke Realty Corp. REIT | | | 14,242 | |
| | 10 | | | Equinix, Inc. REIT | | | 6,574 | |
| | 100 | | | Equity Residential REIT | | | 7,318 | |
| | 42 | | | Essex Property Trust, Inc. REIT | | | 11,132 | |
| | 64 | | | Extra Space Storage, Inc. REIT | | | 12,719 | |
| | 244 | | | Healthpeak Properties, Inc. REIT | | | 6,405 | |
| | 218 | | | Invitation Homes, Inc. REIT | | | 7,909 | |
| | 158 | | | Iron Mountain, Inc. REIT | | | 8,312 | |
| | 255 | | | Kimco Realty Corp. REIT | | | 5,375 | |
| | 67 | | | Mid-America Apartment Communities, Inc. REIT | | | 11,100 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Real Estate – (continued) | |
| | 133 | | | Prologis, Inc. REIT | | | 16,560 | |
| | 48 | | | Public Storage REIT | | | 15,880 | |
| | 171 | | | Realty Income Corp. REIT | | | 11,676 | |
| | 28 | | | SBA Communications Corp. REIT | | | 9,107 | |
| | 74 | | | Simon Property Group, Inc. REIT | | | 7,546 | |
| | 93 | | | Sun Communities, Inc. REIT | | | 14,295 | |
| | 133 | | | UDR, Inc. REIT | | | 5,968 | |
| | 215 | | | Ventas, Inc. REIT | | | 10,290 | |
| | 278 | | | VICI Properties, Inc. REIT | | | 9,171 | |
| | 131 | | | Welltower, Inc. REIT | | | 10,041 | |
| | 597 | | | Weyerhaeuser Co. REIT | | | 20,394 | |
| | 145 | | | W.P. Carey, Inc. REIT | | | 12,184 | |
| | | | | | | | |
| | | | | | | 310,378 | |
| | |
| Utilities – 0.7% | |
| | 22 | | | American Water Works Co., Inc. | | | 3,266 | |
| | 199 | | | Edison International | | | 13,486 | |
| | 72 | | | Entergy Corp. | | | 8,302 | |
| | 207 | | | NextEra Energy, Inc. | | | 17,607 | |
| | | | | | | | |
| | | | | | | 42,661 | |
| | |
| | TOTAL INVESTMENTS – 99.6% | | | | |
| | (Cost $7,694,125) | | $ | 6,474,231 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.4% | | | 25,486 | |
| | |
| | NET ASSETS – 100.0% | | $ | 6,499,717 | |
| | |
| | | | |
|
| 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: |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 81 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – 99.8% | | | |
| Communication Services – 6.8% | | | |
| | 167,499 | | | Activision Blizzard, Inc. | | $ | 13,146,997 | |
| | 1,794,583 | | | Alphabet, Inc., Class A* | | | 194,209,772 | |
| | 1,742,730 | | | Alphabet, Inc., Class C* | | | 190,218,979 | |
| | 1,833,763 | | | AT&T, Inc. | | | 32,164,203 | |
| | 53,651 | | | Charter Communications, Inc., Class A* | | | 22,138,012 | |
| | 1,601,866 | | | Comcast Corp., Class A | | | 57,971,531 | |
| | 186,019 | | | Electronic Arts, Inc. | | | 23,600,231 | |
| | 73,577 | | | Liberty Broadband Corp., Class C* | | | 7,482,781 | |
| | 171,589 | | | Match Group, Inc.* | | | 9,699,926 | |
| | 755,399 | | | Meta Platforms, Inc., Class A* | | | 123,077,159 | |
| | 42,264 | | | Netflix, Inc.* | | | 9,448,540 | |
| | 146,139 | | | Omnicom Group, Inc. | | | 9,776,699 | |
| | 39,002 | | | Roku, Inc.* | | | 2,652,136 | |
| | 54,035 | | | Take-Two Interactive Software, Inc.* | | | 6,622,530 | |
| | 116,722 | | | T-Mobile US, Inc.* | | | 16,803,299 | |
| | 794,773 | | | Verizon Communications, Inc. | | | 33,229,459 | |
| | 255,616 | | | Walt Disney Co. (The)* | | | 28,649,441 | |
| | 440,081 | | | Warner Bros Discovery, Inc.* | | | 5,826,672 | |
| | | | | | | | |
| | | | | | | 786,718,367 | |
| | |
| Consumer Discretionary – 13.2% | | | |
| | 94,589 | | | Advance Auto Parts, Inc. | | | 15,951,489 | |
| | 2,557,884 | | | Amazon.com, Inc.* | | | 324,262,955 | |
| | 33,304 | | | AutoZone, Inc.* | | | 70,578,170 | |
| | 505,360 | | | Bath & Body Works, Inc. | | | 18,865,089 | |
| | 372,149 | | | Best Buy Co., Inc. | | | 26,307,213 | |
| | 7,299 | | | Booking Holdings, Inc.* | | | 13,691,537 | |
| | 63,299 | | | Burlington Stores, Inc.* | | | 8,873,887 | |
| | 140,119 | | | Caesars Entertainment, Inc.* | | | 6,041,931 | |
| | 2,602 | | | Chipotle Mexican Grill, Inc.* | | | 4,154,874 | |
| | 88,867 | | | Darden Restaurants, Inc. | | | 10,993,737 | |
| | 173,727 | | | Dollar General Corp. | | | 41,246,264 | |
| | 184,246 | | | Dollar Tree, Inc.* | | | 24,998,497 | |
| | 88,888 | | | Domino’s Pizza, Inc. | | | 33,053,892 | |
| | 78,995 | | | D.R. Horton, Inc. | | | 5,620,494 | |
| | 446,743 | | | eBay, Inc. | | | 19,714,769 | |
| | 116,957 | | | Etsy, Inc.* | | | 12,351,829 | |
| | 67,452 | | | Expedia Group, Inc.* | | | 6,923,948 | |
| | 3,610,213 | | | Ford Motor Co. | | | 55,019,646 | |
| | 125,815 | | | Garmin Ltd. | | | 11,133,369 | |
| | 209,043 | | | Genuine Parts Co. | | | 32,612,798 | |
| | 53,390 | | | Hilton Worldwide Holdings, Inc. | | | 6,799,750 | |
| | 381,407 | | | Home Depot, Inc. (The) | | | 110,005,407 | |
| | 402,000 | | | Lennar Corp., Class A | | | 31,134,900 | |
| | 358,944 | | | Lowe’s Cos., Inc. | | | 69,685,388 | |
| | 40,751 | | | Marriott International, Inc., Class A | | | 6,265,059 | |
| | 176,837 | | | McDonald’s Corp. | | | 44,612,438 | |
| | 768,466 | | | MGM Resorts International | | | 25,082,730 | |
| | 394,297 | | | NIKE, Inc., Class B | | | 41,972,916 | |
| | 1,492 | | | NVR, Inc.* | | | 6,176,969 | |
| | 77,897 | | | O’Reilly Automotive, Inc.* | | | 54,303,557 | |
| | 58,765 | | | Pool Corp. | | | 19,932,500 | |
| | 78,080 | | | Ross Stores, Inc. | | | 6,735,962 | |
| | 182,947 | | | Starbucks Corp. | | | 15,380,354 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Consumer Discretionary – (continued) | | | |
| | 918,773 | | | Stellantis NV(a) | | | 12,311,558 | |
| | 285,363 | | | Target Corp. | | | 45,755,103 | |
| | 615,021 | | | Tesla, Inc.* | | | 169,505,938 | |
| | 394,376 | | | TJX Cos., Inc. (The) | | | 24,589,344 | |
| | 174,672 | | | Tractor Supply Co. | | | 32,340,521 | |
| | 70,723 | | | Ulta Beauty, Inc.* | | | 29,694,466 | |
| | 203,579 | | | VF Corp. | | | 8,438,349 | |
| | 262,058 | | | Yum! Brands, Inc. | | | 29,151,332 | |
| | | | | | | | |
| | | | | | | 1,532,270,929 | |
| | |
| Consumer Staples – 9.1% | | | |
| | 509,065 | | | Altria Group, Inc. | | | 22,969,013 | |
| | 598,733 | | | Archer-Daniels-Midland Co. | | | 52,622,643 | |
| | 251,975 | | | Brown-Forman Corp., Class B | | | 18,318,583 | |
| | 74,088 | | | Bunge Ltd. | | | 7,347,307 | |
| | 178,618 | | | Church & Dwight Co., Inc. | | | 14,952,113 | |
| | 181,206 | | | Clorox Co. (The) | | | 26,155,274 | |
| | 770,017 | | | Coca-Cola Co. (The) | | | 47,517,749 | |
| | 441,690 | | | Colgate-Palmolive Co. | | | 34,544,575 | |
| | 355,497 | | | Conagra Brands, Inc. | | | 12,221,987 | |
| | 59,963 | | | Constellation Brands, Inc., Class A | | | 14,753,896 | |
| | 172,324 | | | Costco Wholesale Corp. | | | 89,970,360 | |
| | 143,240 | | | Estee Lauder Cos., Inc. (The), Class A | | | 36,437,391 | |
| | 268,060 | | | General Mills, Inc. | | | 20,587,008 | |
| | 179,142 | | | Hershey Co. (The) | | | 40,247,833 | |
| | 164,333 | | | Hormel Foods Corp. | | | 8,262,663 | |
| | 56,628 | | | J M Smucker Co. (The) | | | 7,927,354 | |
| | 165,491 | | | Kellogg Co. | | | 12,037,815 | |
| | 375,432 | | | Keurig Dr Pepper, Inc. | | | 14,311,468 | |
| | 180,973 | | | Kimberly-Clark Corp. | | | 23,077,677 | |
| | 619,232 | | | Kraft Heinz Co. (The) | | | 23,159,277 | |
| | 1,510,428 | | | Kroger Co. (The) | | | 72,409,918 | |
| | 136,926 | | | McCormick & Co., Inc. | | | 11,511,369 | |
| | 271,015 | | | Mondelez International, Inc., Class A | | | 16,764,988 | |
| | 256,437 | | | Monster Beverage Corp.* | | | 22,779,299 | |
| | 437,112 | | | PepsiCo, Inc. | | | 75,301,284 | |
| | 564,614 | | | Philip Morris International, Inc. | | | 53,914,991 | |
| | 597,088 | | | Procter & Gamble Co. (The) | | | 82,362,319 | |
| | 308,314 | | | Sysco Corp. | | | 25,349,577 | |
| | 560,819 | | | Tyson Foods, Inc., Class A | | | 42,274,536 | |
| | 1,154,956 | | | Walgreens Boots Alliance, Inc. | | | 40,492,757 | |
| | 670,861 | | | Walmart, Inc. | | | 88,922,626 | |
| | | | | | | | |
| | | | | | | 1,059,505,650 | |
| | |
| Energy – 4.3% | | | |
| | 269,984 | | | APA Corp. | | | 10,559,074 | |
| | 257,809 | | | Baker Hughes Co. | | | 6,512,255 | |
| | 116,240 | | | Cheniere Energy, Inc. | | | 18,619,323 | |
| | 331,889 | | | Chevron Corp. | | | 52,458,375 | |
| | 234,851 | | | ConocoPhillips | | | 25,704,442 | |
| | 274,518 | | | Coterra Energy, Inc. | | | 8,485,351 | |
| | 303,487 | | | Devon Energy Corp. | | | 21,432,252 | |
| | 97,779 | | | Diamondback Energy, Inc. | | | 13,031,985 | |
| | 127,432 | | | EOG Resources, Inc. | | | 15,457,502 | |
| | |
| | |
| 82 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Energy – (continued) | | | |
| | 202,643 | | | EQT Corp. | | $ | 9,686,336 | |
| | 919,108 | | | Exxon Mobil Corp. | | | 87,857,534 | |
| | 286,355 | | | Halliburton Co. | | | 8,627,876 | |
| | 72,455 | | | Hess Corp. | | | 8,751,115 | |
| | 994,423 | | | Kinder Morgan, Inc. | | | 18,217,829 | |
| | 396,480 | | | Marathon Oil Corp. | | | 10,145,923 | |
| | 318,113 | | | Marathon Petroleum Corp. | | | 32,049,885 | |
| | 390,034 | | | Occidental Petroleum Corp. | | | 27,692,414 | |
| | 146,787 | | | ONEOK, Inc. | | | 8,987,768 | |
| | 238,065 | | | Phillips 66 | | | 21,297,295 | |
| | 61,217 | | | Pioneer Natural Resources Co. | | | 15,501,369 | |
| | 171,101 | | | Schlumberger NV | | | 6,527,503 | |
| | 144,807 | | | Targa Resources Corp. | | | 9,880,182 | |
| | 411,918 | | | Valero Energy Corp. | | | 48,243,836 | |
| | 485,830 | | | Williams Cos., Inc. (The) | | | 16,532,795 | |
| | | | | | | | |
| | | | | | | 502,260,219 | |
| | |
| Financials – 9.1% | | | |
| | 165,868 | | | Aflac, Inc. | | | 9,855,876 | |
| | 170,533 | | | Allstate Corp. (The) | | | 20,549,226 | |
| | 676,494 | | | Ally Financial, Inc. | | | 22,459,601 | |
| | 125,998 | | | American Express Co. | | | 19,151,696 | |
| | 317,945 | | | American International Group, Inc. | | | 16,453,654 | |
| | 47,820 | | | Ameriprise Financial, Inc. | | | 12,816,238 | |
| | 105,656 | | | Aon PLC, Class A | | | 29,505,495 | |
| | 78,728 | | | Apollo Global Management, Inc. | | | 4,375,702 | |
| | 294,697 | | | Arch Capital Group Ltd.* | | | 13,473,547 | |
| | 136,611 | | | Arthur J Gallagher & Co. | | | 24,804,459 | |
| | 1,439,034 | | | Bank of America Corp. | | | 48,365,933 | |
| | 388,577 | | | Bank of New York Mellon Corp. (The) | | | 16,137,603 | |
| | 432,343 | | | Berkshire Hathaway, Inc., Class B* | | | 121,401,914 | |
| | 16,979 | | | BlackRock, Inc. | | | 11,314,636 | |
| | 343,981 | | | Blackstone, Inc. | | | 32,313,575 | |
| | 204,371 | | | Brown & Brown, Inc. | | | 12,883,548 | |
| | 253,738 | | | Capital One Financial Corp. | | | 26,850,555 | |
| | 277,710 | | | Charles Schwab Corp. (The) | | | 19,703,524 | |
| | 117,644 | | | Chubb Ltd. | | | 22,240,598 | |
| | 56,387 | | | Cincinnati Financial Corp. | | | 5,467,283 | |
| | 772,625 | | | Citigroup, Inc. | | | 37,711,826 | |
| | 308,070 | | | Citizens Financial Group, Inc. | | | 11,300,008 | |
| | 63,376 | | | CME Group, Inc. | | | 12,396,979 | |
| | 57,912 | | | Coinbase Global, Inc., Class A* | | | 3,868,522 | |
| | 111,687 | | | Discover Financial Services | | | 11,223,427 | |
| | 32,667 | | | FactSet Research Systems, Inc. | | | 14,155,918 | |
| | 26,094 | | | First Republic Bank | | | 3,961,852 | |
| | 205,632 | | | Hartford Financial Services Group, Inc. (The) | | | 13,224,194 | |
| | 119,434 | | | Intercontinental Exchange, Inc. | | | 12,044,919 | |
| | 702,756 | | | JPMorgan Chase & Co. | | | 79,924,440 | |
| | 318,549 | | | KeyCorp | | | 5,635,132 | |
| | 117,051 | | | KKR & Co., Inc. | | | 5,918,098 | |
| | 47,364 | | | LPL Financial Holdings, Inc. | | | 10,483,074 | |
| | 37,746 | | | M&T Bank Corp. | | | 6,861,468 | |
| | 9,483 | | | Markel Corp.* | | | 11,323,745 | |
| | 191,877 | | | Marsh & McLennan Cos., Inc. | | | 30,963,191 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | | | |
| | 341,278 | | | MetLife, Inc. | | | 21,954,414 | |
| | 125,126 | | | Moody’s Corp. | | | 35,600,849 | |
| | 162,154 | | | Morgan Stanley | | | 13,818,764 | |
| | 8,003 | | | MSCI, Inc. | | | 3,595,268 | |
| | 202,069 | | | Nasdaq, Inc. | | | 12,029,168 | |
| | 33,051 | | | Northern Trust Corp. | | | 3,142,820 | |
| | 49,787 | | | PNC Financial Services Group, Inc. (The) | | | 7,866,346 | |
| | 153,321 | | | Principal Financial Group, Inc. | | | 11,462,278 | |
| | 228,944 | | | Progressive Corp. (The) | | | 28,079,982 | |
| | 127,291 | | | Prudential Financial, Inc. | | | 12,188,113 | |
| | 127,918 | | | Raymond James Financial, Inc. | | | 13,350,802 | |
| | 213,941 | | | Regions Financial Corp. | | | 4,636,101 | |
| | 37,962 | | | S&P Global, Inc. | | | 13,369,457 | |
| | 46,260 | | | State Street Corp. | | | 3,161,871 | |
| | 627,723 | | | Synchrony Financial | | | 20,557,928 | |
| | 112,038 | | | T. Rowe Price Group, Inc. | | | 13,444,560 | |
| | 96,590 | | | Travelers Cos., Inc. (The) | | | 15,612,808 | |
| | 97,733 | | | Truist Financial Corp. | | | 4,577,814 | |
| | 166,872 | | | US Bancorp | | | 7,611,032 | |
| | 908,011 | | | Wells Fargo & Co. | | | 39,689,161 | |
| | 35,583 | | | Willis Towers Watson PLC | | | 7,359,632 | |
| | | | | | | | |
| | | | | | | 1,054,230,624 | |
| | |
| Health Care – 14.9% | | | |
| | 374,229 | | | Abbott Laboratories | | | 38,414,607 | |
| | 540,699 | | | AbbVie, Inc. | | | 72,702,388 | |
| | 51,162 | | | ABIOMED, Inc.* | | | 13,265,283 | |
| | 140,528 | | | Agilent Technologies, Inc. | | | 18,022,716 | |
| | 43,302 | | | Align Technology, Inc.* | | | 10,552,697 | |
| | 28,056 | | | Alnylam Pharmaceuticals, Inc.* | | | 5,798,334 | |
| | 102,968 | | | AmerisourceBergen Corp. | | | 15,090,990 | |
| | 186,402 | | | Amgen, Inc. | | | 44,792,401 | |
| | 181,520 | | | Avantor, Inc.* | | | 4,521,663 | |
| | 154,338 | | | Baxter International, Inc. | | | 8,868,261 | |
| | 45,326 | | | Becton Dickinson and Co. | | | 11,441,189 | |
| | 107,646 | | | Biogen, Inc.* | | | 21,031,875 | |
| | 193,957 | | | Boston Scientific Corp.* | | | 7,818,407 | |
| | 807,226 | | | Bristol-Myers Squibb Co. | | | 54,415,105 | |
| | 57,560 | | | Cardinal Health, Inc. | | | 4,070,643 | |
| | 531,515 | | | Centene Corp.* | | | 47,698,156 | |
| | 33,330 | | | Charles River Laboratories International, Inc.* | | | 6,840,982 | |
| | 204,772 | | | Cigna Corp. | | | 58,042,623 | |
| | 21,041 | | | Cooper Cos., Inc. (The) | | | 6,048,025 | |
| | 788,787 | | | CVS Health Corp. | | | 77,419,444 | |
| | 148,378 | | | Danaher Corp. | | | 40,048,706 | |
| | 96,570 | | | Dexcom, Inc.* | | | 7,939,020 | |
| | 369,999 | | | Edwards Lifesciences Corp.* | | | 33,336,910 | |
| | 91,756 | | | Elevance Health, Inc. | | | 44,511,753 | |
| | 288,460 | | | Eli Lilly & Co. | | | 86,892,806 | |
| | 451,355 | | | Gilead Sciences, Inc. | | | 28,647,502 | |
| | 16,418 | | | HCA Healthcare, Inc. | | | 3,248,630 | |
| | 182,844 | | | Hologic, Inc.* | | | 12,352,941 | |
| | 46,911 | | | Humana, Inc. | | | 22,600,782 | |
| | 86,972 | | | IDEXX Laboratories, Inc.* | | | 30,233,207 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 83 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Health Care – (continued) | | | |
| | 35,076 | | | Insulet Corp.* | | $ | 8,960,866 | |
| | 58,023 | | | Intuitive Surgical, Inc.* | | | 11,937,652 | |
| | 66,118 | | | IQVIA Holdings, Inc.* | | | 14,060,654 | |
| | 819,710 | | | Johnson & Johnson | | | 132,252,011 | |
| | 85,474 | | | Laboratory Corp. of America Holdings | | | 19,254,728 | |
| | 64,956 | | | McKesson Corp. | | | 23,838,852 | |
| | 141,248 | | | Medtronic PLC | | | 12,418,524 | |
| | 687,170 | | | Merck & Co., Inc. | | | 58,656,831 | |
| | 28,095 | | | Mettler-Toledo International, Inc.* | | | 34,064,064 | |
| | 123,032 | | | Moderna, Inc.* | | | 16,273,443 | |
| | 28,250 | | | Molina Healthcare, Inc.* | | | 9,530,702 | |
| | 103,256 | | | PerkinElmer, Inc. | | | 13,945,755 | |
| | 1,319,617 | | | Pfizer, Inc. | | | 59,686,277 | |
| | 117,959 | | | Quest Diagnostics, Inc. | | | 14,781,442 | |
| | 49,836 | | | Regeneron Pharmaceuticals, Inc.* | | | 28,957,706 | |
| | 111,969 | | | ResMed, Inc. | | | 24,624,222 | |
| | 190,455 | | | Royalty Pharma PLC, Class A | | | 7,962,924 | |
| | 101,904 | | | Seagen, Inc.* | | | 15,722,768 | |
| | 45,516 | | | STERIS PLC | | | 9,166,012 | |
| | 74,890 | | | Stryker Corp. | | | 15,367,428 | |
| | 122,933 | | | Thermo Fisher Scientific, Inc. | | | 67,037,824 | |
| | 263,172 | | | UnitedHealth Group, Inc. | | | 136,673,115 | |
| | 41,520 | | | Veeva Systems, Inc., Class A* | | | 8,275,766 | |
| | 115,290 | | | Vertex Pharmaceuticals, Inc.* | | | 32,484,110 | |
| | 5,468,976 | | | Viatris, Inc. | | | 52,228,721 | |
| | 62,393 | | | Waters Corp.* | | | 18,630,550 | |
| | 54,612 | | | West Pharmaceutical Services, Inc. | | | 16,202,834 | |
| | 30,515 | | | Zimmer Biomet Holdings, Inc. | | | 3,244,355 | |
| | 166,561 | | | Zoetis, Inc. | | | 26,071,793 | |
| | | | | | | | |
| | | | | | | 1,728,979,975 | |
| | |
| Industrials – 7.5% | | | |
| | 162,489 | | | 3M Co.(a) | | | 20,205,507 | |
| | 120,071 | | | AMETEK, Inc. | | | 14,427,731 | |
| | 366,298 | | | Carrier Global Corp. | | | 14,329,578 | |
| | 73,860 | | | Caterpillar, Inc. | | | 13,642,681 | |
| | 71,702 | | | Cintas Corp. | | | 29,171,242 | |
| | 68,312 | | | Copart, Inc.* | | | 8,173,531 | |
| | 262,033 | | | CSX Corp. | | | 8,293,344 | |
| | 83,860 | | | Cummins, Inc. | | | 18,060,928 | |
| | 35,696 | | | Deere & Co. | | | 13,037,964 | |
| | 81,723 | | | Dover Corp. | | | 10,212,106 | |
| | 63,228 | | | Eaton Corp. PLC | | | 8,639,474 | |
| | 228,152 | | | Emerson Electric Co. | | | 18,649,144 | |
| | 16,803 | | | Equifax, Inc. | | | 3,171,566 | |
| | 126,320 | | | Expeditors International of Washington, Inc. | | | 12,997,065 | |
| | 758,588 | | | Fastenal Co. | | | 38,179,734 | |
| | 112,856 | | | FedEx Corp. | | | 23,791,173 | |
| | 154,683 | | | Fortive Corp. | | | 9,796,074 | |
| | 109,211 | | | General Dynamics Corp. | | | 25,001,674 | |
| | 207,682 | | | General Electric Co. | | | 15,252,166 | |
| | 103,205 | | | Honeywell International, Inc. | | | 19,541,867 | |
| | 46,828 | | | IDEX Corp. | | | 9,422,262 | |
| | 116,935 | | | Illinois Tool Works, Inc. | | | 22,782,446 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Industrials – (continued) | | | |
| | 145,000 | | | Jacobs Solutions, Inc. | | | 18,064,100 | |
| | 19,972 | | | J.B. Hunt Transport Services, Inc. | | | 3,475,527 | |
| | 296,256 | | | Johnson Controls International PLC | | | 16,039,300 | |
| | 49,988 | | | L3Harris Technologies, Inc. | | | 11,406,762 | |
| | 250,638 | | | Leidos Holdings, Inc. | | | 23,823,142 | |
| | 68,623 | | | Lockheed Martin Corp. | | | 28,829,209 | |
| | 249,669 | | | Masco Corp. | | | 12,700,662 | |
| | 33,756 | | | Norfolk Southern Corp. | | | 8,207,096 | |
| | 59,735 | | | Northrop Grumman Corp. | | | 28,552,733 | |
| | 54,512 | | | Old Dominion Freight Line, Inc. | | | 14,795,102 | |
| | 116,578 | | | Otis Worldwide Corp. | | | 8,419,263 | |
| | 68,616 | | | PACCAR, Inc. | | | 6,004,586 | |
| | 65,137 | | | Parker-Hannifin Corp. | | | 17,261,305 | |
| | 59,888 | | | Quanta Services, Inc. | | | 8,462,174 | |
| | 282,255 | | | Raytheon Technologies Corp. | | | 25,332,386 | |
| | 153,273 | | | Republic Services, Inc. | | | 21,875,123 | |
| | 27,317 | | | Rockwell Automation, Inc. | | | 6,472,490 | |
| | 451,392 | | | Southwest Airlines Co.* | | | 16,566,086 | |
| | 529,019 | | | Textron, Inc. | | | 33,000,205 | |
| | 52,295 | | | Trane Technologies PLC | | | 8,057,091 | |
| | 92,811 | | | Union Pacific Corp. | | | 20,836,998 | |
| | 789,481 | | | United Airlines Holdings, Inc.* | | | 27,639,730 | |
| | 157,227 | | | United Parcel Service, Inc., Class B | | | 30,582,224 | |
| | 14,353 | | | United Rentals, Inc.* | | | 4,191,650 | |
| | 47,231 | | | Verisk Analytics, Inc. | | | 8,839,754 | |
| | 153,823 | | | Waste Management, Inc. | | | 26,000,702 | |
| | 340,428 | | | Westinghouse Air Brake Technologies Corp. | | | 29,838,514 | |
| | 82,136 | | | W.W. Grainger, Inc. | | | 45,580,552 | |
| | 41,778 | | | Xylem, Inc. | | | 3,805,976 | |
| | | | | | | | |
| | | | | | | 871,439,699 | |
| | |
| Information Technology – 26.9% | | | |
| | 296,548 | | | Accenture PLC, Class A | | | 85,542,236 | |
| | 163,329 | | | Adobe, Inc.* | | | 60,993,582 | |
| | 369,980 | | | Advanced Micro Devices, Inc.* | | | 31,400,203 | |
| | 127,484 | | | Akamai Technologies, Inc.* | | | 11,509,256 | |
| | 189,674 | | | Amphenol Corp., Class A | | | 13,946,729 | |
| | 70,645 | | | Analog Devices, Inc. | | | 10,704,837 | |
| | 16,201 | | | ANSYS, Inc.* | | | 4,022,708 | |
| | 4,732,379 | | | Apple, Inc. | | | 744,024,626 | |
| | 360,429 | | | Applied Materials, Inc. | | | 33,905,556 | |
| | 115,506 | | | Arista Networks, Inc.* | | | 13,846,859 | |
| | 118,949 | | | Autodesk, Inc.* | | | 23,996,771 | |
| | 119,386 | | | Automatic Data Processing, Inc. | | | 29,179,132 | |
| | 41,885 | | | Block, Inc.* | | | 2,886,295 | |
| | 111,114 | | | Broadcom, Inc. | | | 55,458,109 | |
| | 67,708 | | | Broadridge Financial Solutions, Inc. | | | 11,589,578 | |
| | 273,888 | | | Cadence Design Systems, Inc.* | | | 47,593,518 | |
| | 53,506 | | | CDW Corp. | | | 9,133,474 | |
| | 1,165,875 | | | Cisco Systems, Inc. | | | 52,137,930 | |
| | 361,199 | | | Cognizant Technology Solutions Corp., Class A | | | 22,816,941 | |
| | 177,065 | | | Corning, Inc. | | | 6,076,871 | |
| | |
| | |
| 84 | | 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) | | | |
| | 29,317 | | | Crowdstrike Holdings, Inc., Class A* | | $ | 5,353,577 | |
| | 55,372 | | | Datadog, Inc., Class A* | | | 5,811,291 | |
| | 132,055 | | | Dell Technologies, Inc., Class C | | | 5,056,386 | |
| | 198,743 | | | DocuSign, Inc.* | | | 11,570,817 | |
| | 59,858 | | | Entegris, Inc. | | | 5,679,327 | |
| | 28,958 | | | EPAM Systems, Inc.* | | | 12,350,587 | |
| | 237,876 | | | Fidelity National Information Services, Inc. | | | 21,734,730 | |
| | 262,101 | | | Fiserv, Inc.* | | | 26,522,000 | |
| | 31,011 | | | FleetCor Technologies, Inc.* | | | 6,590,768 | |
| | 620,975 | | | Fortinet, Inc.* | | | 30,235,273 | |
| | 80,190 | | | Gartner, Inc.* | | | 22,879,811 | |
| | 124,767 | | | Global Payments, Inc. | | | 15,499,804 | |
| | 2,732,737 | | | Hewlett Packard Enterprise Co. | | | 37,165,223 | |
| | 461,080 | | | HP, Inc. | | | 13,237,607 | |
| | 27,970 | | | HubSpot, Inc.* | | | 9,427,009 | |
| | 1,191,868 | | | Intel Corp. | | | 38,044,427 | |
| | 465,377 | | | International Business Machines Corp. | | | 59,777,676 | |
| | 99,714 | | | Intuit, Inc. | | | 43,054,511 | |
| | 95,019 | | | Keysight Technologies, Inc.* | | | 15,572,664 | |
| | 52,938 | | | KLA Corp. | | | 18,217,554 | |
| | 77,579 | | | Lam Research Corp. | | | 33,972,620 | |
| | 200,760 | | | Mastercard, Inc., Class A | | | 65,120,521 | |
| | 176,480 | | | Microchip Technology, Inc. | | | 11,515,320 | |
| | 456,321 | | | Micron Technology, Inc. | | | 25,795,826 | |
| | 2,258,185 | | | Microsoft Corp. | | | 590,447,632 | |
| | 19,485 | | | Monolithic Power Systems, Inc. | | | 8,830,212 | |
| | 106,048 | | | Motorola Solutions, Inc. | | | 25,813,144 | |
| | 212,547 | | | NetApp, Inc. | | | 15,331,015 | |
| | 107,434 | | | NortonLifeLock, Inc. | | | 2,426,934 | |
| | 652,716 | | | NVIDIA Corp. | | | 98,520,953 | |
| | 321,695 | | | ON Semiconductor Corp.* | | | 22,122,965 | |
| | 313,541 | | | Oracle Corp. | | | 23,249,065 | |
| | 42,855 | | | Palo Alto Networks, Inc.* | | | 23,862,093 | |
| | 171,025 | | | Paychex, Inc. | | | 21,094,224 | |
| | 193,047 | | | PayPal Holdings, Inc.* | | | 18,038,312 | |
| | 138,988 | | | Qorvo, Inc.* | | | 12,478,343 | |
| | 282,415 | | | QUALCOMM, Inc. | | | 37,355,032 | |
| | 26,293 | | | Roper Technologies, Inc. | | | 10,585,036 | |
| | 227,526 | | | Salesforce, Inc.* | | | 35,521,359 | |
| | 248,219 | | | Seagate Technology Holdings PLC | | | 16,620,744 | |
| | 65,409 | | | ServiceNow, Inc.* | | | 28,428,060 | |
| | 152,075 | | | Skyworks Solutions, Inc. | | | 14,986,991 | |
| | 33,357 | | | Splunk, Inc.* | | | 3,003,131 | |
| | 341,885 | | | SS&C Technologies Holdings, Inc. | | | 19,063,508 | |
| | 117,988 | | | Synopsys, Inc.* | | | 40,826,208 | |
| | 26,319 | | | Teledyne Technologies, Inc.* | | | 9,694,867 | |
| | 160,674 | | | Teradyne, Inc. | | | 13,599,447 | |
| | 312,175 | | | Texas Instruments, Inc. | | | 51,574,432 | |
| | 98,801 | | | Trimble, Inc.* | | | 6,249,163 | |
| | 10,012 | | | Tyler Technologies, Inc.* | | | 3,719,558 | |
| | 122,605 | | | VeriSign, Inc.* | | | 22,341,083 | |
| | 379,701 | | | Visa, Inc., Class A | | | 75,450,386 | |
| | 113,549 | | | VMware, Inc., Class A | | | 13,175,091 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 613,022 | | | Western Digital Corp.* | | | 25,906,310 | |
| | 39,711 | | | Workday, Inc., Class A* | | | 6,534,842 | |
| | 23,727 | | | Zebra Technologies Corp., Class A* | | | 7,157,012 | |
| | 38,085 | | | Zendesk, Inc.* | | | 2,923,785 | |
| | 62,696 | | | Zoom Video Communications, Inc., Class A* | | | 5,040,758 | |
| | | | | | | | |
| | | | | | | 3,122,922,235 | |
| | |
| Materials – 1.7% | | | |
| | 29,421 | | | Air Products and Chemicals, Inc. | | | 7,427,331 | |
| | 25,686 | | | Albemarle Corp. | | | 6,882,820 | |
| | 107,355 | | | Alcoa Corp. | | | 5,311,925 | |
| | 44,335 | | | Avery Dennison Corp. | | | 8,140,793 | |
| | 68,028 | | | Ball Corp. | | | 3,796,643 | |
| | 27,628 | | | Celanese Corp. | | | 3,062,840 | |
| | 93,224 | | | CF Industries Holdings, Inc. | | | 9,644,955 | |
| | 197,755 | | | Corteva, Inc. | | | 12,148,090 | |
| | 156,337 | | | Dow, Inc. | | | 7,973,187 | |
| | 51,019 | | | DuPont de Nemours, Inc. | | | 2,838,697 | |
| | 36,390 | | | Eastman Chemical Co. | | | 3,311,490 | |
| | 33,477 | | | Ecolab, Inc. | | | 5,484,537 | |
| | 21,818 | | | International Flavors & Fragrances, Inc. | | | 2,410,453 | |
| | 362,766 | | | International Paper Co. | | | 15,098,321 | |
| | 39,695 | | | LyondellBasell Industries NV, Class A | | | 3,294,685 | |
| | 11,100 | | | Martin Marietta Materials, Inc. | | | 3,859,581 | |
| | 135,124 | | | Mosaic Co. (The) | | | 7,279,130 | |
| | 73,708 | | | Newmont Corp. | | | 3,048,563 | |
| | 300,084 | | | Nucor Corp. | | | 39,893,167 | |
| | 21,661 | | | Packaging Corp. of America | | | 2,965,824 | |
| | 60,957 | | | PPG Industries, Inc. | | | 7,740,320 | |
| | 94,249 | | | Sherwin-Williams Co. (The) | | | 21,875,193 | |
| | 143,702 | | | Steel Dynamics, Inc. | | | 11,599,625 | |
| | | | | | | | |
| | | | | | | 195,088,170 | |
| | |
| Real Estate – 3.1% | | | |
| | 81,132 | | | Alexandria Real Estate Equities, Inc. REIT | | | 12,445,649 | |
| | 54,867 | | | American Tower Corp. REIT | | | 13,938,961 | |
| | 45,764 | | | AvalonBay Communities, Inc. REIT | | | 9,194,445 | |
| | 52,405 | | | Boston Properties, Inc. REIT | | | 4,162,529 | |
| | 109,753 | | | Camden Property Trust REIT | | | 14,104,358 | |
| | 453,836 | | | CBRE Group, Inc., Class A* | | | 35,834,890 | |
| | 85,884 | | | Crown Castle, Inc. REIT | | | 14,671,564 | |
| | 52,414 | | | Digital Realty Trust, Inc. REIT | | | 6,479,943 | |
| | 320,118 | | | Duke Realty Corp. REIT | | | 18,838,944 | |
| | 9,149 | | | Equinix, Inc. REIT | | | 6,014,278 | |
| | 140,603 | | | Equity Residential REIT | | | 10,289,327 | |
| | 35,576 | | | Essex Property Trust, Inc. REIT | | | 9,429,775 | |
| | 85,359 | | | Extra Space Storage, Inc. REIT | | | 16,963,394 | |
| | 165,279 | | | Healthpeak Properties, Inc. REIT | | | 4,338,574 | |
| | 246,552 | | | Invitation Homes, Inc. REIT | | | 8,944,907 | |
| | 104,719 | | | Iron Mountain, Inc. REIT | | | 5,509,267 | |
| | 89,486 | | | Mid-America Apartment Communities, Inc. REIT | | | 14,825,146 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 85 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Real Estate – (continued) | | | |
| | 190,772 | | | Prologis, Inc. REIT | | $ | 23,753,022 | |
| | 67,296 | | | Public Storage REIT | | | 22,263,536 | |
| | 177,310 | | | Realty Income Corp. REIT | | | 12,106,727 | |
| | 34,333 | | | SBA Communications Corp. REIT | | | 11,166,808 | |
| | 65,521 | | | Simon Property Group, Inc. REIT | | | 6,681,832 | |
| | 104,605 | | | Sun Communities, Inc. REIT | | | 16,078,834 | |
| | 181,280 | | | UDR, Inc. REIT | | | 8,134,034 | |
| | 160,562 | | | Ventas, Inc. REIT | | | 7,684,497 | |
| | 291,807 | | | VICI Properties, Inc. REIT | | | 9,626,713 | |
| | 124,333 | | | Welltower, Inc. REIT | | | 9,530,124 | |
| | 481,376 | | | Weyerhaeuser Co. REIT | | | 16,443,804 | |
| | 142,972 | | | W.P. Carey, Inc. REIT | | | 12,013,937 | |
| | | | | | | | |
| | | | | | | 361,469,819 | |
| | |
| Utilities – 3.2% | | | |
| | 477,212 | | | AES Corp. (The) | | | 12,145,045 | |
| | 208,813 | | | Alliant Energy Corp. | | | 12,745,946 | |
| | 146,212 | | | Ameren Corp. | | | 13,542,155 | |
| | 173,838 | | | American Electric Power Co., Inc. | | | 17,418,568 | |
| | 49,022 | | | American Water Works Co., Inc. | | | 7,277,316 | |
| | 104,497 | | | Atmos Energy Corp. | | | 11,847,870 | |
| | 446,653 | | | CenterPoint Energy, Inc. | | | 14,082,969 | |
| | 139,284 | | | CMS Energy Corp. | | | 9,407,241 | |
| | 200,662 | | | Consolidated Edison, Inc. | | | 19,612,704 | |
| | 148,684 | | | Constellation Energy Corp. | | | 12,131,128 | |
| | 179,824 | | | Dominion Energy, Inc. | | | 14,709,603 | |
| | 100,166 | | | DTE Energy Co. | | | 13,055,636 | |
| | 168,036 | | | Duke Energy Corp. | | | 17,964,729 | |
| | 225,768 | | | Edison International | | | 15,300,297 | |
| | 92,030 | | | Entergy Corp. | | | 10,611,059 | |
| | 214,029 | | | Evergy, Inc. | | | 14,667,407 | |
| | 102,094 | | | Eversource Energy | | | 9,156,811 | |
| | 498,375 | | | Exelon Corp. | | | 21,883,646 | |
| | 312,194 | | | FirstEnergy Corp. | | | 12,347,273 | |
| | 311,464 | | | NextEra Energy, Inc. | | | 26,493,128 | |
| | 506,904 | | | PG&E Corp.* | | | 6,250,126 | |
| | 261,347 | | | PPL Corp. | | | 7,599,971 | |
| | 185,371 | | | Public Service Enterprise Group, Inc. | | | 11,930,478 | |
| | 98,218 | | | Sempra Energy | | | 16,203,023 | |
| | 281,938 | | | Southern Co. (The) | | | 21,728,962 | |
| | 98,116 | | | WEC Energy Group, Inc. | | | 10,119,684 | |
| | 185,110 | | | Xcel Energy, Inc. | | | 13,744,418 | |
| | | | | | | | |
| | | | | | | 373,977,193 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $9,526,533,417) | | $ | 11,588,862,880 | |
| | |
| Shares | | | Dividend
Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.2%(b) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 20,073,500 | | | 2.154% | | | 20,073,500 | |
| | (Cost $20,073,500) | | | | |
| | |
| | TOTAL INVESTMENTS – 100.0% | |
| | (Cost $9,546,606,917) | | $ | 11,608,936,380 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.0% | | | 7,557,567 | |
| | |
| | NET ASSETS – 100.0% | | $ | 11,616,493,947 | |
| | |
| | |
|
| 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 |
|
| | |
| 86 | | 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, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – 97.4% | | | |
| Communication Services – 2.3% | | | |
| | 22,137 | | | Advantage Solutions, Inc.* | | $ | 80,579 | |
| | 5,474 | | | AMC Networks, Inc., Class A* | | | 146,649 | |
| | 10,905 | | | Arena Group Holdings, Inc. (The)*(a) | | | 114,721 | |
| | 2,078 | | | Audacy, Inc.* | | | 1,146 | |
| | 3,164 | | | Bumble, Inc., Class A* | | | 79,258 | |
| | 22,770 | | | Cargurus, Inc.* | | | 425,799 | |
| | 27,271 | | | Cars.com, Inc.* | | | 347,705 | |
| | 7,957 | | | Cogent Communications Holdings, Inc. | | | 423,710 | |
| | 20,997 | | | Consolidated Communications Holdings, Inc.* | | | 120,523 | |
| | 32,087 | | | DHI Group, Inc.* | | | 163,644 | |
| | 11,070 | | | EchoStar Corp., Class A* | | | 203,799 | |
| | 19,192 | | | EverQuote, Inc., Class A* | | | 166,011 | |
| | 18,974 | | | EW Scripps Co. (The), Class A* | | | 283,661 | |
| | 88,031 | | | Gannett Co., Inc.* | | | 204,232 | |
| | 15,529 | | | Gogo, Inc.* | | | 230,761 | |
| | 19,672 | | | Gray Television, Inc. | | | 375,735 | |
| | 14,368 | | | IDT Corp., Class B* | | | 367,390 | |
| | 7,961 | | | iHeartMedia, Inc., Class A* | | | 70,455 | |
| | 10,903 | | | Iridium Communications, Inc.* | | | 483,984 | |
| | 13,039 | | | John Wiley & Sons, Inc., Class A | | | 600,185 | |
| | 12,439 | | | Liberty Latin America Ltd., Class A (Chile)* | | | 87,073 | |
| | 29,736 | | | Liberty Latin America Ltd., Class C (Chile)* | | | 207,260 | |
| | 4,888 | | | Liberty Media Corp.-Liberty Braves, Class A*(a) | | | 137,353 | |
| | 4,548 | | | Liberty Media Corp.-Liberty Braves, Class C* | | | 124,342 | |
| | 9,185 | | | Magnite, Inc.* | | | 69,163 | |
| | 9,303 | | | Marcus Corp. (The) | | | 149,685 | |
| | 21,282 | | | Ooma, Inc.* | | | 257,512 | |
| | 29,420 | | | Playstudios, Inc.* | | | 106,500 | |
| | 4,772 | | | PubMatic, Inc., Class A* | | | 93,388 | |
| | 12,381 | | | QuinStreet, Inc.* | | | 148,696 | |
| | 7,573 | | | Radius Global Infrastructure, Inc., Class A* | | | 104,280 | |
| | 12,535 | | | Scholastic Corp. | | | 575,482 | |
| | 7,745 | | | Shutterstock, Inc. | | | 429,150 | |
| | 5,702 | | | Sinclair Broadcast Group, Inc., Class A | | | 125,957 | |
| | 65,114 | | | Skillz, Inc.*(a) | | | 86,602 | |
| | 25,618 | | | Stagwell, Inc.* | | | 173,690 | |
| | 3,966 | | | TechTarget, Inc.* | | | 257,393 | |
| | 40,971 | | | TEGNA, Inc. | | | 876,779 | |
| | 14,723 | | | Telephone and Data Systems, Inc. | | | 239,543 | |
| | 10,115 | | | Thryv Holdings, Inc.* | | | 258,742 | |
| | 91,882 | | | TrueCar, Inc.* | | | 200,303 | |
| | 7,379 | | | United States Cellular Corp.* | | | 210,966 | |
| | 6,820 | | | WideOpenWest, Inc.* | | | 121,396 | |
| | 22,087 | | | Yelp, Inc.* | | | 754,713 | |
| | 6,518 | | | Ziff Davis, Inc.* | | | 503,711 | |
| | 5,195 | | | ZipRecruiter, Inc., Class A* | | | 86,653 | |
| | | | | | | | |
| | | | | | | 11,276,279 | |
| | |
| Consumer Discretionary – 10.5% | | | |
| | 20,810 | | | 1-800-Flowers.com, Inc., Class A* | | | 180,631 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Consumer Discretionary – (continued) | | | |
| | 20,285 | | | 2U, Inc.* | | | 144,429 | |
| | 11,904 | | | Aaron’s Co., Inc. (The) | | | 141,658 | |
| | 22,913 | | | Abercrombie & Fitch Co., Class A* | | | 329,718 | |
| | 12,230 | | | Academy Sports & Outdoors, Inc. | | | 526,868 | |
| | 10,163 | | | Acushnet Holdings Corp. | | | 484,267 | |
| | 13,682 | | | Adient PLC* | | | 454,242 | |
| | 16,599 | | | Adtalem Global Education, Inc.* | | | 625,616 | |
| | 31,403 | | | American Axle & Manufacturing Holdings, Inc.* | | | 325,021 | |
| | 18,465 | | | American Eagle Outfitters, Inc. | | | 207,916 | |
| | 14,853 | | | American Public Education, Inc.* | | | 153,431 | |
| | 4,532 | | | Asbury Automotive Group, Inc.* | | | 790,743 | |
| | 103,647 | | | Beachbody Co., Inc. (The)* | | | 120,231 | |
| | 9,692 | | | Beazer Homes USA, Inc.* | | | 138,014 | |
| | 16,302 | | | Bed Bath & Beyond, Inc.*(a) | | | 155,358 | |
| | 11,273 | | | Big 5 Sporting Goods Corp.(a) | | | 137,982 | |
| | 11,425 | | | Big Lots, Inc. | | | 235,012 | |
| | 4,576 | | | BJ’s Restaurants, Inc.* | | | 114,766 | |
| | 12,256 | | | Bloomin’ Brands, Inc. | | | 247,816 | |
| | 8,129 | | | Bluegreen Vacations Holding Corp. | | | 169,408 | |
| | 4,889 | | | Boot Barn Holdings, Inc.* | | | 325,705 | |
| | 7,396 | | | Brinker International, Inc.* | | | 181,276 | |
| | 10,396 | | | Buckle, Inc. (The) | | | 335,583 | |
| | 4,982 | | | Build-A-Bear Workshop, Inc. | | | 76,324 | |
| | 15,866 | | | Caleres, Inc. | | | 404,900 | |
| | 12,287 | | | Callaway Golf Co.* | | | 271,911 | |
| | 5,656 | | | Camping World Holdings, Inc., Class A(a) | | | 170,359 | |
| | 21,636 | | | CarParts.com, Inc.* | | | 140,201 | |
| | 8,113 | | | Carriage Services, Inc. | | | 287,281 | |
| | 1,139 | | | Cavco Industries, Inc.* | | | 266,537 | |
| | 5,289 | | | Century Communities, Inc. | | | 246,943 | |
| | 5,471 | | | Cheesecake Factory, Inc. (The) | | | 167,522 | |
| | 4,627 | | | Chegg, Inc.* | | | 91,059 | |
| | 33,961 | | | Chico’s FAS, Inc.* | | | 192,898 | |
| | 4,556 | | | Children’s Place, Inc. (The)* | | | 192,172 | |
| | 4,764 | | | Chuy’s Holdings, Inc.* | | | 106,380 | |
| | 7,008 | | | Citi Trends, Inc.* | | | 141,562 | |
| | 9,705 | | | Clarus Corp. | | | 147,225 | |
| | 12,098 | | | Conn’s, Inc.* | | | 116,262 | |
| | 18,885 | | | Container Store Group, Inc. (The)* | | | 128,040 | |
| | 47,360 | | | ContextLogic, Inc., Class A* | | | 61,568 | |
| | 1,885 | | | Cracker Barrel Old Country Store, Inc. | | | 203,467 | |
| | 12,566 | | | Crocs, Inc.* | | | 926,114 | |
| | 25,578 | | | Dana, Inc. | | | 395,692 | |
| | 4,083 | | | Dave & Buster’s Entertainment, Inc.* | | | 168,791 | |
| | 17,770 | | | Denny’s Corp.* | | | 167,927 | |
| | 12,474 | | | Designer Brands, Inc., Class A | | | 212,806 | |
| | 21,647 | | | Destination XL Group, Inc.* | | | 119,275 | |
| | 2,709 | | | Dillard’s, Inc., Class A | | | 802,514 | |
| | 1,910 | | | Dine Brands Global, Inc. | | | 127,206 | |
| | 8,458 | | | Dorman Products, Inc.* | | | 766,718 | |
| | 10,564 | | | Duluth Holdings, Inc., Class B* | | | 93,703 | |
| | 1,400 | | | Duolingo, Inc.* | | | 131,628 | |
| | 12,280 | | | El Pollo Loco Holdings, Inc.* | | | 111,134 | |
| | 19,895 | | | Ethan Allen Interiors, Inc. | | | 472,904 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 87 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Consumer Discretionary – (continued) | | | |
| | 12,933 | | | Everi Holdings, Inc.* | | $ | 239,261 | |
| | 4,631 | | | Foot Locker, Inc. | | | 170,606 | |
| | 41,572 | | | Fossil Group, Inc.* | | | 175,850 | |
| | 5,959 | | | Fox Factory Holding Corp.* | | | 555,438 | |
| | 4,533 | | | Franchise Group, Inc. | | | 153,623 | |
| | 21,124 | | | Frontdoor, Inc.* | | | 495,992 | |
| | 12,289 | | | Funko, Inc., Class A* | | | 273,676 | |
| | 9,562 | | | Genesco, Inc.* | | | 541,018 | |
| | 11,212 | | | Gentherm, Inc.* | | | 671,599 | |
| | 11,262 | | | G-III Apparel Group Ltd.* | | | 237,290 | |
| | 5,228 | | | Golden Entertainment, Inc.* | | | 200,023 | |
| | 46,483 | | | Goodyear Tire & Rubber Co. (The)* | | | 652,156 | |
| | 31,771 | | | GoPro, Inc., Class A* | | | 193,485 | |
| | 849 | | | Graham Holdings Co., Class B | | | 480,050 | |
| | 6,753 | | | Green Brick Partners, Inc.* | | | 164,503 | |
| | 4,055 | | | Group 1 Automotive, Inc. | | | 724,182 | |
| | 6,777 | | | Groupon, Inc.* | | | 67,160 | |
| | 8,876 | | | Guess?, Inc.(a) | | | 155,064 | |
| | 14,958 | | | Haverty Furniture Cos., Inc. | | | 401,174 | |
| | 4,185 | | | Helen of Troy Ltd.* | | | 517,392 | |
| | 7,571 | | | Hibbett, Inc. | | | 443,661 | |
| | 9,927 | | | Hilton Grand Vacations, Inc.* | | | 404,823 | |
| | 2,212 | | | Hovnanian Enterprises, Inc., Class A* | | | 88,679 | |
| | 21,931 | | | Inspired Entertainment, Inc.* | | | 229,618 | |
| | 4,404 | | | Installed Building Products, Inc. | | | 398,826 | |
| | 16,215 | | | International Game Technology PLC | | | 290,897 | |
| | 6,845 | | | iRobot Corp.*(a) | | | 403,034 | |
| | 3,750 | | | Jack in the Box, Inc. | | | 299,475 | |
| | 4,015 | | | Johnson Outdoors, Inc., Class A | | | 245,477 | |
| | 13,690 | | | KB Home | | | 392,219 | |
| | 11,003 | | | Kontoor Brands, Inc. | | | 409,642 | |
| | 9,443 | | | Lands’ End, Inc.* | | | 130,502 | |
| | 24,108 | | | Laureate Education, Inc. | | | 265,670 | |
| | 15,677 | | | La-Z-Boy, Inc. | | | 413,716 | |
| | 6,710 | | | LCI Industries | | | 777,488 | |
| | 1,957 | | | LGI Homes, Inc.* | | | 185,739 | |
| | 5,815 | | | Lifetime Brands, Inc. | | | 51,870 | |
| | 9,559 | | | Light & Wonder, Inc.* | | | 470,590 | |
| | 10,617 | | | LL Flooring Holdings, Inc.* | | | 86,422 | |
| | 4,353 | | | Lovesac Co. (The)* | | | 134,290 | |
| | 6,625 | | | M/I Homes, Inc.* | | | 286,465 | |
| | 5,629 | | | Malibu Boats, Inc., Class A* | | | 337,909 | |
| | 2,542 | | | Marine Products Corp. | | | 25,242 | |
| | 8,688 | | | MarineMax, Inc.* | | | 315,722 | |
| | 15,072 | | | MasterCraft Boat Holdings, Inc.* | | | 363,084 | |
| | 5,403 | | | MDC Holdings, Inc. | | | 167,925 | |
| | 6,295 | | | Meritage Homes Corp.* | | | 493,213 | |
| | 14,654 | | | Modine Manufacturing Co.* | | | 219,517 | |
| | 3,895 | | | Monarch Casino & Resort, Inc.* | | | 235,219 | |
| | 3,211 | | | Monro, Inc. | | | 148,701 | |
| | 9,156 | | | Movado Group, Inc. | | | 291,985 | |
| | 6,141 | | | Murphy USA, Inc. | | | 1,781,934 | |
| | 9,870 | | | National Vision Holdings, Inc.* | | | 327,980 | |
| | 9,722 | | | ODP Corp. (The)* | | | 347,562 | |
| | 4,091 | | | OneWater Marine, Inc., Class A* | | | 163,026 | |
| | 7,831 | | | Overstock.com, Inc.* | | | 204,389 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Consumer Discretionary – (continued) | | | |
| | 6,714 | | | Oxford Industries, Inc. | | | 716,585 | |
| | 8,840 | | | Papa John’s International, Inc. | | | 714,537 | |
| | 6,966 | | | Patrick Industries, Inc. | | | 368,989 | |
| | 65,639 | | | Perdoceo Education Corp.* | | | 760,100 | |
| | 8,345 | | | PetMed Express, Inc. | | | 171,657 | |
| | 26,592 | | | Qurate Retail, Inc.Series A | | | 82,435 | |
| | 3,476 | | | RCI Hospitality Holdings, Inc. | | | 226,670 | |
| | 8,439 | | | Red Rock Resorts, Inc., Class A | | | 322,539 | |
| | 22,317 | | | Rent-A-Center, Inc. | | | 576,671 | |
| | 5,733 | | | Revolve Group, Inc.* | | | 134,668 | |
| | 27,584 | | | Rush Street Interactive, Inc.* | | | 133,507 | |
| | 25,344 | | | Sally Beauty Holdings, Inc.* | | | 377,119 | |
| | 4,948 | | | SeaWorld Entertainment, Inc.* | | | 248,637 | |
| | 17,286 | | | Shoe Carnival, Inc. | | | 411,234 | |
| | 9,137 | | | Signet Jewelers Ltd. | | | 597,286 | |
| | 7,877 | | | Skyline Champion Corp.* | | | 446,390 | |
| | 9,687 | | | Sleep Number Corp.* | | | 401,332 | |
| | 23,174 | | | Smith & Wesson Brands, Inc. | | | 308,214 | |
| | 4,137 | | | Sonic Automotive, Inc., Class A | | | 220,047 | |
| | 24,893 | | | Sonos, Inc.* | | | 374,391 | |
| | 18,963 | | | Sportsman’s Warehouse Holdings, Inc.* | | | 150,945 | |
| | 12,392 | | | Standard Motor Products, Inc. | | | 454,786 | |
| | 18,080 | | | Steven Madden Ltd. | | | 526,309 | |
| | 34,598 | | | Stitch Fix, Inc., Class A* | | | 173,682 | |
| | 15,334 | | | Stoneridge, Inc.* | | | 291,346 | |
| | 4,264 | | | Strategic Education, Inc. | | | 275,881 | |
| | 23,411 | | | Stride, Inc.* | | | 892,896 | |
| | 7,443 | | | Sturm Ruger & Co., Inc. | | | 388,897 | |
| | 22,324 | | | Taylor Morrison Home Corp.* | | | 560,556 | |
| | 9,295 | | | Texas Roadhouse, Inc. | | | 825,024 | |
| | 3,550 | | | TravelCenters of America, Inc.* | | | 191,984 | |
| | 23,596 | | | Tri Pointe Homes, Inc.* | | | 408,919 | |
| | 27,809 | | | Tupperware Brands Corp.* | | | 312,573 | |
| | 10,837 | | | Udemy, Inc.* | | | 161,038 | |
| | 3,502 | | | Unifi, Inc.* | | | 39,783 | |
| | 11,382 | | | Universal Technical Institute, Inc.* | | | 78,081 | |
| | 8,224 | | | Urban Outfitters, Inc.* | | | 165,549 | |
| | 13,944 | | | Vista Outdoor, Inc.* | | | 392,105 | |
| | 2,555 | | | Visteon Corp.* | | | 306,166 | |
| | 7,611 | | | Wingstop, Inc. | | | 866,588 | |
| | 2,365 | | | Winmark Corp. | | | 488,065 | |
| | 10,374 | | | Winnebago Industries, Inc. | | | 597,335 | |
| | 14,353 | | | Wolverine World Wide, Inc. | | | 280,458 | |
| | 44,031 | | | WW International, Inc.* | | | 229,842 | |
| | 8,386 | | | XPEL, Inc.* | | | 574,693 | |
| | 12,431 | | | Zumiez, Inc.* | | | 322,709 | |
| | | | | | | | |
| | | | | | | 50,885,985 | |
| | |
| Consumer Staples – 3.5% | | | |
| | 2,290 | | | Alico, Inc. | | | 77,746 | |
| | 3,891 | | | Andersons, Inc. (The) | | | 144,084 | |
| | 11,381 | | | B&G Foods, Inc.(a) | | | 246,512 | |
| | 9,568 | | | Beauty Health Co. (The)* | | | 110,989 | |
| | 10,032 | | | BellRing Brands, Inc.* | | | 237,658 | |
| | 4,031 | | | Cal-Maine Foods, Inc. | | | 216,102 | |
| | 9,708 | | | Celsius Holdings, Inc.* | | | 1,004,681 | |
| | |
| | |
| 88 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Consumer Staples – (continued) | | | |
| | 5,410 | | | Central Garden & Pet Co.* | | $ | 215,967 | |
| | 8,923 | | | Central Garden & Pet Co., Class A* | | | 336,932 | |
| | 4,123 | | | Chefs’ Warehouse, Inc. (The)* | | | 137,461 | |
| | 2,353 | | | Coca-Cola Consolidated, Inc. | | | 1,116,099 | |
| | 10,656 | | | Edgewell Personal Care Co. | | | 415,158 | |
| | 6,957 | | | elf Beauty, Inc.* | | | 265,270 | |
| | 4,883 | | | Energizer Holdings, Inc. | | | 137,212 | |
| | 8,847 | | | Fresh Del Monte Produce, Inc. | | | 241,877 | |
| | 8,446 | | | Hain Celestial Group, Inc. (The)* | | | 171,116 | |
| | 18,177 | | | Herbalife Nutrition Ltd.* | | | 474,238 | |
| | 35,257 | | | Hostess Brands, Inc.* | | | 817,257 | |
| | 10,209 | | | Ingles Markets, Inc., Class A | | | 893,594 | |
| | 4,034 | | | Inter Parfums, Inc. | | | 316,750 | |
| | 1,826 | | | J & J Snack Foods Corp. | | | 272,129 | |
| | 4,656 | | | John B Sanfilippo & Son, Inc. | | | 375,879 | |
| | 3,614 | | | Lancaster Colony Corp. | | | 609,140 | |
| | 2,248 | | | Landec Corp.* | | | 23,604 | |
| | 2,847 | | | Medifast, Inc. | | | 357,242 | |
| | 2,016 | | | MGP Ingredients, Inc. | | | 220,671 | |
| | 12,129 | | | National Beverage Corp. | | | 672,674 | |
| | 10,927 | | | Nu Skin Enterprises, Inc., Class A | | | 447,351 | |
| | 2,614 | | | PriceSmart, Inc. | | | 165,388 | |
| | 34,284 | | | Primo Water Corp. | | | 450,492 | |
| | 19,201 | | | Rite Aid Corp.* | | | 137,863 | |
| | 9,028 | | | Simply Good Foods Co. (The)* | | | 275,805 | |
| | 18,581 | | | SpartanNash Co. | | | 565,420 | |
| | 24,721 | | | Sprouts Farmers Market, Inc.* | | | 714,437 | |
| | 2,740 | | | Tootsie Roll Industries, Inc. | | | 98,174 | |
| | 11,196 | | | TreeHouse Foods, Inc.* | | | 521,734 | |
| | 5,524 | | | Turning Point Brands, Inc. | | | 128,820 | |
| | 17,704 | | | United Natural Foods, Inc.* | | | 780,392 | |
| | 7,800 | | | Universal Corp. | | | 398,112 | |
| | 5,670 | | | USANA Health Sciences, Inc.* | | | 365,828 | |
| | 7,809 | | | Utz Brands, Inc. | | | 130,098 | |
| | 37,072 | | | Vector Group Ltd. | | | 363,306 | |
| | 8,331 | | | Village Super Market, Inc., Class A | | | 183,115 | |
| | 14,641 | | | Vital Farms, Inc.* | | | 189,601 | |
| | 3,106 | | | WD-40 Co. | | | 587,531 | |
| | 5,934 | | | Weis Markets, Inc. | | | 461,131 | |
| | | | | | | | |
| | | | | | | 17,072,640 | |
| | |
| Energy – 5.8% | | | |
| | 40,266 | | | Alto Ingredients, Inc.* | | | 173,949 | |
| | 35,329 | | | Amplify Energy Corp.* | | | 263,201 | |
| | 3,169 | | | Arch Resources, Inc. | | | 461,343 | |
| | 6,782 | | | Archaea Energy, Inc.* | | | 134,012 | |
| | 44,677 | | | Archrock, Inc. | | | 330,163 | |
| | 10,518 | | | Berry Corp. | | | 96,240 | |
| | 15,989 | | | Borr Drilling Ltd. (United Arab Emirates)*(a) | | | 64,116 | |
| | 4,724 | | | Brigham Minerals, Inc., Class A | | | 140,539 | |
| | 7,129 | | | Bristow Group, Inc.* | | | 206,812 | |
| | 8,487 | | | Cactus, Inc., Class A | | | 339,056 | |
| | 11,839 | | | California Resources Corp. | | | 591,476 | |
| | 7,072 | | | Callon Petroleum Co.* | | | 300,984 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Energy – (continued) | | | |
| | 48,504 | | | Centennial Resource Development, Inc., Class A* | | | 399,188 | |
| | 3,263 | | | Centrus Energy Corp., Class A* | | | 162,530 | |
| | 24,381 | | | ChampionX Corp. | | | 531,750 | |
| | 11,499 | | | Chord Energy Corp. | | | 1,627,683 | |
| | 10,573 | | | Civitas Resources, Inc. | | | 710,400 | |
| | 25,568 | | | CNX Resources Corp.* | | | 451,787 | |
| | 63,357 | | | Comstock Resources, Inc.* | | | 1,241,797 | |
| | 12,957 | | | CONSOL Energy, Inc. | | | 930,053 | |
| | 4,382 | | | CVR Energy, Inc. | | | 143,116 | |
| | 11,280 | | | Delek US Holdings, Inc. | | | 318,660 | |
| | 4,996 | | | Denbury, Inc.* | | | 444,294 | |
| | 34,626 | | | DHT Holdings, Inc. | | | 270,429 | |
| | 11,729 | | | Diamond Offshore Drilling, Inc.* | | | 83,393 | |
| | 17,747 | | | Dorian LPG Ltd. | | | 258,219 | |
| | 5,535 | | | Dril-Quip, Inc.* | | | 122,490 | |
| | 5,295 | | | Earthstone Energy, Inc., Class A* | | | 80,484 | |
| | 6,708 | | | Empire Petroleum Corp.*(a) | | | 99,010 | |
| | 20,171 | | | Energy Fuels, Inc.*(a) | | | 163,789 | |
| | 58,182 | | | Equitrans Midstream Corp. | | | 539,347 | |
| | 3,654 | | | FLEX LNG Ltd. (Norway)(a) | | | 120,838 | |
| | 7,014 | | | Golar LNG Ltd. (Cameroon)* | | | 191,272 | |
| | 4,484 | | | Green Plains, Inc.* | | | 164,249 | |
| | 1,142 | | | Gulfport Energy Corp.* | | | 111,642 | |
| | 53,204 | | | Helix Energy Solutions Group, Inc.* | | | 229,841 | |
| | 8,241 | | | Helmerich & Payne, Inc. | | | 352,303 | |
| | 6,330 | | | International Seaways, Inc. | | | 186,925 | |
| | 2,527 | | | Kinetik Holdings, Inc. | | | 93,170 | |
| | 44,456 | | | Kosmos Energy Ltd. (Ghana)* | | | 314,304 | |
| | 5,992 | | | Laredo Petroleum, Inc.* | | | 465,039 | |
| | 11,775 | | | Liberty Energy, Inc.* | | | 176,625 | |
| | 58,212 | | | Magnolia Oil & Gas Corp., Class A | | | 1,389,520 | |
| | 20,820 | | | Matador Resources Co. | | | 1,240,872 | |
| | 20,774 | | | Murphy Oil Corp. | | | 809,563 | |
| | 3,113 | | | Nabors Industries Ltd.* | | | 412,504 | |
| | 4,009 | | | NACCO Industries, Inc., Class A | | | 180,285 | |
| | 15,384 | | | National Energy Services Reunited Corp.* | | | 107,996 | |
| | 26,693 | | | NexTier Oilfield Solutions, Inc.* | | | 250,113 | |
| | 2,820 | | | Noble Corp.* | | | 85,587 | |
| | 6,449 | | | Northern Oil and Gas, Inc. | | | 204,046 | |
| | 20,557 | | | Oceaneering International, Inc.* | | | 181,929 | |
| | 26,937 | | | Oil States International, Inc.* | | | 131,991 | |
| | 13,598 | | | Patterson-UTI Energy, Inc. | | | 202,610 | |
| | 16,419 | | | PBF Energy, Inc., Class A* | | | 560,873 | |
| | 12,295 | | | Peabody Energy Corp.* | | | 303,195 | |
| | 41,619 | | | ProPetro Holding Corp.* | | | 381,230 | |
| | 9,476 | | | Ranger Oil Corp., Class A | | | 369,469 | |
| | 5,607 | | | REX American Resources Corp.* | | | 169,892 | |
| | 37,954 | | | Ring Energy, Inc.* | | | 122,971 | |
| | 59,287 | | | RPC, Inc. | | | 471,332 | |
| | 19,159 | | | SandRidge Energy, Inc.* | | | 401,956 | |
| | 6,157 | | | Scorpio Tankers, Inc. (Monaco) | | | 256,131 | |
| | 21,765 | | | SFL Corp. Ltd. (Norway) | | | 232,886 | |
| | 10,906 | | | SilverBow Resources, Inc.* | | | 433,623 | |
| | 5,338 | | | Sitio Royalties Corp. | | | 135,799 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 89 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Energy – (continued) | | | |
| | 38,602 | | | SM Energy Co. | | $ | 1,701,190 | |
| | 16,805 | | | Solaris Oilfield Infrastructure, Inc., Class A | | | 179,813 | |
| | 27,382 | | | Talos Energy, Inc.* | | | 567,629 | |
| | 43,098 | | | Tellurian, Inc.* | | | 172,392 | |
| | 47,468 | | | TETRA Technologies, Inc.* | | | 188,923 | |
| | 4,086 | | | Tidewater, Inc.* | | | 90,546 | |
| | 45,006 | | | Uranium Energy Corp.* | | | 203,427 | |
| | 20,077 | | | US Silica Holdings, Inc.* | | | 281,680 | |
| | 57,571 | | | VAALCO Energy, Inc. | | | 288,431 | |
| | 3,715 | | | Valaris Ltd.* | | | 189,391 | |
| | 7,488 | | | Vertex Energy, Inc.*(a) | | | 63,648 | |
| | 89,053 | | | W&T Offshore, Inc.* | | | 578,844 | |
| | 3,756 | | | Weatherford International PLC* | | | 105,694 | |
| | 14,816 | | | World Fuel Services Corp. | | | 382,253 | |
| | | | | | | | |
| | | | | | | 28,116,752 | |
| | |
| Financials – 19.2% | | | |
| | 3,825 | | | 1st Source Corp. | | | 180,502 | |
| | 2,543 | | | ACNB Corp. | | | 90,429 | |
| | 3,609 | | | Allegiance Bancshares, Inc. | | | 152,877 | |
| | 11,424 | | | A-Mark Precious Metals, Inc. | | | 353,116 | |
| | 5,027 | | | Amerant Bancorp, Inc. | | | 131,657 | |
| | 21,329 | | | American Equity Investment Life Holding Co. | | | 810,502 | |
| | 4,374 | | | American National Bankshares, Inc. | | | 144,036 | |
| | 14,281 | | | Ameris Bancorp | | | 666,637 | |
| | 7,934 | | | AMERISAFE, Inc. | | | 379,404 | |
| | 25,442 | | | Apollo Commercial Real Estate Finance, Inc. REIT | | | 296,399 | |
| | 24,672 | | | Arbor Realty Trust, Inc. REIT | | | 369,587 | |
| | 15,518 | | | Ares Commercial Real Estate Corp. REIT | | | 204,682 | |
| | 4,930 | | | Argo Group International Holdings Ltd. | | | 96,776 | |
| | 20,718 | | | ARMOUR Residential REIT, Inc. REIT | | | 147,098 | |
| | 8,438 | | | Arrow Financial Corp. | | | 270,944 | |
| | 18,601 | | | Artisan Partners Asset Management, Inc., Class A | | | 627,970 | |
| | 23,747 | | | Associated Banc-Corp. | | | 475,890 | |
| | 11,173 | | | Atlantic Union Bankshares Corp. | | | 362,564 | |
| | 3,151 | | | Atlanticus Holdings Corp.* | | | 89,709 | |
| | 23,177 | | | Axos Financial, Inc.* | | | 968,335 | |
| | 8,818 | | | B. Riley Financial, Inc. | | | 438,872 | |
| | 5,645 | | | Banc of California, Inc. | | | 95,288 | |
| | 6,744 | | | BancFirst Corp. | | | 727,408 | |
| | 11,372 | | | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | | | 166,031 | |
| | 14,911 | | | Bancorp, Inc. (The)* | | | 353,689 | |
| | 2,518 | | | Bank First Corp. | | | 204,638 | |
| | 3,972 | | | Bank of Marin Bancorp | | | 122,735 | |
| | 21,021 | | | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | | | 685,705 | |
| | 14,570 | | | BankUnited, Inc. | | | 539,818 | |
| | 5,494 | | | Bankwell Financial Group, Inc. | | | 173,171 | |
| | 5,886 | | | Banner Corp. | | | 357,633 | |
| | 4,122 | | | BayCom Corp. | | | 76,710 | |
| | 12,366 | | | BCB Bancorp, Inc. | | | 222,588 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | | | |
| | 6,553 | | | Berkshire Hills Bancorp, Inc. | | | 184,860 | |
| | 30,653 | | | BGC Partners, Inc., Class A | | | 123,225 | |
| | 20,937 | | | Blackstone Mortgage Trust, Inc., Class A REIT | | | 606,754 | |
| | 7,788 | | | Blucora, Inc.* | | | 156,383 | |
| | 7,456 | | | Blue Ridge Bankshares, Inc. | | | 109,380 | |
| | 8,215 | | | Bread Financial Holdings, Inc. | | | 315,702 | |
| | 16,461 | | | Brightsphere Investment Group, Inc. | | | 281,318 | |
| | 13,647 | | | Broadmark Realty Capital, Inc. REIT | | | 88,023 | |
| | 15,740 | | | Brookline Bancorp, Inc. | | | 196,278 | |
| | 4,415 | | | BRP Group, Inc., Class A* | | | 138,631 | |
| | 5,656 | | | Byline Bancorp, Inc. | | | 123,357 | |
| | 32,143 | | | Cadence Bank | | | 819,004 | |
| | 1,690 | | | Cambridge Bancorp | | | 138,969 | |
| | 8,826 | | | Camden National Corp. | | | 399,200 | |
| | 6,143 | | | Cannae Holdings, Inc.* | | | 132,750 | |
| | 8,681 | | | Capital City Bank Group, Inc. | | | 277,184 | |
| | 16,213 | | | Capitol Federal Financial, Inc. | | | 146,890 | |
| | 17,224 | | | Cathay General Bancorp | | | 722,375 | |
| | 3,248 | | | CBTX, Inc. | | | 96,790 | |
| | 9,375 | | | Central Pacific Financial Corp. | | | 204,281 | |
| | 52,004 | | | Chimera Investment Corp. REIT | | | 442,034 | |
| | 566 | | | Citizens & Northern Corp. | | | 13,584 | |
| | 6,420 | | | City Holding Co. | | | 545,764 | |
| | 10,835 | | | Civista Bancshares, Inc. | | | 229,160 | |
| | 5,067 | | | Claros Mortgage Trust, Inc.(a) | | | 86,595 | |
| | 7,384 | | | CNB Financial Corp. | | | 194,347 | |
| | 25,574 | | | CNO Financial Group, Inc. | | | 470,817 | |
| | 9,090 | | | Cohen & Steers, Inc. | | | 648,844 | |
| | 5,622 | | | Colony Bankcorp, Inc. | | | 79,383 | |
| | 11,451 | | | Columbia Banking System, Inc. | | | 342,957 | |
| | 6,927 | | | Columbia Financial, Inc.* | | | 147,753 | |
| | 8,503 | | | Community Bank System, Inc. | | | 555,926 | |
| | 5,345 | | | Community Trust Bancorp, Inc. | | | 225,826 | |
| | 7,032 | | | ConnectOne Bancorp, Inc. | | | 176,011 | |
| | 14,171 | | | Consumer Portfolio Services, Inc.* | | | 164,950 | |
| | 13,176 | | | Cowen, Inc., Class A | | | 506,617 | |
| | 1,428 | | | Crawford & Co., Class A(a) | | | 8,682 | |
| | 17,575 | | | Curo Group Holdings Corp. | | | 115,995 | |
| | 16,414 | | | Customers Bancorp, Inc.* | | | 569,402 | |
| | 18,611 | | | CVB Financial Corp. | | | 488,353 | |
| | 1,850 | | | Diamond Hill Investment Group, Inc. | | | 316,442 | |
| | 9,529 | | | Dime Community Bancshares, Inc. | | | 297,877 | |
| | 12,120 | | | Donnelley Financial Solutions, Inc.* | | | 514,494 | |
| | 20,206 | | | Dynex Capital, Inc. REIT | | | 313,395 | |
| | 9,144 | | | Eagle Bancorp, Inc. | | | 443,758 | |
| | 15,584 | | | Eastern Bankshares, Inc. | | | 302,330 | |
| | 17,627 | | | Ellington Financial, Inc. REIT | | | 258,764 | |
| | 11,190 | | | Employers Holdings, Inc. | | | 438,200 | |
| | 10,271 | | | Enact Holdings, Inc. | | | 260,883 | |
| | 12,378 | | | Encore Capital Group, Inc.* | | | 676,829 | |
| | 17,680 | | | Enova International, Inc.* | | | 617,739 | |
| | 1,540 | | | Enstar Group Ltd.* | | | 291,445 | |
| | 6,206 | | | Enterprise Financial Services Corp. | | | 283,738 | |
| | 3,852 | | | Esquire Financial Holdings, Inc. | | | 143,988 | |
| | 24,215 | | | Essent Group Ltd. | | | 968,358 | |
| | |
| | |
| 90 | | 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) | | | |
| | 13,745 | | | EZCORP, Inc., Class A* | | $ | 120,269 | |
| | 3,741 | | | Farmers & Merchants Bancorp, Inc. | | | 106,843 | |
| | 12,219 | | | Farmers National Banc Corp. | | | 174,610 | |
| | 9,245 | | | FB Financial Corp. | | | 366,287 | |
| | 8,321 | | | Federal Agricultural Mortgage Corp., Class C | | | 908,986 | |
| | 24,879 | | | Federated Hermes, Inc. | | | 847,379 | |
| | 10,500 | | | Financial Institutions, Inc. | | | 273,315 | |
| | 38,109 | | | First BanCorp. (Puerto Rico) | | | 544,959 | |
| | 6,178 | | | First Bancorp, Inc. (The) | | | 179,162 | |
| | 4,342 | | | First Bancshares, Inc. (The) | | | 129,826 | |
| | 8,321 | | | First BankCorp | | | 302,968 | |
| | 9,963 | | | First Busey Corp. | | | 229,149 | |
| | 7,790 | | | First Business Financial Services, Inc. | | | 259,251 | |
| | 22,614 | | | First Commonwealth Financial Corp. | | | 304,837 | |
| | 20,103 | | | First Financial Bancorp | | | 433,823 | |
| | 25,799 | | | First Financial Bankshares, Inc. | | | 1,096,715 | |
| | 4,256 | | | First Financial Corp. | | | 197,904 | |
| | 11,452 | | | First Foundation, Inc. | | | 217,130 | |
| | 5,051 | | | First Guaranty Bancshares, Inc. | | | 112,536 | |
| | 5,153 | | | First Internet Bancorp | | | 188,961 | |
| | 10,807 | | | First Interstate BancSystem, Inc., Class A | | | 435,090 | |
| | 13,897 | | | First Merchants Corp. | | | 553,379 | |
| | 4,799 | | | First Mid Bancshares, Inc. | | | 169,645 | |
| | 9,336 | | | First of Long Island Corp. (The) | | | 171,876 | |
| | 2,916 | | | First Western Financial, Inc.* | | | 77,361 | |
| | 5,636 | | | FirstCash Holdings, Inc. | | | 439,383 | |
| | 19,482 | | | Flagstar Bancorp, Inc. | | | 750,641 | |
| | 13,265 | | | Flushing Financial Corp. | | | 273,922 | |
| | 4,709 | | | Focus Financial Partners, Inc., Class A* | | | 184,357 | |
| | 32,256 | | | Fulton Financial Corp. | | | 523,515 | |
| | 4,777 | | | FVCBankcorp, Inc.* | | | 92,005 | |
| | 100,882 | | | Genworth Financial, Inc., Class A* | | | 425,722 | |
| | 10,408 | | | German American Bancorp, Inc. | | | 390,924 | |
| | 19,026 | | | Glacier Bancorp, Inc. | | | 964,238 | |
| | 14,078 | | | Granite Point Mortgage Trust, Inc. REIT | | | 132,615 | |
| | 6,597 | | | Great Southern Bancorp, Inc. | | | 387,772 | |
| | 4,507 | | | Green Dot Corp., Class A* | | | 91,447 | |
| | 3,349 | | | Greene County Bancorp, Inc. | | | 178,167 | |
| | 8,583 | | | Hamilton Lane, Inc., Class A | | | 597,205 | |
| | 12,474 | | | Hancock Whitney Corp. | | | 601,621 | |
| | 12,103 | | | Hanmi Financial Corp. | | | 299,186 | |
| | 4,998 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | | | 197,521 | |
| | 15,359 | | | HarborOne Bancorp, Inc. | | | 209,497 | |
| | 8,492 | | | Heartland Financial USA, Inc. | | | 379,338 | |
| | 18,752 | | | Heritage Commerce Corp. | | | 211,710 | |
| | 6,479 | | | Heritage Financial Corp. | | | 168,389 | |
| | 21,251 | | | Hilltop Holdings, Inc. | | | 561,026 | |
| | 1,269 | | | Hingham Institution For Savings (The) | | | 376,766 | |
| | 3,886 | | | Home Bancorp, Inc. | | | 151,709 | |
| | 29,733 | | | Home BancShares, Inc. | | | 699,617 | |
| | 9,528 | | | HomeStreet, Inc. | | | 331,670 | |
| | 6,123 | | | HomeTrust Bancshares, Inc. | | | 142,176 | |
| | 27,761 | | | Hope Bancorp, Inc. | | | 401,702 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | | | |
| | 11,554 | | | Horace Mann Educators Corp. | | | 413,287 | |
| | 13,328 | | | Horizon Bancorp, Inc. | | | 252,166 | |
| | 10,481 | | | Houlihan Lokey, Inc. | | | 822,758 | |
| | 13,705 | | | Independent Bank Corp. of Michigan | | | 281,227 | |
| | 7,402 | | | Independent Bank Corp. | | | 579,058 | |
| | 6,595 | | | Independent Bank Group, Inc. | | | 444,239 | |
| | 10,941 | | | International Bancshares Corp. | | | 456,568 | |
| | 1,231 | | | Investors Title Co. | | | 181,388 | |
| | 13,344 | | | Jackson Financial, Inc., Class A | | | 417,133 | |
| | 11,763 | | | Kearny Financial Corp. | | | 133,628 | |
| | 4,488 | | | Kinsale Capital Group, Inc. | | | 1,138,067 | |
| | 10,972 | | | KKR Real Estate Finance Trust, Inc. REIT | | | 211,321 | |
| | 10,617 | | | Ladder Capital Corp. REIT | | | 117,424 | |
| | 12,378 | | | Lakeland Bancorp, Inc. | | | 201,638 | |
| | 9,201 | | | Lakeland Financial Corp. | | | 693,203 | |
| | 7,268 | | | LendingClub Corp.* | | | 94,993 | |
| | 7,876 | | | Live Oak Bancshares, Inc. | | | 285,426 | |
| | 20,920 | | | Macatawa Bank Corp. | | | 199,158 | |
| | 33,800 | | | MBIA, Inc.* | | | 398,502 | |
| | 7,370 | | | Mercantile Bank Corp. | | | 243,800 | |
| | 2,338 | | | Mercury General Corp. | | | 74,582 | |
| | 1,896 | | | Metropolitan Bank Holding Corp.* | | | 135,735 | |
| | 25,830 | | | MFA Financial, Inc. REIT | | | 282,322 | |
| | 5,733 | | | Midland States Bancorp, Inc. | | | 143,841 | |
| | 4,724 | | | MidWestOne Financial Group, Inc. | | | 144,082 | |
| | 13,610 | | | Moelis & Co., Class A | | | 566,993 | |
| | 33,924 | | | Mr Cooper Group, Inc.* | | | 1,434,985 | |
| | 5,716 | | | National Bank Holdings Corp., Class A | | | 229,383 | |
| | 836 | | | National Western Life Group, Inc., Class A | | | 159,099 | |
| | 47,527 | | | Navient Corp. | | | 731,441 | |
| | 8,976 | | | NBT Bancorp, Inc. | | | 348,089 | |
| | 5,338 | | | Nelnet, Inc., Class A | | | 449,673 | |
| | 76,824 | | | New York Mortgage Trust, Inc. REIT | | | 215,107 | |
| | 7,764 | | | Nexpoint Real Estate Finance, Inc. REIT | | | 159,317 | |
| | 4,617 | | | Nicolet Bankshares, Inc.* | | | 353,570 | |
| | 17,798 | | | NMI Holdings, Inc., Class A* | | | 365,393 | |
| | 6,661 | | | Northeast Bank | | | 258,247 | |
| | 17,382 | | | Northwest Bancshares, Inc. | | | 244,565 | |
| | 8,552 | | | OceanFirst Financial Corp. | | | 166,251 | |
| | 15,539 | | | OFG Bancorp (Puerto Rico) | | | 422,661 | |
| | 43,849 | | | Old National Bancorp | | | 731,840 | |
| | 16,505 | | | Old Second Bancorp, Inc. | | | 226,449 | |
| | 19,253 | | | Open Lending Corp., Class A* | | | 186,947 | |
| | 9,676 | | | Oportun Financial Corp.* | | | 49,444 | |
| | 7,505 | | | Oppenheimer Holdings, Inc., Class A | | | 272,431 | |
| | 3,326 | | | Origin Bancorp, Inc. | | | 135,867 | |
| | 11,323 | | | Pacific Premier Bancorp, Inc. | | | 370,941 | |
| | 4,384 | | | Park National Corp. | | | 577,943 | |
| | 10,008 | | | Parke Bancorp, Inc. | | | 221,977 | |
| | 11,528 | | | Pathward Financial, Inc. | | | 379,963 | |
| | 11,340 | | | PCB Bancorp | | | 212,965 | |
| | 6,149 | | | PCSB Financial Corp. | | | 113,818 | |
| | 7,735 | | | Peapack-Gladstone Financial Corp. | | | 260,437 | |
| | 17,492 | | | PennyMac Financial Services, Inc. | | | 929,175 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 91 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | | | |
| | 11,847 | | | PennyMac Mortgage Investment Trust REIT | | $ | 175,928 | |
| | 14,330 | | | Peoples Bancorp, Inc. | | | 428,324 | |
| | 4,040 | | | Peoples Financial Services Corp. | | | 196,667 | |
| | 3,787 | | | Piper Sandler Cos. | | | 433,877 | |
| | 6,897 | | | PJT Partners, Inc., Class A | | | 477,410 | |
| | 9,366 | | | PRA Group, Inc.* | | | 345,980 | |
| | 8,223 | | | Preferred Bank | | | 557,848 | |
| | 7,835 | | | Premier Financial Corp. | | | 211,702 | |
| | 9,487 | | | Primis Financial Corp. | | | 124,375 | |
| | 9,807 | | | ProAssurance Corp. | | | 209,772 | |
| | 13,978 | | | PROG Holdings, Inc.* | | | 259,152 | |
| | 15,915 | | | Provident Financial Services, Inc. | | | 369,705 | |
| | 16,536 | | | Pzena Investment Management, Inc., Class A | | | 157,423 | |
| | 6,585 | | | QCR Holdings, Inc. | | | 367,772 | |
| | 42,106 | | | Radian Group, Inc. | | | 888,858 | |
| | 14,438 | | | Ready Capital Corp. REIT | | | 189,138 | |
| | 37,745 | | | Redwood Trust, Inc. REIT | | | 292,524 | |
| | 6,710 | | | Regional Management Corp. | | | 226,060 | |
| | 8,868 | | | Renasant Corp. | | | 295,659 | |
| | 6,070 | | | Republic Bancorp, Inc., Class A | | | 257,975 | |
| | 6,545 | | | RLI Corp. | | | 718,379 | |
| | 8,320 | | | S&T Bancorp, Inc. | | | 246,605 | |
| | 5,007 | | | Safety Insurance Group, Inc. | | | 450,880 | |
| | 11,431 | | | Sandy Spring Bancorp, Inc. | | | 440,322 | |
| | 8,727 | | | Seacoast Banking Corp. of Florida | | | 282,057 | |
| | 12,974 | | | Selective Insurance Group, Inc. | | | 1,030,395 | |
| | 14,454 | | | ServisFirst Bancshares, Inc. | | | 1,219,339 | |
| | 7,158 | | | Shore Bancshares, Inc. | | | 136,360 | |
| | 7,195 | | | Sierra Bancorp | | | 149,080 | |
| | 1,881 | | | Silvergate Capital Corp., Class A* | | | 171,397 | |
| | 16,674 | | | Simmons First National Corp., Class A | | | 393,340 | |
| | 25,081 | | | SiriusPoint Ltd. (Bermuda)* | | | 112,112 | |
| | 374 | | | SmartFinancial, Inc. | | | 9,384 | |
| | 6,170 | | | Southern First Bancshares, Inc.* | | | 265,989 | |
| | 6,619 | | | Southern Missouri Bancorp, Inc. | | | 349,020 | |
| | 6,627 | | | Southside Bancshares, Inc. | | | 249,705 | |
| | 10,047 | | | SouthState Corp. | | | 784,068 | |
| | 10,153 | | | StepStone Group, Inc., Class A | | | 277,075 | |
| | 10,423 | | | Stewart Information Services Corp. | | | 527,821 | |
| | 7,195 | | | Stock Yards Bancorp, Inc. | | | 476,741 | |
| | 6,360 | | | StoneX Group, Inc.* | | | 590,462 | |
| | 109 | | | Summit Financial Group, Inc. | | | 3,109 | |
| | 6,697 | | | Texas Capital Bancshares, Inc.* | | | 395,324 | |
| | 3,736 | | | Tompkins Financial Corp. | | | 267,647 | |
| | 13,870 | | | Towne Bank | | | 395,156 | |
| | 14,269 | | | TPG RE Finance Trust, Inc. REIT | | | 132,131 | |
| | 9,091 | | | TriCo Bancshares | | | 429,004 | |
| | 6,877 | | | Triumph Bancorp, Inc.* | | | 425,755 | |
| | 5,798 | | | TrustCo Bank Corp. | | | 193,305 | |
| | 12,818 | | | Trustmark Corp. | | | 404,280 | |
| | 53,145 | | | Two Harbors Investment Corp. REIT | | | 257,753 | |
| | 8,731 | | | UMB Financial Corp. | | | 781,163 | |
| | 17,858 | | | United Bankshares, Inc. | | | 662,532 | |
| | 18,117 | | | United Community Banks, Inc. | | | 607,463 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Financials – (continued) | | | |
| | 3,255 | | | United Fire Group, Inc. | | | 95,795 | |
| | 6,967 | | | Unity Bancorp, Inc. | | | 195,285 | |
| | 12,898 | | | Universal Insurance Holdings, Inc. | | | 154,002 | |
| | 6,881 | | | Univest Financial Corp. | | | 170,649 | |
| | 69,994 | | | Valley National Bancorp | | | 813,330 | |
| | 10,138 | | | Veritex Holdings, Inc. | | | 305,255 | |
| | 2,470 | | | Virtus Investment Partners, Inc. | | | 472,388 | |
| | 9,954 | | | Walker & Dunlop, Inc. | | | 999,979 | |
| | 14,850 | | | Washington Federal, Inc. | | | 475,349 | |
| | 6,799 | | | Washington Trust Bancorp, Inc. | | | 344,233 | |
| | 16,763 | | | Waterstone Financial, Inc. | | | 289,832 | |
| | 11,652 | | | WesBanco, Inc. | | | 398,615 | |
| | 12,988 | | | West BanCorp, Inc. | | | 319,635 | |
| | 5,226 | | | Westamerica BanCorp | | | 292,395 | |
| | 2,402 | | | World Acceptance Corp.* | | | 279,208 | |
| | 15,056 | | | WSFS Financial Corp. | | | 727,958 | |
| | | | | | | | |
| | | | | | | 92,707,823 | |
| | |
| Health Care – 12.8% | | | |
| | 23,395 | | | AbCellera Biologics, Inc. (Canada) * | | | 249,859 | |
| | 31,859 | | | ACADIA Pharmaceuticals, Inc.* | | | 523,443 | |
| | 15,262 | | | AdaptHealth Corp.* | | | 274,258 | |
| | 3,633 | | | Addus HomeCare Corp.* | | | 324,136 | |
| | 44,372 | | | Aerie Pharmaceuticals, Inc.* | | | 670,017 | |
| | 31,031 | | | Alector, Inc.* | | | 321,171 | |
| | 51,558 | | | Alkermes PLC* | | | 1,220,378 | |
| | 38,038 | | | Allscripts Healthcare Solutions, Inc.* | | | 646,646 | |
| | 11,230 | | | Amicus Therapeutics, Inc.* | | | 126,113 | |
| | 13,352 | | | AMN Healthcare Services, Inc.* | | | 1,370,449 | |
| | 92,084 | | | Amneal Pharmaceuticals, Inc.* | | | 199,822 | |
| | 23,945 | | | Amphastar Pharmaceuticals, Inc.* | | | 708,772 | |
| | 15,685 | | | AngioDynamics, Inc.* | | | 347,266 | |
| | 3,536 | | | ANI Pharmaceuticals, Inc.* | | | 130,443 | |
| | 12,543 | | | Anika Therapeutics, Inc.* | | | 283,472 | |
| | 3,745 | | | Apellis Pharmaceuticals, Inc.* | | | 226,610 | |
| | 3,307 | | | Apollo Medical Holdings, Inc.* | | | 142,631 | |
| | 16,500 | | | Arcus Biosciences, Inc.* | | | 397,320 | |
| | 6,144 | | | Arrowhead Pharmaceuticals, Inc.* | | | 243,978 | |
| | 7,916 | | | Arvinas, Inc.* | | | 335,163 | |
| | 25,939 | | | Atea Pharmaceuticals, Inc.* | | | 194,543 | |
| | 7,225 | | | AtriCure, Inc.* | | | 329,605 | |
| | 233 | | | Atrion Corp. | | | 140,720 | |
| | 10,857 | | | Avanos Medical, Inc.* | | | 267,408 | |
| | 3,205 | | | Axonics, Inc.* | | | 231,561 | |
| | 2,794 | | | Beam Therapeutics, Inc.* | | | 152,552 | |
| | 19,620 | | | BioCryst Pharmaceuticals, Inc.* | | | 272,718 | |
| | 9,586 | | | Biohaven Pharmaceutical Holding Co. Ltd.* | | | 1,431,669 | |
| | 5,067 | | | Blueprint Medicines Corp.* | | | 371,006 | |
| | 16,155 | | | Cardiovascular Systems, Inc.* | | | 213,408 | |
| | 11,754 | | | CareDx, Inc.* | | | 230,261 | |
| | 94,879 | | | Catalyst Pharmaceuticals, Inc.* | | | 1,284,662 | |
| | 4,163 | | | Celldex Therapeutics, Inc.* | | | 126,555 | |
| | 3,705 | | | Cerevel Therapeutics Holdings, Inc.* | | | 107,816 | |
| | 24,916 | | | Cerus Corp.* | | | 102,405 | |
| | |
| | |
| 92 | | 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) | | | |
| | 3,472 | | | ChemoCentryx, Inc.* | | $ | 177,003 | |
| | 30,145 | | | Coherus Biosciences, Inc.* | | | 337,021 | |
| | 33,641 | | | Collegium Pharmaceutical, Inc.* | | | 591,409 | |
| | 13,800 | | | Computer Programs and Systems, Inc.* | | | 421,038 | |
| | 4,999 | | | CONMED Corp. | | | 442,761 | |
| | 63,076 | | | Corcept Therapeutics, Inc.* | | | 1,628,622 | |
| | 3,644 | | | CorVel Corp.* | | | 566,205 | |
| | 17,083 | | | Covetrus, Inc.* | | | 356,522 | |
| | 28,297 | | | Cross Country Healthcare, Inc.* | | | 718,178 | |
| | 14,450 | | | CTI BioPharma Corp.* | | | 90,746 | |
| | 19,041 | | | Cue Health, Inc.* | | | 63,407 | |
| | 14,760 | | | Cutera, Inc.* | | | 704,790 | |
| | 6,560 | | | Cytokinetics, Inc.* | | | 347,418 | |
| | 33,695 | | | Dynavax Technologies Corp.* | | | 386,482 | |
| | 10,277 | | | Eagle Pharmaceuticals, Inc.* | | | 336,777 | |
| | 7,009 | | | Embecta Corp. | | | 223,727 | |
| | 20,474 | | | Emergent BioSolutions, Inc.* | | | 491,785 | |
| | 3,683 | | | Enanta Pharmaceuticals, Inc.* | | | 224,221 | |
| | 9,871 | | | Ensign Group, Inc. (The) | | | 841,996 | |
| | 11,851 | | | Evolent Health, Inc., Class A* | | | 435,524 | |
| | 7,663 | | | Evolus, Inc.* | | | 73,641 | |
| | 35,948 | | | Figs, Inc., Class A* | | | 415,559 | |
| | 10,404 | | | Fulgent Genetics, Inc.* | | | 452,262 | |
| | 3,320 | | | Global Blood Therapeutics, Inc.* | | | 225,428 | |
| | 4,249 | | | Haemonetics Corp.* | | | 318,802 | |
| | 20,045 | | | Halozyme Therapeutics, Inc.* | | | 816,433 | |
| | 15,005 | | | Hanger, Inc.* | | | 279,543 | |
| | 16,562 | | | Harmony Biosciences Holdings, Inc.* | | | 727,237 | |
| | 8,200 | | | HealthEquity, Inc.* | | | 541,856 | |
| | 9,514 | | | HealthStream, Inc.* | | | 210,545 | |
| | 7,537 | | | Inari Medical, Inc.* | | | 522,691 | |
| | 2,751 | | | Innovage Holding Corp.* | | | 10,096 | |
| | 43,432 | | | Innoviva, Inc.* | | | 571,565 | |
| | 4,191 | | | Inogen, Inc.* | | | 119,988 | |
| | 17,244 | | | Inotiv, Inc.* | | | 337,465 | |
| | 7,145 | | | Insmed, Inc.* | | | 175,910 | |
| | 4,605 | | | Inspire Medical Systems, Inc.* | | | 881,811 | |
| | 6,830 | | | Integer Holdings Corp.* | | | 430,768 | |
| | 3,993 | | | Intellia Therapeutics, Inc.* | | | 239,820 | |
| | 5,872 | | | Intra-Cellular Therapies, Inc.* | | | 295,127 | |
| | 2,855 | | | iRadimed Corp. | | | 95,785 | |
| | 6,554 | | | iRhythm Technologies, Inc.* | | | 966,387 | |
| | 63,176 | | | Ironwood Pharmaceuticals, Inc.* | | | 679,774 | |
| | 23,300 | | | iTeos Therapeutics, Inc.* | | | 516,794 | |
| | 12,498 | | | IVERIC bio, Inc.* | | | 122,980 | |
| | 10,858 | | | Joint Corp. (The)* | | | 198,050 | |
| | 1,231 | | | Karuna Therapeutics, Inc.* | | | 313,979 | |
| | 71,187 | | | Karyopharm Therapeutics, Inc.* | | | 360,206 | |
| | 10,700 | | | Lantheus Holdings, Inc.* | | | 843,160 | |
| | 9,277 | | | LeMaitre Vascular, Inc. | | | 458,098 | |
| | 5,645 | | | LHC Group, Inc.* | | | 911,498 | |
| | 3,688 | | | Ligand Pharmaceuticals, Inc.* | | | 340,734 | |
| | 6,920 | | | LivaNova PLC* | | | 389,250 | |
| | 24,874 | | | MannKind Corp.* | | | 90,790 | |
| | 6,803 | | | Medpace Holdings, Inc.* | | | 1,004,191 | |
| | 25,717 | | | Meridian Bioscience, Inc.* | | | 838,117 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Health Care – (continued) | | | |
| | 7,980 | | | Merit Medical Systems, Inc.* | | | 472,655 | |
| | 896 | | | Mesa Laboratories, Inc. | | | 153,091 | |
| | 90,831 | | | MiMedx Group, Inc.* | | | 320,633 | |
| | 4,018 | | | ModivCare, Inc.* | | | 435,230 | |
| | 84,693 | | | Multiplan Corp.* | | | 298,119 | |
| | 37,756 | | | Myriad Genetics, Inc.* | | | 843,469 | |
| | 5,336 | | | National HealthCare Corp. | | | 370,585 | |
| | 8,369 | | | National Research Corp. | | | 285,467 | |
| | 13,745 | | | Neogen Corp.*(a) | | | 287,271 | |
| | 12,188 | | | NeoGenomics, Inc.* | | | 122,489 | |
| | 6,268 | | | Nevro Corp.* | | | 284,066 | |
| | 37,244 | | | NextGen Healthcare, Inc.* | | | 638,362 | |
| | 11,881 | | | NuVasive, Inc.* | | | 505,061 | |
| | 8,340 | | | Omnicell, Inc.* | | | 853,099 | |
| | 142,351 | | | OPKO Health, Inc.* | | | 310,325 | |
| | 20,145 | | | Option Care Health, Inc.* | | | 623,689 | |
| | 69,299 | | | Organogenesis Holdings, Inc.* | | | 248,783 | |
| | 16,339 | | | Orthofix Medical, Inc.* | | | 325,146 | |
| | 20,316 | | | Owens & Minor, Inc. | | | 599,525 | |
| | 10,707 | | | Pacira BioSciences, Inc.* | | | 561,903 | |
| | 21,413 | | | Patterson Cos., Inc. | | | 597,209 | |
| | 15,263 | | | Pediatrix Medical Group, Inc.* | | | 271,987 | |
| | 11,837 | | | PetIQ, Inc.* | | | 110,558 | |
| | 20,014 | | | Phibro Animal Health Corp., Class A | | | 296,407 | |
| | 16,848 | | | Prestige Consumer Healthcare, Inc.* | | | 852,172 | |
| | 5,927 | | | Progyny, Inc.* | | | 238,325 | |
| | 3,472 | | | Prometheus Biosciences, Inc.* | | | 181,620 | |
| | 8,497 | | | Prothena Corp. PLC (Ireland) * | | | 234,262 | |
| | 7,624 | | | PTC Therapeutics, Inc.* | | | 380,743 | |
| | 14,433 | | | R1 RCM, Inc.* | | | 315,361 | |
| | 45,824 | | | Radius Health, Inc.* | | | 3,666 | |
| | 9,669 | | | RadNet, Inc.* | | | 194,250 | |
| | 16,602 | | | REGENXBIO, Inc.* | | | 489,759 | |
| | 6,244 | | | SeaSpine Holdings Corp.* | | | 39,962 | |
| | 15,242 | | | Select Medical Holdings Corp. | | | 390,805 | |
| | 5,206 | | | Shockwave Medical, Inc.* | | | 1,545,453 | |
| | 8,511 | | | SI-BONE, Inc.* | | | 140,432 | |
| | 6,769 | | | Silk Road Medical, Inc.* | | | 269,609 | |
| | 9,542 | | | STAAR Surgical Co.* | | | 902,578 | |
| | 34,136 | | | Supernus Pharmaceuticals, Inc.* | | | 1,168,475 | |
| | 6,605 | | | Surgery Partners, Inc.* | | | 181,836 | |
| | 6,738 | | | Surmodics, Inc.* | | | 227,003 | |
| | 8,175 | | | Syndax Pharmaceuticals, Inc.* | | | 193,012 | |
| | 19,202 | | | Tactile Systems Technology, Inc.* | | | 158,417 | |
| | 19,139 | | | Travere Therapeutics, Inc.* | | | 512,160 | |
| | 6,762 | | | UFP Technologies, Inc.* | | | 628,798 | |
| | 2,691 | | | US Physical Therapy, Inc. | | | 222,304 | |
| | 53,646 | | | Vanda Pharmaceuticals, Inc.* | | | 567,575 | |
| | 12,431 | | | Varex Imaging Corp.* | | | 262,170 | |
| | 4,382 | | | Vaxcyte, Inc.* | | | 114,633 | |
| | 8,274 | | | Veracyte, Inc.* | | | 168,790 | |
| | 23,878 | | | Vericel Corp.* | | | 595,756 | |
| | 33,097 | | | Vir Biotechnology, Inc.* | | | 786,054 | |
| | 6,160 | | | Xencor, Inc.* | | | 162,562 | |
| | 9,611 | | | Zimvie, Inc.* | | | 146,279 | |
| | 22,258 | | | Zynex, Inc. | | | 198,987 | |
| | | | | | | | |
| | | | | | | 61,649,745 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 93 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Industrials – 16.1% | | | |
| | 6,871 | | | AAON, Inc. | | $ | 394,945 | |
| | 8,095 | | | AAR Corp.* | | | 347,114 | |
| | 12,580 | | | ABM Industries, Inc. | | | 583,712 | |
| | 28,167 | | | ACCO Brands Corp. | | | 167,030 | |
| | 7,386 | | | Aerojet Rocketdyne Holdings, Inc.* | | | 318,115 | |
| | 1,587 | | | AeroVironment, Inc.* | | | 140,688 | |
| | 7,609 | | | Air Transport Services Group, Inc.* | | | 229,259 | |
| | 3,160 | | | Alamo Group, Inc. | | | 413,202 | |
| | 4,331 | | | Albany International Corp., Class A | | | 381,951 | |
| | 27,169 | | | Alight, Inc., Class A* | | | 214,092 | |
| | 1,795 | | | Allegiant Travel Co.* | | | 173,218 | |
| | 10,856 | | | Allied Motion Technologies, Inc. | | | 380,177 | |
| | 12,043 | | | Altra Industrial Motion Corp. | | | 457,032 | |
| | 4,802 | | | Ameresco, Inc., Class A* | | | 330,618 | |
| | 3,388 | | | American Woodmark Corp.* | | | 175,600 | |
| | 26,344 | | | API Group Corp.* | | | 409,649 | |
| | 10,461 | | | Apogee Enterprises, Inc. | | | 427,227 | |
| | 13,666 | | | Applied Industrial Technologies, Inc. | | | 1,448,869 | |
| | 8,705 | | | ArcBest Corp. | | | 701,014 | |
| | 8,784 | | | Arcosa, Inc. | | | 513,425 | |
| | 3,369 | | | Argan, Inc. | | | 116,534 | |
| | 6,959 | | | Array Technologies, Inc.* | | | 145,443 | |
| | 12,360 | | | ASGN, Inc.* | | | 1,195,212 | |
| | 7,268 | | | Astec Industries, Inc. | | | 277,492 | |
| | 15,164 | | | Atkore, Inc.* | | | 1,279,993 | |
| | 6,586 | | | Atlas Air Worldwide Holdings, Inc.* | | | 658,073 | |
| | 5,029 | | | Atlas Technical Consultants, Inc.* | | | 42,847 | |
| | 5,151 | | | AZZ, Inc. | | | 219,484 | |
| | 22,683 | | | Babcock & Wilcox Enterprises, Inc.* | | | 181,010 | |
| | 7,381 | | | Barnes Group, Inc. | | | 229,180 | |
| | 2,619 | | | Barrett Business Services, Inc. | | | 211,196 | |
| | 12,321 | | | Beacon Roofing Supply, Inc.* | | | 676,546 | |
| | 5,208 | | | Bloom Energy Corp., Class A* | | | 132,335 | |
| | 8,379 | | | Blue Bird Corp.* | | | 99,459 | |
| | 8,783 | | | BlueLinx Holdings, Inc.* | | | 615,688 | |
| | 18,758 | | | Boise Cascade Co. | | | 1,169,186 | |
| | 14,299 | | | Brady Corp., Class A | | | 665,475 | |
| | 9,355 | | | BrightView Holdings, Inc.* | | | 94,673 | |
| | 5,140 | | | Brink’s Co. (The) | | | 284,139 | |
| | 12,720 | | | Caesarstone Ltd. | | | 129,617 | |
| | 5,395 | | | Casella Waste Systems, Inc., Class A* | | | 442,012 | |
| | 14,489 | | | CBIZ, Inc.* | | | 632,590 | |
| | 3,970 | | | Chart Industries, Inc.* | | | 769,624 | |
| | 8,062 | | | Cimpress PLC (Ireland)* | | | 270,722 | |
| | 5,658 | | | CIRCOR International, Inc.* | | | 92,225 | |
| | 8,408 | | | Columbus McKinnon Corp. | | | 257,537 | |
| | 11,880 | | | Comfort Systems USA, Inc. | | | 1,192,039 | |
| | 34,951 | | | CoreCivic, Inc.* | | | 333,083 | |
| | 19,262 | | | Costamare, Inc. (Monaco) | | | 217,275 | |
| | 4,026 | | | Covenant Logistics Group, Inc. | | | 113,211 | |
| | 4,647 | | | CRA International, Inc. | | | 424,782 | |
| | 4,388 | | | CSW Industrials, Inc. | | | 555,521 | |
| | 13,665 | | | Daseke, Inc.* | | | 82,810 | |
| | 16,752 | | | Deluxe Corp. | | | 322,309 | |
| | 4,557 | | | Distribution Solutions Group, Inc.* | | | 181,095 | |
| | 3,402 | | | Douglas Dynamics, Inc. | | | 98,998 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Industrials – (continued) | | | |
| | 2,605 | | | Ducommun, Inc.* | | | 114,620 | |
| | 15,076 | | | DXP Enterprises, Inc.* | | | 400,720 | |
| | 4,085 | | | Dycom Industries, Inc.* | | | 458,010 | |
| | 5,281 | | | Eagle Bulk Shipping, Inc. | | | 229,407 | |
| | 12,654 | | | EMCOR Group, Inc. | | | 1,504,814 | |
| | 7,653 | | | Encore Wire Corp. | | | 995,655 | |
| | 22,935 | | | Energy Recovery, Inc.* | | | 526,129 | |
| | 8,183 | | | Enerpac Tool Group Corp. | | | 158,750 | |
| | 4,025 | | | EnerSys | | | 251,039 | |
| | 7,442 | | | Ennis, Inc. | | | 157,994 | |
| | 4,492 | | | EnPro Industries, Inc. | | | 406,796 | |
| | 3,505 | | | ESCO Technologies, Inc. | | | 285,412 | |
| | 15,883 | | | Evoqua Water Technologies Corp.* | | | 557,176 | |
| | 4,545 | | | Exponent, Inc. | | | 426,594 | |
| | 8,853 | | | Federal Signal Corp. | | | 352,969 | |
| | 10,525 | | | First Advantage Corp.* | | | 145,666 | |
| | 16,470 | | | Fluor Corp.* | | | 435,467 | |
| | 6,193 | | | Forrester Research, Inc.* | | | 257,567 | |
| | 10,543 | | | Forward Air Corp. | | | 1,023,093 | |
| | 12,209 | | | Franklin Covey Co.* | | | 580,782 | |
| | 11,945 | | | Franklin Electric Co., Inc. | | | 1,037,423 | |
| | 3,569 | | | GATX Corp. | | | 344,801 | |
| | 12,735 | | | Genco Shipping & Trading Ltd. | | | 174,597 | |
| | 70,215 | | | GEO Group, Inc. (The)* | | | 574,359 | |
| | 5,857 | | | Gibraltar Industries, Inc.* | | | 245,115 | |
| | 12,464 | | | Global Industrial Co. | | | 374,917 | |
| | 23,803 | | | GMS, Inc.* | | | 1,147,305 | |
| | 6,969 | | | Golden Ocean Group Ltd. (Norway) (a) | | | 66,833 | |
| | 3,979 | | | Gorman-Rupp Co. (The) | | | 105,085 | |
| | 62,993 | | | GrafTech International Ltd. | | | 370,399 | |
| | 7,828 | | | Granite Construction, Inc. | | | 234,683 | |
| | 16,959 | | | Great Lakes Dredge & Dock Corp.* | | | 162,298 | |
| | 5,830 | | | Greenbrier Cos., Inc. (The) | | | 166,213 | |
| | 9,098 | | | Griffon Corp. | | | 285,222 | |
| | 7,130 | | | H&E Equipment Services, Inc. | | | 225,736 | |
| | 8,778 | | | Hawaiian Holdings, Inc.* | | | 131,582 | |
| | 12,135 | | | Healthcare Services Group, Inc. | | | 170,739 | |
| | 7,530 | | | Heartland Express, Inc. | | | 114,080 | |
| | 5,416 | | | Heidrick & Struggles International, Inc. | | | 154,139 | |
| | 3,442 | | | Helios Technologies, Inc. | | | 188,002 | |
| | 3,629 | | | Herc Holdings, Inc. | | | 408,371 | |
| | 6,913 | | | Heritage-Crystal Clean, Inc.* | | | 225,156 | |
| | 14,362 | | | Hillenbrand, Inc. | | | 598,465 | |
| | 17,372 | | | HNI Corp. | | | 555,904 | |
| | 12,224 | | | Hub Group, Inc., Class A* | | | 975,597 | |
| | 32,865 | | | Hudson Technologies, Inc.* | | | 272,780 | |
| | 6,026 | | | Huron Consulting Group, Inc.* | | | 403,139 | |
| | 6,549 | | | ICF International, Inc. | | | 665,116 | |
| | 8,397 | | | IES Holdings, Inc.* | | | 255,185 | |
| | 9,095 | | | Insperity, Inc. | | | 991,537 | |
| | 7,022 | | | Insteel Industries, Inc. | | | 202,936 | |
| | 23,575 | | | Interface, Inc. | | | 263,333 | |
| | 11,827 | | | JELD-WEN Holding, Inc.* | | | 131,871 | |
| | 35,498 | | | Joby Aviation, Inc.*(a) | | | 188,139 | |
| | 6,139 | | | John Bean Technologies Corp. | | | 633,913 | |
| | 4,443 | | | Kadant, Inc. | | | 797,208 | |
| | |
| | |
| 94 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Industrials – (continued) | | | |
| | 5,381 | | | Kaman Corp. | | $ | 170,685 | |
| | 15,412 | | | KAR Auction Services, Inc.* | | | 225,015 | |
| | 16,906 | | | Kelly Services, Inc., Class A | | | 272,356 | |
| | 10,521 | | | Kennametal, Inc. | | | 246,612 | |
| | 17,006 | | | Kforce, Inc. | | | 930,568 | |
| | 32,487 | | | Kimball International, Inc., Class B | | | 248,526 | |
| | 10,596 | | | Korn Ferry | | | 645,508 | |
| | 6,925 | | | Kratos Defense & Security Solutions, Inc.* | | | 86,840 | |
| | 24,842 | | | Legalzoom.com, Inc.* | | | 255,873 | |
| | 17,096 | | | Li-Cycle Holdings Corp. (Canada) * | | | 123,262 | |
| | 30,129 | | | Lightning eMotors, Inc.*(a) | | | 85,566 | |
| | 2,068 | | | Lindsay Corp. | | | 331,625 | |
| | 11,847 | | | Manitowoc Co., Inc. (The)* | | | 113,139 | |
| | 5,590 | | | ManTech International Corp., Class A | | | 536,137 | |
| | 7,827 | | | Marten Transport Ltd. | | | 155,053 | |
| | 4,950 | | | Masonite International Corp.* | | | 405,009 | |
| | 12,180 | | | Matson, Inc. | | | 897,179 | |
| | 7,167 | | | Matthews International Corp., Class A | | | 179,247 | |
| | 5,848 | | | Maxar Technologies, Inc. | | | 139,358 | |
| | 2,593 | | | McGrath RentCorp | | | 219,160 | |
| | 3,781 | | | Miller Industries, Inc. | | | 88,891 | |
| | 13,414 | | | MillerKnoll, Inc. | | | 371,300 | |
| | 5,216 | | | Moog, Inc., Class A | | | 391,096 | |
| | 28,494 | | | MRC Global, Inc.* | | | 277,247 | |
| | 16,946 | | | Mueller Industries, Inc. | | | 1,070,479 | |
| | 21,526 | | | Mueller Water Products, Inc., Class A | | | 242,813 | |
| | 5,718 | | | MYR Group, Inc.* | | | 531,431 | |
| | 1,420 | | | National Presto Industries, Inc. | | | 96,872 | |
| | 5,576 | | | Northwest Pipe Co.* | | | 176,536 | |
| | 66,785 | | | NOW, Inc.* | | | 809,434 | |
| | 7,041 | | | NV5 Global, Inc.* | | | 991,091 | |
| | 2,991 | | | Omega Flex, Inc. | | | 302,151 | |
| | 3,841 | | | PAM Transportation Services, Inc.* | | | 114,116 | |
| | 10,949 | | | Parsons Corp.* | | | 453,070 | |
| | 21,218 | | | PGT Innovations, Inc.* | | | 443,881 | |
| | 26,648 | | | Pitney Bowes, Inc. | | | 77,013 | |
| | 5,495 | | | Powell Industries, Inc. | | | 135,507 | |
| | 2,470 | | | Preformed Line Products Co. | | | 192,166 | |
| | 12,537 | | | Primoris Services Corp. | | | 254,125 | |
| | 4,933 | | | Proto Labs, Inc.* | | | 189,427 | |
| | 15,366 | | | Quanex Building Products Corp. | | | 342,662 | |
| | 37,523 | | | Radiant Logistics, Inc.* | | | 262,661 | |
| | 2,384 | | | RBC Bearings, Inc.* | | | 573,781 | |
| | 3,998 | | | Red Violet, Inc.* | | | 75,922 | |
| | 24,381 | | | Resideo Technologies, Inc.* | | | 507,612 | |
| | 29,834 | | | Resources Connection, Inc. | | | 582,956 | |
| | 16,066 | | | REV Group, Inc. | | | 185,080 | |
| | 13,953 | | | Rush Enterprises, Inc., Class A | | | 656,628 | |
| | 6,421 | | | Rush Enterprises, Inc., Class B | | | 325,159 | |
| | 46,430 | | | Safe Bulkers, Inc. (Greece) | | | 148,112 | |
| | 3,729 | | | Saia, Inc.* | | | 771,269 | |
| | 13,766 | | | Shyft Group, Inc. (The) | | | 329,696 | |
| | 11,438 | | | Simpson Manufacturing Co., Inc. | | | 1,059,616 | |
| | 19,003 | | | Skillsoft Corp.* | | | 61,190 | |
| | 7,119 | | | SkyWest, Inc.* | | | 151,564 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Industrials – (continued) | | | |
| | 7,567 | | | SP Plus Corp.* | | | 250,770 | |
| | 8,248 | | | SPX Technologies, Inc.* | | | 470,631 | |
| | 2,420 | | | Standex International Corp. | | | 218,792 | |
| | 33,487 | | | Steelcase, Inc., Class A | | | 374,385 | |
| | 8,185 | | | Sterling Infrastructure, Inc.* | | | 206,999 | |
| | 7,928 | | | Tennant Co. | | | 478,455 | |
| | 12,464 | | | Terex Corp. | | | 414,054 | |
| | 9,610 | | | Textainer Group Holdings Ltd. (China) | | | 291,952 | |
| | 5,049 | | | Titan International, Inc.* | | | 70,838 | |
| | 14,659 | | | Titan Machinery, Inc.* | | | 451,204 | |
| | 6,922 | | | Transcat, Inc.* | | | 512,851 | |
| | 6,392 | | | TriNet Group, Inc.* | | | 526,701 | |
| | 6,201 | | | Trinity Industries, Inc. | | | 151,180 | |
| | 8,434 | | | Triton International Ltd. (Bermuda) | | | 502,582 | |
| | 25,713 | | | TrueBlue, Inc.* | | | 528,145 | |
| | 17,300 | | | Tutor Perini Corp.* | | | 117,294 | |
| | 16,044 | | | UFP Industries, Inc. | | | 1,273,733 | |
| | 2,891 | | | UniFirst Corp. | | | 521,132 | |
| | 18,041 | | | Upwork, Inc.* | | | 313,913 | |
| | 6,940 | | | V2X, Inc.* | | | 240,540 | |
| | 10,841 | | | Veritiv Corp.* | | | 1,292,139 | |
| | 7,314 | | | Vicor Corp.* | | | 520,318 | |
| | 47,865 | | | View, Inc.* | | | 85,200 | |
| | 12,376 | | | Wabash National Corp. | | | 203,585 | |
| | 7,773 | | | Watts Water Technologies, Inc., Class A | | | 1,076,716 | |
| | 9,389 | | | Werner Enterprises, Inc. | | | 373,588 | |
| | 8,350 | | | Willdan Group, Inc.* | | | 190,046 | |
| | 26,519 | | | Zurn Elkay Water Solutions Corp. | | | 731,394 | |
| | | | | | | | |
| | | | | | | 77,625,599 | |
| | |
| Information Technology – 12.7% | | | |
| | 9,905 | | | 3D Systems Corp.* | | | 100,338 | |
| | 33,030 | | | 8x8, Inc.* | | | 172,086 | |
| | 53,491 | | | A10 Networks, Inc. | | | 743,525 | |
| | 19,512 | | | ACI Worldwide, Inc.* | | | 462,434 | |
| | 18,085 | | | ADTRAN Holdings, Inc. | | | 420,295 | |
| | 7,022 | | | Advanced Energy Industries, Inc. | | | 630,505 | |
| | 10,940 | | | Agilysys, Inc.* | | | 566,364 | |
| | 10,115 | | | Alarm.com Holdings, Inc.* | | | 673,659 | |
| | 10,426 | | | Alpha & Omega Semiconductor Ltd.* | | | 403,069 | |
| | 9,989 | | | Altair Engineering, Inc., Class A* | | | 519,528 | |
| | 5,421 | | | Ambarella, Inc.* | | | 367,977 | |
| | 12,201 | | | American Software, Inc., Class A | | | 206,563 | |
| | 39,788 | | | Amkor Technology, Inc. | | | 800,932 | |
| | 5,242 | | | Appfolio, Inc., Class A* | | | 531,434 | |
| | 8,732 | | | Appian Corp.* | | | 409,531 | |
| | 14,428 | | | Arlo Technologies, Inc.* | | | 87,867 | |
| | 10,160 | | | Asana, Inc., Class A* | | | 194,564 | |
| | 22,709 | | | Avaya Holdings Corp.*(a) | | | 36,107 | |
| | 26,296 | | | Avid Technology, Inc.* | | | 719,196 | |
| | 11,759 | | | Axcelis Technologies, Inc.* | | | 787,147 | |
| | 8,101 | | | Badger Meter, Inc. | | | 767,084 | |
| | 7,038 | | | Belden, Inc. | | | 460,848 | |
| | 11,214 | | | Benchmark Electronics, Inc. | | | 307,824 | |
| | 20,779 | | | Benefitfocus, Inc.* | | | 153,972 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 95 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 7,993 | | | Blackbaud, Inc.* | | $ | 418,034 | |
| | 4,837 | | | Blackline, Inc.* | | | 328,626 | |
| | 32,155 | | | Box, Inc., Class A* | | | 827,991 | |
| | 38,229 | | | Brightcove, Inc.* | | | 253,841 | |
| | 17,311 | | | Calix, Inc.* | | | 1,018,752 | |
| | 8,650 | | | Cambium Networks Corp.* | | | 168,329 | |
| | 35,027 | | | Casa Systems, Inc.* | | | 135,905 | |
| | 4,826 | | | Cass Information Systems, Inc. | | | 177,018 | |
| | 8,584 | | | Cerence, Inc.* | | | 171,766 | |
| | 5,748 | | | CEVA, Inc.* | | | 168,244 | |
| | 29,743 | | | ChannelAdvisor Corp.* | | | 448,822 | |
| | 11,160 | | | Clearfield, Inc.* | | | 1,295,788 | |
| | 13,463 | | | Cohu, Inc.* | | | 361,212 | |
| | 12,665 | | | CommScope Holding Co., Inc.* | | | 143,115 | |
| | 13,187 | | | CommVault Systems, Inc.* | | | 715,922 | |
| | 9,491 | | | Comtech Telecommunications Corp. | | | 107,153 | |
| | 87,277 | | | Conduent, Inc.* | | | 356,963 | |
| | 3,175 | | | Consensus Cloud Solutions, Inc.* | | | 159,861 | |
| | 57,007 | | | Core Scientific, Inc.*(a) | | | 125,415 | |
| | 6,872 | | | Corsair Gaming, Inc.* | | | 105,760 | |
| | 7,939 | | | Couchbase, Inc.* | | | 131,708 | |
| | 12,223 | | | CSG Systems International, Inc. | | | 707,101 | |
| | 6,695 | | | CTS Corp. | | | 283,332 | |
| | 24,732 | | | Cvent Holding Corp.* | | | 125,144 | |
| | 4,796 | | | CyberOptics Corp.* | | | 255,339 | |
| | 14,976 | | | Digi International, Inc.* | | | 495,855 | |
| | 10,146 | | | Digital Turbine, Inc.* | | | 187,397 | |
| | 2,629 | | | DigitalOcean Holdings, Inc.*(a) | | | 110,655 | |
| | 13,564 | | | Diodes, Inc.* | | | 965,350 | |
| | 10,671 | | | Domo, Inc., Class B* | | | 205,523 | |
| | 14,511 | | | Ebix, Inc. | | | 377,576 | |
| | 50,963 | | | Edgio, Inc.* | | | 187,544 | |
| | 19,288 | | | eGain Corp.* | | | 177,642 | |
| | 6,159 | | | Envestnet, Inc.* | | | 322,547 | |
| | 8,587 | | | ePlus, Inc.* | | | 404,619 | |
| | 13,532 | | | EVERTEC, Inc. (Puerto Rico) | | | 454,675 | |
| | 6,101 | | | Evo Payments, Inc., Class A* | | | 203,285 | |
| | 6,803 | | | ExlService Holdings, Inc.* | | | 1,140,931 | |
| | 75,233 | | | Extreme Networks, Inc.* | | | 1,078,089 | |
| | 7,412 | | | Fabrinet (Thailand)* | | | 762,250 | |
| | 5,634 | | | FARO Technologies, Inc.* | | | 189,021 | |
| | 19,605 | | | FormFactor, Inc.* | | | 574,034 | |
| | 11,356 | | | Grid Dynamics Holdings, Inc.* | | | 229,505 | |
| | 22,118 | | | Hackett Group, Inc. (The) | | | 454,083 | |
| | 25,470 | | | Harmonic, Inc.* | | | 286,792 | |
| | 6,712 | | | I3 Verticals, Inc., Class A* | | | 156,792 | |
| | 14,253 | | | Identiv, Inc.* | | | 212,655 | |
| | 9,587 | | | Impinj, Inc.* | | | 855,927 | |
| | 18,534 | | | Infinera Corp.* | | | 101,566 | |
| | 35,192 | | | Information Services Group, Inc. | | | 203,058 | |
| | 60,591 | | | Inseego Corp.* | | | 163,596 | |
| | 8,459 | | | Insight Enterprises, Inc.* | | | 770,784 | |
| | 5,377 | | | InterDigital, Inc. | | | 269,710 | |
| | 12,408 | | | International Money Express, Inc.* | | | 277,939 | |
| | 4,872 | | | Itron, Inc.* | | | 231,810 | |
| | 10,137 | | | Kimball Electronics, Inc.* | | | 218,351 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 20,065 | | | Knowles Corp.* | | | 303,985 | |
| | 16,368 | | | Kulicke & Soffa Industries, Inc. (Singapore) | | | 688,111 | |
| | 7,199 | | | LiveRamp Holdings, Inc.* | | | 142,900 | |
| | 6,404 | | | MACOM Technology Solutions Holdings, Inc.* | | | 353,181 | |
| | 9,482 | | | Marqeta, Inc., Class A* | | | 73,865 | |
| | 13,072 | | | Maximus, Inc. | | | 792,032 | |
| | 17,126 | | | MaxLinear, Inc.* | | | 615,337 | |
| | 9,890 | | | Methode Electronics, Inc. | | | 400,149 | |
| | 761 | | | MicroStrategy, Inc., Class A* | | | 176,217 | |
| | 20,913 | | | Mitek Systems, Inc.* | | | 213,731 | |
| | 11,344 | | | Model N, Inc.* | | | 339,186 | |
| | 18,664 | | | Momentive Global, Inc.* | | | 132,328 | |
| | 20,030 | | | MoneyGram International, Inc.* | | | 206,309 | |
| | 24,013 | | | Napco Security Technologies, Inc.* | | | 712,226 | |
| | 9,804 | | | NETGEAR, Inc.* | | | 231,276 | |
| | 18,175 | | | NetScout Systems, Inc.* | | | 576,875 | |
| | 5,903 | | | Novanta, Inc.* | | | 789,172 | |
| | 14,888 | | | OneSpan, Inc.* | | | 171,361 | |
| | 12,804 | | | Onto Innovation, Inc.* | | | 908,956 | |
| | 3,912 | | | OSI Systems, Inc.* | | | 325,948 | |
| | 109,686 | | | Paysafe Ltd.* | | | 180,982 | |
| | 10,856 | | | PC Connection, Inc. | | | 539,326 | |
| | 4,515 | | | PDF Solutions, Inc.* | | | 119,106 | |
| | 9,631 | | | Perficient, Inc.* | | | 752,181 | |
| | 27,203 | | | Photronics, Inc.* | | | 457,010 | |
| | 7,897 | | | Ping Identity Holding Corp.* | | | 222,222 | |
| | 6,329 | | | Plexus Corp.* | | | 593,217 | |
| | 11,035 | | | Power Integrations, Inc. | | | 789,334 | |
| | 12,701 | | | Progress Software Corp. | | | 611,299 | |
| | 5,637 | | | PROS Holdings, Inc.* | | | 117,531 | |
| | 6,981 | | | Qualys, Inc.* | | | 1,060,414 | |
| | 40,002 | | | Rackspace Technology, Inc.* | | | 178,409 | |
| | 24,546 | | | Rambus, Inc.* | | | 633,041 | |
| | 8,277 | | | Rapid7, Inc.* | | | 475,928 | |
| | 9,975 | | | Remitly Global, Inc.* | | | 109,725 | |
| | 17,660 | | | Repay Holdings Corp.* | | | 164,061 | |
| | 44,944 | | | Ribbon Communications, Inc.* | | | 157,753 | |
| | 15,691 | | | Rimini Street, Inc.* | | | 79,083 | |
| | 1,742 | | | Rogers Corp.* | | | 436,406 | |
| | 14,831 | | | Sanmina Corp.* | | | 719,600 | |
| | 9,321 | | | Sapiens International Corp. NV (Israel) | | | 206,181 | |
| | 8,993 | | | ScanSource, Inc.* | | | 260,527 | |
| | 8,944 | | | SecureWorks Corp., Class A* | | | 93,018 | |
| | 11,776 | | | Semtech Corp.* | | | 543,933 | |
| | 5,328 | | | ShotSpotter, Inc.* | | | 173,853 | |
| | 4,386 | | | Silicon Laboratories, Inc.* | | | 549,697 | |
| | 2,015 | | | SiTime Corp.* | | | 214,416 | |
| | 24,894 | | | SMART Global Holdings, Inc.* | | | 456,805 | |
| | 6,627 | | | Sprout Social, Inc., Class A* | | | 397,885 | |
| | 8,150 | | | SPS Commerce, Inc.* | | | 995,278 | |
| | 10,495 | | | Squarespace, Inc., Class A* | | | 220,395 | |
| | 40,924 | | | StoneCo Ltd., Class A (Brazil) * | | | 387,960 | |
| | 6,071 | | | Super Micro Computer, Inc.* | | | 395,101 | |
| | 8,993 | | | Synaptics, Inc.* | | | 1,039,681 | |
| | |
| | |
| 96 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 13,249 | | | Tenable Holdings, Inc.* | | $ | 524,793 | |
| | 5,068 | | | TTEC Holdings, Inc. | | | 265,310 | |
| | 30,878 | | | TTM Technologies, Inc.* | | | 485,711 | |
| | 12,690 | | | Turtle Beach Corp.* | | | 119,159 | |
| | 12,325 | | | Ultra Clean Holdings, Inc.* | | | 360,753 | |
| | 21,605 | | | Unisys Corp.* | | | 201,143 | |
| | 15,079 | | | Upland Software, Inc.* | | | 157,877 | |
| | 18,062 | | | Varonis Systems, Inc.* | | | 493,996 | |
| | 10,677 | | | Veeco Instruments, Inc.* | | | 225,712 | |
| | 13,245 | | | Verint Systems, Inc.* | | | 642,250 | |
| | 14,395 | | | Veritone, Inc.*(a) | | | 105,803 | |
| | 18,053 | | | Verra Mobility Corp.* | | | 287,765 | |
| | 39,289 | | | Viavi Solutions, Inc.* | | | 553,189 | |
| | 25,613 | | | Vishay Intertechnology, Inc. | | | 503,808 | |
| | 8,086 | | | Vishay Precision Group, Inc.* | | | 277,431 | |
| | 7,875 | | | Workiva, Inc.* | | | 534,634 | |
| | 21,786 | | | Xerox Holdings Corp. | | | 362,083 | |
| | 34,262 | | | Xperi Holding Corp. | | | 545,108 | |
| | 37,152 | | | Yext, Inc.* | | | 165,326 | |
| | 30,835 | | | Zeta Global Holdings Corp., Class A* | | | 215,845 | |
| | 24,386 | | | Zuora, Inc., Class A* | | | 187,284 | |
| | | | | | | | |
| | | | | | | 61,483,034 | |
| | |
| Materials – 4.1% | | | |
| | 9,275 | | | AdvanSix, Inc. | | | 336,311 | |
| | 5,548 | | | Alpha Metallurgical Resources, Inc. | | | 871,868 | |
| | 17,123 | | | American Vanguard Corp. | | | 341,261 | |
| | 5,932 | | | Arconic Corp.* | | | 149,546 | |
| | 7,861 | | | ATI, Inc.* | | | 235,280 | |
| | 17,351 | | | Avient Corp. | | | 760,494 | |
| | 4,438 | | | Balchem Corp. | | | 585,017 | |
| | 9,094 | | | Cabot Corp. | | | 654,495 | |
| | 8,753 | | | Carpenter Technology Corp. | | | 297,339 | |
| | 5,241 | | | Chase Corp. | | | 462,047 | |
| | 4,938 | | | Clearwater Paper Corp.* | | | 210,062 | |
| | 27,959 | | | Commercial Metals Co. | | | 1,132,619 | |
| | 3,049 | | | Compass Minerals International, Inc. | | | 123,454 | |
| | 18,501 | | | Constellium SE* | | | 246,433 | |
| | 16,708 | | | GCP Applied Technologies, Inc.* | | | 524,965 | |
| | 5,732 | | | Greif, Inc., Class A | | | 384,331 | |
| | 2,944 | | | Hawkins, Inc. | | | 112,814 | |
| | 8,905 | | | HB Fuller Co. | | | 577,578 | |
| | 39,385 | | | Hecla Mining Co. | | | 155,177 | |
| | 7,386 | | | Ingevity Corp.* | | | 518,054 | |
| | 7,217 | | | Innospec, Inc. | | | 674,501 | |
| | 3,961 | | | Intrepid Potash, Inc.* | | | 185,098 | |
| | 2,785 | | | Kaiser Aluminum Corp. | | | 199,852 | |
| | 5,125 | | | Koppers Holdings, Inc. | | | 117,004 | |
| | 6,801 | | | Kronos Worldwide, Inc. | | | 87,597 | |
| | 11,772 | | | Livent Corp.* | | | 378,823 | |
| | 5,416 | | | LSB Industries, Inc.* | | | 85,464 | |
| | 4,285 | | | Materion Corp. | | | 369,838 | |
| | 6,618 | | | Mativ Holdings, Inc. | | | 156,317 | |
| | 6,352 | | | Minerals Technologies, Inc. | | | 370,068 | |
| | 32,930 | | | Myers Industries, Inc. | | | 636,208 | |
| | 21,341 | | | Novagold Resources, Inc. (Canada)* | | | 94,541 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Materials – (continued) | | | |
| | 26,682 | | | O-I Glass, Inc.* | | | 347,133 | |
| | 9,171 | | | Olympic Steel, Inc. | | | 241,381 | |
| | 24,654 | | | Orion Engineered Carbons SA (Germany) | | | 415,666 | |
| | 9,805 | | | Pactiv Evergreen, Inc. | | | 108,835 | |
| | 11,312 | | | Perimeter Solutions SA* | | | 110,292 | |
| | 1,832 | | | Piedmont Lithium, Inc.* | | | 112,027 | |
| | 1,200 | | | Quaker Chemical Corp. | | | 209,184 | |
| | 22,204 | | | Ramaco Resources, Inc. | | | 234,030 | |
| | 38,147 | | | Rayonier Advanced Materials, Inc.* | | | 172,424 | |
| | 16,077 | | | Resolute Forest Products, Inc.* | | | 325,720 | |
| | 16,083 | | | Ryerson Holding Corp. | | | 458,365 | |
| | 14,693 | | | Schnitzer Steel Industries, Inc., Class A | | | 485,457 | |
| | 8,284 | | | Sensient Technologies Corp. | | | 659,986 | |
| | 3,946 | | | Stepan Co. | | | 411,292 | |
| | 15,521 | | | Summit Materials, Inc., Class A* | | | 441,107 | |
| | 32,982 | | | SunCoke Energy, Inc. | | | 217,351 | |
| | 4,552 | | | Sylvamo Corp. | | | 202,291 | |
| | 20,699 | | | TimkenSteel Corp.* | | | 317,523 | |
| | 11,748 | | | Tredegar Corp. | | | 119,947 | |
| | 9,803 | | | TriMas Corp. | | | 269,779 | |
| | 6,794 | | | Trinseo PLC | | | 180,245 | |
| | 23,228 | | | Tronox Holdings PLC, Class A | | | 339,826 | |
| | 2,015 | | | United States Lime & Minerals, Inc. | | | 207,122 | |
| | 18,085 | | | Warrior Met Coal, Inc. | | | 588,667 | |
| | 7,068 | | | Worthington Industries, Inc. | | | 360,397 | |
| | | | | | | | |
| | | | | | | 19,570,503 | |
| | |
| Real Estate – 6.5% | | | |
| | 12,820 | | | Acadia Realty Trust REIT | | | 204,223 | |
| | 8,068 | | | Agree Realty Corp. REIT | | | 607,682 | |
| | 25,186 | | | Alexander & Baldwin, Inc. REIT | | | 471,734 | |
| | 552 | | | Alexander’s, Inc. REIT | | | 130,769 | |
| | 8,468 | | | American Assets Trust, Inc. REIT | | | 235,072 | |
| | 70,346 | | | Anywhere Real Estate, Inc.* | | | 687,280 | |
| | 55,432 | | | Apartment Investment and Management Co., Class A REIT* | | | 490,019 | |
| | 37,393 | | | Apple Hospitality REIT, Inc. REIT | | | 594,923 | |
| | 11,190 | | | Armada Hoffler Properties, Inc. REIT | | | 146,925 | |
| | 3,406 | | | Bluerock Residential Growth REIT, Inc. REIT | | | 90,770 | |
| | 27,719 | | | Braemar Hotels & Resorts, Inc. REIT | | | 142,753 | |
| | 28,505 | | | Brandywine Realty Trust REIT | | | 228,895 | |
| | 22,438 | | | Broadstone Net Lease, Inc. REIT | | | 429,463 | |
| | 9,205 | | | BRT Apartments Corp. REIT | | | 219,723 | |
| | 17,253 | | | CareTrust REIT, Inc. REIT | | | 371,630 | |
| | 6,508 | | | CBL & Associates Properties, Inc. REIT | | | 188,341 | |
| | 2,688 | | | Centerspace REIT | | | 202,621 | |
| | 16,947 | | | Chatham Lodging Trust REIT* | | | 206,075 | |
| | 15,191 | | | City Office REIT, Inc. REIT | | | 175,456 | |
| | 6,222 | | | Community Healthcare Trust, Inc. REIT | | | 229,530 | |
| | 233,260 | | | Compass, Inc., Class A* | | | 667,124 | |
| | 18,005 | | | Corporate Office Properties Trust REIT | | | 465,249 | |
| | 11,521 | | | CTO Realty Growth, Inc. REIT | | | 243,208 | |
| | 64,460 | | | Cushman & Wakefield PLC* | | | 964,322 | |
| | 21,983 | | | DiamondRock Hospitality Co. REIT* | | | 191,912 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 97 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Real Estate – (continued) | | | |
| | 13,737 | | | DigitalBridge Group, Inc.* | | $ | 244,519 | |
| | 93,499 | | | Diversified Healthcare Trust REIT | | | 136,508 | |
| | 42,128 | | | Douglas Elliman, Inc. | | | 194,210 | |
| | 14,602 | | | Easterly Government Properties, Inc. REIT | | | 262,106 | |
| | 40,790 | | | Empire State Realty Trust, Inc., Class A REIT | | | 284,306 | |
| | 10,691 | | | Equity Commonwealth REIT* | | | 281,280 | |
| | 11,910 | | | Essential Properties Realty Trust, Inc. REIT | | | 269,642 | |
| | 67,937 | | | eXp World Holdings, Inc. | | | 878,425 | |
| | 11,613 | | | Farmland Partners, Inc. REIT | | | 168,505 | |
| | 11,492 | | | Forestar Group, Inc.* | | | 142,960 | |
| | 15,846 | | | Four Corners Property Trust, Inc. REIT | | | 426,099 | |
| | 33,134 | | | Franklin Street Properties Corp. REIT | | | 93,107 | |
| | 3,882 | | | FRP Holdings, Inc.* | | | 223,293 | |
| | 8,811 | | | Getty Realty Corp. REIT | | | 265,035 | |
| | 11,794 | | | Gladstone Commercial Corp. REIT | | | 224,912 | |
| | 6,378 | | | Gladstone Land Corp. REIT | | | 149,947 | |
| | 9,906 | | | Global Medical REIT, Inc. REIT | | | 107,381 | |
| | 23,280 | | | Global Net Lease, Inc. REIT | | | 320,566 | |
| | 31,102 | | | Hersha Hospitality Trust REIT* | | | 301,689 | |
| | 22,950 | | | Independence Realty Trust, Inc. REIT | | | 446,377 | |
| | 13,631 | | | Industrial Logistics Properties Trust REIT | | | 102,096 | |
| | 2,876 | | | Innovative Industrial Properties, Inc. REIT | | | 263,787 | |
| | 5,134 | | | InvenTrust Properties Corp. REIT | | | 134,819 | |
| | 20,140 | | | iStar, Inc. REIT | | | 277,328 | |
| | 18,484 | | | Kennedy-Wilson Holdings, Inc. | | | 324,579 | |
| | 37,910 | | | Kite Realty Group Trust REIT | | | 733,938 | |
| | 7,413 | | | LTC Properties, Inc. REIT | | | 332,770 | |
| | 39,478 | | | LXP Industrial Trust REIT | | | 397,149 | |
| | 28,824 | | | Macerich Co. (The) REIT | | | 275,846 | |
| | 24,629 | | | Marcus & Millichap, Inc. | | | 920,632 | |
| | 7,053 | | | National Health Investors, Inc. REIT | | | 462,042 | |
| | 29,331 | | | Necessity Retail REIT, Inc. (The) REIT | | | 218,809 | |
| | 5,635 | | | NETSTREIT Corp. REIT | | | 110,784 | |
| | 33,154 | | | Newmark Group, Inc., Class A | | | 339,828 | |
| | 7,292 | | | NexPoint Residential Trust, Inc. REIT | | | 385,163 | |
| | 67,610 | | | Offerpad Solutions, Inc.*(a) | | | 102,767 | |
| | 18,282 | | | Office Properties Income Trust REIT | | | 321,215 | |
| | 13,312 | | | Orion Office REIT, Inc. REIT | | | 131,389 | |
| | 16,708 | | | Outfront Media, Inc. REIT | | | 295,732 | |
| | 43,854 | | | Paramount Group, Inc. REIT | | | 303,908 | |
| | 16,445 | | | Pebblebrook Hotel Trust REIT | | | 289,761 | |
| | 9,902 | | | Phillips Edison & Co., Inc. REIT | | | 323,498 | |
| | 32,424 | | | Physicians Realty Trust REIT | | | 540,184 | |
| | 28,357 | | | Piedmont Office Realty Trust, Inc., Class A REIT | | | 334,045 | |
| | 6,679 | | | Plymouth Industrial REIT, Inc. REIT | | | 135,383 | |
| | 11,793 | | | Postal Realty Trust, Inc., Class A REIT | | | 175,126 | |
| | 24,850 | | | PotlatchDeltic Corp. REIT | | | 1,153,537 | |
| | 15,348 | | | RE/MAX Holdings, Inc., Class A | | | 349,320 | |
| | 57,768 | | | Redfin Corp.* | | | 473,120 | |
| | 20,819 | | | Retail Opportunity Investments Corp. REIT | | | 348,718 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Real Estate – (continued) | | | |
| | 23,679 | | | RLJ Lodging Trust REIT | | | 285,569 | |
| | 11,487 | | | RMR Group, Inc. (The), Class A | | | 299,121 | |
| | 24,888 | | | RPT Realty REIT | | | 239,671 | |
| | 4,474 | | | Ryman Hospitality Properties, Inc. REIT* | | | 367,852 | |
| | 36,611 | | | Sabra Health Care REIT, Inc. REIT | | | 548,067 | |
| | 2,606 | | | Saul Centers, Inc. REIT | | | 115,420 | |
| | 37,738 | | | Service Properties Trust REIT | | | 258,128 | |
| | 26,461 | | | SITE Centers Corp. REIT | | | 342,935 | |
| | 6,081 | | | St Joe Co. (The) | | | 232,294 | |
| | 24,016 | | | STAG Industrial, Inc. REIT | | | 739,693 | |
| | 31,383 | | | Summit Hotel Properties, Inc. REIT | | | 246,670 | |
| | 23,791 | | | Sunstone Hotel Investors, Inc. REIT* | | | 259,084 | |
| | 22,631 | | | Tanger Factory Outlet Centers, Inc. REIT | | | 348,970 | |
| | 10,520 | | | Terreno Realty Corp. REIT | | | 641,615 | |
| | 11,344 | | | UMH Properties, Inc. REIT | | | 204,646 | |
| | 45,100 | | | Uniti Group, Inc. REIT | | | 423,489 | |
| | 3,106 | | | Universal Health Realty Income Trust REIT | | | 158,064 | |
| | 12,725 | | | Urban Edge Properties REIT | | | 200,164 | |
| | 5,590 | | | Urstadt Biddle Properties, Inc., Class A REIT | | | 93,465 | |
| | 24,834 | | | Veris Residential, Inc. REIT* | | | 333,769 | |
| | 10,772 | | | Washington Real Estate Investment Trust REIT | | | 211,239 | |
| | 22,425 | | | Whitestone REIT | | | 220,662 | |
| | 16,916 | | | Xenia Hotels & Resorts, Inc. REIT* | | | 268,288 | |
| | | | | | | | |
| | | | | | | 31,602,714 | |
| | |
| Utilities – 3.9% | | | |
| | 11,787 | | | ALLETE, Inc. | | | 697,555 | |
| | 11,308 | | | American States Water Co. | | | 938,225 | |
| | 7 | | | Artesian Resources Corp., Class A | | | 382 | |
| | 14,004 | | | Avista Corp. | | | 568,982 | |
| | 12,643 | | | Black Hills Corp. | | | 954,294 | |
| | 23,546 | | | Brookfield Infrastructure Corp., Class A (Canada) | | | 1,120,790 | |
| | 9,214 | | | California Water Service Group | | | 539,295 | |
| | 4,709 | | | Chesapeake Utilities Corp. | | | 594,747 | |
| | 30,161 | | | Clearway Energy, Inc., Class A | | | 1,039,951 | |
| | 35,116 | | | Clearway Energy, Inc., Class C | | | 1,302,804 | |
| | 7,610 | | | MGE Energy, Inc. | | | 586,122 | |
| | 3,189 | | | Middlesex Water Co. | | | 283,088 | |
| | 34,107 | | | Montauk Renewables, Inc.* | | | 605,399 | |
| | 17,096 | | | New Jersey Resources Corp. | | | 754,617 | |
| | 5,605 | | | Northwest Natural Holding Co. | | | 266,854 | |
| | 11,156 | | | NorthWestern Corp. | | | 591,045 | |
| | 10,822 | | | ONE Gas, Inc. | | | 847,038 | |
| | 10,499 | | | Ormat Technologies, Inc. | | | 981,446 | |
| | 12,146 | | | Otter Tail Corp. | | | 917,509 | |
| | 18,104 | | | PNM Resources, Inc. | | | 858,673 | |
| | 20,055 | | | Portland General Electric Co. | | | 1,036,242 | |
| | 18,841 | | | Pure Cycle Corp.* | | | 194,439 | |
| | 5,477 | | | SJW Group | | | 352,171 | |
| | 16,145 | | | South Jersey Industries, Inc. | | | 546,508 | |
| | 10,877 | | | Southwest Gas Holdings, Inc. | | | 846,774 | |
| | 9,531 | | | Spire, Inc. | | | 666,122 | |
| | |
| | |
| 98 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Utilities – (continued) | | | |
| | 6,848 | | | Sunnova Energy International, Inc.* | | $ | 172,707 | |
| | 5,320 | | | Unitil Corp. | | | 277,119 | |
| | 4,836 | | | Via Renewables, Inc. | | | 41,251 | |
| | 5,063 | | | York Water Co. (The) | | | 222,620 | |
| | | | | | | | |
| | | | | | | 18,804,769 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $(468,735,799)) | | $ | 470,795,843 | |
| | |
| | |
| Shares | | | Dividend
Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.6%(b) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 2,801,299 | | | 2.154% | | $ | 2,801,299 | |
| | (Cost $2,801,299) | | | | |
| | |
| | TOTAL INVESTMENTS – 98.0% | |
| | (Cost $(471,537,098)) | | $ | 473,597,142 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 2.0% | | | 9,672,649 | |
| | |
| | NET ASSETS – 100.0% | | $ | 483,269,791 | |
| | |
| | |
|
| 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, 2022, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/ (Depreciation) | |
Long position contracts: | | | | | | | | | | | | | | | | |
E-Mini Russell 2000 Index | | | 114 | | | | 09/16/22 | | | $ | 10,502,127 | | | $ | 12,093 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 99 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – 99.7% | | | |
| Australia – 2.5% | | | |
| | 13,015 | | | ASX Ltd. (Financials) | | $ | 699,965 | |
| | 225,288 | | | Coles Group Ltd. (Consumer Staples) | | | 2,712,076 | |
| | 83,988 | | | Computershare Ltd. (Information Technology) | | | 1,422,176 | |
| | 30,723 | | | EBOS Group Ltd. (Health Care) | | | 727,834 | |
| | 293,696 | | | Medibank Pvt Ltd. (Financials) | | | 746,984 | |
| | 42,089 | | | National Australia Bank Ltd. (Financials) | | | 882,647 | |
| | 11,961 | | | Sonic Healthcare Ltd. (Health Care) | | | 278,795 | |
| | 951,122 | | | Telstra Corp. Ltd. (Communication Services) | | | 2,588,606 | |
| | 77,725 | | | Wesfarmers Ltd. (Consumer Discretionary) | | | 2,504,899 | |
| | 51,000 | | | Woolworths Group Ltd. (Consumer Staples) | | | 1,261,817 | |
| | | | | | | | |
| | | | | | | 13,825,799 | |
| | |
| Austria – 0.3% | | | |
| | 15,601 | | | ANDRITZ AG (Industrials) | | | 721,315 | |
| | 7,888 | | | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | | | 187,587 | |
| | 24,250 | | | Wienerberger AG (Materials) | | | 569,136 | |
| | | | | | | | |
| | | | | | | 1,478,038 | |
| | |
| Belgium – 0.5% | | | |
| | 4,780 | | | Ackermans & van Haaren NV (Industrials) | | | 700,792 | |
| | 4,317 | | | Etablissements Franz Colruyt NV (Consumer Staples) | | | 120,158 | |
| | 10,103 | | | Solvay SA (Materials) | | | 819,228 | |
| | 9,510 | | | Telenet Group Holding NV (Communication Services) | | | 135,504 | |
| | 6,246 | | | UCB SA (Health Care) | | | 440,275 | |
| | 23,545 | | | Warehouses De Pauw CVA REIT (Real Estate) | | | 719,267 | |
| | | | | | | | |
| | | | | | | 2,935,224 | |
| | |
| Canada – 4.6% | | | |
| | 8,509 | | | Bank of Montreal (Financials) | | | 787,810 | |
| | 19,042 | | | Bank of Nova Scotia (The) (Financials) | | | 1,055,918 | |
| | 24,593 | | | BCE, Inc. (Communication Services) | | | 1,190,214 | |
| | 25,699 | | | Canadian Imperial Bank of Commerce (Financials) | | | 1,218,819 | |
| | 4,835 | | | Canadian Utilities Ltd., Class A (Utilities) | | | 148,343 | |
| | 32,787 | | | CGI, Inc. (Information Technology)* | | | 2,603,732 | |
| | 2,946 | | | Emera, Inc. (Utilities) | | | 136,705 | |
| | 28,077 | | | Enbridge, Inc. (Energy) | | | 1,161,156 | |
| | 10,118 | | | Fortis, Inc. (Utilities) | | | 447,646 | |
| | 2,742 | | | George Weston Ltd. (Consumer Staples) | | | 314,379 | |
| | 58,868 | | | Great-West Lifeco, Inc. (Financials) | | | 1,386,742 | |
| | 7,933 | | | Hydro One Ltd. (Utilities)(a) | | | 215,407 | |
| | 2,604 | | | Intact Financial Corp. (Financials) | | | 378,292 | |
| | 51,101 | | | Loblaw Cos. Ltd. (Consumer Staples) | | | 4,529,088 | |
| | 12,102 | | | Metro, Inc. (Consumer Staples) | | | 638,368 | |
| | 16,690 | | | National Bank of Canada (Financials) | | | 1,107,357 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Canada – (continued) | | | |
| | 21,072 | | | Open Text Corp. (Information Technology) | | | 665,660 | |
| | 6,004 | | | Pembina Pipeline Corp. (Energy) | | | 212,634 | |
| | 89,111 | | | Power Corp. of Canada (Financials) | | | 2,297,861 | |
| | 7,039 | | | RioCan Real Estate Investment Trust REIT (Real Estate) | | | 108,197 | |
| | 17,927 | | | Royal Bank of Canada (Financials) | | | 1,671,827 | |
| | 24,171 | | | Sun Life Financial, Inc. (Financials) | | | 1,067,909 | |
| | 10,929 | | | TC Energy Corp. (Energy) | | | 528,174 | |
| | 37,741 | | | TELUS Corp. (Communication Services) | | | 852,458 | |
| | 16,223 | | | Toronto-Dominion Bank (The) (Financials) | | | 1,046,641 | |
| | | | | | | | |
| | | | | | | 25,771,337 | |
| | |
| Denmark – 0.0% | | | |
| | 6,231 | | | Tryg A/S (Financials) | | | 141,236 | |
| | |
| Finland – 0.4% | | | |
| | 9,552 | | | Elisa OYJ (Communication Services) | | | 511,563 | |
| | 22,923 | | | Orion OYJ, Class B (Health Care) | | | 1,041,179 | |
| | 16,857 | | | Sampo OYJ, Class A (Financials) | | | 764,470 | |
| | | | | | | | |
| | | | | | | 2,317,212 | |
| | |
| France – 2.3% | | | |
| | 2,929 | | | Air Liquide SA (Materials) | | | 368,746 | |
| | 53,551 | | | AXA SA (Financials) | | | 1,266,779 | |
| | 3,603 | | | Bouygues SA (Industrials) | | | 106,154 | |
| | 9,441 | | | Capgemini SE (Information Technology) | | | 1,642,358 | |
| | 70,288 | | | Cie Generale des Etablissements Michelin (Consumer Discretionary) | | | 1,717,831 | |
| | 12,927 | | | Dassault Systemes (Information Technology) | | | 501,427 | |
| | 5,209 | | | Legrand SA (Industrials) | | | 378,596 | |
| | 6,335 | | | L’Oreal SA (Consumer Staples) | | | 2,186,558 | |
| | 249,953 | | | Orange SA (Communication Services) | | | 2,538,034 | |
| | 11,826 | | | Sanofi (Health Care) | | | 977,255 | |
| | 10,105 | | | Thales SA (Industrials) | | | 1,220,854 | |
| | | | | | | | |
| | | | | | | 12,904,592 | |
| | |
| Germany – 1.3% | | | |
| | 4,335 | | | Allianz SE (Financials) | | | 734,850 | |
| | 7,989 | | | Beiersdorf AG (Consumer Staples) | | | 808,154 | |
| | 2,778 | | | Deutsche Boerse AG (Financials) | | | 470,551 | |
| | 108,033 | | | Deutsche Telekom AG (Communication Services) | | | 2,040,989 | |
| | 38,356 | | | Evonik Industries AG (Materials) | | | 717,188 | |
| | 1,433 | | | Hannover Rueck SE (Financials) | | | 211,676 | |
| | 3,388 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 212,244 | |
| | 796 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | | | 190,660 | |
| | 6,010 | | | SAP SE (Information Technology) | | | 513,323 | |
| | 8,408 | | | Symrise AG (Materials) | | | 882,245 | |
| | 11,538 | | | Talanx AG (Financials) | | | 409,552 | |
| | | | | | | | |
| | | | | | | 7,191,432 | |
| | |
| | |
| 100 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Hong Kong – 0.2% | | | |
| | 47,482 | | | CLP Holdings Ltd. (Utilities) | | $ | 409,554 | |
| | 56,147 | | | Hong Kong & China Gas Co. Ltd. (Utilities) | | | 55,440 | |
| | 116,403 | | | Power Assets Holdings Ltd. (Utilities) | | | 697,037 | |
| | | | | | | | |
| | | | | | | 1,162,031 | |
| | |
| Ireland – 0.0% | | | |
| | 1,285 | | | Kerry Group PLC, Class A (Consumer Staples) | | | 132,896 | |
| | |
| Israel – 1.5% | | | |
| | 116,971 | | | Bank Hapoalim BM (Financials) | | | 1,220,188 | |
| | 143,231 | | | Bank Leumi Le-Israel BM (Financials) | | | 1,522,538 | |
| | 12,444 | | | Check Point Software Technologies Ltd. (Information Technology)* | | | 1,496,267 | |
| | 11,218 | | | First International Bank Of Israel Ltd. (The) (Financials) | | | 524,740 | |
| | 196,218 | | | Israel Discount Bank Ltd., Class A (Financials) | | | 1,206,288 | |
| | 120,155 | | | Mivne Real Estate KD Ltd. (Real Estate) | | | 443,567 | |
| | 32,383 | | | Mizrahi Tefahot Bank Ltd. (Financials) | | | 1,323,960 | |
| | 57,411 | | | Shufersal Ltd. (Consumer Staples) | | | 394,022 | |
| | | | | | | | |
| | | | | | | 8,131,570 | |
| | |
| Italy – 1.0% | | | |
| | 164,338 | | | Assicurazioni Generali SpA (Financials) | | | 2,419,261 | |
| | 104,565 | | | Eni SpA (Energy) | | | 1,241,556 | |
| | 184,025 | | | Hera SpA (Utilities) | | | 462,616 | |
| | 15,637 | | | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | | | 640,587 | |
| | 107,445 | | | Snam SpA (Utilities) | | | 511,684 | |
| | 41,532 | | | Terna – Rete Elettrica Nazionale (Utilities) | | | 296,514 | |
| | 92,110 | | | UnipolSai Assicurazioni SpA (Financials) | | | 205,249 | |
| | | | | | | | |
| | | | | | | 5,777,467 | |
| | |
| Japan – 5.7% | | | |
| | 6,854 | | | Brother Industries Ltd. (Information Technology) | | | 132,309 | |
| | 39,232 | | | Canon, Inc. (Information Technology) | | | 943,832 | |
| | 269 | | | Daiwa House REIT Investment Corp. REIT (Real Estate) | | | 624,837 | |
| | 10,665 | | | Ezaki Glico Co. Ltd. (Consumer Staples) | | | 278,886 | |
| | 40,310 | | | FUJIFILM Holdings Corp. (Information Technology) | | | 2,067,768 | |
| | 7,574 | | | Hitachi Metals Ltd. (Materials)* | | | 114,354 | |
| | 93,199 | | | Japan Post Holdings Co. Ltd. (Financials) | | | 646,292 | |
| | 124,440 | | | Japan Tobacco, Inc. (Consumer Staples) | | | 2,118,510 | |
| | 60,759 | | | KDDI Corp. (Communication Services) | | | 1,874,599 | |
| | 19,821 | | | Kyocera Corp. (Information Technology) | | | 1,112,121 | |
| | 18,410 | | | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | | | 660,037 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Japan – (continued) | | | |
| | 13,461 | | | MEIJI Holdings Co. Ltd. (Consumer Staples) | | | 643,798 | |
| | 39,632 | | | Mitsubishi HC Capital, Inc. (Financials) | | | 193,264 | |
| | 113,052 | | | Mizuho Financial Group, Inc. (Financials) | | | 1,299,537 | |
| | 20,356 | | | MS&AD Insurance Group Holdings, Inc. (Financials) | | | 611,010 | |
| | 237,260 | | | Nippon Telegraph & Telephone Corp. (Communication Services) | | | 6,450,734 | |
| | 51,525 | | | Nisshin Seifun Group, Inc. (Consumer Staples) | | | 583,547 | |
| | 14,284 | | | Ono Pharmaceutical Co. Ltd. (Health Care) | | | 342,919 | |
| | 9,798 | | | Otsuka Holdings Co. Ltd. (Health Care) | | | 322,371 | |
| | 13,705 | | | Secom Co. Ltd. (Industrials) | | | 882,063 | |
| | 84,536 | | | Sekisui House Ltd. (Consumer Discretionary) | | | 1,447,708 | |
| | 252,043 | | | SoftBank Corp. (Communication Services) | | | 2,780,882 | |
| | 11,748 | | | Sumitomo Mitsui Financial Group, Inc. (Financials) | | | 355,427 | |
| | 105,590 | | | Takeda Pharmaceutical Co. Ltd. (Health Care) | | | 2,932,527 | |
| | 39,083 | | | Teijin Ltd. (Materials) | | | 415,852 | |
| | 29,912 | | | Trend Micro, Inc. (Information Technology) | | | 1,859,992 | |
| | 8,119 | | | USS Co. Ltd. (Consumer Discretionary) | | | 144,312 | |
| | | | | | | | |
| | | | | | | 31,839,488 | |
| | |
| Netherlands – 1.9% | | | |
| | 1,454 | | | Akzo Nobel NV (Materials) | | | 92,169 | |
| | 3,921 | | | HAL Trust (Financials) | | | 492,057 | |
| | 152,671 | | | Koninklijke Ahold Delhaize NV (Consumer Staples) | | | 4,206,403 | |
| | 3,134 | | | Koninklijke DSM NV (Materials) | | | 401,330 | |
| | 132,505 | | | Koninklijke KPN NV (Communication Services) | | | 422,372 | |
| | 48,048 | | | NN Group NV (Financials) | | | 1,979,452 | |
| | 29,776 | | | Wolters Kluwer NV (Industrials) | | | 2,917,476 | |
| | | | | | | | |
| | | | | | | 10,511,259 | |
| | |
| New Zealand – 0.2% | | | |
| | 163,844 | | | Fletcher Building Ltd. (Industrials) | | | 562,536 | |
| | 15,621 | | | Mainfreight Ltd. (Industrials) | | | 713,504 | |
| | | | | | | | |
| | | | | | | 1,276,040 | |
| | |
| Norway – 0.7% | | | |
| | 36,256 | | | DNB Bank ASA (Financials) | | | 694,129 | |
| | 41,859 | | | Gjensidige Forsikring ASA (Financials) | | | 852,014 | |
| | 16,823 | | | Kongsberg Gruppen ASA (Industrials) | | | 576,354 | |
| | 37,340 | | | SpareBank 1 SR-Bank ASA (Financials) | | | 428,177 | |
| | 92,516 | | | Storebrand ASA (Financials) | | | 744,107 | |
| | 80,338 | | | Telenor ASA (Communication Services) | | | 882,377 | |
| | | | | | | | |
| | | | | | | 4,177,158 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 101 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| Singapore – 0.8% | | | |
| | 93,804 | | | Oversea-Chinese Banking Corp. Ltd. (Financials) | | $ | 812,910 | |
| | 175,832 | | | Singapore Exchange Ltd. (Financials) | | | 1,196,076 | |
| | 382,924 | | | Singapore Telecommunications Ltd. (Communication Services) | | | 719,132 | |
| | 37,227 | | | United Overseas Bank Ltd. (Financials) | | | 729,277 | |
| | 98,981 | | | UOL Group Ltd. (Real Estate) | | | 490,967 | |
| | 21,667 | | | Venture Corp. Ltd. (Information Technology) | | | 284,058 | |
| | | | | | | | |
| | | | | | | 4,232,420 | |
| | |
| Spain – 0.4% | | | |
| | 47,460 | | | Naturgy Energy Group SA (Utilities) | | | 1,311,439 | |
| | 54,309 | | | Red Electrica Corp. SA (Utilities) | | | 995,821 | |
| | | | | | | | |
| | | | | | | 2,307,260 | |
| | |
| Sweden – 1.6% | | | |
| | 25,159 | | | Axfood AB (Consumer Staples) | | | 760,691 | |
| | 977 | | | Industrivarden AB, Class A (Financials) | | | 21,794 | |
| | 107,637 | | | Investor AB, Class A (Financials) | | | 1,799,813 | |
| | 31,431 | | | Investor AB, Class B (Financials) | | | 498,663 | |
| | 67,345 | | | Securitas AB, Class B (Industrials) | | | 592,810 | |
| | 14,720 | | | Skandinaviska Enskilda Banken AB, Class A (Financials) | | | 147,640 | |
| | 79,495 | | | Svenska Handelsbanken AB, Class A (Financials) | | | 654,755 | |
| | 44,955 | | | Swedbank AB, Class A (Financials) | | | 584,701 | |
| | 54,341 | | | Tele2 AB, Class B (Communication Services) | | | 580,550 | |
| | 233,958 | | | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | | | 1,759,759 | |
| | 432,366 | | | Telia Co. AB (Communication Services) | | | 1,528,067 | |
| | | | | | | | |
| | | | | | | 8,929,243 | |
| | |
| Switzerland – 1.4% | | | |
| | 1,113 | | | Geberit AG (Industrials) | | | 516,499 | |
| | 18,602 | | | Novartis AG (Health Care) | | | 1,508,250 | |
| | 1,112 | | | SGS SA (Industrials) | | | 2,456,552 | |
| | 2,758 | | | Swisscom AG (Communication Services) | | | 1,430,503 | |
| | 6,028 | | | TE Connectivity Ltd. (Information Technology) | | | 760,794 | |
| | 2,924 | | | Zurich Insurance Group AG (Financials) | | | 1,300,588 | |
| | | | | | | | |
| | | | | | | 7,973,186 | |
| | |
| United Kingdom – 3.1% | | | |
| | 295,456 | | | BAE Systems PLC (Industrials) | | | 2,668,519 | |
| | 15,771 | | | British American Tobacco PLC (Consumer Staples) | | | 633,390 | |
| | 24,522 | | | Bunzl PLC (Industrials) | | | 816,352 | |
| | 389,622 | | | CK Hutchison Holdings Ltd. (Industrials) | | | 2,519,263 | |
| | 13,808 | | | Diageo PLC (Consumer Staples) | | | 604,762 | |
| | 278,516 | | | Direct Line Insurance Group PLC (Financials) | | | 667,284 | |
| | 181,228 | | | Haleon PLC (Consumer Staples)* | | | 545,855 | |
| | |
| |
| Common Stocks – (continued) | | | |
| United Kingdom – (continued) | | | |
| | 7,195 | | | Halma PLC (Information Technology) | | | 173,721 | |
| | 950 | | | Linde PLC (Materials) | | | 268,717 | |
| | 93,342 | | | National Grid PLC (Utilities) | | | 1,170,846 | |
| | 111,183 | | | RELX PLC (Industrials) | | | 2,926,408 | |
| | 229,043 | | | Sage Group PLC (The) (Information Technology) | | | 1,906,112 | |
| | 33,605 | | | Segro PLC REIT (Real Estate) | | | 368,739 | |
| | 14,258 | | | Severn Trent PLC (Utilities) | | | 462,380 | |
| | 436,864 | | | Tesco PLC (Consumer Staples) | | | 1,264,230 | |
| | 2,438 | | | United Utilities Group PLC (Utilities) | | | 29,971 | |
| | | | | | | | |
| | | | | | | 17,026,549 | |
| | |
| United States – 69.3% | | | |
| | 9,198 | | | 3M Co. (Industrials) | | | 1,143,771 | |
| | 7,687 | | | Abbott Laboratories (Health Care) | | | 789,071 | |
| | 22,261 | | | AbbVie, Inc. (Health Care) | | | 2,993,214 | |
| | 15,799 | | | Accenture PLC, Class A (Information Technology) | | | 4,557,380 | |
| | 6,693 | | | Adobe, Inc. (Information Technology)* | | | 2,499,434 | |
| | 29,587 | | | Aflac, Inc. (Financials) | | | 1,758,060 | |
| | 1,090 | | | Agilent Technologies, Inc. (Health Care) | | | 139,792 | |
| | 13,311 | | | Akamai Technologies, Inc. (Information Technology)* | | | 1,201,717 | |
| | 1,764 | | | Alleghany Corp. (Financials)* | | | 1,483,841 | |
| | 2,497 | | | Alliant Energy Corp. (Utilities) | | | 152,417 | |
| | 22,813 | | | Allstate Corp. (The) (Financials) | | | 2,748,966 | |
| | 29,016 | | | Alphabet, Inc., Class A (Communication Services)* | | | 3,140,111 | |
| | 28,065 | | | Alphabet, Inc., Class C (Communication Services)* | | | 3,063,295 | |
| | 12,228 | | | Altria Group, Inc. (Consumer Staples) | | | 551,727 | |
| | 46,056 | | | Amazon.com, Inc. (Consumer Discretionary)* | | | 5,838,519 | |
| | 27,602 | | | Amcor PLC (Materials) | | | 331,500 | |
| | 25,583 | | | Amdocs Ltd. (Information Technology) | | | 2,186,579 | |
| | 10,943 | | | Ameren Corp. (Utilities) | | | 1,013,541 | |
| | 10,002 | | | American Electric Power Co., Inc. (Utilities) | | | 1,002,200 | |
| | 9,951 | | | AmerisourceBergen Corp. (Health Care) | | | 1,458,419 | |
| | 2,184 | | | AMETEK, Inc. (Industrials) | | | 262,429 | |
| | 3,723 | | | Amgen, Inc. (Health Care) | | | 894,637 | |
| | 25,740 | | | Amphenol Corp., Class A (Information Technology) | | | 1,892,662 | |
| | 1,050 | | | Analog Devices, Inc. (Information Technology) | | | 159,106 | |
| | 299,238 | | | Annaly Capital Management, Inc. REIT (Financials) | | | 1,930,085 | |
| | 11,391 | | | Aon PLC, Class A (Financials) | | | 3,181,051 | |
| | 105,317 | | | Apple, Inc. (Information Technology) | | | 16,557,939 | |
| | 11,443 | | | Arch Capital Group Ltd. (Financials)* | | | 523,174 | |
| | 40,815 | | | Archer-Daniels-Midland Co. (Consumer Staples) | | | 3,587,230 | |
| | 8,236 | | | Arthur J Gallagher & Co. (Financials) | | | 1,495,410 | |
| | 81,781 | | | AT&T, Inc. (Communication Services) | | | 1,434,439 | |
| | 3,361 | | | Atmos Energy Corp. (Utilities) | | | 381,070 | |
| | 14,477 | | | Automatic Data Processing, Inc. (Information Technology) | | | 3,538,324 | |
| | |
| | |
| 102 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 3,296 | | | AutoZone, Inc. (Consumer Discretionary)* | | $ | 6,984,916 | |
| | 10,365 | | | Bank of America Corp. (Financials) | | | 348,368 | |
| | 18,502 | | | Baxter International, Inc. (Health Care) | | | 1,063,125 | |
| | 5,016 | | | Becton Dickinson and Co. (Health Care) | | | 1,266,139 | |
| | 22,198 | | | Berkshire Hathaway, Inc., Class B (Financials)* | | | 6,233,198 | |
| | 45,261 | | | Bristol-Myers Squibb Co. (Health Care) | | | 3,051,044 | |
| | 2,135 | | | Broadcom, Inc. (Information Technology) | | | 1,065,600 | |
| | 6,019 | | | Broadridge Financial Solutions, Inc. (Information Technology) | | | 1,030,272 | |
| | 3,428 | | | Brown-Forman Corp., Class B (Consumer Staples) | | | 249,216 | |
| | 3,828 | | | Campbell Soup Co. (Consumer Staples) | | | 192,855 | |
| | 11,380 | | | CDW Corp. (Information Technology) | | | 1,942,566 | |
| | 10,927 | | | CenterPoint Energy, Inc. (Utilities) | | | 344,528 | |
| | 16,558 | | | C.H. Robinson Worldwide, Inc. (Industrials) | | | 1,890,096 | |
| | 12,717 | | | Chevron Corp. (Energy) | | | 2,010,049 | |
| | 3,029 | | | Chubb Ltd. (Financials) | | | 572,632 | |
| | 16,180 | | | Church & Dwight Co., Inc. (Consumer Staples) | | | 1,354,428 | |
| | 2,796 | | | Cintas Corp. (Industrials) | | | 1,137,525 | |
| | 95,362 | | | Cisco Systems, Inc. (Information Technology) | | | 4,264,589 | |
| | 31,057 | | | Citigroup, Inc. (Financials) | | | 1,515,892 | |
| | 1,238 | | | CME Group, Inc. (Financials) | | | 242,165 | |
| | 9,134 | | | CMS Energy Corp. (Utilities) | | | 616,910 | |
| | 45,466 | | | Coca-Cola Co. (The) (Consumer Staples) | | | 2,805,707 | |
| | 42,272 | | | Cognizant Technology Solutions Corp., Class A (Information Technology) | | | 2,670,322 | |
| | 64,160 | | | Colgate-Palmolive Co. (Consumer Staples) | | | 5,017,954 | |
| | 30,018 | | | Comcast Corp., Class A (Communication Services) | | | 1,086,351 | |
| | 7,218 | | | Conagra Brands, Inc. (Consumer Staples) | | | 248,155 | |
| | 18,625 | | | Consolidated Edison, Inc. (Utilities) | | | 1,820,407 | |
| | 2,032 | | | Constellation Brands, Inc., Class A (Consumer Staples) | | | 499,974 | |
| | 6,765 | | | Constellation Energy Corp. (Utilities) | | | 551,956 | |
| | 800 | | | Cooper Cos., Inc. (The) (Health Care) | | | 229,952 | |
| | 41,818 | | | Corning, Inc. (Information Technology) | | | 1,435,194 | |
| | 5,377 | | | Costco Wholesale Corp. (Consumer Staples) | | | 2,807,332 | |
| | 3,657 | | | CSX Corp. (Industrials) | | | 115,744 | |
| | 2,125 | | | Cummins, Inc. (Industrials) | | | 457,661 | |
| | 44,987 | | | CVS Health Corp. (Health Care) | | | 4,415,474 | |
| | 57,654 | | | Dell Technologies, Inc., Class C (Information Technology) | | | 2,207,572 | |
| | 14,014 | | | Dollar General Corp. (Consumer Discretionary) | | | 3,327,204 | |
| | 3,184 | | | Dominion Energy, Inc. (Utilities) | | | 260,451 | |
| | 5,553 | | | Dover Corp. (Industrials) | | | 693,903 | |
| | 6,902 | | | DTE Energy Co. (Utilities) | | | 899,607 | |
| | 7,643 | | | Duke Energy Corp. (Utilities) | | | 817,113 | |
| | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 29,443 | | | Duke Realty Corp. REIT (Real Estate) | | | 1,732,721 | |
| | 772 | | | Ecolab, Inc. (Materials) | | | 126,477 | |
| | 4,912 | | | Edison International (Utilities) | | | 332,886 | |
| | 2,556 | | | Elevance Health, Inc. (Health Care) | | | 1,239,941 | |
| | 5,924 | | | Eli Lilly & Co. (Health Care) | | | 1,784,487 | |
| | 1,354 | | | Emerson Electric Co. (Industrials) | | | 110,676 | |
| | 2,284 | | | Entergy Corp. (Utilities) | | | 263,345 | |
| | 7,353 | | | Evergy, Inc. (Utilities) | | | 503,901 | |
| | 30,059 | | | Exelon Corp. (Utilities) | | | 1,319,891 | |
| | 1,593 | | | Expeditors International of Washington, Inc. (Industrials) | | | 163,904 | |
| | 3,900 | | | Extra Space Storage, Inc. REIT (Real Estate) | | | 775,047 | |
| | 23,150 | | | Exxon Mobil Corp. (Energy) | | | 2,212,908 | |
| | 11,010 | | | F5, Inc. (Information Technology)* | | | 1,729,231 | |
| | 74,677 | | | Fastenal Co. (Industrials) | | | 3,758,493 | |
| | 16,978 | | | Fidelity National Information Services, Inc. (Information Technology) | | | 1,551,280 | |
| | 11,493 | | | FirstEnergy Corp. (Utilities) | | | 454,548 | |
| | 16,529 | | | Fiserv, Inc. (Information Technology)* | | | 1,672,569 | |
| | 3,946 | | | FleetCor Technologies, Inc. (Information Technology)* | | | 838,643 | |
| | 7,437 | | | Fortive Corp. (Industrials) | | | 470,985 | |
| | 18,646 | | | General Dynamics Corp. (Industrials) | | | 4,268,629 | |
| | 18,319 | | | General Mills, Inc. (Consumer Staples) | | | 1,406,899 | |
| | 28,398 | | | Genuine Parts Co. (Consumer Discretionary) | | | 4,430,372 | |
| | 51,264 | | | Gilead Sciences, Inc. (Health Care) | | | 3,253,726 | |
| | 144,981 | | | GSK PLC (Health Care) | | | 2,327,047 | |
| | 11,523 | | | Hartford Financial Services Group, Inc. (The) (Financials) | | | 741,044 | |
| | 17,534 | | | Henry Schein, Inc. (Health Care)* | | | 1,287,171 | |
| | 22,441 | | | Hershey Co. (The) (Consumer Staples) | | | 5,041,819 | |
| | 237,550 | | | Hewlett Packard Enterprise Co. (Information Technology) | | | 3,230,680 | |
| | 8,863 | | | Hologic, Inc. (Health Care)* | | | 598,784 | |
| | 19,843 | | | Home Depot, Inc. (The) (Consumer Discretionary) | | | 5,723,118 | |
| | 7,922 | | | Illinois Tool Works, Inc. (Industrials) | | | 1,543,443 | |
| | 36,955 | | | Intel Corp. (Information Technology) | | | 1,179,604 | |
| | 5,309 | | | Intercontinental Exchange, Inc. (Financials) | | | 535,413 | |
| | 33,973 | | | International Business Machines Corp. (Information Technology) | | | 4,363,832 | |
| | 20,192 | | | International Paper Co. (Materials) | | | 840,391 | |
| | 2,140 | | | Intuit, Inc. (Information Technology) | | | 924,009 | |
| | 6,930 | | | Invitation Homes, Inc. REIT (Real Estate) | | | 251,420 | |
| | 4,274 | | | IQVIA Holdings, Inc. (Health Care)* | | | 908,909 | |
| | 4,035 | | | J M Smucker Co. (The) (Consumer Staples) | | | 564,860 | |
| | 33,956 | | | Johnson & Johnson (Health Care) | | | 5,478,461 | |
| | 13,398 | | | JPMorgan Chase & Co. (Financials) | | | 1,523,755 | |
| | 6,820 | | | Kellogg Co. (Consumer Staples) | | | 496,087 | |
| | 22,199 | | | Keurig Dr Pepper, Inc. (Consumer Staples) | | | 846,226 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 103 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 17,626 | | | Keysight Technologies, Inc. (Information Technology)* | | $ | 2,888,725 | |
| | 8,304 | | | Kimberly-Clark Corp. (Consumer Staples) | | | 1,058,926 | |
| | 8,333 | | | Kinder Morgan, Inc. (Energy) | | | 152,661 | |
| | 31,872 | | | Kraft Heinz Co. (The) (Consumer Staples) | | | 1,192,013 | |
| | 3,156 | | | L3Harris Technologies, Inc. (Industrials) | | | 720,168 | |
| | 9,295 | | | Laboratory Corp. of America Holdings (Health Care) | | | 2,093,885 | |
| | 17,251 | | | Liberty Media Corp.-Liberty SiriusXM, Class A (Communication Services)* | | | 716,607 | |
| | 33,780 | | | Liberty Media Corp.-Liberty SiriusXM, Class C (Communication Services)* | | | 1,397,141 | |
| | 3,591 | | | Lockheed Martin Corp. (Industrials) | | | 1,508,615 | |
| | 27,775 | | | Loews Corp. (Financials) | | | 1,536,235 | |
| | 21,842 | | | Lowe’s Cos., Inc. (Consumer Discretionary) | | | 4,240,406 | |
| | 1,587 | | | Markel Corp. (Financials)* | | | 1,895,053 | |
| | 28,667 | | | Marsh & McLennan Cos., Inc. (Financials) | | | 4,625,994 | |
| | 46,558 | | | Masco Corp. (Industrials) | | | 2,368,405 | |
| | 851 | | | Mastercard, Inc., Class A (Information Technology) | | | 276,039 | |
| | 8,960 | | | McCormick & Co., Inc. (Consumer Staples) | | | 753,267 | |
| | 15,075 | | | McDonald’s Corp. (Consumer Discretionary) | | | 3,803,121 | |
| | 7,406 | | | McKesson Corp. (Health Care) | | | 2,718,002 | |
| | 8,997 | | | Merck & Co., Inc. (Health Care) | | | 767,984 | |
| | 15,879 | | | Meta Platforms, Inc., Class A (Communication Services)* | | | 2,587,165 | |
| | 46,898 | | | Microsoft Corp. (Information Technology) | | | 12,262,420 | |
| | 2,709 | | | Mid-America Apartment Communities, Inc. REIT (Real Estate) | | | 448,800 | |
| | 28,959 | | | Mondelez International, Inc., Class A (Consumer Staples) | | | 1,791,404 | |
| | 2,227 | | | Monster Beverage Corp. (Consumer Staples)* | | | 197,824 | |
| | 13,444 | | | Moody’s Corp. (Financials) | | | 3,825,087 | |
| | 17,290 | | | Motorola Solutions, Inc. (Information Technology) | | | 4,208,559 | |
| | 12,216 | | | Nasdaq, Inc. (Financials) | | | 727,218 | |
| | 13,114 | | | Nestle SA (Consumer Staples) | | | 1,539,630 | |
| | 47,420 | | | NiSource, Inc. (Utilities) | | | 1,399,364 | |
| | 4,513 | | | Northrop Grumman Corp. (Industrials) | | | 2,157,169 | |
| | 13,019 | | | NortonLifeLock, Inc. (Information Technology) | | | 294,099 | |
| | 7,151 | | | NVIDIA Corp. (Information Technology) | | | 1,079,372 | |
| | 1,427 | | | Omnicom Group, Inc. (Communication Services) | | | 95,466 | |
| | 3,205 | | | Oracle Corp. (Information Technology) | | | 237,651 | |
| | 11,378 | | | O’Reilly Automotive, Inc. (Consumer Discretionary)* | | | 7,931,831 | |
| | 9,154 | | | Otis Worldwide Corp. (Industrials) | | | 661,102 | |
| | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 30,791 | | | Paychex, Inc. (Information Technology) | | | 3,797,762 | |
| | 30,273 | | | PepsiCo, Inc. (Consumer Staples) | | | 5,215,130 | |
| | 28,370 | | | Pfizer, Inc. (Health Care) | | | 1,283,175 | |
| | 34,824 | | | Philip Morris International, Inc. (Consumer Staples) | | | 3,325,344 | |
| | 17,867 | | | PPL Corp. (Utilities) | | | 519,572 | |
| | 24,168 | | | Procter & Gamble Co. (The) (Consumer Staples) | | | 3,333,734 | |
| | 7,447 | | | Progressive Corp. (The) (Financials) | | | 913,375 | |
| | 7,847 | | | Prologis, Inc. REIT (Real Estate) | | | 977,030 | |
| | 2,463 | | | Public Service Enterprise Group, Inc. (Utilities) | | | 158,519 | |
| | 4,127 | | | Public Storage REIT (Real Estate) | | | 1,365,335 | |
| | 19,029 | | | Quest Diagnostics, Inc. (Health Care) | | | 2,384,524 | |
| | 7,453 | | | Raytheon Technologies Corp. (Industrials) | | | 668,907 | |
| | 12,989 | | | Realty Income Corp. REIT (Real Estate) | | | 886,889 | |
| | 4,166 | | | Regeneron Pharmaceuticals, Inc. (Health Care)* | | | 2,420,696 | |
| | 21,154 | | | Republic Services, Inc. (Industrials) | | | 3,019,099 | |
| | 5,492 | | | Roche Holding AG-BR (Health Care) | | | 2,105,750 | |
| | 9,088 | | | Roche Holding AG-Genusschein (Health Care) | | | 2,936,990 | |
| | 1,158 | | | Roper Technologies, Inc. (Information Technology) | | | 466,188 | |
| | 1,802 | | | Salesforce, Inc. (Information Technology)* | | | 281,328 | |
| | 2,040 | | | Sempra Energy (Utilities) | | | 336,539 | |
| | 4,753 | | | Sherwin-Williams Co. (The) (Materials) | | | 1,103,171 | |
| | 18,639 | | | Southern Co. (The) (Utilities) | | | 1,436,508 | |
| | 35,332 | | | SS&C Technologies Holdings, Inc. (Information Technology) | | | 1,970,112 | |
| | 494 | | | Stryker Corp. (Health Care) | | | 101,369 | |
| | 1,449 | | | Swiss Re AG (Financials) | | | 113,105 | |
| | 23,196 | | | Target Corp. (Consumer Discretionary) | | | 3,719,247 | |
| | 16,472 | | | Texas Instruments, Inc. (Information Technology) | | | 2,721,339 | |
| | 407 | | | Thermo Fisher Scientific, Inc. (Health Care) | | | 221,945 | |
| | 26,704 | | | TJX Cos., Inc. (The) (Consumer Discretionary) | | | 1,664,994 | |
| | 8,986 | | | Travelers Cos., Inc. (The) (Financials) | | | 1,452,497 | |
| | 28,098 | | | Tyson Foods, Inc., Class A (Consumer Staples) | | | 2,118,027 | |
| | 785 | | | UDR, Inc. REIT (Real Estate) | | | 35,223 | |
| | 1,454 | | | Union Pacific Corp. (Industrials) | | | 326,438 | |
| | 710 | | | United Parcel Service, Inc., Class B (Industrials) | | | 138,102 | |
| | 11,111 | | | UnitedHealth Group, Inc. (Health Care) | | | 5,770,276 | |
| | 21,511 | | | VeriSign, Inc. (Information Technology)* | | | 3,919,734 | |
| | 67,195 | | | Verizon Communications, Inc. (Communication Services) | | | 2,809,423 | |
| | 6,463 | | | Vertex Pharmaceuticals, Inc. (Health Care)* | | | 1,821,015 | |
| | 3,057 | | | Visa, Inc., Class A (Information Technology) | | | 607,456 | |
| | |
| | |
| 104 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
| | | | | | | | |
| Shares | | | Description | |
Value | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 11,031 | | | VMware, Inc., Class A (Information Technology) | | $ | 1,279,927 | |
| | 15,765 | | | W R Berkley Corp. (Financials) | | | 1,021,572 | |
| | 39,809 | | | Walmart, Inc. (Consumer Staples) | | | 5,276,683 | |
| | 1,601 | | | Waste Connections, Inc. (Industrials) | | | 223,548 | |
| | 24,746 | | | Waste Management, Inc. (Industrials) | | | 4,182,816 | |
| | 34,641 | | | Williams Cos., Inc. (The) (Energy) | | | 1,178,833 | |
| | 14,639 | | | W.P. Carey, Inc. REIT (Real Estate) | | | 1,230,115 | |
| | 8,185 | | | W.W. Grainger, Inc. (Industrials) | | | 4,542,184 | |
| | 3,104 | | | Xcel Energy, Inc. (Utilities) | | | 230,472 | |
| | 35,753 | | | Yum! Brands, Inc. (Consumer Discretionary) | | | 3,977,164 | |
| | 4,422 | | | Zebra Technologies Corp., Class A (Information Technology)* | | | 1,333,852 | |
| | 7,343 | | | Zoetis, Inc. (Health Care) | | | 1,149,400 | |
| | | | | | | | |
| | | | | | | 386,672,729 | |
| | |
| | TOTAL INVESTMENTS – 99.7% | | | | |
| | (Cost $611,056,466) | | $ | 556,714,166 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% | | | 1,397,619 | |
| | |
| | NET ASSETS – 100.0% | | $ | 558,111,785 | |
| | |
| | |
|
| 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. |
|
| | |
Investment Abbreviations: |
CVA | | —Dutch Certification |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | | | |
| Sector | | % of Market Value | |
Information Technology | | | 21.6 | % |
Financials | | | 15.2 | |
Consumer Staples | | | 13.7 | |
Health Care | | | 12.2 | |
Consumer Discretionary | | | 10.4 | |
Industrials | | | 10.4 | |
Communication Services | | | 7.7 | |
Utilities | | | 4.0 | |
Real Estate | | | 1.9 | |
Energy | | | 1.6 | |
Materials | | | 1.3 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| | |
| The accompanying notes are an integral part of these financial statements. | | 105 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | |
ActiveBeta®
Emerging Markets
Equity ETF | | | ActiveBeta®
Europe
Equity ETF | | | ActiveBeta®
International
Equity ETF | | | ActiveBeta®
Japan
Equity ETF | |
| | Assets: | |
| | | | | |
| | Investments at value (cost $986,454,252, $13,551,458, $2,773,676,954 and $12,104,492, respectively)(a) | | $ | 1,019,345,060 | | | $ | 12,274,938 | | | $ | 2,707,803,017 | | | $ | 12,047,121 | |
| | | | | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | 10,851,775 | | | | 61,124 | | | | 59,641,107 | | | | 862,006 | |
| | | | | |
| | Cash | | | 19,197,048 | | | | 14,717 | | | | 5,094,743 | | | | 14,808 | |
| | | | | |
| | Foreign currency, at value (cost $797,840, $—, $230,661 and $—, respectively) | | | 796,648 | | | | — | | | | 230,262 | | | | — | |
| | | | | |
| | Variation margin on futures contracts | | | 12,172 | | | | — | | | | — | | | | — | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments sold | | | 26,558,920 | | | | 490,444 | | | | 123,549,995 | | | | 404,083 | |
| | | | | |
| | Dividends | | | 2,996,996 | | | | 28,628 | | | | 7,073,420 | | | | 15,414 | |
| | | | | |
| | Collateral on futures contracts | | | 215,608 | | | | 6,786 | | | | 511,186 | | | | 586 | |
| | | | | |
| | Foreign tax reclaims | | | 36,450 | | | | 65,238 | | | | 4,181,901 | | | | 1,465 | |
| | | | | |
| | Reimbursement from investment adviser | | | 33,182 | | | | — | | | | — | | | | — | |
| | | | | |
| | Securities lending income | | | 12,433 | | | | 47 | | | | 47,809 | | | | 84 | |
| | | | | |
| | Total assets | | | 1,080,056,292 | | | | 12,941,922 | | | | 2,908,133,440 | | | | 13,345,567 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Variation margin on futures contracts | | | — | | | | 815 | | | | 74,715 | | | | 53 | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments purchased | | | 37,968,693 | | | | 512,458 | | | | 127,744,385 | | | | 422,058 | |
| | | | | |
| | Upon return of securities loaned | | | 10,851,775 | | | | 61,124 | | | | 59,641,107 | | | | 862,006 | |
| | | | | |
| | Foreign capital gains tax | | | 4,710,745 | | | | — | | | | — | | | | — | |
| | | | | |
| | Management fees | | | 354,916 | | | | 1,979 | | | | 596,705 | | | | 2,624 | |
| | | | | |
| | Foreign bank overdraft (cost $—, $642, $— and $53, respectively) | | | — | | | | 627 | | | | — | | | | 53 | |
| | | | | |
| | Accrued expenses | | | 962,464 | | | | 1,457 | | | | 39,755 | | | | — | |
| | | | | |
| | Total liabilities | | | 54,848,593 | | | | 578,460 | | | | 188,096,667 | | | | 1,286,794 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 1,039,565,105 | | | | 17,293,117 | | | | 3,007,031,632 | | | | 13,637,976 | |
| | | | | |
| | Total distributable loss | | | (14,357,406 | ) | | | (4,929,655 | ) | | | (286,994,859 | ) | | | (1,579,203 | ) |
| | | | | |
| | NET ASSETS | | $ | 1,025,207,699 | | | $ | 12,363,462 | | | $ | 2,720,036,773 | | | $ | 12,058,773 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 34,850,000 | | | | 450,000 | | | | 98,400,000 | | | | 400,000 | |
| | | | | |
| | Net asset value per share: | | | $29.42 | | | | $27.47 | | | | $27.64 | | | | $30.15 | |
| | (a) | | Includes loaned securities having a market value of $10,222,440, $57,277, $55,201,321 and $763,312 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively. |
| | |
| 106 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities (continued)
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low Vol Plus
Equity ETF | |
| | Assets: | |
| | | | | |
| | Investments at value (cost $7,694,125, $(9,526,533,417), $(468,735,799) and $611,056,466, respectively)(a) | | $ | 6,474,231 | | | $ | 11,588,862,880 | | | $ | 470,795,843 | | | $ | 556,714,166 | |
| | | | | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | — | | | | 20,073,500 | | | | 2,801,299 | | | | — | |
| | | | | |
| | Cash | | | 11,271 | | | | 9,406,261 | | | | 11,332,767 | | | | 136,546 | |
| | | | | |
| | Foreign currency, at value (cost $—, $—, $— and $15,696, respectively) | | | — | | | | — | | | | — | | | | 15,703 | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends | | | 9,721 | | | | 19,216,659 | | | | 448,763 | | | | 1,173,953 | |
| | | | | |
| | Reimbursement from investment adviser | | | 4,494 | | | | — | | | | — | | | | — | |
| | | | | |
| | Securities lending income | | | — | | | | 6,539 | | | | 8,664 | | | | — | |
| | | | | |
| | Investments sold | | | — | | | | 31,267,967 | | | | 145,992 | | | | — | |
| | | | | |
| | Collateral on futures contracts | | | — | | | | — | | | | 689,700 | | | | — | |
| | | | | |
| | Foreign tax reclaims | | | — | | | | — | | | | 612 | | | | 195,119 | |
| | | | | |
| | Fund shares sold | | | — | | | | 3,917,807 | | | | — | | | | — | |
| | | | | |
| | Total assets | | | 6,499,717 | | | | 11,672,751,613 | | | | 486,223,640 | | | | 558,235,487 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Variation margin on futures contracts | | | — | | | | — | | | | 66,690 | | | | — | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Upon return of securities loaned | | | — | | | | 20,073,500 | | | | 2,801,299 | | | | — | |
| | | | | |
| | Investments purchased | | | — | | | | 3,908,496 | | | | — | | | | 106 | |
| | | | | |
| | Fund shares redeemed | | | — | | | | 31,342,456 | | | | — | | | | — | |
| | | | | |
| | Management fees | | | — | | | | 933,214 | | | | 85,757 | | | | 123,596 | |
| | | | | |
| | Accrued expenses | | | — | | | | — | | | | 103 | | | | — | |
| | | | | |
| | Total liabilities | | | — | | | | 56,257,666 | | | | 2,953,849 | | | | 123,702 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 7,934,654 | | | | 10,129,972,437 | | | | 501,548,262 | | | | 616,984,063 | |
| | | | | |
| | Total distributable earnings (loss) | | | (1,434,937 | ) | | | 1,486,521,510 | | | | (18,278,471 | ) | | | (58,872,278 | ) |
| | | | | |
| | NET ASSETS | | $ | 6,499,717 | | | $ | 11,616,493,947 | | | $ | 483,269,791 | | | $ | 558,111,785 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 200,000 | | | | 148,252,500 | | | | 8,650,000 | | | | 14,700,000 | |
| | | | | |
| | Net asset value per share: | | | $32.50 | | | | $78.36 | | | | $55.87 | | | | $37.97 | |
| | (a) | | Includes loaned securities having a market value of $–, $19,576,550, $2,668,209 and $– for ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, respectively. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 107 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | |
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 $5,162,379, $101,675, $10,619,678 and $42,924, respectively) | | $ | 40,341,971 | | | $ | 533,697 | | | $ | 86,518,517 | | | $ | 312,311 | |
| | | | | |
| | Non cash dividend income | | | 5,488,848 | | | | 58,743 | | | | 10,005,057 | | | | — | |
| | | | | |
| | Securities lending income — unaffiliated issuer | | | 191,387 | | | | 6,490 | | | | 949,937 | | | | 1,348 | |
| | | | | |
| | Total investment income | | | 46,022,206 | | | | 598,930 | | | | 97,473,511 | | | | 313,659 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 4,917,381 | | | | 36,942 | | | | 7,479,335 | | | | 25,169 | |
| | | | | |
| | Custody, accounting and administrative services | | | 953,794 | | | | — | | | | — | | | | — | |
| | | | | |
| | Printing and mailing costs | | | 157,463 | | | | — | | | | — | | | | — | |
| | | | | |
| | Professional fees | | | 111,967 | | | | — | | | | — | | | | — | |
| | | | | |
| | Trustee fees | | | 50,364 | | | | 9,363 | | | | 91,888 | | | | 9,236 | |
| | | | | |
| | Shareholder meeting expense | | | 2,715 | | | | — | | | | — | | | | 160 | |
| | | | | |
| | Other | | | 42,289 | | | | — | | | | — | | | | — | |
| | | | | |
| | Total expenses | | | 6,235,973 | | | | 46,305 | | | | 7,571,223 | | | | 34,565 | |
| | | | | |
| | Less — expense reductions | | | (701,206 | ) | | | — | | | | — | | | | — | |
| | | | | |
| | Net expenses | | | 5,534,767 | | | | 46,305 | | | | 7,571,223 | | | | 34,565 | |
| | | | | |
| | NET INVESTMENT INCOME | | | 40,487,439 | | | | 552,625 | | | | 89,902,288 | | | | 279,094 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (14,278,743 | ) | | | (556,166 | ) | | | (109,543,632 | ) | | | (647,512 | ) |
| | | | | |
| | In-kind redemptions | | | 1,631,509 | | | | 644,518 | | | | 28,658,572 | | | | — | |
| | | | | |
| | Futures contracts | | | 5,293 | | | | (9,410 | ) | | | (1,700,360 | ) | | | (2,732 | ) |
| | | | | |
| | Foreign currency transactions | | | (731,435 | ) | | | (5,981 | ) | | | (1,255,044 | ) | | | (15,638 | ) |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $4,710,745, $–, $– and $–, respectively) | | | (329,772,434 | ) | | | (5,662,524 | ) | | | (684,824,404 | ) | | | (2,431,934 | ) |
| | | | | |
| | Futures contracts | | | (8,434 | ) | | | (2,937 | ) | | | (699,376 | ) | | | — | |
| | | | | |
| | Foreign currency translations | | | (37,875 | ) | | | (11,679 | ) | | | (665,803 | ) | | | (206 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (343,192,119 | ) | | | (5,604,179 | ) | | | (770,030,047 | ) | | | (3,098,022 | ) |
| | | | | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (302,704,680 | ) | | $ | (5,051,554 | ) | | $ | (680,127,759 | ) | | $ | (2,818,928 | ) |
| | |
| 108 | | 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, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF* | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low Vol Plus
Equity ETF** | |
| | Investment income: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $42, $156,052, $7,966 and $634,507, respectively) | | $ | 73,647 | | | $ | 189,564,080 | | | $ | 6,319,517 | | | $ | 6,881,589 | |
| | | | | |
| | Securities lending income — unaffiliated issuer | | | 47 | | | | 193,039 | | | | 73,328 | | | | — | |
| | | | | |
| | Total investment income | | | 73,694 | | | | 189,757,119 | | | | 6,392,845 | | | | 6,881,589 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 4,143 | | | | 11,440,073 | | | | 881,346 | | | | 605,778 | |
| | | | | |
| | Trustee fees | | | 6,079 | | | | 367,330 | | | | 21,230 | | | | 11,387 | |
| | | | | |
| | Shareholder meeting expense | | | — | | | | 35,675 | | | | 1,044 | | | | — | |
| | | | | |
| | Total expenses | | | 10,222 | | | | 11,843,078 | | | | 903,620 | | | | 617,165 | |
| | | | | |
| | NET INVESTMENT INCOME | | | 63,472 | | | | 177,914,041 | | | | 5,489,225 | | | | 6,264,424 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (230,839 | ) | | | (132,442,486 | ) | | | (11,571,653 | ) | | | (6,311,600 | ) |
| | | | | |
| | In-kind redemptions | | | — | | | | 776,953,360 | | | | 15,993,686 | | | | — | |
| | | | | |
| | Futures contracts | | | — | | | | 2,794,530 | | | | (530,869 | ) | | | — | |
| | | | | |
| | Foreign currency transactions | | | — | | | | (582 | ) | | | — | | | | (67,045 | ) |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (1,219,894 | ) | | | (2,623,690,334 | ) | | | (71,334,494 | ) | | | (54,342,300 | ) |
| | | | | |
| | Futures contracts | | | — | | | | (498,672 | ) | | | (38,563 | ) | | | — | |
| | | | | |
| | Foreign currency translations | | | — | | | | — | | | | — | | | | (18,429 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (1,450,733 | ) | | | (1,976,884,184 | ) | | | (67,481,893 | ) | | | (60,739,374 | ) |
| | | | | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,387,261 | ) | | $ | (1,798,970,143 | ) | | $ | (61,992,668 | ) | | $ | (54,474,950 | ) |
| | * | | For the period December 13, 2021 (commencement of operations) through August 31, 2022. |
| | ** | | For the period March 15, 2022 (commencement of operations) through August 31, 2022. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 109 |
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, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 40,487,439 | | | $ | 28,374,315 | | | | | | | $ | 552,625 | | | $ | 460,405 | |
| | | | | | |
| | Net realized gain (loss) | | | (13,373,376 | ) | | | 299,505,967 | | | | | | | | 72,961 | | | | 279,554 | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | (329,818,743 | ) | | | (6,490,407 | ) | | | | | | | (5,677,140 | ) | | | 4,206,895 | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (302,704,680 | ) | | | 321,389,875 | | | | | | | | (5,051,554 | ) | | | 4,946,854 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (53,609,786 | ) | | | (31,408,924 | ) | | | | | | | (658,039 | ) | | | (469,425 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 46,098,249 | | | | 267,346,093 | | | | | | | | 1,790,294 | | | | — | |
| | | | | | |
| | Cost of shares redeemed | | | (52,865,514 | ) | | | (879,514,184 | ) | | | | | | | (4,610,459 | ) | | | — | |
| | | | | | |
| | Net decrease in net assets resulting from share transactions | | | (6,767,265 | ) | | | (612,168,091 | ) | | | | | | | (2,820,165 | ) | | | — | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | (363,081,731 | ) | | | (322,187,140 | ) | | | | | | | (8,529,758 | ) | | | 4,477,429 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 1,388,289,430 | | | $ | 1,710,476,570 | | | | | | | $ | 20,893,220 | | | $ | 16,415,791 | |
| | | | | | |
| | End of year | | $ | 1,025,207,699 | | | $ | 1,388,289,430 | | | | | | | $ | 12,363,462 | | | $ | 20,893,220 | |
| | |
| 110 | | 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, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 89,902,288 | | | $ | 52,804,228 | | | | | | | $ | 279,094 | | | $ | 348,150 | |
| | | | | | |
| | Net realized gain (loss) | | | (83,840,464 | ) | | | 6,273,922 | | | | | | | | (665,882 | ) | | | 1,910,900 | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | (686,189,583 | ) | | | 477,457,409 | | | | | | | | (2,432,140 | ) | | | 1,170,747 | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (680,127,759 | ) | | | 536,535,559 | | | | | | | | (2,818,928 | ) | | | 3,429,797 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (93,382,329 | ) | | | (47,566,749 | ) | | | | | | | (285,200 | ) | | | (325,392 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 495,342,351 | | | | 860,704,407 | | | | | | | | — | | | | — | |
| | | | | | |
| | Cost of shares redeemed | | | (95,030,975 | ) | | | — | | | | | | | | — | | | | (7,502,475 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 400,311,376 | | | | 860,704,407 | | | | | | | | — | | | | (7,502,475 | ) |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | (373,198,712 | ) | | | 1,349,673,217 | | | | | | | | (3,104,128 | ) | | | (4,398,070 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 3,093,235,485 | | | $ | 1,743,562,268 | | | | | | | $ | 15,162,901 | | | $ | 19,560,971 | |
| | | | | | |
| | End of year | | $ | 2,720,036,773 | | | $ | 3,093,235,485 | | | | | | | $ | 12,058,773 | | | $ | 15,162,901 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 111 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® Paris-Aligned Climate
U.S. Large Cap Equity ETF | | | | | | ActiveBeta® U.S. Large Cap Equity ETF | |
| | | | | For the Period
December 13, 2021*
to
August 31, 2022 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 63,472 | | | | | | | $ | 177,914,041 | | | $ | 145,156,213 | |
| | | | | |
| | Net realized gain (loss) | | | (230,839 | ) | | | | | | | 647,304,822 | | | | 746,188,521 | |
| | | | | |
| | Net change in unrealized gain (loss) | | | (1,219,894 | ) | | | | | | | (2,624,189,006 | ) | | | 2,324,876,490 | |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (1,387,261 | ) | | | | | | | (1,798,970,143 | ) | | | 3,216,221,224 | |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | (47,676 | ) | | | | | | | (174,777,118 | ) | | | (138,466,225 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 7,934,654 | | | | | | | | 1,516,359,247 | | | | 1,810,335,563 | |
| | | | | |
| | Cost of shares redeemed | | | — | | | | | | | | (1,695,965,517 | ) | | | (1,546,137,807 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 7,934,654 | | | | | | | | (179,606,270 | ) | | | 264,197,756 | |
| | | | | |
| | TOTAL INCREASE (DECREASE) | | | 6,499,717 | | | | | | | | (2,153,353,531 | ) | | | 3,341,952,755 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of year | | $ | — | | | | | | | $ | 13,769,847,478 | | | $ | 10,427,894,723 | |
| | | | | |
| | End of year | | $ | 6,499,717 | | | | | | | $ | 11,616,493,947 | | | $ | 13,769,847,478 | |
| | * | | Commencement of operations. |
| | |
| 112 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® U.S. Small Cap Equity ETF | | | | | | ActiveBeta® World Low Vol
Plus Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Period
March 15, 2022*
to
August 31, 2022 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 5,489,225 | | | $ | 2,761,059 | | | | | | | $ | 6,264,424 | |
| | | | | |
| | Net realized gain (loss) | | | 3,891,164 | | | | 30,941,317 | | | | | | | | (6,378,645 | ) |
| | | | | |
| | Net change in unrealized gain (loss) | | | (71,373,057 | ) | | | 64,943,544 | | | | | | | | (54,360,729 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (61,992,668 | ) | | | 98,645,920 | | | | | | | | (54,474,950 | ) |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | (5,603,655 | ) | | | (2,434,684 | ) | | | | | | | (4,397,328 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 176,204,999 | | | | 224,466,695 | | | | | | | | 616,984,063 | |
| | | | | |
| | Cost of shares redeemed | | | (37,882,026 | ) | | | (60,618,621 | ) | | | | | | | — | |
| | | | | |
| | Net increase in net assets resulting from share transactions | | | 138,322,973 | | | | 163,848,074 | | | | | | | | 616,984,063 | |
| | | | | |
| | TOTAL INCREASE | | | 70,726,650 | | | | 260,059,310 | | | | | | | | 558,111,785 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of year | | $ | 412,543,141 | | | $ | 152,483,831 | | | | | | | $ | — | |
| | | | | |
| | End of year | | $ | 483,269,791 | | | $ | 412,543,141 | | | | | | | $ | 558,111,785 | |
| | * | | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 113 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® Emerging Markets Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 39.33 | | | $ | 33.28 | | | $ | 31.12 | | | $ | 32.98 | | | $ | 33.73 | |
| | | | | | |
| | Net investment income(a) | | | 1.13 | | | | 0.67 | | | | 0.80 | (b) | | | 0.75 | | | | 0.77 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (9.55 | ) | | | 6.07 | | | | 2.17 | | | | (1.79 | ) | | | (0.84 | ) |
| | | | | | |
| | Total gain (loss) from investment operations | | | (8.42 | ) | | | 6.74 | | | | 2.97 | | | | (1.04 | ) | | | (0.07 | ) |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (1.49 | ) | | | (0.69 | ) | | | (0.81 | ) | | | (0.82 | ) | | | (0.68 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 29.42 | | | $ | 39.33 | | | $ | 33.28 | | | $ | 31.12 | | | $ | 32.98 | |
| | | | | | |
| | Market price, end of year | | $ | 29.03 | | | $ | 39.16 | | | $ | 33.28 | | | $ | 31.14 | | | $ | 32.87 | |
| | | | | | |
| | Total Return at Net Asset Value(c) | | | (21.97 | )% | | | 20.49 | % | | | 9.55 | % | | | (3.21 | )% | | | (0.28 | )% |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,025,208 | | | $ | 1,388,289 | | | $ | 1,710,477 | | | $ | 1,699,201 | | | $ | 1,688,540 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.51 | % | | | 0.51 | % | | | 0.52 | % | | | 0.51 | % | | | 0.51 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 3.29 | % | | | 1.76 | % | | | 2.55 | %(b) | | | 2.37 | % | | | 2.19 | % |
| | | | | | |
| | Portfolio turnover rate(d) | | | 18 | % | | | 46 | % | | | 38 | % | | | 28 | % | | | 28 | % |
| | (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. |
| | |
| 114 | | 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 Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® Europe Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 37.99 | | | $ | 29.85 | | | $ | 28.59 | | | $ | 30.82 | | | $ | 30.39 | |
| | | | | | |
| | Net investment income(a) | | | 1.01 | | | | 0.84 | | | | 0.58 | | | | 0.89 | | | | 0.95 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (10.29 | ) | | | 8.15 | | | | 1.27 | | | | (1.84 | ) | | | 0.37 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (9.28 | ) | | | 8.99 | | | | 1.85 | | | | (0.95 | ) | | | 1.32 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (1.24 | ) | | | (0.85 | ) | | | (0.59 | ) | | | (1.28 | ) | | | (0.89 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 27.47 | | | $ | 37.99 | | | $ | 29.85 | | | $ | 28.59 | | | $ | 30.82 | |
| | | | | | |
| | Market price, end of year | | $ | 27.26 | | | $ | 38.05 | | | $ | 29.81 | | | $ | 28.62 | | | $ | 30.73 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (24.81 | )% | | | 30.45 | % | | | 6.69 | % | | | (3.15 | )% | | | 4.40 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 12,363 | | | $ | 20,893 | | | $ | 16,416 | | | $ | 18,584 | | | $ | 73,963 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.98 | % | | | 2.47 | % | | | 2.01 | % | | | 3.07 | % | | | 3.02 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | 19 | % | | | 19 | % | | | 18 | % | | | 17 | % | | | 23 | % |
| | (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. | | 115 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® International Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 35.76 | | | $ | 28.72 | | | $ | 27.70 | | | $ | 29.42 | | | $ | 28.38 | |
| | | | | | |
| | Net investment income(a) | | | 0.96 | | | | 0.75 | | | | 0.57 | | | | 0.86 | | | | 0.76 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (8.07 | ) | | | 6.97 | | | | 1.05 | | | | (1.78 | ) | | | 1.02 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (7.11 | ) | | | 7.72 | | | | 1.62 | | | | (0.92 | ) | | | 1.78 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (1.01 | ) | | | (0.68 | ) | | | (0.60 | ) | | | (0.80 | ) | | | (0.74 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 27.64 | | | $ | 35.76 | | | $ | 28.72 | | | $ | 27.70 | | | $ | 29.42 | |
| | | | | | |
| | Market price, end of year | | $ | 27.52 | | | $ | 35.75 | | | $ | 28.63 | | | $ | 27.73 | | | $ | 29.45 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (20.18 | )% | | | 27.12 | % | | | 5.96 | % | | | (3.09 | )% | | | 6.30 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,720,037 | | | $ | 3,093,235 | | | $ | 1,743,562 | | | $ | 1,545,601 | | | $ | 1,094,462 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.97 | % | | | 2.31 | % | | | 2.08 | % | | | 3.10 | % | | | 2.56 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | 18 | % | | | 21 | % | | | 20 | % | | | 17 | % | | | 16 | % |
| | (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. |
| | |
| 116 | | 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 Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® Japan Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 37.91 | | | $ | 32.60 | | | $ | 30.59 | | | $ | 32.99 | | | $ | 30.71 | |
| | | | | | |
| | Net investment income(a) | | | 0.70 | | | | 0.60 | | | | 0.66 | | | | 0.82 | | | | 0.54 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (7.75 | ) | | | 5.25 | | | | 2.15 | | | | (2.29 | ) | | | 2.36 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (7.05 | ) | | | 5.85 | | | | 2.81 | | | | (1.47 | ) | | | 2.90 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.71 | ) | | | (0.54 | ) | | | (0.80 | ) | | | (0.93 | ) | | | (0.62 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 30.15 | | | $ | 37.91 | | | $ | 32.60 | | | $ | 30.59 | | | $ | 32.99 | |
| | | | | | |
| | Market price, end of year | | $ | 29.78 | | | $ | 37.75 | | | $ | 32.51 | | | $ | 30.52 | | | $ | 32.90 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (18.76 | )% | | | 18.02 | % | | | 9.15 | % | | | (4.32 | )% | | | 9.42 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 12,059 | | | $ | 15,163 | | | $ | 19,561 | | | $ | 24,468 | | | $ | 52,778 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.03 | % | | | 1.64 | % | | | 2.09 | % | | | 2.64 | % | | | 1.62 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | 21 | % | | | 21 | % | | | 18 | % | | | 33 | % | | | 23 | % |
| | (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. | | 117 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period
| | | | | | |
| | | | | ActiveBeta® Paris-
Aligned Climate U.S.
Large Cap Equity ETF | |
| | | | | For the Period
December 13, 2021*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 39.67 | |
| | |
| | Net investment income(a) | | | 0.32 | |
| | |
| | Net realized and unrealized loss | | | (7.25 | ) |
| | |
| | Total loss from investment operations | | | (6.93 | ) |
| | |
| | Distributions to shareholders from net investment income | | | (0.24 | ) |
| | |
| | Net asset value, end of period | | $ | 32.50 | |
| | |
| | Market price, end of period | | $ | 32.55 | |
| | |
| | Total Return at Net Asset Value(b) | | | (17.52 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 6,500 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.20 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 1.24 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 19 | % |
| | * | | 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. |
| | (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. |
| | |
| 118 | | 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 Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® U.S. Large Cap Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 90.95 | | | $ | 70.70 | | | $ | 59.09 | | | $ | 58.75 | | | $ | 49.16 | |
| | | | | | |
| | Net investment income(a) | | | 1.17 | | | | 0.96 | | | | 1.06 | | | | 1.03 | | | | 0.96 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (12.61 | ) | | | 20.21 | | | | 11.62 | | | | 0.30 | | | | 9.56 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (11.44 | ) | | | 21.17 | | | | 12.68 | | | | 1.33 | | | | 10.52 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (1.15 | ) | | | (0.92 | ) | | | (1.07 | ) | | | (0.99 | ) | | | (0.93 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 78.36 | | | $ | 90.95 | | | $ | 70.70 | | | $ | 59.09 | | | $ | 58.75 | |
| | | | | | |
| | Market price, end of year | | $ | 78.33 | | | $ | 90.91 | | | $ | 70.61 | | | $ | 59.07 | | | $ | 58.75 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (12.70 | )% | | | 30.21 | % | | | 21.81 | % | | | 2.42 | % | | | 21.65 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 11,616,494 | | | $ | 13,769,847 | | | $ | 10,427,895 | | | $ | 6,606,050 | | | $ | 3,980,297 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.36 | % | | | 1.22 | % | | | 1.72 | % | | | 1.82 | % | | | 1.78 | % |
| | | | | | |
| | Portfolio turnover rate(c) | | | 12 | % | | | 16 | % | | | 17 | % | | | 16 | % | | | 16 | % |
| | (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. | | 119 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ActiveBeta® U.S. Small Cap Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 64.97 | | | $ | 43.57 | | | $ | 42.84 | | | $ | 49.49 | | | $ | 39.65 | |
| | | | | | |
| | Net investment income(a) | | | 0.74 | (b) | | | 0.53 | (c) | | | 0.51 | | | | 0.57 | | | | 0.56 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (9.07 | ) | | | 21.35 | | | | 0.78 | | | | (6.66 | ) | | | 9.79 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (8.33 | ) | | | 21.88 | | | | 1.29 | | | | (6.09 | ) | | | 10.35 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.77 | ) | | | (0.48 | ) | | | (0.56 | ) | | | (0.56 | ) | | | (0.51 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 55.87 | | | $ | 64.97 | | | $ | 43.57 | | | $ | 42.84 | | | $ | 49.49 | |
| | | | | | |
| | Market price, end of year | | $ | 55.92 | | | $ | 64.94 | | | $ | 43.63 | | | $ | 42.84 | | | $ | 49.55 | |
| | | | | | |
| | Total Return at Net Asset Value(d) | | | (12.95 | )% | | | 50.45 | % | | | 3.13 | % | | | (12.28 | )% | | | 26.28 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 483,270 | | | $ | 412,543 | | | $ | 152,484 | | | $ | 96,399 | | | $ | 47,014 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.22 | %(b) | | | 0.90 | %(c) | | | 1.21 | % | | | 1.32 | % | | | 1.24 | % |
| | | | | | |
| | Portfolio turnover rate(e) | | | 20 | % | | | 25 | % | | | 20 | % | | | 20 | % | | | 27 | % |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets. |
| | (c) | | Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets. |
| | (d) | | 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. |
| | (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. |
| | |
| 120 | | 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 The Period
| | | | | | |
| | | | | ActiveBeta®
World Low Vol
Plus Equity ETF | |
| | | | | For the Period
March 15, 2022*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 40.57 | |
| | |
| | Net investment income(a) | | | 0.47 | |
| | |
| | Net realized and unrealized loss | | | (2.76 | ) |
| | |
| | Total loss from investment operations | | | (2.29 | ) |
| | |
| | Distributions to shareholders from net investment income | | | (0.31 | ) |
| | |
| | Net asset value, end of period | | $ | 37.97 | |
| | |
| | Market price, end of period | | $ | 37.98 | |
| | |
| | Total Return at Net Asset Value(b) | | | (5.65 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 558,112 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.25 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 2.54 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 13 | % |
| | * | | 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. |
| | (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. | | 121 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements
August 31, 2022
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® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta® Paris-Aligned Climate U.S. Large Cap 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 |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (“ActiveBeta® World Low Vol Plus 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”), except for ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, which 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
122
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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;
123
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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 either due to broker/receivable for collateral on certain derivative 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
124
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 the Valuation Procedures. 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, 2022:
| | | | | | | | | | | | |
|
| ACTIVEBETA® EMERGING MARKETS EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Africa | | $ | 42,005,841 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 847,814,402 | | | | 23,474,559 | | | | 397,461 | (b) |
| | | |
Europe | | | 16,394,369 | | | | — | | | | — | |
| | | |
North America | | | 30,913,086 | | | | — | | | | — | |
| | | |
South America | | | 43,419,041 | | | | 14,926,301 | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 10,851,775 | | | | — | | | | — | |
| | | |
| Total | | $ | 991,398,514 | | | $ | 38,400,860 | | | $ | 397,461 | |
| | | |
| Derivative Type | | | | | | | | | |
| | | |
| Liabilities(c) | | | | | | | | | | | | |
| | | |
Futures Contracts | | $ | (8,434 | ) | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | | Amount represents valuations of Russian positions for which GSAM has determined include significant unobservable inputs as of August 31, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, August 31, 2021, they were classified as Level 1. |
| (c) | | Amount shown represents unrealized gain (loss) at fiscal year end. |
125
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
|
| ACTIVEBETA® EUROPE EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Africa | | $ | 30,764 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 59,391 | | | | — | | | | — | |
| | | |
Europe | | | 10,826,378 | | | | 81,383 | | | | — | |
| | | |
North America | | | 1,112,010 | | | | — | | | | — | |
| | | |
Oceania | | | 151,551 | | | | — | | | | — | |
| | | |
South America | | | 13,461 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 61,124 | | | | — | | | | — | |
| | | |
| Total | | $ | 12,254,679 | | | $ | 81,383 | | | $ | — | |
| | | |
| Derivative Type | | | | | | | | | |
| | | |
| Liabilities(b) | | | | | | | | | | | | |
| | | |
Futures Contracts | | $ | (997 | ) | | $ | — | | | $ | — | |
|
| ACTIVEBETA® INTERNATIONAL EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Africa | | $ | 5,683,458 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 670,953,323 | | | | — | | | | — | |
| | | |
Europe | | | 1,341,339,603 | | | | 11,041,089 | | | | — | |
| | | |
North America | | | 469,312,711 | | | | 2,031,575 | | | | — | |
| | | |
Oceania | | | 202,962,306 | | | | — | | | | — | |
| | | |
South America | | | 4,478,952 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 59,641,107 | | | | — | | | | — | |
| | | |
| Total | | $ | 2,754,371,460 | | | $ | 13,072,664 | | | $ | — | |
| | | |
| Derivative Type | | | | | | | | | |
| | | |
| Liabilities(b) | | | | | | | | | | | | |
| | | |
Futures Contracts | | $ | (699,376 | ) | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | | Amount shown represents unrealized gain (loss) at fiscal year end. |
126
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
|
| ACTIVEBETA® JAPAN EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 12,047,121 | | | $ | — | | | $ | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 862,006 | | | | — | | | | — | |
| | | |
| Total | | $ | 12,909,127 | | | $ | — | | | $ | — | |
|
| ACTIVEBETA® PARIS-ALIGNED CLIMATE 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 | | $ | 6,474,231 | | | $ | — | | | $ | — | |
| | | |
| Total | | $ | 6,474,231 | | | $ | — | | | $ | — | |
|
| 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 | | $ | 11,588,862,880 | | | $ | — | | | $ | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 20,073,500 | | | | — | | | | — | |
| | | |
| Total | | $ | 11,608,936,380 | | | $ | — | | | $ | — | |
|
| 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 | | $ | 505,576 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 2,012,609 | | | | — | | | | — | |
| | | |
Europe | | | 1,962,725 | | | | — | | | | — | |
| | | |
North America | | | 465,628,975 | | | | 3,666 | | | | — | |
| | | |
South America | | | 682,292 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 2,801,299 | | | | — | | | | — | |
| | | |
| Total | | $ | 473,593,476 | | | $ | 3,666 | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
127
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
|
| ACTIVEBETA® U.S. SMALL CAP EQUITY ETF (continued) | |
| | | |
| Derivative Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets(b) | | | | | | | | | | | | |
| | | |
Futures Contracts | | $ | 12,093 | | | $ | — | | | $ | — | |
|
| ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 45,365,509 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 83,802,752 | | | | — | | | | — | |
| | | |
North America | | | 412,444,066 | | | | — | | | | — | |
| | | |
Oceania | | | 15,101,839 | | | | — | | | | — | |
| | | |
| Total | | $ | 556,714,166 | | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | | Amount shown represents unrealized gain (loss) 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, 2022. 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® Emerging Markets Equity ETF | | | Variation Margin on Futures Contracts | | | $ | (8,434 | ) |
Equity | | Goldman Sachs ActiveBeta® Europe Equity ETF | | | Variation Margin on Futures Contracts | | | | (997 | ) |
Equity | | Goldman Sachs ActiveBeta® International Equity ETF | | | Variation Margin on Futures Contracts | | | | (699,376 | ) |
Equity | | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | | | Variation Margin on Futures Contracts | | | | 12,093 | |
| (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, 2022 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, 2022. 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
128
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
Unrealized Gain
(Loss) on
Futures Contracts | |
| Equity | | Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | | $ | 5,293 | | | $ | (8,434 | ) |
| Equity | | Goldman Sachs ActiveBeta® Europe Equity ETF | | | (9,410 | ) | | | (2,937 | ) |
| Equity | | Goldman Sachs ActiveBeta® International Equity ETF | | | 1,700,360 | | | | (699,376 | ) |
| Equity | | Goldman Sachs ActiveBeta® Japan Equity ETF | | | (2,732 | ) | | | — | |
| Equity | | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | | | 2,794,530 | | | | (498,672 | ) |
| Equity | | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | | | (530,869 | ) | | | (38,563 | ) |
For the fiscal year ended August 31, 2022, the relevant values for each derivative type was as follows:
| | | | | | |
| Fund | | | | Average
Number of
Contracts(a) | |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | | | 78 | |
Goldman Sachs ActiveBeta® Europe Equity ETF | | | 3 | |
Goldman Sachs ActiveBeta® International Equity ETF | | | 80 | |
Goldman Sachs ActiveBeta® Japan Equity ETF | | | 5 | |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | | | 62 | |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | | | 52 | |
| (a) | | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2022. |
|
| 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.
129
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2022, 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® Paris-Aligned Climate U.S. Large Cap Equity ETF | | | | 0.20% |
ActiveBeta® U.S. Large Cap Equity ETF | | | | 0.09% |
ActiveBeta® U.S. Small Cap Equity ETF | | | | 0.20% |
ActiveBeta® World Low Vol Plus Equity ETF | | | | 0.25% |
For the fiscal year ended August 31, 2022, 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, 2022, these expense reimbursements amounted to $701,206.
|
| 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
130
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
| | | | | | | | | | | | | | | | |
| | | ActiveBeta® Emerging Markets Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 1,200,000 | | | $ | 45,853,209 | | | | 6,800,000 | | | $ | 265,763,520 | |
Shares Redeemed | | | (1,650,000 | ) | | | (52,865,514 | ) | | | (22,900,000 | ) | | | (879,193,841 | ) |
| | | | |
NET DECREASE IN SHARES | | | (450,000 | ) | | $ | (7,012,305 | ) | | | (16,100,000 | ) | | $ | (613,430,321 | ) |
| |
| | | ActiveBeta® Europe Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 50,000 | | | $ | 1,790,247 | | | | — | | | $ | — | |
Shares Redeemed | | | (150,000 | ) | | | (4,610,459 | ) | | | — | | | | — | |
| | | | |
NET DECREASE IN SHARES | | | (100,000 | ) | | $ | (2,820,212 | ) | | | — | | | $ | — | |
| |
| | | ActiveBeta® International Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 15,100,000 | | | $ | 495,288,336 | | | | 25,800,000 | | | $ | 860,606,084 | |
Shares Redeemed | | | (3,200,000 | ) | | | (95,030,974 | ) | | | — | | | | — | |
| | | | |
NET INCREASE IN SHARES | | | 11,900,000 | | | $ | 400,257,362 | | | | 25,800,000 | | | $ | 860,606,084 | |
| |
| | | ActiveBeta® Japan Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | — | | | $ | — | | | | — | | | $ | — | |
Shares Redeemed | | | — | | | | — | | | | (200,000 | ) | | | (7,502,453 | ) |
| | | | |
NET DECREASE IN SHARES | | | — | | | $ | — | | | | (200,000 | ) | | $ | (7,502,453 | ) |
131
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | | | | | | | | | |
| | | ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 200,001 | | | $ | 7,934,694 | | | | — | | | $ | — | |
Shares Redeemed | | | (1 | ) | | | (40 | ) | | | — | | | | — | |
| | | | |
NET DECREASE IN SHARES | | | 200,000 | | | $ | 7,934,654 | | | | — | | | $ | — | |
| |
| | | ActiveBeta® U.S. Large Cap Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 17,200,000 | | | $ | 1,516,359,247 | | | | 22,700,000 | | | $ | 1,810,334,871 | |
Shares Redeemed | | | (20,350,000 | ) | | | (1,695,965,517 | ) | | | (18,800,000 | ) | | | (1,546,137,808 | ) |
| | | | |
NET INCREASE IN SHARES | | | (3,150,000 | ) | | $ | (179,606,270 | ) | | | 3,900,000 | | | $ | 264,197,063 | |
| |
| | | ActiveBeta® U.S. Small Cap Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 2,950,000 | | | $ | 176,204,999 | | | | 3,800,000 | | | $ | 224,465,356 | |
Shares Redeemed | | | (650,000 | ) | | | (37,882,026 | ) | | | (950,000 | ) | | | (60,618,621 | ) |
| | | | |
NET INCREASE IN SHARES | | | 2,300,000 | | | $ | 138,322,973 | | | | 2,850,000 | | | $ | 163,846,735 | |
| |
| | | ActiveBeta® World Low Vol Plus Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended August 31, 2022 | | | For the Fiscal Year Ended August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 14,700,000 | | | $ | 616,984,063 | | | | — | | | $ | — | |
Shares Redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
NET INCREASE IN SHARES | | | 14,700,000 | | | $ | 616,984,063 | | | | — | | | $ | — | |
132
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
ActiveBeta® Emerging Markets Equity ETF | | | | $ | 218,605,854 | | | $ | 235,021,084 | |
ActiveBeta® Europe Equity ETF | | | | | 3,399,768 | | | | 3,480,886 | |
ActiveBeta® International Equity ETF | | | | | 571,559,375 | | | | 530,523,831 | |
ActiveBeta® Japan Equity ETF | | | | | 2,873,954 | | | | 2,882,851 | |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | | | | | 1,397,343 | | | | 1,396,925 | |
ActiveBeta® U.S. Large Cap Equity ETF | | | | | 1,581,861,098 | | | | 1,564,265,806 | |
ActiveBeta® U.S. Small Cap Equity ETF | | | | | 100,298,000 | | | | 89,779,312 | |
ActiveBeta® World Low Vol Plus Equity ETF | | | | | 78,745,429 | | | | 72,331,762 | |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
ActiveBeta® Emerging Markets Equity ETF | | | | $ | 3,199,262 | | | $ | 10,389,406 | |
ActiveBeta® Europe Equity ETF | | | | | 1,764,893 | | | | 4,575,043 | |
ActiveBeta® International Equity ETF | | | | | 443,149,143 | | | | 93,102,591 | |
ActiveBeta® Japan Equity ETF | | | | | — | | | | — | |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | | | | | 7,927,747 | | | | — | |
ActiveBeta® U.S. Large Cap Equity ETF | | | | | 1,481,235,171 | | | | 1,662,892,663 | |
ActiveBeta® U.S. Small Cap Equity ETF | | | | | 157,818,504 | | | | 37,624,227 | |
ActiveBeta® World Low Vol Plus Equity ETF | | | | | 611,142,456 | | | | — | |
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.
133
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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, 2022, 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, 2022, 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, 2022:
| | | | | | | | | | | | | | | | |
| Fund | | Beginning value as
of August 31, 2021* | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending value as of
August 31, 2022 | |
ActiveBeta® Emerging Markets Equity ETF | | $ | 8,722,462 | | | $ | 125,816,478 | | | $ | (123,687,165 | ) | | $ | 10,851,775 | |
ActiveBeta® Europe Equity ETF | | | 184,641 | | | | 5,378,010 | | | | (5,501,527 | ) | | | 61,124 | |
ActiveBeta® International Equity ETF | | | 37,762,053 | | | | 623,069,473 | | | | (601,190,419 | ) | | | 59,641,107 | |
ActiveBeta® Japan Equity ETF | | | 82,494 | | | | 4,601,560 | | | | (3,822,048 | ) | | | 862,006 | |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF* | | | — | | | | 73,148 | | | | (73,148 | ) | | | — | |
ActiveBeta® U.S. Large Cap Equity ETF | | | 9,566,002 | | | | 249,967,630 | | | | (239,460,132 | ) | | | 20,073,500 | |
ActiveBeta® U.S. Small Cap Equity ETF | | | 5,108,816 | | | | 38,272,436 | | | | (40,579,953 | ) | | | 2,801,299 | |
| * | | Beginning value is as of December 13, 2021 (commencement of operations) for ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF. |
134
GOLDMAN SACHS ACTIVEBETA® ETFS
The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended August 31, 2022 | | | | |
| | | ActiveBeta®
Emerging
Markets
Equity ETF | | | ActiveBeta®
Europe
Equity ETF | | | ActiveBeta®
International
Equity ETF | | | ActiveBeta®
Japan
Equity ETF | | | ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low Vol
Plus
Equity ETF | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Income | | $ | 53,609,786 | | | $ | 658,039 | | | $ | 93,382,329 | | | $ | 285,200 | | | $ | 47,676 | | | $ | 174,777,118 | | | $ | 5,603,655 | | | $ | 4,397,328 | |
Total taxable distributions | | $ | 53,609,786 | | | $ | 658,039 | | | $ | 93,382,329 | | | $ | 285,200 | | | $ | 47,676 | | | $ | 174,777,118 | | | $ | 5,603,655 | | | $ | 4,397,328 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended August 31, 2021 | |
| | | ActiveBeta®
Emerging
Markets
Equity ETF | | | ActiveBeta®
Europe
Equity ETF | | | ActiveBeta®
International
Equity ETF | | | ActiveBeta®
Japan
Equity ETF | | | ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low Vol
Plus
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 | | | $ | — | |
As of August 31, 2022, 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®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low Vol
Plus
Equity ETF | |
Undistributed ordinary income—net | | $ | 6,814,704 | | | $ | 40,229 | | | $ | 10,949,380 | | | $ | — | | | $ | 15,796 | | | $ | 30,968,860 | | | $ | 365,901 | | | $ | 1,867,096 | |
Total undistributed earnings | | $ | 6,814,704 | | | $ | 40,229 | | | $ | 10,949,380 | | | $ | — | | | $ | 15,796 | | | $ | 30,968,860 | | | $ | 365,901 | | | $ | 1,867,096 | |
Capital loss carryforwards(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Perpetual Short-Term | | $ | (18,537,592 | ) | | $ | (908,605 | ) | | $ | (32,894,979 | ) | | $ | (352,828 | ) | | $ | — | | | $ | (204,920,817 | ) | | $ | (11,445,206 | ) | | $ | — | |
Perpetual Long-Term | | | — | | | | (2,093,602 | ) | | | (70,797,369 | ) | | | (447,827 | ) | | | — | | | | (218,687,721 | ) | | | (2,653,039 | ) | | | — | |
Timing differences (Post October Capital Loss Deferral/Late Year Ordinary Loss Deferral) | | | (15,871,468 | ) | | | (620,899 | ) | | | (115,057,817 | ) | | | (671,682 | ) | | | (230,446 | ) | | | (101,511,677 | ) | | | — | | | | (5,625,554 | ) |
Unrealized gains (losses)—net | | | 13,236,950 | | | | (1,346,778 | ) | | | (79,194,072 | ) | | | (106,866 | ) | | | (1,220,287 | ) | | | 1,980,672,865 | | | | (4,546,127 | ) | | | (55,113,820 | ) |
Total accumulated earnings (losses) net | | $ | (14,357,406 | ) | | $ | (4,929,655 | ) | | $ | (286,994,857 | ) | | $ | (1,579,203 | ) | | $ | (1,434,937 | ) | | $ | 1,486,521,510 | | | $ | (18,278,471 | ) | | $ | (58,872,278 | ) |
| (1) | | The ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, and ActiveBeta® U.S. Large Cap Equity ETF, utilized $454, $22,400, $40,928 and $513,181 respectively, of capital losses in the current fiscal year. |
135
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 9. TAX INFORMATION (continued) |
As of August 31, 2022, 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®
Paris-Aligned
Climate
U.S. Large Cap
Equity ETF* | | | ActiveBeta®
U.S. Large Cap
Equity ETF | | | ActiveBeta®
U.S. Small Cap
Equity ETF | | | ActiveBeta®
World Low
Vol Plus
Equity ETF** | |
Tax Cost | | $ | 1,012,217,799 | | | $ | 13,671,700 | | | $ | 2,845,177,242 | | | $ | 13,015,737 | | | $ | 7,694,518 | | | $ | 9,628,263,515 | | | $ | 478,155,362 | | | $ | 611,809,557 | |
Gross unrealized gain | | | 211,733,554 | | | | 1,351,639 | | | | 307,462,886 | | | | 1,397,955 | | | | 126,123 | | | | 2,043,444,802 | | | | 64,092,371 | | | | 7,435,834 | |
Gross unrealized loss | | | (198,496,604 | ) | | | (2,698,417 | ) | | | (386,656,958 | ) | | | (1,504,821 | ) | | | (1,346,410 | ) | | | (62,771,937 | ) | | | (68,638,498 | ) | | | (62,549,654 | ) |
Net unrealized gains (losses) | | $ | 13,236,950 | | | $ | (1,346,778 | ) | | $ | (79,194,072 | ) | | $ | (106,866 | ) | | $ | (1,220,287 | ) | | $ | 1,980,672,865 | | | $ | (4,546,127 | ) | | $ | (55,113,820 | ) |
| * | | ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF commenced operations on December 13, 2021. |
| ** | | ActiveBeta® World Vol Equity ETF commenced operations on March 15, 2022. |
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 | | | | $ | 1,059,102 | | | $ | (1,059,102 | ) |
ActiveBeta® Europe Equity ETF | | | | $ | 567,560 | | | $ | (567,560 | ) |
ActiveBeta® International Equity ETF | | | | $ | 26,783,340 | | | $ | (26,783,340 | ) |
ActiveBeta® Japan Equity ETF | | | | $ | — | | | $ | — | |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | | | | $ | — | | | $ | — | |
ActiveBeta® U.S. Large Cap Equity ETF | | | | $ | 765,767,626 | | | $ | (765,767,626 | ) |
ActiveBeta® U.S. Small Cap Equity ETF | | | | $ | 15,541,995 | | | $ | (15,541,995 | ) |
ActiveBeta® World Vol Equity ETF | | | | $ | — | | | $ | — | |
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.
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
136
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 10. OTHER RISKS (continued) |
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 sanctions, 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 from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.
Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “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’ Indexes 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.
137
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 10. OTHER RISKS (continued) |
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.
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.
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.
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The ActiveBeta® Emerging Markets Equity ETF has limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and the current environment could impair the ability of the Funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the
138
GOLDMAN SACHS ACTIVEBETA® ETFS
|
| 12. OTHER MATTERS (continued) |
sanctions and the Russia-Ukraine conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on the Funds.
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.
139
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® Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF, and Goldman Sachs ActiveBeta® World Low Vol Plus 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 (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, 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, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| | | | | | |
| Fund | | Statement of
operations | | Statements of
changes in net assets | | Financial
highlights |
| Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | | For the year ended August 31, 2022 | | For the two years ended August 31, 2022 | | For each of the five years in the period ended August 31, 2022 |
| Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | | For the period December 13, 2021 (commencement of operations) through August 31, 2022 |
| ActiveBeta® World Low Vol Plus Equity ETF | | For the period March 15, 2022 (commencement of operations) through August 31, 2022 |
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.
140
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, 2022 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 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
141
GOLDMAN SACHS ACTIVEBETA® ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
| | | | | | | | | | | | |
Proposal 1. Election of Trustees | | For | | | Against/Withheld | | | Abstain | |
| | | |
Cheryl K. Beebe | | | 264,924,160 | | | | 15,294,512 | | | | 0 | |
| | | |
Lawrence Hughes | | | 279,548,931 | | | | 669,741 | | | | 0 | |
| | | |
John F. Killian | | | 264,883,857 | | | | 15,334,814 | | | | 0 | |
| | | |
Steven D. Krichmar | | | 279,552,751 | | | | 665,920 | | | | 0 | |
| | | |
Linda A. Lang | | | 279,620,511 | | | | 598,160 | | | | 0 | |
| | | | | | | | | | | | |
142
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on March 15, 2022. At a meeting held on December 1, 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. 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 unitary 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 non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the
143
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (Unaudited) (continued)
Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s 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) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (d) 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 (e) 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.
144
GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Month Period Ended 8/31/2022 (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 and held for the entire six-month period from from March 1, 2022 through August 31, 2022, 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | ActiveBeta® Emerging Markets Equity ETF | | | ActiveBeta® Europe Equity ETF | | | ActiveBeta® International Equity ETF | | | ActiveBeta® Japan Equity ETF | |
| | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | |
Actual based on NAV | | $ | 1,000 | | | $ | 853.70 | | | $ | 2.10 | | | $ | 1,000 | | | $ | 825.69 | | | $ | 1.15 | | | $ | 1,000 | | | $ | 859.40 | | | $ | 1.17 | | | $ | 1,000 | | | $ | 879.00 | | | $ | 1.18 | |
Hypothetical 5% return | | | 1,000 | | | | 1,022.94 | + | | | 2.29 | | | | 1,000 | | | | 1,023.95 | + | | | 1.28 | | | | 1,000 | | | | 1,023.95 | + | | | 1.28 | | | | 1,000 | | | | 1,023.95 | + | | | 1.28 | |
| | | ActiveBeta® Paris-Aligned Climate U.S.
Large Cap Equity ETF | | | ActiveBeta® U.S. Large Cap Equity ETF | | | ActiveBeta® U.S. Small Cap Equity ETF | | | ActiveBeta® World Low Vol Plus Equity ETF | |
| | | Beginning
Account
Value
12/13/21 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid** | | | Beginning
Account
Value
3/15/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid*** | |
Actual based on NAV | | $ | 1,000 | | | $ | 892.61 | | | $ | 0.95 | | | $ | 1,000 | | | $ | 912.98 | | | $ | 0.43 | | | $ | 1,000 | | | $ | 908.86 | | | $ | 0.96 | | | $ | 1,000 | | | $ | 943.50 | | | $ | 1.13 | |
Hypothetical 5% return | | | 1,000 | | | | 1,024.20 | + | | | 1.02 | | | | 1,000 | | | | 1,024.75 | + | | | 0.46 | | | | 1,000 | | | | 1,024.20 | + | | | 1.02 | | | | 1,000 | | | | 1,022.12 | + | | | 1.18 | |
| | + | | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. | |
| | * | | The Fund commenced operations on December 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 262/365, which represents a period of 78 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 February 28, 2022. 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: | |
| | *** | | The Fund commenced operations on March 15, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 170/365, which represents a period of 78 days of a 365 day year (to reflect the Fund’s commencement of operations). | |
| | | | |
| Fund | | | |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | | | 0.45 | % |
Goldman Sachs ActiveBeta® Europe Equity ETF | | | 0.25 | |
Goldman Sachs ActiveBeta® International Equity ETF | | | 0.25 | |
Goldman Sachs ActiveBeta® Japan Equity ETF | | | 0.25 | |
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | | | 0.20 | |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | | | 0.09 | |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | | | 0.20 | |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF | | | 0.25 | |
145
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
Time Served2 | | Principal Occupation(s) During Past 5 Years | | Number of
Portfolios in
Fund Complex
Overseen by
Trustee3 | | Other Directorships Held by Trustee4 |
| | | | | |
Cheryl K. Beebe Age: 66 | | Chair of the Board of Trustees | | Since 2021 | | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) |
| | | | | |
Lawrence Hughes Age: 64 | | Trustee | | Since 2021 | | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | |
John F. Killian Age: 67 | | Trustee | | Since 2021 | | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Consolidated Edison, Inc. (a utility holding company) |
| | | | | |
Steven D. Krichmar Age: 64 | | Trustee | | Since 2021 | | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | | | | | | |
146
GOLDMAN SACHS ACTIVEBETA® ETFS
Trustees and Officers (Unaudited) (continued)
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 |
| | | | | |
Linda A. Lang Age: 64 | | 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | None |
| | | | | |
Michael Latham Age: 56 | | 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 owned by BlackRock, Inc., 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
| | | | | |
Lawrence W. Stranghoener Age: 68 | | Trustee | | Since 2015 | | 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). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund | | 69 | | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) |
| | | | | | | | | | |
147
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 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: 59 | | 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 ETF Trust II; 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. | | 172 | | 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 Kraus. Information is provided as of August 31, 2022. |
| 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, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 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.
148
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
Length of
Time Served2 | | Principal Occupation(s) During Past 5 Years |
| | | |
James A. McNamara 200 West Street New York, NY 10282 Age: 59 | | 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 ETF 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: 45 | | 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 ETF 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: 54 | | 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 ETF Trust II; 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, 2022. |
| 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, 2022, the total amount of income received by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.9244, $0.8317, $0.5623 and $0.9741 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 83.15%, 79.20%, 83.94% and 95.55%, 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 $0.1760, $0.1078, $0.0569, and $0.1491 per share, respectively.
For the fiscal year ended August 31, 2022, 44.29%, 74.22%, 79.11%, 98.55%, 100%, 82.62%, 100% and 100% 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, ActiveBeta® U.S. Small Cap Equity ETF, ActiveBeta® Paris-Aligned Climate US Large Cap Equity ETF, and ActiveBeta® World Low Vol Plus 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, 2022, 98.06%, 90.89%, 100% and 43.77% of the dividends paid from net investment company taxable income by the ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF, ActiveBeta® Paris-Aligned Climate US Large Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF qualify for the dividends received deduction available to corporations.
For the year ended August 31, 2022, 8.69% of the dividend paid from net investment company taxable income by ActiveBeta® U.S. Small Cap Equity ETF qualifies as section 199A dividends.
149
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 $2.27 trillion in assets under supervision as of June 30, 2022, 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® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| 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 Ultra Short Bond ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
| Goldman Sachs MarketBeta® International Equity ETF |
| Goldman Sachs MarketBeta® U.S. Equity ETF |
| Goldman Sachs MarketBeta U.S. 1000 Equity ETF |
| Goldman Sachs Future Planet Equity ETF |
| Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
| Goldman Sachs Future Real Estate and Infrastructure 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.
Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews.
Solactive GBS Developed Markets Large & Mid Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed European market. It is calculated as a total return index in EUR and weighted by free-float market capitalization.
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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener | | 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, 2022 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.
© 2022 Goldman Sachs. All rights reserved. 294224- OTU-10/2022 ACTBETAAR-22
Goldman Sachs Funds
| | | | |
| | |
| Annual Report | | | | August 31, 2022 |
| | |
| | | | Goldman Sachs Equity ETFs |
| | | | Bloomberg Clean Energy Equity ETF (GCLN) |
| | | | Equal Weight U.S. Large Cap Equity ETF (GSEW) |
| | | | Hedge Industry VIP ETF (GVIP) |
| | | | Innovate Equity ETF (GINN) |
| | | | JUST U.S. Large Cap Equity ETF (JUST) |
Goldman Sachs Equity ETFs
| ∎ | | BLOOMBERG CLEAN ENERGY EQUITY ETF (GCLN) |
| ∎ | | EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF (GSEW) |
| ∎ | | HEDGE INDUSTRY VIP ETF (GVIP) |
| ∎ | | INNOVATE EQUITY ETF (GINN) |
| ∎ | | JUST U.S. LARGE CAP EQUITY ETF (JUST) |
| | | | |
| | | |
| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs Bloomberg Clean Energy Equity ETF
Principal Investment Strategies
The Goldman Sachs Bloomberg Clean Energy 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 Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) is designed to deliver exposure to companies that are expected to have a significant impact on energy decarbonization through their exposure to clean energy which includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy, wind energy, energy storage, hydrogen energy, energy digitalization and bioenergy. The Index is a free float-adjusted market capitalization-weighted index designed to identify relevant companies using curated data acquired from a variety of sources by Bloomberg Professional Services (the “Index Provider”). Some of the clean energy companies in which the Fund invests may have operations that involve traditional energy facilities (including oil, gas or other hydrocarbons). The Index Provider constructs the Index in accordance with a rules-based methodology that involves three steps.
Step 1 — In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by identifying securities that are constituents of the Bloomberg Global Equity Index and classified to be within clean energy sectors by Bloomberg New Energy Finance (“BNEF”). BNEF is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy.
Step 2 — In the second step, the Index Provider screens the Universe for thematic relevance to clean energy and estimates the proportion of an issuer’s value attributable to clean energy activities. The Index Provider’s estimates are based on quarterly data reviews by sector specialists using reported segment revenues, along with any other available metrics such as segmented earnings before interest, taxes, depreciation and amortization (“EBITDA”), alignment with the European Union’s Taxonomy Regulation, current and planned activities of the issuer, and expected growth of clean energy-relevant business lines relative to other business lines.
Thematic relevance is then divided into four categories based on percentage of a company’s value attributed to clean energy activities: A4 (Minor Driver of Decarbonization) – 10% or Less, A3 (Moderate Driver of Decarbonization) – 10% to 24%, A2 (Considerable Driver of Decarbonization) – 25% to 49% and A1 (Main Driver of Decarbonization) – 50% to 100%. Securities of issuers within category A4 (Minor) or Environmental, Social, and Governance (“ESG”)-controversial securities, and securities with high carbon impact and poor mitigation plans are excluded from the Index.
Step 3 — In the third step, the Index constituents are grouped by thematic relevance categories to maximize relevance and impact. Each thematic category is assigned a weighting to maximize exposure to securities with the greatest impact to de-carbonization as follows:
| ∎ | | 60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization). |
| ∎ | | 30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization). |
| ∎ | | 10% of the index weight is in securities classified as A3 (Moderate Driver of Decarbonization). |
Within each category, the weight for a single security is capped at a specified level that varies by category. Any excess weight resulted from capping is redistributed proportionally across the remaining uncapped securities in the Index.
The Index is normally rebalanced and reconstituted quarterly in March, June, September, and December.
As of August 31, 2022, the Index consisted of 187 securities with a market capitalization range of between approximately $736.1 million and $863.6 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any 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 country or geographic region at all times.
The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund seeks to invest in the Index components in approximately the same weighting that such components have
1
INVESTMENT PROCESS
within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which Goldman Sachs Asset Management, L.P. (“GSAM” or 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.
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 classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, the 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 Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
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.
* * *
At the end of the Reporting Period, i.e. the period from the Fund’s inception on February 8, 2022 through August 31, 2022, we believed that static, clean energy indices developed by index generalists may be missing investment opportunities. To solve for this, the Fund’s underlying index was designed by energy specialists at Goldman Sachs and BNEF to evolve with the low carbon transition. The Fund’s dynamic index leverages BNEF’s more than 200 research analysts to provide exposure to growth-oriented pure-play and “transitioning” clean energy companies.
2
INVESTMENT PROCESS
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”) is designed to measure the performance 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, 2022, the Index consisted of 489 securities with a market capitalization range of between approximately $7.3 billion and $2,526.6 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 normally 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, 2022, 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.
3
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 normally 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, 2022, 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, 2022, 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.
4
INVESTMENT PROCESS
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. |
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,
5
INVESTMENT PROCESS
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 12-month period ended August 31, 2022, the pace of technological innovation was faster than ever before, creating 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, as we thought its underlying secular growth Key Themes and Sub-Themes would drive the financial markets during the coming decades. We believed fundamentally sound companies that could benefit from these Key Themes and Sub-Themes may be well-positioned to outperform. Although the Fund’s growth style and its exposure to the emerging markets can 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.
6
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, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.
The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.
The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.
As of August 31, 2022, 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 normally 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 providers 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.
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/.
* * *
7
INVESTMENT PROCESS
At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, 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 150,000 data points across 66 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.
8
PORTFOLIO RESULTS
Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet served as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception. By design, all investment decisions for the Funds are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision make has been a cornerstone of our approach and helps to ensure continuity in the Funds.
9
PORTFOLIO RESULTS
Goldman Sachs Bloomberg Clean Energy Equity ETF
Investment Objective
The Goldman Sachs Bloomberg Clean Energy Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on February 8, 2022 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned 0.45% based on net asset value (“NAV”) and 0.33% based on market price. The Index returned 1.40% during the same period. |
| | The Fund had an NAV of $39.60 on February 8, 2022 and ended the Reporting Period with an NAV of $39.57 per share. The Fund’s market price on August 31, 2022 was $39.52 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. |
| | During the Reporting Period, the Index posted a positive absolute return but underperformed the Index, 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 industrials, materials and consumer discretionary sectors detracted most from the Index’s results during the Reporting Period. Partially offsetting these detractors were Index constituents in the information technology, consumer staples and energy sectors, which contributed positively to the Index’s results during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
| A | | Enel, an Italy-based utilities company; Schneider Electric, a France-based industrials company; and Contemporary Amperex Technology, a China-based industrial company detracted most (1.76%, 2.10% and 0.00%1 of Fund net assets as of August 31, 2022, respectively). Each of these companies 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 | | Positions in Enphase Energy, a U.S.-based information technology company; NextEra, a U.S.-based utilities company; and First Solar, a U.S.-based information technology company contributed most positively (4.53%, 5.58% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit gain within the Index during the Reporting Period. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize cash. |
10
| | 1 | | Some weights are 0.00% at August 31, 2022 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. |
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 | | | Bloomberg
Goldman Sachs
Global Clean
Energy Index | |
| | | |
| | Utilities | | | 41.18 | % | | | 41.14 | % |
| | Industrials | | | 26.27 | | | | 26.32 | |
| | Information Technology | | | 21.55 | | | | 21.55 | |
| | Materials | | | 3.96 | | | | 3.98 | |
| | Consumer Discretionary | | | 2.79 | | | | 2.78 | |
| | Energy | | | 2.26 | | | | 2.25 | |
| | Consumer Staples | | | 1.58 | | | | 1.57 | |
| | | Financials | | | 0.40 | | | | 0.41 | |
| Q | | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?2 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund3 | | | Bloomberg
Goldman Sachs
Global Clean
Energy Index | |
| | | |
| | U.S. | | | 35.82 | % | | | 35.88 | % |
| | China | | | 21.58 | | | | 21.61 | |
| | Denmark | | | 5.14 | | | | 5.16 | |
| | South Korea | | | 4.74 | | | | 4.75 | |
| | France | | | 4.52 | | | | 4.50 | |
| | Canada | | | 4.51 | | | | 4.51 | |
| | United Kingdom | | | 3.61 | | | | 3.62 | |
| | Spain | | | 3.12 | | | | 3.06 | |
| | Italy | | | 2.73 | | | | 2.73 | |
| | Germany | | | 2.61 | | | | 2.61 | |
| | Israel | | | 2.05 | | | | 2.05 | |
| | Japan | | | 1.90 | | | | 1.86 | |
| | India | | | 1.72 | | | | 1.73 | |
| | Finland | | | 1.30 | | | | 1.30 | |
| | Belgium | | | 1.00 | | | | 0.99 | |
| | Switzerland | | | 0.74 | | | | 0.73 | |
| | Brazil | | | 0.56 | | | | 0.56 | |
| | Taiwan | | | 0.56 | | | | 0.56 | |
| | Thailand | | | 0.44 | | | | 0.44 | |
| | Czech Republic | | | 0.35 | | | | 0.35 | |
| | Norway | | | 0.31 | | | | 0.31 | |
| | Netherlands | | | 0.28 | | | | 0.28 | |
| | New Zealand | | | 0.23 | | | | 0.23 | |
| | Portugal | | | 0.09 | | | | 0.08 | |
| | Sweden | | | 0.08 | | | | 0.08 | |
| | | Hong Kong | | | 0.02 | | | | 0.02 | |
| | 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 Bloomberg Professional Services. 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, 2022. 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 Bloomberg Goldman Sachs Global Clean Energy Index. |
11
FUND BASICS
Bloomberg Clean Energy Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 39.52 | |
| | | Net Asset Value (NAV)1 | | $ | 39.57 | |
| 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 10 HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | NextEra Energy, Inc. | | | 5.6 | % | | Utilities | | United States |
| | Contemporary Amperex Technology Co. Ltd., Class A | | | 5.2 | | | Industrials | | China |
| | Enphase Energy, Inc. | | | 4.5 | | | Information Technology | | United States |
| | Edison International | | | 3.1 | | | Utilities | | United States |
| | Vestas Wind Systems A/S | | | 3.0 | | | Industrials | | Denmark |
| | Samsung SDI Co. Ltd. | | | 2.5 | | | Information Technology | | South Korea |
| | Sempra Energy | | | 2.4 | | | Utilities | | United States |
| | General Electric Co. | | | 2.3 | | | Industrials | | United States |
| | Iberdrola SA | | | 2.2 | | | Utilities | | Spain |
| | | Orsted AS | | | 2.1 | | | Utilities | | Denmark |
| 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.
12
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on February 8, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, Bloomberg Goldman Sachs Global Clean Energy Index (Total Return, Unhedged, 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 Bloomberg Clean Energy Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from February 8, 2022 through August 31, 2022.
| | |
| Average Annual Total Return through August 31, 2022* | | Since Inception |
Shares based on NAV (Commenced February 8, 2022) | | 0.45% |
|
Shares based on Market Price (Commenced February 8, 2022) | | 0.33% |
|
Bloomberg Goldman Sachs Global Clean Energy Index (TR, unhedged, USD) | | 1.40% |
|
| * | | 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 year are not annualized. |
13
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -14.48% based on net asset value (“NAV”) and -14.46% based on market price. The Index returned -14.37%, and the S&P 500® Index (Total Return, Unhedged, USD) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period. |
| | The Fund had an NAV of $70.00 on August 31, 2021 and ended the Reporting Period with an NAV of $58.98 per share. The Fund’s market price on August 31, 2022 was $58.99 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 double-digit negative absolute return that underperformed the S&P 500® Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV. |
| Q | | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the information technology, communication services and consumer discretionary sectors detracted most from the Index’s results relative to the S&P 500® Index during the Reporting Period. Index constituents in the energy, utilities and consumer staples sectors contributed most positively to the Index’s results relative to the S&P 500® Index. |
| 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 information technology giant Apple, integrated energy company Exxon Mobil and health care company UnitedHealth Group detracted most (0.20%, 0.22% and 0.20% of Fund net assets as of August 31, 2022, respectively). Apple delivered a single-digit positive return within the Index during the Reporting Period. Exxon Mobil and UnitedHealth Group each posted 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 S&P 500® Index, underweight positions in communication services giant Meta Platforms, e-commerce retailing behemoth Amazon.com and banking institution JPMorgan Chase contributed most positively (0.20%, 0.19% and 0.21% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double- |
14
PORTFOLIO RESULTS
��
| | 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 | | 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 | | | 18.07 | % | | | 18.02 | % | | | 27.32 | % |
| | Financials | | | 12.99 | | | | 12.95 | | | | 10.86 | |
| | Health Care | | | 12.86 | | | | 12.91 | | | | 14.07 | |
| | Industrials | | | 12.49 | | | | 12.47 | | | | 7.92 | |
| | Consumer Discretionary | | | 9.70 | | | | 9.68 | | | | 11.43 | |
| | Consumer Staples | | | 6.43 | | | | 6.43 | | | | 6.77 | |
| | Real Estate | | | 6.06 | | | | 6.14 | | | | 2.86 | |
| | Utilities | | | 5.79 | | | | 5.77 | | | | 3.13 | |
| | Materials | | | 5.66 | | | | 5.66 | | | | 2.54 | |
| | Energy | | | 5.55 | | | | 5.57 | | | | 4.67 | |
| | | Communication Services | | | 4.41 | | | | 4.41 | | | | 8.44 | |
| | 1Sector | | 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. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| | 2The | | 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. |
15
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 58.99 | |
| | | Net Asset Value (NAV)1 | | $ | 58.98 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | Trade Desk, Inc. (The), Class A | | | 0.3 | % | | Information Technology | | United States |
| | Plug Power, Inc. | | | 0.3 | | | Industrials | | United States |
| | Devon Energy Corp. | | | 0.3 | | | Energy | | United States |
| | Constellation Energy Corp. | | | 0.3 | | | Utilities | | United States |
| | ConocoPhillips | | | 0.3 | | | Energy | | United States |
| | Cardinal Health, Inc. | | | 0.3 | | | Health Care | | United States |
| | EQT Corp. | | | 0.3 | | | Energy | | United States |
| | EOG Resources, Inc. | | | 0.3 | | | Energy | | United States |
| | Pioneer Natural Resources Co. | | | 0.2 | | | Energy | | United States |
| | | APA Corp. | | | 0.2 | | | Energy | | 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.
16
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 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.
|
| 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year | | Since Inception |
Shares based on NAV (Commenced September 12, 2017) | | -14.48% | | 9.52% |
|
Shares based on Market Price (Commenced September 12, 2017) | | -14.46% | | 9.52% |
|
Solactive US Large Cap Equal Weight Index (GTR) | | -14.37% | | 9.69% |
|
S&P 500® Index (TR, unhedged, USD) | | -11.23% | | 11.66% |
|
| * | | 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 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. |
17
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -26.95% based on net asset value (“NAV”) and -26.87% based on market price. The Index returned -26.63%, and the S&P 500® Index (Unhedged) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period. |
| | | The Fund had an NAV of $103.18 on August 31, 2021 and ended the Reporting Period with an NAV of $75.37 per share. The Fund’s market price on August 31, 2022 was $75.47 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 normally 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 double-digit negative absolute return that underperformed the S&P 500® |
18
| | 1 | | Some weights are 0.00% at August 31, 2022 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. |
PORTFOLIO RESULTS
| | Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV. |
| Q | | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
| A | | Index constituents in the information technology, communication services and consumer discretionary sectors detracted most from the Index’s results relative to the S&P 500® Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the industrials, utilities and health care sectors, which contributed positively to the Index’s results relative to the S&P 500® Index during the Reporting Period. |
| Q | | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
| A | | Relative to the S&P 500® Index, positions in information technology software and services provider Sea, e-commerce retailer Shopify and financial services and digital payments conglomerate Block, each of which is not a component of the S&P 500® Index, detracted most (0.00%1, 1.97% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a robust 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, an overweight position in semiconductor company Xilinx as well as positions in cybersecurity technology company CrowdStrike Holdings and natural gas and electricity utilities company PG&E, which are not components of the S&P 500® Index, contributed most positively (0.00%1, 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings 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. |
| | 1 | | Some weights are 0.00% at August 31, 2022 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. |
| 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 | | | 33.60 | % | | | 33.60 | % | | | 27.32 | % |
| | Communication Services | | | 15.94 | | | | 15.94 | | | | 8.42 | |
| | Health Care | | | 12.44 | | | | 12.44 | | | | 14.07 | |
| | Financials | | | 12.06 | | | | 12.06 | | | | 10.86 | |
| | Consumer Discretionary | | | 11.47 | | | | 11.47 | | | | 11.43 | |
| | Energy | | | 6.78 | | | | 6.78 | | | | 4.67 | |
| | Industrials | | | 5.75 | | | | 5.75 | | | | 7.92 | |
| | Materials | | | 1.96 | | | | 1.96 | | | | 2.54 | |
| | Consumer Staples | | | — | | | | — | | | | 6.77 | |
| | Utilities | | | — | | | | — | | | | 3.13 | |
| | | Real Estate | | | — | | | | — | | | | 2.86 | |
| | 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®. |
19
FUND BASICS
Hedge Industry VIP ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 75.47 | |
| | | Net Asset Value (NAV)1 | | $ | 75.37 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | EQT Corp. | | | 2.3 | % | | Energy | | United States |
| | Palo Alto Networks, Inc. | | | 2.3 | | | Information Technology | | United States |
| | Chesapeake Energy Corp. | | | 2.3 | | | Energy | | United States |
| | Cheniere Energy, Inc. | | | 2.2 | | | Energy | | United States |
| | Alibaba Group Holding Ltd. ADR | | | 2.2 | | | Consumer Discretionary | | China |
| | Biohaven Pharmaceutical Holding Co. Ltd. | | | 2.2 | | | Health Care | | United States |
| | Zendesk, Inc. | | | 2.2 | | | Information Technology | | United States |
| | Elastic NV | | | 2.1 | | | Information Technology | | United States |
| | Elevance Health, Inc. | | | 2.1 | | | Health Care | | United States |
| | | T-Mobile US, Inc. | | | 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.
20
GOLDMAN SACH HEDGE INDUSTRY VIP ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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), 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.
|
| 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, 2022.
| | | | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | 5 Year Return | | Since Inception |
Shares based on NAV (Commenced November 1, 2016) | | -26.95% | | 8.72% | | 11.87% |
|
Shares based on Market Price (Commenced November 1, 2016) | | -26.87% | | 8.74% | | 11.89% |
|
Goldman Sachs Hedge Fund VIP Index™ | | -26.63% | | 9.24% | | 12.40% |
|
S&P 500® Index (Total Return, USD) | | -11.23% | | 11.82% | | 13.41% |
|
| * | | 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. |
21
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 Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -30.35% based on net asset value (“NAV”) and -30.55% based on market price. The Index returned -30.41% during the same period. |
| | | The Fund had an NAV of $63.23 per share on August 31, 2021 and ended the Reporting Period with an NAV of $43.67 per share. The Fund’s market price on August 31, 2022 was $43.62 per share. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
| | | 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 recorded negative absolute returns that closely tracked the Index, as measured by NAV. During the Reporting Period, all five of the Key Themes detracted from the Index’s performance. |
| Q | | Which individual stock positions contributed the least to the Index’s returns during the Reporting Period? |
| A | | Positions in Meta Platforms, a U.S. technology conglomerate; Alibaba Group, a Chinese multinational technology company; and Block, a U.S. mobile payments platform (2.11%, 1.24% and 0.55% of Fund net assets as of August 31, 2022, 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 | | 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 Vertex Pharmaceuticals, a U.S.-based biopharmaceutical company; Eli Lilly and Company, a U.S. pharmaceutical firm; and iRhythm Technologies, a U.S.-based firm that develops digital tools, including wearable biosensing technology, to diagnose cardiac arrhythmias (0.49%, 0.69% and 0.12% of Fund net assets as of August 31, 2022, respectively). Vertex Pharmaceuticals and Eli Lilly and Company each recorded a double-digit positive return within the Index during the Reporting Period, while iRhythm Technologies generated a strong triple-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 | | 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. |
22
PORTFOLIO RESULTS
| Q | | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Sector Name | | Fund2 | | | Index | |
| | | |
| | Information Technology | | | 31.98 | % | | | 31.92 | % |
| | Health Care | | | 20.74 | | | | 20.70 | |
| | Consumer Discretionary | | | 15.44 | | | | 15.41 | |
| | Communication Services | | | 12.94 | | | | 12.86 | |
| | Financials | | | 9.47 | | | | 9.51 | |
| | Industrials | | | 5.83 | | | | 5.82 | |
| | Utilities | | | 1.37 | | | | 1.50 | |
| | Energy | | | 0.95 | | | | 0.94 | |
| | Consumer Staples | | | 0.65 | | | | 0.65 | |
| | | Real Estate | | | 0.64 | | | | 0.64 | |
| Q | | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund2 | | | Index | |
| | | |
| | U.S. | | | 70.28 | % | | | 70.21 | % |
| | China | | | 6.52 | | | | 6.51 | |
| | Japan | | | 3.91 | | | | 3.90 | |
| | Germany | | | 2.83 | | | | 2.82 | |
| | United Kingdom | | | 2.29 | | | | 2.29 | |
| | Switzerland | | | 2.24 | | | | 2.23 | |
| | Canada | | | 2.17 | | | | 2.16 | |
| | France | | | 1.81 | | | | 1.80 | |
| | Netherlands | | | 1.13 | | | | 1.12 | |
| | South Korea | | | 0.95 | | | | 0.95 | |
| | Ireland | | | 0.88 | | | | 0.88 | |
| | Israel | | | 0.75 | | | | 0.75 | |
| | Taiwan | | | 0.61 | | | | 0.61 | |
| | Singapore | | | 0.59 | | | | 0.59 | |
| | Uruguay | | | 0.53 | | | | 0.52 | |
| | Denmark | | | 0.52 | | | | 0.51 | |
| | Hong Kong | | | 0.42 | | | | 0.42 | |
| | Brazil | | | 0.36 | | | | 0.36 | |
| | Australia | | | 0.28 | | | | 0.28 | |
| | Finland | | | 0.22 | | | | 0.22 | |
| | Sweden | | | 0.19 | | | | 0.19 | |
| | Belgium | | | 0.15 | | | | 0.15 | |
| | Czech Republic | | | 0.13 | | | | 0.13 | |
| | Cayman Islands | | | 0.07 | | | | 0.06 | |
| | Isle of Man | | | 0.05 | | | | 0.05 | |
| | Luxembourg | | | 0.05 | | | | 0.05 | |
| | Spain | | | 0.03 | | | | 0.03 | |
| | Austria | | | 0.03 | | | | 0.03 | |
| | United Arab Emirates | | | 0.03 | | | | 0.03 | |
| | Russia | | | 0.01 | | | | — | |
| | | India | | | — | | | | 0.14 | |
| | 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. 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 Index. |
23
FUND BASICS
Innovate Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 43.62 | |
| | | Net Asset Value (NAV)1 | | $ | 43.67 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | Meta Platforms, Inc., Class A | | | 2.1 | % | | Communication Services | | United States |
| | Apple, Inc. | | | 2.1 | | | Information Technology | | United States |
| | Microsoft Corp. | | | 2.0 | | | Information Technology | | United States |
| | Alphabet, Inc., Class A | | | 2.0 | | | Communication Services | | United States |
| | Amazon.com, Inc. | | | 1.9 | | | Consumer Discretionary | | United States |
| | NVIDIA Corp. | | | 1.7 | | | Information Technology | | United States |
| | Alibaba Group Holding Ltd. ADR | | | 1.2 | | | Consumer Discretionary | | China |
| | Tesla, Inc. | | | 1.1 | | | Consumer Discretionary | | United States |
| | Johnson & Johnson | | | 0.8 | | | Health Care | | United States |
| | | Intel Corp. | | | 0.8 | | | 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.
24
GOLDMAN SACHS INNOVATE EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced November 6, 2020) | | -30.35% | | -6.63% |
|
Shares based on Market Price (Commenced November 6, 2020) | | -30.55% | | -6.69% |
|
Solactive Innovative Global Equity Index (Net Total Return, USD) | | -30.41% | | -6.44% |
|
| * | | 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. |
25
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -12.53% based on net asset value (“NAV”) and -12.38% based on market price. The Index returned -12.37%, and the Russell 1000® Index (Total Return, Unhedged, USD) (“Russell 1000® Index”), a market-cap based index against which the performance of the Fund is measured, returned -12.96% during the same period. |
| | | The Fund had an NAV of $65.65 on August 31, 2021 and ended the Reporting Period with an NAV of $56.72 per share. The Fund’s market price on August 31, 2022 was $56.84 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 a double-digit negative absolute return but modestly outperformed the Russell 1000® Index. The Fund also modestly outperformed 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 communication services, health care and consumer staples sectors contributed most positively to the Index’s results relative to the Russell 1000® Index during the Reporting Period. Index constituents in the consumer discretionary, information technology and financials sectors detracted most from the Index’s results relative to the Russell 1000® Index during the Reporting Period. |
| Q | | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
| A | | Relative to the Russell 1000® Index, an underweight position in communication services giant Meta Platforms and overweight positions in integrated energy companies Exxon Mobil and Chevron contributed most positively (0.00%,1 1.49% and 1.15% of Fund net assets as of August 31, 2022, respectively). Meta Platforms generated a double-digit negative return within the Index during the Reporting Period, while Exxon Mobil and Chevron each posted a 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 Russell 1000® Index, positions in e-commerce retailing behemoth Amazon.com, payment |
| | 1Some | | weights are 0.00% at August 31, 2022 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. |
26
PORTFOLIO RESULTS
| | transactions services provider PayPal Holdings and semiconductor company Broadcom detracted most (4.41%, 0.40% and 0.63% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated 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 | | 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?2 |
| | | | | | | | | | | | | | |
| | | | |
| | | Sector Name | | Fund3 | | | JUST
US Large Cap
Diversified
Index | | | Russell
1000®
Index | |
| | | | |
| | Information Technology | | | 28.63 | % | | | 28.63 | % | | | 26.74 | % |
| | Health Care | | | 14.25 | | | | 14.25 | | | | 13.73 | |
| | Financials | | | 10.79 | | | | 10.79 | | | | 11.26 | |
| | Consumer Discretionary | | | 10.57 | | | | 10.58 | | | | 11.44 | |
| | Industrials | | | 8.17 | | | | 8.17 | | | | 8.67 | |
| | Communication Services | | | 7.38 | | | | 7.38 | | | | 8.00 | |
| | Consumer Staples | | | 6.51 | | | | 6.51 | | | | 6.37 | |
| | Energy | | | 4.91 | | | | 4.91 | | | | 4.69 | |
| | Real Estate | | | 3.35 | | | | 3.35 | | | | 3.32 | |
| | Utilities | | | 2.97 | | | | 2.97 | | | | 3.03 | |
| | | Materials | | | 2.46 | | | | 2.47 | | | | 2.76 | |
| | 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 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 2.1% of the Fund’s net assets as of August 31, 2022. 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 JUST US Large Cap Diversified Index. |
27
FUND BASICS
JUST U.S. Large Cap Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 56.84 | |
| | | Net Asset Value (NAV)1 | | $ | 56.72 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Line of Business |
| | | |
| | Apple, Inc. | | | 7.6 | % | | Information Technology |
| | | |
| | Microsoft Corp. | | | 6.2 | | | Information Technology |
| | | |
| | Amazon.com, Inc. | | | 4.4 | | | Consumer Discretionary |
| | | |
| | Alphabet, Inc., Class A | | | 2.1 | | | Communication Services |
| | | |
| | Alphabet, Inc., Class C | | | 1.9 | | | Communication Services |
| | | |
| | UnitedHealth Group, Inc. | | | 1.5 | | | Health Care |
| | | |
| | Exxon Mobil Corp. | | | 1.5 | | | Energy |
| | | |
| | Procter & Gamble Co. (The) | | | 1.4 | | | Consumer Staples |
| | | |
| | Johnson & Johnson | | | 1.3 | | | Health Care |
| | | JPMorgan Chase & Co. | | | 1.3 | | | 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.
28
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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), 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.
|
| 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, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | 1 Year Return | | Since Inception |
Shares based on NAV (Commenced June 7, 2018) | | -12.53% | | 10.25% |
|
Shares based on Market Price (Commenced June 7, 2018) | | -12.38% | | 10.30% |
|
JUST US Large Cap Diversified Index | | -12.37% | | 10.50% |
|
Russell 1000® Index | | -12.96% | | 10.37% |
|
| * | | 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 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. |
29
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.
Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S
incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.
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. It
is not possible to invest directly in an unmanaged index.
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.
Bloomberg Goldman Sachs Global Clean Energy Index is service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (the “ETF”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the ETF.
Solactive US Large Cap Equal Weight 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.
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-Iisted 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.
Solactive Innovative Global Equity 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.
JUST US Large Cap Diversified Index “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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.
30
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.7% | |
| Belgium – 1.0% | |
| | 126 | | | Elia Group SA/NV (Utilities) | | $ | 18,359 | |
| | 1,887 | | | Umicore SA (Materials) | | | 60,245 | |
| | | | | | | | |
| | | | | | | 78,604 | |
| | |
| Brazil – 0.4% | |
| | 2,834 | | | Alupar Investimento SA (Utilities) | | | 15,562 | |
| | 1,732 | | | Centrais Eletricas Brasileiras SA (Utilities) | | | 15,415 | |
| | 614 | | | Cosan SA (Energy) | | | 2,368 | |
| | 187 | | | Energisa SA (Utilities) | | | 1,526 | |
| | | | | | | | |
| | | | | | | 34,871 | |
| | |
| Canada – 4.5% | |
| | 2,861 | | | Algonquin Power & Utilities Corp. (Utilities) | | | 39,411 | |
| | 440 | | | Atco Ltd., Class I (Utilities) | | | 15,623 | |
| | 2,289 | | | Ballard Power Systems, Inc. (Industrials)* | | | 17,916 | |
| | 962 | | | Boralex, Inc., Class A (Utilities) | | | 36,361 | |
| | 60 | | | Capital Power Corp. (Utilities) | | | 2,334 | |
| | 2,020 | | | Fortis, Inc. (Utilities) | | | 89,370 | |
| | 1,352 | | | Hydro One Ltd. (Utilities)(a) | | | 36,711 | |
| | 1,450 | | | Innergex Renewable Energy, Inc. (Utilities) | | | 21,978 | |
| | 2,144 | | | Northland Power, Inc. (Utilities) | | | 73,606 | |
| | 90 | | | SNC-Lavalin Group, Inc. (Industrials) | | | 1,746 | |
| | 1,029 | | | TransAlta Renewables, Inc. (Utilities) | | | 13,656 | |
| | 60 | | | WSP Global, Inc. (Industrials) | | | 7,171 | |
| | | | | | | | |
| | | | | | | 355,883 | |
| | |
| China – 21.8% | |
| | 1,300 | | | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | | | 14,828 | |
| | 6,500 | | | Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology) | | | 8,005 | |
| | 2,200 | | | BYD Co. Ltd., Class A (Consumer Discretionary) | | | 91,906 | |
| | 8,100 | | | CECEP Solar Energy Co. Ltd., Class A (Utilities)* | | | 9,494 | |
| | 13,600 | | | CECEP Wind-Power Corp., Class A (Utilities) | | | 9,845 | |
| | 7,000 | | | China Baoan Group Co. Ltd., Class A (Industrials) | | | 14,988 | |
| | 21,384 | | | China Datang Corp Renewable Power Co. Ltd., Class H (Utilities) | | | 5,367 | |
| | 30,056 | | | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | | | 48,709 | |
| | 51,000 | | | China National Nuclear Power Co. Ltd., Class A (Utilities) | | | 47,127 | |
| | 7,640 | | | China Suntien Green Energy Corp. Ltd., Class H (Energy) | | | 3,436 | |
| | 76,000 | | | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | | | 67,251 | |
| | 5,900 | | | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | | | 413,386 | |
| | 353 | | | Daqo New Energy Corp. ADR (Information Technology)* | | | 23,534 | |
| | 5,000 | | | Eve Energy Co. Ltd., Class A (Industrials) | | | 68,898 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 15,800 | | | GCL System Integration Technology Co. Ltd., Class A (Information Technology)* | | | 8,412 | |
| | 12,700 | | | GEM Co. Ltd., Class A (Materials) | | | 15,383 | |
| | 950 | | | Ginlong Technologies Co. Ltd., Class A (Industrials) | | | 31,662 | |
| | 4,400 | | | Gotion High-tech Co. Ltd., Class A (Industrials) | | | 21,931 | |
| | 5,100 | | | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | | | 35,179 | |
| | 3,580 | | | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | | | 33,694 | |
| | 2,000 | | | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | | | 6,177 | |
| | 4,660 | | | JA Solar Technology Co. Ltd., Class A (Information Technology) | | | 44,325 | |
| | 3,400 | | | Jilin Electric Power Co. Ltd., Class A (Utilities)* | | | 3,235 | |
| | 231 | | | JinkoSolar Holding Co. Ltd. ADR (Information Technology)* | | | 14,061 | |
| | 20,160 | | | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | | | 149,733 | |
| | 920 | | | Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials) | | | 9,750 | |
| | 5,600 | | | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | | | 21,795 | |
| | 1,200 | | | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | | | 18,033 | |
| | 132 | | | NXP Semiconductors NV (Information Technology) | | | 21,725 | |
| | 2,400 | | | Risen Energy Co. Ltd., Class A (Information Technology)* | | | 10,152 | |
| | 200 | | | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | | | 1,839 | |
| | 900 | | | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | | | 5,490 | |
| | 400 | | | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | | | 18,597 | |
| | 400 | | | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | | | 7,717 | |
| | 3,096 | | | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | | | 10,375 | |
| | 3,900 | | | Sungrow Power Supply Co. Ltd., Class A (Industrials) | | | 63,024 | |
| | 480 | | | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | | | 32,587 | |
| | 4,600 | | | TBEA Co. Ltd., Class A (Industrials) | | | 16,535 | |
| | 8,600 | | | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | | | 60,019 | |
| | 4,900 | | | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | | | 9,845 | |
| | 12,000 | | | Tongwei Co. Ltd., Class A (Consumer Staples) | | | 92,051 | |
| | 480 | | | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | | | 13,982 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 1,020 | | | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | | $ | 19,956 | |
| | 1,700 | | | Xiamen Tungsten Co. Ltd., Class A (Materials) | | | 6,237 | |
| | 9,300 | | | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | | | 17,309 | |
| | 1,458 | | | Xinte Energy Co. Ltd., Class H (Industrials) | | | 3,827 | |
| | 842 | | | Xinyi Glass Holdings Ltd. (Industrials) | | | 1,562 | |
| | 17,902 | | | Xinyi Solar Holdings Ltd. (Information Technology) | | | 24,724 | |
| | 2,600 | | | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | | | 11,930 | |
| | 3,400 | | | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | | | 37,484 | |
| | | | | | | | |
| | | | | | | 1,727,111 | |
| | |
| Czech Republic – 0.4% | |
| | 685 | | | CEZ AS (Utilities) | | | 27,740 | |
| | |
| Denmark – 5.1% | |
| | 1,691 | | | Orsted AS (Utilities)(a) | | | 166,190 | |
| | 9,507 | | | Vestas Wind Systems A/S (Industrials) | | | 239,619 | |
| | | | | | | | |
| | | | | | | 405,809 | |
| | |
| Finland – 1.3% | |
| | 218 | | | Fortum OYJ (Utilities) | | | 2,246 | |
| | 2,026 | | | Neste OYJ (Energy) | | | 100,334 | |
| | | | | | | | |
| | | | | | | 102,580 | |
| | |
| France – 2.4% | |
| | 11,044 | | | Electricite de France SA (Utilities) | | | 132,542 | |
| | 899 | | | Engie SA (Utilities) | | | 10,729 | |
| | 526 | | | Neoen SA (Utilities)(a) | | | 21,791 | |
| | 285 | | | Vinci SA (Industrials) | | | 26,437 | |
| | | | | | | | |
| | | | | | | 191,499 | |
| | |
| Germany – 2.6% | |
| | 462 | | | BASF SE (Materials) | | | 19,544 | |
| | 1,023 | | | Encavis AG (Utilities) | | | 21,962 | |
| | 9,121 | | | E.ON SE (Utilities) | | | 78,050 | |
| | 616 | | | Infineon Technologies AG (Information Technology) | | | 15,052 | |
| | 1,048 | | | Nordex SE (Industrials)* | | | 10,123 | |
| | 321 | | | RWE AG (Utilities) | | | 12,292 | |
| | 1,864 | | | Siemens Energy AG (Industrials) | | | 27,506 | |
| | 192 | | | VERBIO Vereinigte BioEnergie AG (Energy) | | | 12,347 | |
| | 66 | | | Wacker Chemie AG (Materials) | | | 9,427 | |
| | | | | | | | |
| | | | | | | 206,303 | |
| | |
| India – 1.7% | |
| | 4,247 | | | Adani Green Energy Ltd. (Utilities)* | | | 130,214 | |
| | 55,006 | | | Suzlon Energy Ltd. (Industrials)* | | | 5,676 | |
| | | | | | | | |
| | | | | | | 135,890 | |
| | |
| Israel – 0.3% | |
| | 9,093 | | | Enlight Renewable Energy Ltd. (Utilities)* | | | 22,311 | |
| | |
|
| Common Stocks – (continued) | |
| Italy – 2.7% | |
| | 29,461 | | | Enel SpA (Utilities) | | | 139,102 | |
| | 1,274 | | | Eni SpA (Energy) | | | 15,127 | |
| | 533 | | | ERG SpA (Utilities) | | | 16,958 | |
| | 437 | | | Hera SpA (Utilities) | | | 1,098 | |
| | 6,033 | | | Terna – Rete Elettrica Nazionale (Utilities) | | | 43,072 | |
| | | | | | | | |
| | | | | | | 215,357 | |
| | |
| Japan – 1.9% | |
| | 220 | | | Denso Corp. (Consumer Discretionary) | | | 12,142 | |
| | 485 | | | Hitachi Ltd. (Industrials) | | | 24,477 | |
| | 166 | | | Kyocera Corp. (Information Technology) | | | 9,314 | |
| | 857 | | | Marubeni Corp. (Industrials) | | | 8,976 | |
| | 257 | | | Nidec Corp. (Industrials) | | | 17,286 | |
| | 1,122 | | | Panasonic Holdings Corp. (Consumer Discretionary) | | | 9,170 | |
| | 582 | | | Renesas Electronics Corp. (Information Technology)* | | | 5,559 | |
| | 351 | | | RENOVA, Inc. (Utilities)* | | | 7,710 | |
| | 44 | | | Rohm Co. Ltd. (Information Technology) | | | 3,339 | |
| | 3,289 | | | SUMCO Corp. (Information Technology) | | | 45,316 | |
| | 207 | | | West Holdings Corp. (Utilities) | | | 6,623 | |
| | | | | | | | |
| | | | | | | 149,912 | |
| | |
| New Zealand – 0.2% | |
| | 3,406 | | | Contact Energy Ltd. (Utilities) | | | 16,455 | |
| | 595 | | | Meridian Energy Ltd. (Utilities) | | | 1,826 | |
| | | | | | | | |
| | | | | | | 18,281 | |
| | |
| Norway – 0.2% | |
| | 9,162 | | | NEL ASA (Industrials)* | | | 13,576 | |
| | |
| Portugal – 0.1% | |
| | 1,425 | | | EDP – Energias de Portugal SA (Utilities) | | | 6,824 | |
| | |
| Singapore – 0.2% | |
| | 335 | | | STMicroelectronics NV (Information Technology) | | | 11,704 | |
| | |
| South Africa – 0.2% | |
| | 1,098 | | | Scatec ASA (Utilities)(a) | | | 11,208 | |
| | |
| South Korea – 4.7% | |
| | 188 | | | CS Wind Corp. (Industrials) | | | 9,656 | |
| | 172 | | | Ecopro Co. Ltd. (Materials) | | | 14,775 | |
| | 437 | | | Hanwha Solutions Corp. (Materials)* | | | 17,185 | |
| | 217 | | | L&F Co. Ltd. (Information Technology)* | | | 37,396 | |
| | 179 | | | LG Chem Ltd. (Materials) | | | 84,579 | |
| | 164 | | | OCI Co. Ltd. (Materials) | | | 14,407 | |
| | 440 | | | Samsung SDI Co. Ltd. (Information Technology) | | | 196,718 | |
| | | | | | | | |
| | | | | | | 374,716 | |
| | |
| Spain – 3.1% | |
| | 101 | | | Acciona SA (Utilities) | | | 19,814 | |
| | 16,527 | | | Iberdrola SA (Utilities) | | | 172,586 | |
| | 2,123 | | | Siemens Gamesa Renewable Energy SA (Industrials)* | | | 38,266 | |
| | |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Spain – (continued) | |
| | 725 | | | Solaria Energia y Medio Ambiente SA (Utilities)* | | $ | 15,441 | |
| | | | | | | | |
| | | | | | | 246,107 | |
| | |
| Sweden – 0.1% | |
| | 397 | | | PowerCell Sweden AB (Industrials)* | | | 6,515 | |
| | |
| Switzerland – 0.6% | |
| | 847 | | | ABB Ltd. (Industrials) | | | 23,406 | |
| | 86 | | | BKW AG (Utilities) | | | 10,451 | |
| | 25,650 | | | Meyer Burger Technology AG (Information Technology)*(b) | | | 12,889 | |
| | | | | | | | |
| | | | | | | 46,746 | |
| | |
| Taiwan – 0.6% | |
| | 952 | | | Delta Electronics, Inc. (Information Technology) | | | 8,226 | |
| | 4,777 | | | Sino-American Silicon Products, Inc. (Information Technology) | | | 26,288 | |
| | 13,080 | | | United Renewable Energy Co. Ltd. (Information Technology)* | | | 9,905 | |
| | | | | | | | |
| | | | | | | 44,419 | |
| | |
| Thailand – 0.4% | |
| | 14,813 | | | Energy Absolute PCL NVDR (Utilities) | | | 34,633 | |
| | |
| United Kingdom – 3.6% | |
| | 1,258 | | | Ceres Power Holdings PLC (Industrials)* | | | 9,503 | |
| | 3,781 | | | Drax Group PLC (Utilities) | | | 27,981 | |
| | 4,682 | | | ITM Power PLC (Industrials)*(b) | | | 10,765 | |
| | 11,894 | | | National Grid PLC (Utilities) | | | 149,194 | |
| | 4,567 | | | SSE PLC (Utilities) | | | 87,817 | |
| | | | | | | | |
| | | | | | | 285,260 | |
| | |
| United States – 39.6% | |
| | 2,798 | | | AES Corp. (The) (Utilities) | | | 71,209 | |
| | 29 | | | ALLETE, Inc. (Utilities) | | | 1,716 | |
| | 129 | | | Alliant Energy Corp. (Utilities) | | | 7,874 | |
| | 292 | | | Ameresco, Inc., Class A (Industrials)* | | | 20,104 | |
| | 254 | | | American Electric Power Co., Inc. (Utilities) | | | 25,451 | |
| | 282 | | | Archer-Daniels-Midland Co. (Consumer Staples) | | | 24,785 | |
| | 1,350 | | | Array Technologies, Inc. (Industrials)* | | | 28,215 | |
| | 307 | | | Avangrid, Inc. (Utilities) | | | 15,166 | |
| | 1,496 | | | Bloom Energy Corp., Class A (Industrials)* | | | 38,013 | |
| | 1,206 | | | Brookfield Renewable Corp., Class A (Utilities) | | | 46,477 | |
| | 77 | | | Bunge Ltd. (Consumer Staples) | | | 7,636 | |
| | 355 | | | Clearway Energy, Inc., Class C (Utilities) | | | 13,171 | |
| | 178 | | | Consolidated Edison, Inc. (Utilities) | | | 17,398 | |
| | 407 | | | Dominion Energy, Inc. (Utilities) | | | 33,293 | |
| | 88 | | | DTE Energy Co. (Utilities) | | | 11,470 | |
| | 387 | | | Duke Energy Corp. (Utilities) | | | 41,374 | |
| | 3,603 | | | Edison International (Utilities) | | | 244,175 | |
| | 26 | | | EMCOR Group, Inc. (Industrials) | | | 3,092 | |
| | 297 | | | Emerson Electric Co. (Industrials) | | | 24,277 | |
| | |
|
| Common Stocks – (continued) | |
| United States – (continued) | |
| | 1,249 | | | Enphase Energy, Inc. (Information Technology)* | | | 357,764 | |
| | 299 | | | Enviva, Inc. (Energy) | | | 20,786 | |
| | 487 | | | Exelon Corp. (Utilities) | | | 21,384 | |
| | 888 | | | First Solar, Inc. (Information Technology)* | | | 113,264 | |
| | 3,418 | | | FuelCell Energy, Inc. (Industrials)* | | | 14,321 | |
| | 268 | | | Generac Holdings, Inc. (Industrials)* | | | 59,070 | |
| | 2,445 | | | General Electric Co. (Industrials) | | | 179,561 | |
| | 1,885 | | | Gevo, Inc. (Energy)* | | | 5,900 | |
| | 497 | | | Green Plains, Inc. (Energy)* | | | 18,205 | |
| | 807 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | | | 31,893 | |
| | 422 | | | Itron, Inc. (Information Technology)* | | | 20,079 | |
| | 30 | | | MasTec, Inc. (Industrials)* | | | 2,415 | |
| | 5,180 | | | NextEra Energy, Inc. (Utilities) | | | 440,611 | |
| | 222 | | | ON Semiconductor Corp. (Information Technology)* | | | 15,267 | |
| | 426 | | | Ormat Technologies, Inc. (Utilities) | | | 39,822 | |
| | 5,418 | | | Plug Power, Inc. (Industrials)* | | | 151,921 | |
| | 252 | | | Public Service Enterprise Group, Inc. (Utilities) | | | 16,219 | |
| | 73 | | | Quanta Services, Inc. (Industrials) | | | 10,315 | |
| | 1,944 | | | QuantumScape Corp. (Consumer Discretionary)*(b) | | | 21,442 | |
| | 3,289 | | | REC Silicon ASA (Information Technology)* | | | 6,830 | |
| | 1,386 | | | Schneider Electric SE (Industrials) | | | 165,543 | |
| | 1,130 | | | Sempra Energy (Utilities) | | | 186,416 | |
| | 506 | | | SolarEdge Technologies, Inc. (Information Technology)* | | | 139,641 | |
| | 922 | | | Sunnova Energy International, Inc. (Utilities)* | | | 23,253 | |
| | 779 | | | SunPower Corp. (Industrials)* | | | 18,696 | |
| | 1,920 | | | Sunrun, Inc. (Industrials)* | | | 63,418 | |
| | 312 | | | Tesla, Inc. (Consumer Discretionary)* | | | 85,990 | |
| | 432 | | | Texas Instruments, Inc. (Information Technology) | | | 71,371 | |
| | 34 | | | Timken Co. (The) (Industrials) | | | 2,142 | |
| | 11 | | | Valmont Industries, Inc. (Industrials) | | | 3,045 | |
| | 1,169 | | | Wolfspeed, Inc. (Information Technology)* | | | 132,646 | |
| | 279 | | | Xcel Energy, Inc. (Utilities) | | | 20,716 | |
| | | | | | | | |
| | | | | | | 3,134,842 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $7,903,651) | | $ | 7,888,701 | |
| | |
| | | | | | | | | | |
| Shares | | Description | | Rate | | | Value | |
|
| Preferred Stock – 0.1% | |
| Brazil – 0.1% | |
| 1,040 | | Centrais Eletricas Brasileiras SA,
Class B (Utilities) | | | | | | | | |
| (Cost $8,759) | | | 3.33 | % | | $ | 9,615 | |
| |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |
| (Cost $7,912,410) | | | | | | $ | 7,898,316 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.6%(c) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 45,842 | | | 2.154 | % | | $ | 45,842 | |
| (Cost $45,842) | |
| |
| TOTAL INVESTMENTS – 100.4% | |
| (Cost $7,958,252) | | | $ | 7,944,158 | |
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% | | | | (29,162 | ) |
| |
| NET ASSETS – 100.0% | | | $ | 7,914,996 | |
| |
| | |
|
| 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 |
NVDR | | —Non-Voting Depository Receipt |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | | | |
| Sector | | % of Market
Value | |
Utilities | | | 40.9 | % |
Industrials | | | 26.1 | |
Information Technology | | | 21.4 | |
Materials | | | 3.9 | |
Consumer Discretionary | | | 2.8 | |
Energy | | | 2.3 | |
Consumer Staples | | | 1.6 | |
Financials | | | 0.4 | |
Securities Lending Reinvestment Vehicle | | | 0.6 | |
|
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.7% | |
| Communication Services – 4.4% | |
| | 16,120 | | | Activision Blizzard, Inc. | | $ | 1,265,259 | |
| | 10,968 | | | Alphabet, Inc., Class A* | | | 1,186,957 | |
| | 70,469 | | | AT&T, Inc. | | | 1,236,026 | |
| | 2,836 | | | Charter Communications, Inc., Class A* | | | 1,170,219 | |
| | 33,893 | | | Comcast Corp., Class A | | | 1,226,588 | |
| | 9,610 | | | Electronic Arts, Inc. | | | 1,219,221 | |
| | 11,535 | | | Liberty Broadband Corp., Class C* | | | 1,173,109 | |
| | 13,382 | | | Live Nation Entertainment, Inc.* | | | 1,209,198 | |
| | 20,512 | | | Match Group, Inc.* | | | 1,159,543 | |
| | 7,683 | | | Meta Platforms, Inc., Class A* | | | 1,251,791 | |
| | 5,734 | | | Netflix, Inc.* | | | 1,281,893 | |
| | 18,443 | | | Omnicom Group, Inc. | | | 1,233,837 | |
| | 52,014 | | | Paramount Global, Class B | | | 1,216,607 | |
| | 16,449 | | | Roku, Inc.* | | | 1,118,532 | |
| | 124,808 | | | Snap, Inc., Class A* | | | 1,357,911 | |
| | 10,011 | | | Take-Two Interactive Software, Inc.* | | | 1,226,948 | |
| | 8,999 | | | T-Mobile US, Inc.* | | | 1,295,496 | |
| | 31,310 | | | Twitter, Inc.* | | | 1,213,263 | |
| | 28,462 | | | Verizon Communications, Inc. | | | 1,189,996 | |
| | 11,938 | | | Walt Disney Co. (The)* | | | 1,338,011 | |
| | 78,787 | | | Warner Bros Discovery, Inc.* | | | 1,043,140 | |
| | 29,744 | | | ZoomInfo Technologies, Inc.* | | | 1,350,972 | |
| | | | | | | | |
| | | | | | | 26,964,517 | |
| | |
| Consumer Discretionary – 9.7% | |
| | 6,680 | | | Advance Auto Parts, Inc. | | | 1,126,515 | |
| | 11,447 | | | Airbnb, Inc., Class A* | | | 1,294,885 | |
| | 9,296 | | | Amazon.com, Inc.* | | | 1,178,454 | |
| | 604 | | | AutoZone, Inc.* | | | 1,280,003 | |
| | 33,477 | | | Bath & Body Works, Inc. | | | 1,249,696 | |
| | 17,036 | | | Best Buy Co., Inc. | | | 1,204,275 | |
| | 661 | | | Booking Holdings, Inc.* | | | 1,239,910 | |
| | 8,520 | | | Burlington Stores, Inc.* | | | 1,194,419 | |
| | 26,210 | | | Caesars Entertainment, Inc.* | | | 1,130,175 | |
| | 12,943 | | | CarMax, Inc.* | | | 1,144,679 | |
| | 133,977 | | | Carnival Corp.* | | | 1,267,422 | |
| | 820 | | | Chipotle Mexican Grill, Inc.* | | | 1,309,376 | |
| | 10,262 | | | Darden Restaurants, Inc. | | | 1,269,512 | |
| | 5,163 | | | Dollar General Corp. | | | 1,225,799 | |
| | 7,871 | | | Dollar Tree, Inc.* | | | 1,067,937 | |
| | 3,309 | | | Domino’s Pizza, Inc. | | | 1,230,485 | |
| | 16,406 | | | DoorDash, Inc., Class A* | | | 982,719 | |
| | 17,457 | | | D.R. Horton, Inc. | | | 1,242,066 | |
| | 25,684 | | | eBay, Inc. | | | 1,133,435 | |
| | 11,960 | | | Etsy, Inc.* | | | 1,263,096 | |
| | 12,502 | | | Expedia Group, Inc.* | | | 1,283,330 | |
| | 82,924 | | | Ford Motor Co. | | | 1,263,762 | |
| | 13,278 | | | Garmin Ltd. | | | 1,174,970 | |
| | 34,758 | | | General Motors Co. | | | 1,328,103 | |
| | 8,553 | | | Genuine Parts Co. | | | 1,334,354 | |
| | 9,861 | | | Hilton Worldwide Holdings, Inc. | | | 1,255,897 | |
| | 4,261 | | | Home Depot, Inc. (The) | | | 1,228,958 | |
| | 33,114 | | | Las Vegas Sands Corp.* | | | 1,246,080 | |
| | 15,821 | | | Lennar Corp., Class A | | | 1,225,336 | |
| | 6,682 | | | Lowe’s Cos., Inc. | | | 1,297,243 | |
| | 8,105 | | | Marriott International, Inc., Class A | | | 1,246,063 | |
| | 4,936 | | | McDonald’s Corp. | | | 1,245,254 | |
| | |
|
| Common Stocks – (continued) | |
| Consumer Discretionary – (continued) | |
| | 37,737 | | | MGM Resorts International | | | 1,231,736 | |
| | 11,355 | | | NIKE, Inc., Class B | | | 1,208,740 | |
| | 305 | | | NVR, Inc.* | | | 1,262,718 | |
| | 1,827 | | | O’Reilly Automotive, Inc.* | | | 1,273,638 | |
| | 3,564 | | | Pool Corp. | | | 1,208,873 | |
| | 15,614 | | | Ross Stores, Inc. | | | 1,347,020 | |
| | 33,248 | | | Royal Caribbean Cruises Ltd.* | | | 1,358,181 | |
| | 14,963 | | | Starbucks Corp. | | | 1,257,939 | |
| | 87,998 | | | Stellantis NV | | | 1,179,173 | |
| | 7,740 | | | Target Corp. | | | 1,241,032 | |
| | 4,221 | | | Tesla, Inc.* | | | 1,163,350 | |
| | 20,682 | | | TJX Cos., Inc. (The) | | | 1,289,523 | |
| | 6,813 | | | Tractor Supply Co. | | | 1,261,427 | |
| | 3,496 | | | Ulta Beauty, Inc.* | | | 1,467,865 | |
| | 29,095 | | | VF Corp. | | | 1,205,988 | |
| | 10,817 | | | Yum! Brands, Inc. | | | 1,203,283 | |
| | | | | | | | |
| | | | | | | 59,324,694 | |
| | |
| Consumer Staples – 6.4% | |
| | 29,225 | | | Altria Group, Inc. | | | 1,318,632 | |
| | 15,859 | | | Archer-Daniels-Midland Co. | | | 1,393,848 | |
| | 17,242 | | | Brown-Forman Corp., Class B | | | 1,253,493 | |
| | 13,928 | | | Bunge Ltd. | | | 1,381,240 | |
| | 14,761 | | | Church & Dwight Co., Inc. | | | 1,235,643 | |
| | 8,996 | | | Clorox Co. (The) | | | 1,298,483 | |
| | 20,296 | | | Coca-Cola Co. (The) | | | 1,252,466 | |
| | 15,996 | | | Colgate-Palmolive Co. | | | 1,251,047 | |
| | 37,800 | | | Conagra Brands, Inc. | | | 1,299,564 | |
| | 5,247 | | | Constellation Brands, Inc., Class A | | | 1,291,024 | |
| | 2,374 | | | Costco Wholesale Corp. | | | 1,239,465 | |
| | 4,851 | | | Estee Lauder Cos., Inc. (The), Class A | | | 1,233,997 | |
| | 17,132 | | | General Mills, Inc. | | | 1,315,738 | |
| | 5,711 | | | Hershey Co. (The) | | | 1,283,090 | |
| | 26,299 | | | Hormel Foods Corp. | | | 1,322,314 | |
| | 9,673 | | | J M Smucker Co. (The) | | | 1,354,123 | |
| | 17,527 | | | Kellogg Co. | | | 1,274,914 | |
| | 33,384 | | | Keurig Dr Pepper, Inc. | | | 1,272,598 | |
| | 9,615 | | | Kimberly-Clark Corp. | | | 1,226,105 | |
| | 34,777 | | | Kraft Heinz Co. (The) | | | 1,300,660 | |
| | 27,564 | | | Kroger Co. (The) | | | 1,321,418 | |
| | 14,669 | | | McCormick & Co., Inc. | | | 1,233,223 | |
| | 19,900 | | | Mondelez International, Inc., Class A | | | 1,231,014 | |
| | 13,388 | | | Monster Beverage Corp.* | | | 1,189,256 | |
| | 7,355 | | | PepsiCo, Inc. | | | 1,267,046 | |
| | 13,008 | | | Philip Morris International, Inc. | | | 1,242,134 | |
| | 8,969 | | | Procter & Gamble Co. (The) | | | 1,237,184 | |
| | 15,004 | | | Sysco Corp. | | | 1,233,629 | |
| | 14,888 | | | Tyson Foods, Inc., Class A | | | 1,122,258 | |
| | 33,174 | | | Walgreens Boots Alliance, Inc. | | | 1,163,080 | |
| | 9,832 | | | Walmart, Inc. | | | 1,303,232 | |
| | | | | | | | |
| | | | | | | 39,341,918 | |
| | |
| Energy – 5.5% | |
| | 37,840 | | | APA Corp. | | | 1,479,922 | |
| | 50,811 | | | Baker Hughes Co. | | | 1,283,486 | |
| | 8,861 | | | Cheniere Energy, Inc. | | | 1,419,355 | |
| | 8,333 | | | Chevron Corp. | | | 1,317,114 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Energy – (continued) | |
| | 14,184 | | | ConocoPhillips | | $ | 1,552,439 | |
| | 46,105 | | | Coterra Energy, Inc. | | | 1,425,106 | |
| | 22,521 | | | Devon Energy Corp. | | | 1,590,433 | |
| | 10,584 | | | Diamondback Energy, Inc. | | | 1,410,635 | |
| | 12,478 | | | EOG Resources, Inc. | | | 1,513,581 | |
| | 31,696 | | | EQT Corp. | | | 1,515,069 | |
| | 14,100 | | | Exxon Mobil Corp. | | | 1,347,819 | |
| | 45,371 | | | Halliburton Co. | | | 1,367,028 | |
| | 12,201 | | | Hess Corp. | | | 1,473,637 | |
| | 72,850 | | | Kinder Morgan, Inc. | | | 1,334,612 | |
| | 56,436 | | | Marathon Oil Corp. | | | 1,444,197 | |
| | 13,875 | | | Marathon Petroleum Corp. | | | 1,397,906 | |
| | 20,761 | | | Occidental Petroleum Corp. | | | 1,474,031 | |
| | 22,029 | | | ONEOK, Inc. | | | 1,348,836 | |
| | 15,054 | | | Phillips 66 | | | 1,346,731 | |
| | 5,848 | | | Pioneer Natural Resources Co. | | | 1,480,831 | |
| | 35,876 | | | Schlumberger NV | | | 1,368,669 | |
| | 19,244 | | | Targa Resources Corp. | | | 1,313,018 | |
| | 11,778 | | | Valero Energy Corp. | | | 1,379,439 | |
| | 39,619 | | | Williams Cos., Inc. (The) | | | 1,348,235 | |
| | | | | | | | |
| | | | | | | 33,932,129 | |
| | |
| Financials – 13.0% | |
| | 22,127 | | | Aflac, Inc. | | | 1,314,786 | |
| | 11,282 | | | Allstate Corp. (The) | | | 1,359,481 | |
| | 39,471 | | | Ally Financial, Inc. | | | 1,310,437 | |
| | 8,353 | | | American Express Co. | | | 1,269,656 | |
| | 25,265 | | | American International Group, Inc. | | | 1,307,464 | |
| | 4,831 | | | Ameriprise Financial, Inc. | | | 1,294,756 | |
| | 4,553 | | | Aon PLC, Class A | | | 1,271,471 | |
| | 22,621 | | | Apollo Global Management, Inc. | | | 1,257,275 | |
| | 29,785 | | | Arch Capital Group Ltd.* | | | 1,361,770 | |
| | 7,332 | | | Arthur J Gallagher & Co. | | | 1,331,271 | |
| | 38,808 | | | Bank of America Corp. | | | 1,304,337 | |
| | 29,950 | | | Bank of New York Mellon Corp. (The) | | | 1,243,823 | |
| | 4,407 | | | Berkshire Hathaway, Inc., Class B* | | | 1,237,486 | |
| | 1,903 | | | BlackRock, Inc. | | | 1,268,140 | |
| | 12,787 | | | Blackstone, Inc. | | | 1,201,211 | |
| | 20,247 | | | Brown & Brown, Inc. | | | 1,276,371 | |
| | 11,944 | | | Capital One Financial Corp. | | | 1,263,914 | |
| | 18,762 | | | Charles Schwab Corp. (The) | | | 1,331,164 | |
| | 7,000 | | | Chubb Ltd. | | | 1,323,350 | |
| | 13,374 | | | Cincinnati Financial Corp. | | | 1,296,743 | |
| | 25,277 | | | Citigroup, Inc. | | | 1,233,770 | |
| | 34,878 | | | Citizens Financial Group, Inc. | | | 1,279,325 | |
| | 6,554 | | | CME Group, Inc. | | | 1,282,028 | |
| | 16,544 | | | Coinbase Global, Inc., Class A* | | | 1,105,139 | |
| | 12,712 | | | Discover Financial Services | | | 1,277,429 | |
| | 3,074 | | | FactSet Research Systems, Inc. | | | 1,332,087 | |
| | 37,812 | | | Fifth Third Bancorp | | | 1,291,280 | |
| | 8,011 | | | First Republic Bank | | | 1,216,310 | |
| | 3,883 | | | Goldman Sachs Group, Inc. (The)(a) | | | 1,291,758 | |
| | 20,515 | | | Hartford Financial Services Group, Inc. (The) | | | 1,319,320 | |
| | 97,397 | | | Huntington Bancshares, Inc. | | | 1,305,120 | |
| | 12,601 | | | Intercontinental Exchange, Inc. | | | 1,270,811 | |
| | 11,471 | | | JPMorgan Chase & Co. | | | 1,304,597 | |
| | |
|
| Common Stocks – (continued) | |
| Financials – (continued) | |
| | 71,520 | | | KeyCorp | | | 1,265,189 | |
| | 24,439 | | | KKR & Co., Inc. | | | 1,235,636 | |
| | 6,019 | | | LPL Financial Holdings, Inc. | | | 1,332,185 | |
| | 7,360 | | | M&T Bank Corp. | | | 1,337,901 | |
| | 1,073 | | | Markel Corp.* | | | 1,281,280 | |
| | 7,896 | | | Marsh & McLennan Cos., Inc. | | | 1,274,178 | |
| | 20,536 | | | MetLife, Inc. | | | 1,321,081 | |
| | 4,195 | | | Moody’s Corp. | | | 1,193,561 | |
| | 15,257 | | | Morgan Stanley | | | 1,300,202 | |
| | 2,621 | | | MSCI, Inc. | | | 1,177,458 | |
| | 21,678 | | | Nasdaq, Inc. | | | 1,290,491 | |
| | 13,007 | | | Northern Trust Corp. | | | 1,236,836 | |
| | 7,866 | | | PNC Financial Services Group, Inc. (The) | | | 1,242,828 | |
| | 19,224 | | | Principal Financial Group, Inc. | | | 1,437,186 | |
| | 11,369 | | | Progressive Corp. (The) | | | 1,394,408 | |
| | 13,614 | | | Prudential Financial, Inc. | | | 1,303,540 | |
| | 12,978 | | | Raymond James Financial, Inc. | | | 1,354,514 | |
| | 61,469 | | | Regions Financial Corp. | | | 1,332,033 | |
| | 3,498 | | | S&P Global, Inc. | | | 1,231,926 | |
| | 6,910 | | | Signature Bank | | | 1,204,828 | |
| | 18,462 | | | State Street Corp. | | | 1,261,878 | |
| | 3,139 | | | SVB Financial Group* | | | 1,276,066 | |
| | 38,580 | | | Synchrony Financial | | | 1,263,495 | |
| | 10,365 | | | T. Rowe Price Group, Inc. | | | 1,243,800 | |
| | 8,232 | | | Travelers Cos., Inc. (The) | | | 1,330,620 | |
| | 25,844 | | | Truist Financial Corp. | | | 1,210,533 | |
| | 27,311 | | | US Bancorp | | | 1,245,655 | |
| | 29,444 | | | Wells Fargo & Co. | | | 1,286,997 | |
| | 6,240 | | | Willis Towers Watson PLC | | | 1,290,619 | |
| | | | | | | | |
| | | | | | | 79,490,804 | |
| | |
| Health Care – 12.8% | |
| | 11,827 | | | Abbott Laboratories | | | 1,214,042 | |
| | 9,061 | | | AbbVie, Inc. | | | 1,218,342 | |
| | 4,292 | | | ABIOMED, Inc.* | | | 1,112,830 | |
| | 9,593 | | | Agilent Technologies, Inc. | | | 1,230,302 | |
| | 4,523 | | | Align Technology, Inc.* | | | 1,102,255 | |
| | 6,375 | | | Alnylam Pharmaceuticals, Inc.* | | | 1,317,521 | |
| | 9,256 | | | AmerisourceBergen Corp. | | | 1,356,559 | |
| | 5,197 | | | Amgen, Inc. | | | 1,248,839 | |
| | 44,799 | | | Avantor, Inc.* | | | 1,115,943 | |
| | 22,136 | | | Baxter International, Inc. | | | 1,271,935 | |
| | 5,269 | | | Becton Dickinson and Co. | | | 1,330,001 | |
| | 6,001 | | | Biogen, Inc.* | | | 1,172,475 | |
| | 14,694 | | | BioMarin Pharmaceutical, Inc.* | | | 1,310,705 | |
| | 3,285 | | | Bio-Techne Corp. | | | 1,089,996 | |
| | 31,114 | | | Boston Scientific Corp.* | | | 1,254,205 | |
| | 17,625 | | | Bristol-Myers Squibb Co. | | | 1,188,101 | |
| | 21,612 | | | Cardinal Health, Inc. | | | 1,528,401 | |
| | 11,877 | | | Catalent, Inc.* | | | 1,045,176 | |
| | 13,910 | | | Centene Corp.* | | | 1,248,283 | |
| | 5,823 | | | Charles River Laboratories International, Inc.* | | | 1,195,171 | |
| | 4,744 | | | Cigna Corp. | | | 1,344,687 | |
| | 3,931 | | | Cooper Cos., Inc. (The) | | | 1,129,927 | |
| | 12,859 | | | CVS Health Corp. | | | 1,262,111 | |
| | |
| | |
| 36 | | 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) | |
| | 4,494 | | | Danaher Corp. | | $ | 1,212,976 | |
| | 14,391 | | | Dexcom, Inc.* | | | 1,183,084 | |
| | 12,559 | | | Edwards Lifesciences Corp.* | | | 1,131,566 | |
| | 2,694 | | | Elevance Health, Inc. | | | 1,306,886 | |
| | 4,119 | | | Eli Lilly & Co. | | | 1,240,766 | |
| | 20,422 | | | Gilead Sciences, Inc. | | | 1,296,184 | |
| | 6,032 | | | HCA Healthcare, Inc. | | | 1,193,552 | |
| | 17,868 | | | Hologic, Inc.* | | | 1,207,162 | |
| | 19,917 | | | Horizon Therapeutics PLC* | | | 1,179,286 | |
| | 2,680 | | | Humana, Inc. | | | 1,291,170 | |
| | 3,173 | | | IDEXX Laboratories, Inc.* | | | 1,102,998 | |
| | 5,715 | | | Illumina, Inc.* | | | 1,152,373 | |
| | 4,996 | | | Insulet Corp.* | | | 1,276,328 | |
| | 5,378 | | | Intuitive Surgical, Inc.* | | | 1,106,470 | |
| | 5,537 | | | IQVIA Holdings, Inc.* | | | 1,177,498 | |
| | 7,400 | | | Johnson & Johnson | | | 1,193,916 | |
| | 5,089 | | | Laboratory Corp. of America Holdings | | | 1,146,399 | |
| | 3,930 | | | McKesson Corp. | | | 1,442,310 | |
| | 13,806 | | | Medtronic PLC | | | 1,213,824 | |
| | 14,749 | | | Merck & Co., Inc. | | | 1,258,975 | |
| | 950 | | | Mettler-Toledo International, Inc.* | | | 1,151,837 | |
| | 6,986 | | | Moderna, Inc.* | | | 924,038 | |
| | 3,936 | | | Molina Healthcare, Inc.* | | | 1,327,888 | |
| | 8,336 | | | PerkinElmer, Inc. | | | 1,125,860 | |
| | 25,904 | | | Pfizer, Inc. | | | 1,171,638 | |
| | 9,403 | | | Quest Diagnostics, Inc. | | | 1,178,290 | |
| | 2,088 | | | Regeneron Pharmaceuticals, Inc.* | | | 1,213,253 | |
| | 5,396 | | | ResMed, Inc. | | | 1,186,688 | |
| | 30,202 | | | Royalty Pharma PLC, Class A | | | 1,262,746 | |
| | 7,279 | | | Seagen, Inc.* | | | 1,123,077 | |
| | 6,376 | | | STERIS PLC | | | 1,283,999 | |
| | 5,991 | | | Stryker Corp. | | | 1,229,353 | |
| | 5,083 | | | Teleflex, Inc. | | | 1,150,080 | |
| | 2,196 | | | Thermo Fisher Scientific, Inc. | | | 1,197,523 | |
| | 2,397 | | | UnitedHealth Group, Inc. | | | 1,244,834 | |
| | 5,705 | | | Veeva Systems, Inc., Class A* | | | 1,137,121 | |
| | 4,664 | | | Vertex Pharmaceuticals, Inc.* | | | 1,314,129 | |
| | 132,741 | | | Viatris, Inc. | | | 1,267,677 | |
| | 3,789 | | | Waters Corp.* | | | 1,131,395 | |
| | 3,750 | | | West Pharmaceutical Services, Inc. | | | 1,112,587 | |
| | 11,267 | | | Zimmer Biomet Holdings, Inc. | | | 1,197,907 | |
| | 7,180 | | | Zoetis, Inc. | | | 1,123,885 | |
| | | | | | | | |
| | | | | | | 78,657,335 | |
| | |
| Industrials – 12.5% | |
| | 9,065 | | | 3M Co. | | | 1,127,233 | |
| | 10,229 | | | AMETEK, Inc. | | | 1,229,117 | |
| | 7,866 | | | Boeing Co. (The)* | | | 1,260,527 | |
| | 31,811 | | | Carrier Global Corp. | | | 1,244,446 | |
| | 7,035 | | | Caterpillar, Inc. | | | 1,299,435 | |
| | 3,039 | | | Cintas Corp. | | | 1,236,387 | |
| | 9,975 | | | Copart, Inc.* | | | 1,193,509 | |
| | 17,852 | | | CoStar Group, Inc.* | | | 1,243,213 | |
| | 39,960 | | | CSX Corp. | | | 1,264,734 | |
| | 5,955 | | | Cummins, Inc. | | | 1,282,528 | |
| | 3,848 | | | Deere & Co. | | | 1,405,482 | |
| | 39,163 | | | Delta Air Lines, Inc.* | | | 1,216,794 | |
| | |
|
| Common Stocks – (continued) | |
| Industrials – (continued) | |
| | 9,771 | | | Dover Corp. | | | 1,220,984 | |
| | 8,721 | | | Eaton Corp. PLC | | | 1,191,638 | |
| | 14,495 | | | Emerson Electric Co. | | | 1,184,821 | |
| | 6,108 | | | Equifax, Inc. | | | 1,152,885 | |
| | 12,576 | | | Expeditors International of Washington, Inc. | | | 1,293,945 | |
| | 25,203 | | | Fastenal Co. | | | 1,268,467 | |
| | 5,535 | | | FedEx Corp. | | | 1,166,833 | |
| | 19,952 | | | Fortive Corp. | | | 1,263,560 | |
| | 5,166 | | | Generac Holdings, Inc.* | | | 1,138,638 | |
| | 5,653 | | | General Dynamics Corp. | | | 1,294,141 | |
| | 17,378 | | | General Electric Co. | | | 1,276,240 | |
| | 6,821 | | | Honeywell International, Inc. | | | 1,291,556 | |
| | 6,222 | | | IDEX Corp. | | | 1,251,929 | |
| | 6,224 | | | Illinois Tool Works, Inc. | | | 1,212,622 | |
| | 26,148 | | | Ingersoll Rand, Inc. | | | 1,238,631 | |
| | 10,083 | | | Jacobs Solutions, Inc. | | | 1,256,140 | |
| | 7,254 | | | J.B. Hunt Transport Services, Inc. | | | 1,262,341 | |
| | 23,825 | | | Johnson Controls International PLC | | | 1,289,886 | |
| | 5,373 | | | L3Harris Technologies, Inc. | | | 1,226,065 | |
| | 12,984 | | | Leidos Holdings, Inc. | | | 1,234,129 | |
| | 3,021 | | | Lockheed Martin Corp. | | | 1,269,152 | |
| | 24,682 | | | Masco Corp. | | | 1,255,573 | |
| | 5,168 | | | Norfolk Southern Corp. | | | 1,256,496 | |
| | 2,720 | | | Northrop Grumman Corp. | | | 1,300,133 | |
| | 4,387 | | | Old Dominion Freight Line, Inc. | | | 1,190,676 | |
| | 16,371 | | | Otis Worldwide Corp. | | | 1,182,314 | |
| | 14,292 | | | PACCAR, Inc. | | | 1,250,693 | |
| | 4,520 | | | Parker-Hannifin Corp. | | | 1,197,800 | |
| | 57,233 | | | Plug Power, Inc.* | | | 1,604,813 | |
| | 9,441 | | | Quanta Services, Inc. | | | 1,334,013 | |
| | 13,851 | | | Raytheon Technologies Corp. | | | 1,243,127 | |
| | 9,277 | | | Republic Services, Inc. | | | 1,324,014 | |
| | 5,252 | | | Rockwell Automation, Inc. | | | 1,244,409 | |
| | 33,318 | | | Southwest Airlines Co.* | | | 1,222,771 | |
| | 13,994 | | | Stanley Black & Decker, Inc. | | | 1,232,871 | |
| | 19,964 | | | Textron, Inc. | | | 1,245,354 | |
| | 8,580 | | | Trane Technologies PLC | | | 1,321,921 | |
| | 2,048 | | | TransDigm Group, Inc. | | | 1,229,599 | |
| | 16,440 | | | TransUnion | | | 1,214,423 | |
| | 42,716 | | | Uber Technologies, Inc.* | | | 1,228,512 | |
| | 5,751 | | | Union Pacific Corp. | | | 1,291,157 | |
| | 33,803 | | | United Airlines Holdings, Inc.* | | | 1,183,443 | |
| | 6,691 | | | United Parcel Service, Inc., Class B | | | 1,301,466 | |
| | 4,128 | | | United Rentals, Inc.* | | | 1,205,541 | |
| | 6,579 | | | Verisk Analytics, Inc. | | | 1,231,326 | |
| | 7,832 | | | Waste Management, Inc. | | | 1,323,843 | |
| | 14,156 | | | Westinghouse Air Brake Technologies Corp. | | | 1,240,773 | |
| | 2,387 | | | W.W. Grainger, Inc. | | | 1,324,642 | |
| | 13,524 | | | Xylem, Inc. | | | 1,232,036 | |
| | | | | | | | |
| | | | | | | 76,401,747 | |
| | |
| Information Technology – 18.0% | |
| | 4,216 | | | Accenture PLC, Class A | | | 1,216,147 | |
| | 3,073 | | | Adobe, Inc.* | | | 1,147,581 | |
| | 13,471 | | | Advanced Micro Devices, Inc.* | | | 1,143,284 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 13,417 | | | Akamai Technologies, Inc.* | | $ | 1,211,287 | |
| | 16,778 | | | Amphenol Corp., Class A | | | 1,233,686 | |
| | 7,393 | | | Analog Devices, Inc. | | | 1,120,261 | |
| | 4,599 | | | ANSYS, Inc.* | | | 1,141,932 | |
| | 7,848 | | | Apple, Inc. | | | 1,233,863 | |
| | 11,960 | | | Applied Materials, Inc. | | | 1,125,077 | |
| | 10,741 | | | Arista Networks, Inc.* | | | 1,287,631 | |
| | 5,908 | | | Autodesk, Inc.* | | | 1,191,880 | |
| | 5,320 | | | Automatic Data Processing, Inc. | | | 1,300,261 | |
| | 9,132 | | | Bill.com Holdings, Inc.* | | | 1,478,288 | |
| | 14,992 | | | Block, Inc.* | | | 1,033,099 | |
| | 2,379 | | | Broadcom, Inc. | | | 1,187,383 | |
| | 7,856 | | | Broadridge Financial Solutions, Inc. | | | 1,344,712 | |
| | 7,083 | | | Cadence Design Systems, Inc.* | | | 1,230,813 | |
| | 7,147 | | | CDW Corp. | | | 1,219,993 | |
| | 28,404 | | | Cisco Systems, Inc. | | | 1,270,227 | |
| | 22,525 | | | Cloudflare, Inc., Class A* | | | 1,409,389 | |
| | 27,469 | | | Cognex Corp. | | | 1,156,720 | |
| | 18,892 | | | Cognizant Technology Solutions Corp., Class A | | | 1,193,408 | |
| | 35,454 | | | Corning, Inc. | | | 1,216,781 | |
| | 6,681 | | | Crowdstrike Holdings, Inc., Class A* | | | 1,220,017 | |
| | 11,597 | | | Datadog, Inc., Class A* | | | 1,217,105 | |
| | 29,309 | | | Dell Technologies, Inc., Class C | | | 1,122,242 | |
| | 18,387 | | | DocuSign, Inc.* | | | 1,070,491 | |
| | 4,595 | | | Enphase Energy, Inc.* | | | 1,316,192 | |
| | 12,575 | | | Entegris, Inc. | | | 1,193,116 | |
| | 3,464 | | | EPAM Systems, Inc.* | | | 1,477,396 | |
| | 12,390 | | | Fidelity National Information Services, Inc. | | | 1,132,074 | |
| | 12,013 | | | Fiserv, Inc.* | | | 1,215,595 | |
| | 5,719 | | | FleetCor Technologies, Inc.* | | | 1,215,459 | |
| | 20,600 | | | Fortinet, Inc.* | | | 1,003,014 | |
| | 4,465 | | | Gartner, Inc.* | | | 1,273,954 | |
| | 9,988 | | | Global Payments, Inc. | | | 1,240,809 | |
| | 91,093 | | | Hewlett Packard Enterprise Co. | | | 1,238,865 | |
| | 39,689 | | | HP, Inc. | | | 1,139,471 | |
| | 3,682 | | | HubSpot, Inc.* | | | 1,240,981 | |
| | 35,856 | | | Intel Corp. | | | 1,144,524 | |
| | 9,794 | | | International Business Machines Corp. | | | 1,258,039 | |
| | 2,808 | | | Intuit, Inc. | | | 1,212,438 | |
| | 7,873 | | | Keysight Technologies, Inc.* | | | 1,290,306 | |
| | 3,327 | | | KLA Corp. | | | 1,144,921 | |
| | 2,507 | | | Lam Research Corp. | | | 1,097,840 | |
| | 22,639 | | | Marvell Technology, Inc. | | | 1,059,958 | |
| | 3,646 | | | Mastercard, Inc., Class A | | | 1,182,653 | |
| | 17,845 | | | Microchip Technology, Inc. | | | 1,164,386 | |
| | 20,312 | | | Micron Technology, Inc. | | | 1,148,237 | |
| | 4,596 | | | Microsoft Corp. | | | 1,201,716 | |
| | 3,889 | | | MongoDB, Inc.* | | | 1,255,603 | |
| | 2,547 | | | Monolithic Power Systems, Inc. | | | 1,154,249 | |
| | 5,407 | | | Motorola Solutions, Inc. | | | 1,316,118 | |
| | 17,947 | | | NetApp, Inc. | | | 1,294,517 | |
| | 48,967 | | | NortonLifeLock, Inc. | | | 1,106,165 | |
| | 6,967 | | | NVIDIA Corp. | | | 1,051,599 | |
| | 12,364 | | | Okta, Inc.* | | | 1,130,070 | |
| | 19,239 | | | ON Semiconductor Corp.* | | | 1,323,066 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 16,743 | | | Oracle Corp. | | | 1,241,493 | |
| | 114,643 | | | Palantir Technologies, Inc., Class A* | | | 885,044 | |
| | 2,469 | | | Palo Alto Networks, Inc.* | | | 1,374,764 | |
| | 10,072 | | | Paychex, Inc. | | | 1,242,280 | |
| | 3,586 | | | Paycom Software, Inc.* | | | 1,259,403 | |
| | 13,168 | | | PayPal Holdings, Inc.* | | | 1,230,418 | |
| | 12,237 | | | Qorvo, Inc.* | | | 1,098,638 | |
| | 8,664 | | | QUALCOMM, Inc. | | | 1,145,987 | |
| | 3,016 | | | Roper Technologies, Inc. | | | 1,214,181 | |
| | 6,790 | | | Salesforce, Inc.* | | | 1,060,055 | |
| | 16,244 | | | Seagate Technology Holdings PLC | | | 1,087,698 | |
| | 2,770 | | | ServiceNow, Inc.* | | | 1,203,897 | |
| | 11,655 | | | Skyworks Solutions, Inc. | | | 1,148,600 | |
| | 8,086 | | | Snowflake, Inc., Class A* | | | 1,463,162 | |
| | 11,704 | | | Splunk, Inc.* | | | 1,053,711 | |
| | 21,217 | | | SS&C Technologies Holdings, Inc. | | | 1,183,060 | |
| | 3,509 | | | Synopsys, Inc.* | | | 1,214,184 | |
| | 3,256 | | | Teledyne Technologies, Inc.* | | | 1,199,380 | |
| | 13,001 | | | Teradyne, Inc. | | | 1,100,405 | |
| | 7,088 | | | Texas Instruments, Inc. | | | 1,171,008 | |
| | 25,865 | | | Trade Desk, Inc. (The), Class A* | | | 1,621,736 | |
| | 18,615 | | | Trimble, Inc.* | | | 1,177,399 | |
| | 13,503 | | | Twilio, Inc., Class A* | | | 939,539 | |
| | 3,172 | | | Tyler Technologies, Inc.* | | | 1,178,430 | |
| | 29,258 | | | Unity Software, Inc.* | | | 1,249,902 | |
| | 6,624 | | | VeriSign, Inc.* | | | 1,207,025 | |
| | 6,234 | | | Visa, Inc., Class A | | | 1,238,758 | |
| | 11,054 | | | VMware, Inc., Class A | | | 1,282,596 | |
| | 26,377 | | | Western Digital Corp.* | | | 1,114,692 | |
| | 8,117 | | | Workday, Inc., Class A* | | | 1,335,734 | |
| | 3,968 | | | Zebra Technologies Corp., Class A* | | | 1,196,908 | |
| | 17,115 | | | Zendesk, Inc.* | | | 1,313,919 | |
| | 11,471 | | | Zoom Video Communications, Inc., Class A* | | | 922,268 | |
| | 7,912 | | | Zscaler, Inc.* | | | 1,259,907 | |
| | | | | | | | |
| | | | | | | 110,563,070 | |
| | |
| Materials – 5.6% | |
| | 5,287 | | | Air Products and Chemicals, Inc. | | | 1,334,703 | |
| | 5,452 | | | Albemarle Corp. | | | 1,460,918 | |
| | 26,953 | | | Alcoa Corp. | | | 1,333,634 | |
| | 6,743 | | | Avery Dennison Corp. | | | 1,238,150 | |
| | 17,977 | | | Ball Corp. | | | 1,003,296 | |
| | 11,693 | | | Celanese Corp. | | | 1,296,286 | |
| | 13,279 | | | CF Industries Holdings, Inc. | | | 1,373,845 | |
| | 23,162 | | | Corteva, Inc. | | | 1,422,842 | |
| | 13,103 | | | Crown Holdings, Inc. | | | 1,187,001 | |
| | 25,016 | | | Dow, Inc. | | | 1,275,816 | |
| | 22,495 | | | DuPont de Nemours, Inc. | | | 1,251,622 | |
| | 13,957 | | | Eastman Chemical Co. | | | 1,270,087 | |
| | 7,767 | | | Ecolab, Inc. | | | 1,272,468 | |
| | 11,973 | | | FMC Corp. | | | 1,294,042 | |
| | 45,002 | | | Freeport-McMoRan, Inc. | | | 1,332,059 | |
| | 10,310 | | | International Flavors & Fragrances, Inc. | | | 1,139,049 | |
| | 30,471 | | | International Paper Co. | | | 1,268,203 | |
| | 15,069 | | | LyondellBasell Industries NV, Class A | | | 1,250,727 | |
| | 3,660 | | | Martin Marietta Materials, Inc. | | | 1,272,619 | |
| | |
| | |
| 38 | | 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) | |
| | 24,564 | | | Mosaic Co. (The) | | $ | 1,323,263 | |
| | 29,128 | | | Newmont Corp. | | | 1,204,734 | |
| | 9,786 | | | Nucor Corp. | | | 1,300,951 | |
| | 9,345 | | | Packaging Corp. of America | | | 1,279,517 | |
| | 10,207 | | | PPG Industries, Inc. | | | 1,296,085 | |
| | 5,421 | | | Sherwin-Williams Co. (The) | | | 1,258,214 | |
| | 16,924 | | | Steel Dynamics, Inc. | | | 1,366,105 | |
| | 7,849 | | | Vulcan Materials Co. | | | 1,306,780 | |
| | | | | | | | |
| | | | | | | 34,613,016 | |
| | |
| Real Estate – 6.0% | |
| | 8,007 | | | Alexandria Real Estate Equities, Inc. REIT | | | 1,228,274 | |
| | 4,829 | | | American Tower Corp. REIT | | | 1,226,807 | |
| | 6,317 | | | AvalonBay Communities, Inc. REIT | | | 1,269,149 | |
| | 14,517 | | | Boston Properties, Inc. REIT | | | 1,153,085 | |
| | 9,403 | | | Camden Property Trust REIT | | | 1,208,380 | |
| | 15,497 | | | CBRE Group, Inc., Class A* | | | 1,223,643 | |
| | 7,267 | | | Crown Castle, Inc. REIT | | | 1,241,422 | |
| | 9,938 | | | Digital Realty Trust, Inc. REIT | | | 1,228,635 | |
| | 20,739 | | | Duke Realty Corp. REIT | | | 1,220,490 | |
| | 1,855 | | | Equinix, Inc. REIT | | | 1,219,421 | |
| | 17,041 | | | Equity Residential REIT | | | 1,247,060 | |
| | 4,634 | | | Essex Property Trust, Inc. REIT | | | 1,228,288 | |
| | 6,556 | | | Extra Space Storage, Inc. REIT | | | 1,302,874 | |
| | 47,163 | | | Healthpeak Properties, Inc. REIT | | | 1,238,029 | |
| | 33,744 | | | Invitation Homes, Inc. REIT | | | 1,224,232 | |
| | 26,669 | | | Iron Mountain, Inc. REIT | | | 1,403,056 | |
| | 59,411 | | | Kimco Realty Corp. REIT | | | 1,252,384 | |
| | 7,179 | | | Mid-America Apartment Communities, Inc. REIT | | | 1,189,345 | |
| | 9,790 | | | Prologis, Inc. REIT | | | 1,218,953 | |
| | 3,930 | | | Public Storage REIT | | | 1,300,162 | |
| | 17,701 | | | Realty Income Corp. REIT | | | 1,208,624 | |
| | 3,799 | | | SBA Communications Corp. REIT | | | 1,235,625 | |
| | 12,046 | | | Simon Property Group, Inc. REIT | | | 1,228,451 | |
| | 7,930 | | | Sun Communities, Inc. REIT | | | 1,218,920 | |
| | 27,502 | | | UDR, Inc. REIT | | | 1,234,015 | |
| | 24,629 | | | Ventas, Inc. REIT | | | 1,178,744 | |
| | 37,540 | | | VICI Properties, Inc. REIT | | | 1,238,445 | |
| | 15,405 | | | Welltower, Inc. REIT | | | 1,180,793 | |
| | 36,257 | | | Weyerhaeuser Co. REIT | | | 1,238,539 | |
| | 15,043 | | | W.P. Carey, Inc. REIT | | | 1,264,063 | |
| | | | | | | | |
| | | | | | | 37,049,908 | |
| | |
| Utilities – 5.8% | |
| | 57,847 | | | AES Corp. (The) | | | 1,472,206 | |
| | 21,303 | | | Alliant Energy Corp. | | | 1,300,335 | |
| | 14,091 | | | Ameren Corp. | | | 1,305,108 | |
| | 13,133 | | | American Electric Power Co., Inc. | | | 1,315,927 | |
| | 8,233 | | | American Water Works Co., Inc. | | | 1,222,189 | |
| | 10,934 | | | Atmos Energy Corp. | | | 1,239,697 | |
| | 41,246 | | | CenterPoint Energy, Inc. | | | 1,300,486 | |
| | 18,791 | | | CMS Energy Corp. | | | 1,269,144 | |
| | 13,268 | | | Consolidated Edison, Inc. | | | 1,296,814 | |
| | 19,481 | | | Constellation Energy Corp. | | | 1,589,455 | |
| | 15,674 | | | Dominion Energy, Inc. | | | 1,282,133 | |
| | |
|
| Common Stocks – (continued) | |
| Utilities – (continued) | |
| | 10,006 | | | DTE Energy Co. | | | 1,304,182 | |
| | 11,782 | | | Duke Energy Corp. | | | 1,259,614 | |
| | 18,813 | | | Edison International | | | 1,274,957 | |
| | 11,171 | | | Entergy Corp. | | | 1,288,016 | |
| | 19,032 | | | Evergy, Inc. | | | 1,304,263 | |
| | 14,311 | | | Eversource Energy | | | 1,283,554 | |
| | 29,215 | | | Exelon Corp. | | | 1,282,831 | |
| | 32,738 | | | FirstEnergy Corp. | | | 1,294,788 | |
| | 15,074 | | | NextEra Energy, Inc. | | | 1,282,194 | |
| | 116,920 | | | PG&E Corp.* | | | 1,441,624 | |
| | 44,859 | | | PPL Corp. | | | 1,304,500 | |
| | 19,782 | | | Public Service Enterprise Group, Inc. | | | 1,273,169 | |
| | 7,928 | | | Sempra Energy | | | 1,307,882 | |
| | 17,009 | | | Southern Co. (The) | | | 1,310,884 | |
| | 12,453 | | | WEC Energy Group, Inc. | | | 1,284,402 | |
| | 17,547 | | | Xcel Energy, Inc. | | | 1,302,865 | |
| | | | | | | | |
| | | | | | | 35,393,219 | |
| | |
| | TOTAL INVESTMENTS – 99.7% | |
| | (Cost $624,357,787) | | $ | 611,732,357 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% | | | 1,677,326 | |
| | |
| | NET ASSETS – 100.0% | | $ | 613,409,683 | |
| | |
| | |
|
| 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. |
| | |
|
Investment Abbreviations: |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.6% | |
| Communication Services – 15.9% | |
| | 38,899 | | | Activision Blizzard, Inc. | | $ | 3,053,183 | |
| | 25,724 | | | Alphabet, Inc., Class A* | | | 2,783,851 | |
| | 6,530 | | | Charter Communications, Inc., Class A* | | | 2,694,474 | |
| | 114,569 | | | Frontier Communications Parent, Inc.* | | | 2,951,297 | |
| | 17,360 | | | Meta Platforms, Inc., Class A* | | | 2,828,465 | |
| | 12,606 | | | Netflix, Inc.* | | | 2,818,197 | |
| | 21,408 | | | T-Mobile US, Inc.* | | | 3,081,896 | |
| | 25,272 | | | Walt Disney Co. (The)* | | | 2,832,486 | |
| | | | | | | | |
| | | | | | | 23,043,849 | |
| | |
| Consumer Discretionary – 11.4% | |
| | 33,337 | | | Alibaba Group Holding Ltd. ADR (China)* | | | 3,180,683 | |
| | 21,933 | | | Amazon.com, Inc.* | | | 2,780,447 | |
| | 1,475 | | | Booking Holdings, Inc.* | | | 2,766,820 | |
| | 2,901 | | | MercadoLibre, Inc. (Brazil)* | | | 2,481,399 | |
| | 10,052 | | | RH* | | | 2,572,407 | |
| | 10,152 | | | Tesla, Inc.* | | | 2,797,993 | |
| | | | | | | | |
| | | | | | | 16,579,749 | |
| | |
| Energy – 6.8% | |
| | 19,930 | | | Cheniere Energy, Inc. | | | 3,192,387 | |
| | 32,746 | | | Chesapeake Energy Corp. | | | 3,290,646 | |
| | 69,400 | | | EQT Corp. | | | 3,317,320 | |
| | | | | | | | |
| | | | | | | 9,800,353 | |
| | |
| Financials – 12.0% | |
| | 51,079 | | | Apollo Global Management, Inc. | | | 2,838,971 | |
| | 86,630 | | | Bank of America Corp. | | | 2,911,634 | |
| | 10,370 | | | Berkshire Hathaway, Inc., Class B* | | | 2,911,896 | |
| | 41,396 | | | Charles Schwab Corp. (The) | | | 2,937,046 | |
| | 58,079 | | | Citigroup, Inc. | | | 2,834,836 | |
| | 68,641 | | | Wells Fargo & Co. | | | 3,000,298 | |
| | | | | | | | |
| | | | | | | 17,434,681 | |
| | |
| Health Care – 12.4% | |
| | 21,218 | | | Biohaven Pharmaceutical Holding Co. Ltd.* | | | 3,168,908 | |
| | 32,301 | | | Centene Corp.* | | | 2,898,692 | |
| | 10,386 | | | Danaher Corp. | | | 2,803,285 | |
| | 6,367 | | | Elevance Health, Inc. | | | 3,088,695 | |
| | 6,298 | | | Humana, Inc. | | | 3,034,251 | |
| | 5,766 | | | UnitedHealth Group, Inc. | | | 2,994,457 | |
| | | | | | | | |
| | | | | | | 17,988,288 | |
| | |
| Industrials – 5.7% | |
| | 45,081 | | | Builders FirstSource, Inc.* | | | 2,642,197 | |
| | 96,655 | | | Uber Technologies, Inc.* | | | 2,779,798 | |
| | 72,125 | | | WillScot Mobile Mini Holdings Corp.* | | | 2,895,098 | |
| | | | | | | | |
| | | | | | | 8,317,093 | |
| | |
| Information Technology – 33.5% | |
| | 31,089 | | | Advanced Micro Devices, Inc.* | | | 2,638,523 | |
| | 18,132 | | | Apple, Inc. | | | 2,850,713 | |
| | 10,886 | | | Atlassian Corp. PLC, Class A* | | | 2,696,027 | |
| | 15,560 | | | Crowdstrike Holdings, Inc., Class A* | | | 2,841,412 | |
| | 36,971 | | | Elastic NV* | | | 3,102,237 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 28,507 | | | Fiserv, Inc.* | | | 2,884,623 | |
| | 27,072 | | | Five9, Inc.* | | | 2,656,034 | |
| | 23,052 | | | Global Payments, Inc. | | | 2,863,750 | |
| | 38,287 | | | GoDaddy, Inc., Class A* | | | 2,902,920 | |
| | 8,724 | | | Mastercard, Inc., Class A | | | 2,829,804 | |
| | 10,701 | | | Microsoft Corp. | | | 2,797,990 | |
| | 5,950 | | | Palo Alto Networks, Inc.* | | | 3,313,019 | |
| | 30,936 | | | PayPal Holdings, Inc.* | | | 2,890,660 | |
| | 16,436 | | | Salesforce, Inc.* | | | 2,565,988 | |
| | 6,230 | | | ServiceNow, Inc.* | | | 2,707,683 | |
| | 14,510 | | | Visa, Inc., Class A | | | 2,883,282 | |
| | 41,066 | | | Zendesk, Inc.* | | | 3,152,637 | |
| | | | | | | | |
| | | | | | | 48,577,302 | |
| | |
| Materials – 1.9% | |
| | 31,204 | | | Crown Holdings, Inc. | | | 2,826,770 | |
| | |
| | TOTAL INVESTMENTS – 99.6% | |
| | (Cost $147,699,939) | | $ | 144,568,085 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.4% | | | 516,257 | |
| | |
| | NET ASSETS – 100.0% | | $ | 145,084,342 | |
| | |
| | |
|
| 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 |
|
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.7% | |
| Communication Services – 12.9% | |
| | 15,013 | | | Activision Blizzard, Inc. | | $ | 1,178,370 | |
| | 3,665 | | | AfreecaTV Co. Ltd. (South Korea) | | | 210,713 | |
| | 60,046 | | | Alphabet, Inc., Class A* | | | 6,498,178 | |
| | 30,705 | | | AMC Entertainment Holdings, Inc., Class A*(a) | | | 280,030 | |
| | 16,272 | | | Baidu, Inc. ADR (China)* | | | 2,342,680 | |
| | 14,632 | | | Bilibili, Inc. ADR (China)*(a) | | | 365,215 | |
| | 12,295 | | | Bumble, Inc., Class A* | | | 307,990 | |
| | 29,064 | | | Comcast Corp., Class A | | | 1,051,826 | |
| | 5,844 | | | CTS Eventim AG & Co. KGaA (Germany)* | | | 315,271 | |
| | 8,074 | | | Electronic Arts, Inc. | | | 1,024,348 | |
| | 50,625 | | | Gree, Inc. (Japan) | | | 312,241 | |
| | 42,773 | | | Hello Group, Inc. ADR (China) | | | 220,281 | |
| | 6,319 | | | IDT Corp., Class B* | | | 161,577 | |
| | 6,809 | | | Infocom Corp. (Japan) | | | 99,759 | |
| | 66,374 | | | iQIYI, Inc. ADR (China)* | | | 242,929 | |
| | 14,203 | | | JOYY, Inc. ADR (China) | | | 430,635 | |
| | 101,180 | | | Kuaishou Technology (China)*(b) | | | 886,905 | |
| | 6,441 | | | Liberty Media Corp.-Liberty Braves, Class C* | | | 176,097 | |
| | 8,947 | | | Liberty Media Corp.-Liberty Formula One, Class A* | | | 520,089 | |
| | 7,951 | | | Live Nation Entertainment, Inc.* | | | 718,452 | |
| | 5,346 | | | Madison Square Garden Entertainment Corp.* | | | 297,024 | |
| | 2,037 | | | Madison Square Garden Sports Corp.* | | | 326,470 | |
| | 11,553 | | | Match Group, Inc.* | | | 653,091 | |
| | 42,210 | | | Meta Platforms, Inc., Class A* | | | 6,877,275 | |
| | 14,721 | | | NetEase, Inc. ADR (China) | | | 1,302,956 | |
| | 6,022 | | | Netflix, Inc.* | | | 1,346,278 | |
| | 41,454 | | | Playtika Holding Corp.* | | | 436,511 | |
| | 74,096 | | | Rightmove PLC (United Kingdom) | | | 523,861 | |
| | 20,331 | | | ROBLOX Corp., Class A* | | | 795,145 | |
| | 7,667 | | | Scout24 SE (Germany)(b) | | | 443,608 | |
| | 24,049 | | | Sea Ltd. ADR (Singapore)* | | | 1,491,038 | |
| | 59,046 | | | Snap, Inc., Class A* | | | 642,420 | |
| | 7,453 | | | Sohu.com Ltd. ADR (China)* | | | 132,812 | |
| | 5,812 | | | Spotify Technology SA* | | | 628,568 | |
| | 4,790 | | | Take-Two Interactive Software, Inc.* | | | 587,062 | |
| | 32,310 | | | TELUS Corp. (Canada) | | | 729,788 | |
| | 55,360 | | | Tencent Holdings Ltd. (China) | | | 2,307,828 | |
| | 60,670 | | | Tencent Music Entertainment Group ADR (China)* | | | 310,024 | |
| | 11,785 | | | TripAdvisor, Inc.* | | | 280,483 | |
| | 17,596 | | | Twitter, Inc.* | | | 681,845 | |
| | 9,913 | | | Ubisoft Entertainment SA (France)* | | | 458,629 | |
| | 56,763 | | | VK Co. Ltd. GDR (Russia)*(c) | | | — | |
| | 17,536 | | | Walt Disney Co. (The)* | | | 1,965,435 | |
| | 9,605 | | | Warner Music Group Corp., Class A | | | 257,126 | |
| | 22,963 | | | Weibo Corp. ADR (China)* | | | 475,104 | |
| | 6,121 | | | World Wrestling Entertainment, Inc., Class A | | | 416,289 | |
| | 21,069 | | | Yalla Group Ltd. ADR (United Arab Emirates)* | | | 90,386 | |
| | 4,241 | | | Ziff Davis, Inc.* | | | 327,744 | |
| | | | | | | | |
| | | | | | | 42,128,386 | |
| | |
|
| Common Stocks – (continued) | |
| Consumer Discretionary – 15.4% | |
| | 25,950 | | | 2U, Inc.* | | | 184,764 | |
| | 3,655 | | | adidas AG (Germany) | | | 544,971 | |
| | 7,579 | | | Airbnb, Inc., Class A* | | | 857,336 | |
| | 42,165 | | | Alibaba Group Holding Ltd. ADR (China)* | | | 4,022,963 | |
| | 820,544 | | | Alibaba Health Information Technology Ltd. (China)* | | | 475,672 | |
| | 50,097 | | | Amazon.com, Inc.* | | | 6,350,797 | |
| | 62,500 | | | ANTA Sports Products Ltd. (China) | | | 755,684 | |
| | 10,857 | | | Aptiv PLC* | | | 1,014,370 | |
| | 136,019 | | | Arrival SA (Luxembourg)*(a) | | | 149,621 | |
| | 11,448 | | | Bandai Namco Holdings, Inc. (Japan) | | | 865,878 | |
| | 393 | | | Booking Holdings, Inc.* | | | 737,193 | |
| | 11,594 | | | BorgWarner, Inc. | | | 437,094 | |
| | 78,449 | | | Canoo, Inc.*(a) | | | 250,252 | |
| | 16,818 | | | Chegg, Inc.* | | | 330,978 | |
| | 9,397 | | | Chewy, Inc., Class A*(a) | | | 322,599 | |
| | 4,914 | | | Columbia Sportswear Co. | | | 350,073 | |
| | 9,093 | | | Continental AG (Germany) | | | 525,566 | |
| | 22,454 | | | Coursera, Inc.* | | | 258,221 | |
| | 5,955 | | | Dick’s Sporting Goods, Inc. | | | 633,433 | |
| | 15,332 | | | eBay, Inc. | | | 676,601 | |
| | 5,114 | | | Etsy, Inc.* | | | 540,090 | |
| | 18,482 | | | Everi Holdings, Inc.* | | | 341,917 | |
| | 25,539 | | | EVgo, Inc.*(a) | | | 242,365 | |
| | 4,436 | | | Expedia Group, Inc.* | | | 455,355 | |
| | 99,558 | | | Faraday Future Intelligent Electric, Inc.* | | | 111,505 | |
| | 30,893 | | | Farfetch Ltd., Class A (United Kingdom)* | | | 309,857 | |
| | 97,971 | | | Ford Motor Co. | | | 1,493,078 | |
| | 10,281 | | | GameStop Corp., Class A*(a) | | | 294,448 | |
| | 37,786 | | | General Motors Co. | | | 1,443,803 | |
| | 651 | | | Graham Holdings Co., Class B | | | 368,095 | |
| | 7,337 | | | Hyundai Motor Co. (South Korea) | | | 1,075,139 | |
| | 6,206 | | | iRobot Corp.* | | | 365,409 | |
| | 302,028 | | | JD Sports Fashion PLC (United Kingdom) | | | 396,951 | |
| | 15,120 | | | JD.com, Inc. ADR (China) | | | 959,969 | |
| | 24,943 | | | Jumia Technologies AG ADR (Germany)* | | | 184,329 | |
| | 20,211 | | | Just Eat Takeaway.com NV (United Kingdom)*(b) | | | 339,031 | |
| | 12,768 | | | Kia Corp. (South Korea) | | | 771,302 | |
| | 150,130 | | | Koolearn Technology Holding Ltd. (China)*(a)(b) | | | 570,004 | |
| | 15,207 | | | Las Vegas Sands Corp.* | | | 572,239 | |
| | 71,059 | | | Li Ning Co. Ltd. (China) | | | 651,847 | |
| | 58,190 | | | Lucid Group, Inc.*(a) | | | 892,635 | |
| | 2,702 | | | Lululemon Athletica, Inc.* | | | 810,492 | |
| | 28,912 | | | Macy’s, Inc. | | | 500,756 | |
| | 972 | | | MercadoLibre, Inc. (Brazil)* | | | 831,410 | |
| | 20,132 | | | MGM Resorts International | | | 657,108 | |
| | 14,350 | | | New Oriental Education & Technology Group, Inc. ADR (China)* | | | 407,540 | |
| | 360,339 | | | Nexteer Automotive Group Ltd. (China) | | | 269,031 | |
| | 12,063 | | | NIKE, Inc., Class B | | | 1,284,106 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Consumer Discretionary – (continued) | |
| | 54,422 | | | NIO, Inc. ADR (China)* | | $ | 1,083,542 | |
| | 7,965 | | | Overstock.com, Inc.* | | | 207,887 | |
| | 36,180 | | | Peloton Interactive, Inc., Class A* | | | 368,674 | |
| | 5,455 | | | Planet Fitness, Inc., Class A* | | | 369,576 | |
| | 32,437 | | | Playtech PLC (United Kingdom)* | | | 169,092 | |
| | 68,276 | | | Rakuten Group, Inc. (Japan) | | | 332,946 | |
| | 30,516 | | | Rivian Automotive, Inc., Class A* | | | 998,178 | |
| | 40,003 | | | Sharp Corp. (Japan) | | | 289,436 | |
| | 6,554 | | | Shoe Carnival, Inc. | | | 155,920 | |
| | 8,314 | | | Skechers USA, Inc., Class A* | | | 314,269 | |
| | 16,034 | | | Sony Group Corp. (Japan) | | | 1,287,925 | |
| | 7,121 | | | Stride, Inc.* | | | 271,595 | |
| | 56,805 | | | TAL Education Group ADR (China)* | | | 328,333 | |
| | 13,071 | | | Tesla, Inc.* | | | 3,602,498 | |
| | 108,560 | | | Toyota Motor Corp. (Japan) | | | 1,645,727 | |
| | 150,717 | | | TUI AG (Germany)*(a) | | | 232,283 | |
| | 9,313 | | | Xometry, Inc., Class A* | | | 456,430 | |
| | 35,873 | | | XPeng, Inc. ADR (China)* | | | 664,368 | |
| | 25,711 | | | Yamaha Motor Co. Ltd. (Japan) | | | 537,682 | |
| | 13,205 | | | Zalando SE (Germany)*(b) | | | 306,861 | |
| | | | | | | | |
| | | | | | | 50,507,099 | |
| | |
| Consumer Staples – 0.7% | |
| | 9,456 | | | Beyond Meat, Inc.*(a) | | | 230,727 | |
| | 14,262 | | | Walmart, Inc. | | | 1,890,428 | |
| | | | | | | | |
| | | | | | | 2,121,155 | |
| | |
| Energy – 0.9% | |
| | 950,723 | | | China Suntien Green Energy Corp. Ltd., Class H (China) | | | 427,585 | |
| | 8,245 | | | HD Hyundai Co. Ltd. (South Korea) | | | 389,581 | |
| | 22,033 | | | NOV, Inc. | | | 389,323 | |
| | 41,379 | | | Oceaneering International, Inc.* | | | 366,204 | |
| | 29,837 | | | TotalEnergies SE (France) | | | 1,520,832 | |
| | | | | | | | |
| | | | | | | 3,093,525 | |
| | |
| Financials – 9.5% | |
| | 51,868 | | | 3i Group PLC (United Kingdom) | | | 733,598 | |
| | 3,503 | | | Ameriprise Financial, Inc. | | | 938,839 | |
| | 9,077 | | | Amundi SA (France)(b) | | | 462,758 | |
| | 19,864 | | | Apollo Global Management, Inc. | | | 1,104,041 | |
| | 4,756 | | | B. Riley Financial, Inc. | | | 236,706 | |
| | 101,873 | | | BGC Partners, Inc., Class A | | | 409,529 | |
| | 2,515 | | | BlackRock, Inc. | | | 1,675,971 | |
| | 14,148 | | | Blackstone, Inc. | | | 1,329,063 | |
| | 18,283 | | | Carlyle Group, Inc. (The) | | | 594,746 | |
| | 21,261 | | | Charles Schwab Corp. (The) | | | 1,508,468 | |
| | 37,802 | | | CI Financial Corp. (Canada) | | | 415,660 | |
| | 4,274 | | | CME Group, Inc. | | | 836,037 | |
| | 12,863 | | | CNA Financial Corp. | | | 494,711 | |
| | 11,082 | | | Coinbase Global, Inc., Class A* | | | 740,278 | |
| | 7,613 | | | Discover Financial Services | | | 765,030 | |
| | 8,639 | | | DWS Group GmbH & Co. KGaA (Germany)(b) | | | 236,459 | |
| | 6,590 | | | Eurazeo SE (France) | | | 395,275 | |
| | 4,495 | | | Evercore, Inc., Class A | | | 421,137 | |
| | |
|
| Common Stocks – (continued) | |
| Financials – (continued) | |
| | 24,430 | | | flatexDEGIRO AG (Germany)* | | | 236,075 | |
| | 8,020 | | | Futu Holdings Ltd. ADR (China)* | | | 393,702 | |
| | 18,313 | | | Galaxy Digital Holdings Ltd.*(a) | | | 100,543 | |
| | 4,813 | | | Goldman Sachs Group, Inc. (The)(d) | | | 1,601,141 | |
| | 10,305 | | | Green Dot Corp., Class A* | | | 209,088 | |
| | 37,948 | | | Hargreaves Lansdown PLC (United Kingdom) | | | 361,022 | |
| | 11,722 | | | Interactive Brokers Group, Inc., Class A | | | 721,958 | |
| | 26,044 | | | Invesco Ltd. | | | 428,945 | |
| | 22,472 | | | KKR & Co., Inc. | | | 1,136,184 | |
| | 188,005 | | | Legal & General Group PLC (United Kingdom) | | | 552,376 | |
| | 9,622 | | | London Stock Exchange Group PLC (United Kingdom) | | | 907,113 | |
| | 58,181 | | | Monex Group, Inc. (Japan) | | | 211,109 | |
| | 48,617 | | | Moneylion, Inc.* | | | 69,522 | |
| | 13,473 | | | Morgan Stanley | | | 1,148,169 | |
| | 2,738 | | | Morningstar, Inc. | | | 624,237 | |
| | 2,339 | | | MSCI, Inc. | | | 1,050,772 | |
| | 15,392 | | | Noah Holdings Ltd. ADR (China)* | | | 272,592 | |
| | 47,723 | | | Owl Rock Capital Corp. | | | 627,080 | |
| | 22,733 | | | Plus500 Ltd. (Israel) | | | 449,157 | |
| | 76,381 | | | Robinhood Markets, Inc., Class A* | | | 729,439 | |
| | 4,459 | | | S&P Global, Inc. | | | 1,570,371 | |
| | 93,005 | | | SoFi Technologies, Inc.*(a) | | | 550,590 | |
| | 3,005 | | | Sprott, Inc. (Canada) | | | 113,973 | |
| | 7,351 | | | Stifel Financial Corp. | | | 435,988 | |
| | 2,844 | | | StoneX Group, Inc.* | | | 264,037 | |
| | 69,329 | | | TP ICAP Group PLC (United Kingdom) | | | 124,153 | |
| | 11,475 | | | TPG, Inc. | | | 336,906 | |
| | 9,048 | | | Tradeweb Markets, Inc., Class A | | | 629,650 | |
| | 23,600 | | | Upstart Holdings, Inc.*(a) | | | 611,240 | |
| | 1,246 | | | Virtus Investment Partners, Inc. | | | 238,298 | |
| | 17,155 | | | WealthNavi, Inc. (Japan)*(a) | | | 234,756 | |
| | 42,698 | | | WisdomTree Investments, Inc. | | | 213,917 | |
| | 19,918 | | | XP, Inc., Class A (Brazil)* | | | 383,222 | |
| | 232,863 | | | Zip Co. Ltd. (Australia) *(a) | | | 152,456 | |
| | | | | | | | |
| | | | | | | 30,988,087 | |
| | |
| Health Care – 20.7% | |
| | 9,330 | | | 10X Genomics, Inc., Class A* | | | 307,797 | |
| | 581,796 | | | 3SBio, Inc. (China)(b) | | | 387,674 | |
| | 20,498 | | | Abbott Laboratories | | | 2,104,120 | |
| | 16,504 | | | AbbVie, Inc. | | | 2,219,128 | |
| | 1,694 | | | ABIOMED, Inc.* | | | 439,220 | |
| | 19,183 | | | AdaptHealth Corp.* | | | 344,719 | |
| | 31,083 | | | Adaptive Biotechnologies Corp.* | | | 277,260 | |
| | 7,276 | | | Agilent Technologies, Inc. | | | 933,147 | |
| | 15,638 | | | Allscripts Healthcare Solutions, Inc.* | | | 265,846 | |
| | 6,207 | | | Amgen, Inc. | | | 1,491,542 | |
| | 13,209 | | | AstraZeneca PLC (United Kingdom) | | | 1,635,983 | |
| | 13,101 | | | Baxter International, Inc. | | | 752,783 | |
| | 125,364 | | | Bionano Genomics, Inc.* | | | 310,903 | |
| | 6,475 | | | BioNTech SE ADR (Germany) | | | 936,544 | |
| | 2,453 | | | Bio-Techne Corp. | | | 813,930 | |
| | 20,139 | | | Boston Scientific Corp.* | | | 811,803 | |
| | |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Health Care – (continued) | |
| | 25,162 | | | Bristol-Myers Squibb Co. | | $ | 1,696,170 | |
| | 27,115 | | | Caribou Biosciences, Inc.* | | | 267,625 | |
| | 11,270 | | | Castle Biosciences, Inc.* | | | 326,830 | |
| | 22,366 | | | Coherus Biosciences, Inc.* | | | 250,052 | |
| | 6,733 | | | CompuGroup Medical SE & Co KgaA (Germany) | | | 254,024 | |
| | 8,866 | | | CRISPR Therapeutics AG (Switzerland)* | | | 577,088 | |
| | 27,611 | | | Cue Health, Inc.* | | | 91,945 | |
| | 14,669 | | | Cullinan Oncology, Inc.* | | | 197,738 | |
| | 13,236 | | | Dexcom, Inc.* | | | 1,088,132 | |
| | 26,481 | | | DocGo, Inc.* | | | 270,106 | |
| | 17,711 | | | Editas Medicine, Inc.* | | | 260,352 | |
| | 10,527 | | | Edwards Lifesciences Corp.* | | | 948,483 | |
| | 7,493 | | | Eli Lilly & Co. | | | 2,257,116 | |
| | 16,796 | | | Erasca, Inc.* | | | 151,500 | |
| | 15,763 | | | Exact Sciences Corp.* | | | 560,375 | |
| | 23,751 | | | Exelixis, Inc.* | | | 421,343 | |
| | 7,879 | | | Fulgent Genetics, Inc.* | | | 342,500 | |
| | 6,793 | | | Galapagos NV (Belgium)* | | | 342,491 | |
| | 24,375 | | | Gilead Sciences, Inc. | | | 1,547,081 | |
| | 6,582 | | | Globus Medical, Inc., Class A* | | | 389,589 | |
| | 12,680 | | | Guardant Health, Inc.* | | | 634,761 | |
| | 108,385 | | | HUTCHMED China Ltd. (China)* | | | 269,276 | |
| | 4,869 | | | Illumina, Inc.* | | | 981,785 | |
| | 1,541,593 | | | Imugene Ltd. (Australia)* | | | 274,778 | |
| | 3,116 | | | Insulet Corp.* | | | 796,045 | |
| | 8,755 | | | Intellia Therapeutics, Inc.* | | | 525,825 | |
| | 6,362 | | | Intuitive Surgical, Inc.* | | | 1,308,918 | |
| | 127,372 | | | Invitae Corp.*(a) | | | 387,211 | |
| | 2,578 | | | iRhythm Technologies, Inc.* | | | 380,126 | |
| | 16,686 | | | Johnson & Johnson | | | 2,692,119 | |
| | 38,496 | | | Koninklijke Philips NV (Netherlands) | | | 644,438 | |
| | 17,939 | | | Maravai LifeSciences Holdings, Inc., Class A* | | | 374,387 | |
| | 4,772 | | | Masimo Corp.* | | | 700,959 | |
| | 21,202 | | | Medtronic PLC | | | 1,864,080 | |
| | 22,310 | | | Merck & Co., Inc. | | | 1,904,382 | |
| | 8,520 | | | Moderna, Inc.* | | | 1,126,940 | |
| | 9,223 | | | MorphoSys AG (Germany)* | | | 161,185 | |
| | 9,782 | | | Myriad Genetics, Inc.* | | | 218,530 | |
| | 12,382 | | | NextGen Healthcare, Inc.* | | | 212,227 | |
| | 24,675 | | | Novartis AG (Switzerland) | | | 2,000,648 | |
| | 15,892 | | | Novo Nordisk A/S ADR (Denmark) | | | 1,686,141 | |
| | 5,351 | | | NuVasive, Inc.* | | | 227,471 | |
| | 40,286 | | | Pacific Biosciences of California, Inc.* | | | 236,076 | |
| | 49,797 | | | Pfizer, Inc. | | | 2,252,318 | |
| | 17,036 | | | PHC Holdings Corp. (Japan) | | | 198,963 | |
| | 14,367 | | | PMV Pharmaceuticals, Inc.* | | | 199,989 | |
| | 8,961 | | | PROCEPT BioRobotics Corp.* | | | 362,741 | |
| | 16,423 | | | Pulmonx Corp.* | | | 301,691 | |
| | 9,675 | | | QIAGEN NV* | | | 439,535 | |
| | 2,431 | | | Regeneron Pharmaceuticals, Inc.* | | | 1,412,557 | |
| | 18,330 | | | Relay Therapeutics, Inc.* | | | 421,040 | |
| | 16,204 | | | Repare Therapeutics, Inc. (Canada)* | | | 193,152 | |
| | |
|
| Common Stocks – (continued) | |
| Health Care – (continued) | |
| | 30,907 | | | ResMed, Inc. CDI | | $ | 680,780 | |
| | 7,800 | | | Roche Holding AG | | | 2,520,744 | |
| | 34,449 | | | Sana Biotechnology, Inc.*(a) | | | 234,598 | |
| | 46,464 | | | Sangamo Therapeutics, Inc.* | | | 250,906 | |
| | 16,095 | | | Sanofi (France) | | | 1,330,028 | |
| | 4,725 | | | Sarepta Therapeutics, Inc.* | | | 516,820 | |
| | 162,071 | | | Senseonics Holdings, Inc.*(a) | | | 288,486 | |
| | 74,046 | | | Shanghai MicroPort MedBot Group Co. Ltd. (China)* | | | 234,435 | |
| | 104,906 | | | Sharecare, Inc.* | | | 191,978 | |
| | 9,929 | | | SI-BONE, Inc.* | | | 163,828 | |
| | 26,478 | | | Siemens Healthineers AG (Germany)(b) | | | 1,297,434 | |
| | 44,525 | | | Smith & Nephew PLC (United Kingdom) | | | 526,124 | |
| | 114,454 | | | Sorrento Therapeutics, Inc.* | | | 234,631 | |
| | 5,880 | | | Stryker Corp. | | | 1,206,576 | |
| | 20,940 | | | Takara Bio, Inc. (Japan) | | | 295,464 | |
| | 8,827 | | | Tandem Diabetes Care, Inc.* | | | 403,747 | |
| | 12,765 | | | Teladoc Health, Inc.* | | | 396,481 | |
| | 23,612 | | | Theravance Biopharma, Inc.* | | | 212,744 | |
| | 3,624 | | | Thermo Fisher Scientific, Inc. | | | 1,976,240 | |
| | 2,286 | | | UFP Technologies, Inc.* | | | 212,575 | |
| | 5,726 | | | Ultragenyx Pharmaceutical, Inc.* | | | 273,073 | |
| | 2,203 | | | United Therapeutics Corp.* | | | 499,244 | |
| | 15,905 | | | Veracyte, Inc.* | | | 324,462 | |
| | 5,715 | | | Vertex Pharmaceuticals, Inc.* | | | 1,610,258 | |
| | 39,839 | | | Well Health Technologies Corp. (Canada)*(a) | | | 107,385 | |
| | 205,448 | | | Yidu Tech, Inc. (China)*(b) | | | 185,846 | |
| | | | | | | | |
| | | | | | | 67,838,120 | |
| | |
| Industrials – 5.8% | |
| | 48,254 | | | ABB Ltd. (Switzerland) | | | 1,333,481 | |
| | 5,699 | | | AeroVironment, Inc.* | | | 505,216 | |
| | 2,522 | | | Alfen Beheer BV (Netherlands)*(b) | | | 286,060 | |
| | 3,883 | | | ASGN, Inc.* | | | 375,486 | |
| | 7,557 | | | Barnes Group, Inc. | | | 234,645 | |
| | 74,417 | | | Berkshire Grey, Inc.* | | | 150,322 | |
| | 14,075 | | | Blink Charging Co.*(a) | | | 300,783 | |
| | 1,655 | | | CACI International, Inc., Class A* | | | 464,840 | |
| | 5,814 | | | Daihen Corp. (Japan) | | | 174,053 | |
| | 147,432 | | | Desktop Metal, Inc., Class A*(a) | | | 468,834 | |
| | 1,274 | | | Energiekontor AG (Germany) | | | 112,478 | |
| | 6,895 | | | FANUC Corp. (Japan) | | | 1,120,857 | |
| | 22,632 | | | General Electric Co. | | | 1,662,094 | |
| | 20,086 | | | Kawasaki Heavy Industries Ltd. (Japan) | | | 393,099 | |
| | 19,519 | | | Kratos Defense & Security Solutions, Inc.* | | | 244,768 | |
| | 4,149 | | | Leidos Holdings, Inc. | | | 394,362 | |
| | 6,439 | | | LIG Nex1 Co. Ltd. (South Korea) | | | 510,287 | |
| | 21,727 | | | Lyft, Inc., Class A* | | | 320,039 | |
| | 66,948 | | | Mitsubishi Electric Corp. (Japan) | | | 685,055 | |
| | 6,216 | | | Moog, Inc., Class A | | | 466,076 | |
| | 13,860 | | | Nabtesco Corp. (Japan) | | | 332,440 | |
| | 16,922 | | | Nidec Corp. (Japan) | | | 1,138,184 | |
| | 55,896 | | | Nikola Corp.*(a) | | | 299,603 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Industrials – (continued) | |
| | 40,796 | | | Nordex SE (Germany)* | | $ | 394,061 | |
| | 9,054 | | | Parsons Corp.* | | | 374,655 | |
| | 10,560 | | | PNE AG (Germany) | | | 174,995 | |
| | 8,159 | | | Proto Labs, Inc.* | | | 313,306 | |
| | 24,416 | | | RADA Electronic Industries Ltd. (Israel)* | | | 244,892 | |
| | 8,825 | | | Shibaura Machine Co. Ltd. (Japan) | | | 195,439 | |
| | 44,256 | | | Siemens Energy AG (Germany) | | | 653,061 | |
| | 18,360 | | | SunPower Corp.* | | | 440,640 | |
| | 14,606 | | | Sunrun, Inc.* | | | 482,436 | |
| | 8,139 | | | Textron, Inc. | | | 507,711 | |
| | 4,384 | | | Thales SA (France) | | | 529,661 | |
| | 41,846 | | | TuSimple Holdings, Inc., Class A* | | | 300,873 | |
| | 3,983 | | | Verisk Analytics, Inc. | | | 745,458 | |
| | 37,435 | | | Virgin Galactic Holdings, Inc.*(a) | | | 221,241 | |
| | 10,655 | | | Wallbox NV (Spain)* | | | 94,616 | |
| | 395,721 | | | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)(a) | | | 591,904 | |
| | 88,826 | | | Xinte Energy Co. Ltd., Class H (China) | | | 233,132 | |
| | 18,502 | | | Yaskawa Electric Corp. (Japan) | | | 611,283 | |
| | | | | | | | |
| | | | | | | 19,082,426 | |
| | |
| Information Technology – 31.9% | |
| | 31,757 | | | 3D Systems Corp.* | | | 321,698 | |
| | 19,872 | | | ACI Worldwide, Inc.* | | | 470,966 | |
| | 3,619 | | | Adobe, Inc.* | | | 1,351,479 | |
| | 15,296 | | | Advanced Micro Devices, Inc.* | | | 1,298,172 | |
| | 682 | | | Adyen NV (Netherlands)*(b) | | | 1,059,538 | |
| | 79,431 | | | Aeva Technologies, Inc.* | | | 244,647 | |
| | 19,828 | | | Affirm Holdings, Inc.*(a) | | | 464,570 | |
| | 34,348 | | | Agora, Inc. ADR (China)* | | | 142,201 | |
| | 2,684 | | | Ahnlab, Inc. (South Korea) | | | 168,158 | |
| | 4,967 | | | Akamai Technologies, Inc.* | | | 448,421 | |
| | 17,471 | | | Alkami Technology, Inc.* | | | 253,329 | |
| | 4,670 | | | Altair Engineering, Inc., Class A* | | | 242,887 | |
| | 5,636 | | | Alteryx, Inc., Class A* | | | 351,236 | |
| | 6,687 | | | Ambarella, Inc.* | | | 453,914 | |
| | 7,539 | | | Amphenol Corp., Class A | | | 554,343 | |
| | 42,659 | | | Apple, Inc. | | | 6,706,848 | |
| | 6,103 | | | Arista Networks, Inc.* | | | 731,628 | |
| | 25,426 | | | Atos SE (France)* | | | 258,611 | |
| | 4,235 | | | Autodesk, Inc.* | | | 854,369 | |
| | 51,527 | | | Avast PLC(b) | | | 423,895 | |
| | 37,153 | | | AvidXchange Holdings, Inc.* | | | 289,422 | |
| | 4,791 | | | Belden, Inc. | | | 313,715 | |
| | 20,343 | | | Bentley Systems, Inc., Class B | | | 748,012 | |
| | 18,737 | | | BigCommerce Holdings, Inc.Series Series 1* | | | 312,346 | |
| | 71,706 | | | BlackBerry Ltd. (Canada)* | | | 425,934 | |
| | 25,946 | | | Block, Inc.* | | | 1,787,939 | |
| | 326,399 | | | BrainChip Holdings Ltd. (Australia)*(a) | | | 211,456 | |
| | 2,809 | | | Broadcom, Inc. | | | 1,402,000 | |
| | 15,505 | | | C3.ai, Inc., Class A* | | | 279,090 | |
| | 45,636 | | | Canaan, Inc. ADR (China)*(a) | | | 160,182 | |
| | 7,260 | | | Canadian Solar, Inc. (Canada)* | | | 327,934 | |
| | 7,421 | | | CEVA, Inc.* | | | 217,213 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 7,177 | | | Ciena Corp.* | | | 364,161 | |
| | 38,838 | | | Cisco Systems, Inc. | | | 1,736,835 | |
| | 7,426 | | | Cloudflare, Inc., Class A* | | | 464,645 | |
| | 10,830 | | | Cognex Corp. | | | 456,051 | |
| | 44,705 | | | Converge Technology Solutions Corp. (Canada)* | | | 194,236 | |
| | 91,520 | | | Core Scientific, Inc.* | | | 201,344 | |
| | 14,878 | | | Corning, Inc. | | | 510,613 | |
| | 5,453 | | | Crowdstrike Holdings, Inc., Class A* | | | 995,772 | |
| | 3,423 | | | CyberArk Software Ltd.* | | | 493,870 | |
| | 24,530 | | | Dassault Systemes (France) | | | 951,497 | |
| | 8,715 | | | Digi International, Inc.* | | | 288,554 | |
| | 5,228 | | | Digital Garage, Inc. (Japan) | | | 147,459 | |
| | 19,103 | | | Dlocal Ltd. (Uruguay)* | | | 475,092 | |
| | 8,170 | | | DocuSign, Inc.* | | | 475,657 | |
| | 21,897 | | | EngageSmart, Inc.* | | | 437,283 | |
| | 5,802 | | | Euronet Worldwide, Inc.* | | | 514,405 | |
| | 1,919 | | | ExlService Holdings, Inc.* | | | 321,835 | |
| | 24,158 | | | Extreme Networks, Inc.* | | | 346,184 | |
| | 1,032 | | | Fair Isaac Corp.* | | | 463,781 | |
| | 5,037 | | | FARO Technologies, Inc.* | | | 168,991 | |
| | 11,850 | | | Fidelity National Information Services, Inc. | | | 1,082,734 | |
| | 6,138 | | | First Solar, Inc.* | | | 782,902 | |
| | 3,465 | | | FleetCor Technologies, Inc.* | | | 736,416 | |
| | 17,814 | | | Flywire Corp.* | | | 442,856 | |
| | 9,422 | | | ForgeRock, Inc., Class A* | | | 160,739 | |
| | 18,458 | | | Fortinet, Inc.* | | | 898,720 | |
| | 7,426 | | | Global Payments, Inc. | | | 922,532 | |
| | 1,954 | | | Globant SA* | | | 411,845 | |
| | 54,119 | | | Hewlett Packard Enterprise Co. | | | 736,018 | |
| | 23,492 | | | HP, Inc. | | | 674,455 | |
| | 38,711 | | | indie Semiconductor, Inc., Class A (China)* | | | 329,431 | |
| | 33,708 | | | Infineon Technologies AG (Germany) | | | 823,651 | |
| | 39,821 | | | Infinera Corp.* | | | 218,219 | |
| | 63,209 | | | Innoviz Technologies Ltd. (Israel)* | | | 317,309 | |
| | 83,437 | | | Intel Corp. | | | 2,663,309 | |
| | 5,990 | | | InterDigital, Inc. | | | 300,458 | |
| | 11,323 | | | International Business Machines Corp. | | | 1,454,439 | |
| | 2,839 | | | IPG Photonics Corp.* | | | 257,185 | |
| | 3,367 | | | Jack Henry & Associates, Inc. | | | 647,137 | |
| | 16,217 | | | Juniper Networks, Inc. | | | 460,887 | |
| | 10,284 | | | Kainos Group PLC (United Kingdom) | | | 162,983 | |
| | 3,155 | | | Keyence Corp. (Japan) | | | 1,202,598 | |
| | 5,479 | | | Keysight Technologies, Inc.* | | | 897,953 | |
| | 15,688 | | | KnowBe4, Inc., Class A* | | | 301,523 | |
| | 6,075 | | | Kontron AG (Austria) | | | 92,669 | |
| | 71,390 | | | Learning Technologies Group PLC (United Kingdom) | | | 94,699 | |
| | 19,007 | | | Mandiant, Inc.* | | | 434,500 | |
| | 29,477 | | | Marathon Digital Holdings, Inc.*(a) | | | 349,302 | |
| | 17,189 | | | Marvell Technology, Inc. | | | 804,789 | |
| | 7,781 | | | Mastercard, Inc., Class A | | | 2,523,923 | |
| | 11,411 | | | Materialise NV ADR (Belgium) *(a) | | | 133,395 | |
| | 6,311 | | | MaxLinear, Inc.* | | | 226,754 | |
| | |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 11,005 | | | Micron Technology, Inc. | | $ | 622,113 | |
| | 24,933 | | | Microsoft Corp. | | | 6,519,232 | |
| | 1,465 | | | MicroStrategy, Inc., Class A* | | | 339,235 | |
| | 8,733 | | | nCino, Inc.* | | | 275,439 | |
| | 13,736 | | | NCR Corp.* | | | 426,503 | |
| | 6,108 | | | Nemetschek SE (Germany) | | | 361,758 | |
| | 10,028 | | | NETGEAR, Inc.* | | | 236,561 | |
| | 9,437 | | | NetScout Systems, Inc.* | | | 299,530 | |
| | 38,351 | | | NEXTDC Ltd. (Australia)* | | | 275,798 | |
| | 2,396 | | | Nice Ltd. ADR (Israel)* | | | 511,235 | |
| | 144,348 | | | Nokia OYJ ADR (Finland) | | | 728,957 | |
| | 18,006 | | | NortonLifeLock, Inc. | | | 406,756 | |
| | 2,580 | | | Novanta, Inc.* | | | 344,920 | |
| | 10,481 | | | Nuvei Corp. (Canada)*(b) | | | 321,649 | |
| | 37,145 | | | NVIDIA Corp. | | | 5,606,666 | |
| | 3,867 | | | NXP Semiconductors NV (China) | | | 636,431 | |
| | 6,524 | | | Okta, Inc.* | | | 596,294 | |
| | 11,426 | | | Open Text Corp. (Canada) | | | 359,690 | |
| | 12,929 | | | Oracle Corp. | | | 958,685 | |
| | 3,765 | | | OSI Systems, Inc.* | | | 313,700 | |
| | 30,533 | | | Pagseguro Digital Ltd., Class A (Brazil)* | | | 474,483 | |
| | 1,949 | | | Palo Alto Networks, Inc.* | | | 1,085,223 | |
| | 104,683 | | | PAX Global Technology Ltd. (Hong Kong) | | | 100,297 | |
| | 61,311 | | | Payoneer Global, Inc.* | | | 405,879 | |
| | 20,317 | | | PayPal Holdings, Inc.* | | | 1,898,420 | |
| | 193,061 | | | Paysafe Ltd.* | | | 318,551 | |
| | 12,442 | | | Ping Identity Holding Corp.* | | | 350,118 | |
| | 3,528 | | | PTC, Inc.* | | | 405,332 | |
| | 10,893 | | | Q2 Holdings, Inc.* | | | 432,670 | |
| | 3,447 | | | Qorvo, Inc.* | | | 309,472 | |
| | 11,377 | | | QUALCOMM, Inc. | | | 1,504,836 | |
| | 25,078 | | | Repay Holdings Corp.* | | | 232,975 | |
| | 46,267 | | | Riot Blockchain, Inc.*(a) | | | 331,734 | |
| | 36,497 | | | Sabre Corp.* | | | 262,413 | |
| | 8,158 | | | Salesforce, Inc.* | | | 1,273,627 | |
| | 9,799 | | | SAP SE (Germany) | | | 836,947 | |
| | 29,527 | | | Seiko Epson Corp. (Japan) | | | 467,746 | |
| | 8,144 | | | Semtech Corp.* | | | 376,171 | |
| | 20,501 | | | SentinelOne, Inc., Class A* | | | 559,882 | |
| | 10,575 | | | Shift4 Payments, Inc., Class A* | | | 478,942 | |
| | 49,111 | | | Shopify, Inc., Class A (Canada)* | | | 1,554,363 | |
| | 5,561 | | | Sierra Wireless, Inc. (Canada)* | | | 171,168 | |
| | 2,983 | | | Silicon Laboratories, Inc.* | | | 373,859 | |
| | 6,718 | | | Skyworks Solutions, Inc. | | | 662,059 | |
| | 8,133 | | | Software AG (Germany) | | | 221,300 | |
| | 53,041 | | | Spirent Communications PLC (United Kingdom) | | | 159,234 | |
| | 5,241 | | | Splunk, Inc.* | | | 471,847 | |
| | 5,052 | | | Sprout Social, Inc., Class A* | | | 303,322 | |
| | 15,301 | | | SS&C Technologies Holdings, Inc. | | | 853,184 | |
| | 25,306 | | | STMicroelectronics NV (Singapore) | | | 884,137 | |
| | 34,368 | | | StoneCo Ltd., Class A (Brazil)* | | | 325,809 | |
| | 21,226 | | | Stratasys Ltd.* | | | 366,361 | |
| | 3,105 | | | Synaptics, Inc.* | | | 358,969 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 24,118 | | | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | | | 2,010,235 | |
| | 11,782 | | | TaskUS, Inc., Class A (Philippines)* | | | 175,316 | |
| | 23,215 | | | Telos Corp.* | | | 229,829 | |
| | 19,344 | | | TELUS International CDA, Inc. (Philippines)* | | | 551,304 | |
| | 8,019 | | | Tenable Holdings, Inc.* | | | 317,633 | |
| | 13,850 | | | Teradyne, Inc. | | | 1,172,264 | |
| | 24,488 | | | Toast, Inc., Class A* | | | 463,558 | |
| | 34,634 | | | TomTom NV (Netherlands)* | | | 279,480 | |
| | 592,051 | | | Truly International Holdings Ltd. (Hong Kong) | | | 130,497 | |
| | 4,208 | | | TTEC Holdings, Inc. | | | 220,289 | |
| | 88,605 | | | Tuya, Inc. ADR (China)* | | | 116,959 | |
| | 34,416 | | | UiPath, Inc., Class A* | | | 566,143 | |
| | 7,145 | | | Viasat, Inc.* | | | 271,367 | |
| | 13,081 | | | Visa, Inc., Class A | | | 2,599,326 | |
| | 2,545 | | | Zebra Technologies Corp., Class A* | | | 767,674 | |
| | 39,290 | | | Zeta Global Holdings Corp., Class A*(a) | | | 275,030 | |
| | 4,261 | | | Zscaler, Inc.* | | | 678,522 | |
| | | | | | | | |
| | | | | | | 104,608,656 | |
| | |
| Real Estate – 0.6% | |
| | 6,151 | | | Digital Realty Trust, Inc. REIT | | | 760,448 | |
| | 1,341 | | | Equinix, Inc. REIT | | | 881,533 | |
| | 13,556 | | | Zillow Group, Inc., Class A* | | | 452,771 | |
| | | | | | | | |
| | | | | | | 2,094,752 | |
| | |
| Utilities – 1.3% | |
| | 9,238 | | | Atlantica Sustainable Infrastructure PLC (Spain) | | | 308,734 | |
| | 15,623 | | | Avangrid, Inc. | | | 771,776 | |
| | 16,828 | | | Brookfield Renewable Corp., Class A | | | 646,027 | |
| | 10,597 | | | Brookfield Renewable Partners LP (Canada) | | | 395,527 | |
| | 12,289 | | | Dominion Energy, Inc. | | | 1,005,240 | |
| | 1,078,372 | | | Huaneng Power International, Inc., Class H (China)* | | | 552,317 | |
| | 27,178 | | | Innergex Renewable Energy, Inc. (Canada) | | | 411,945 | |
| | | | | | | | |
| | | | | | | 4,091,566 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $378,559,334) | | $ | 326,553,772 | |
| | |
| | |
|
| Closed-End Fund – 0.1% | |
| | 194,160 | | | Greencoat UK Wind PLC/Funds | | | | |
| | (Cost $349,743) | | $ | 372,098 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | |
Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stock – 0.1% | |
| Communication Services – 0.1% | |
| | 30,705 | | | AMC Entertainment Holdings, Inc.* | | | | | | | | |
| | (Cost $220,403) | | | 0.00 | % | | $ | 150,454 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $379,129,480) | | | | | | $ | 327,076,324 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 2.1%(d) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
6,943,097 | | | 2.154 | % | | $ | 6,943,097 | |
| (Cost $6,943,097) | |
| |
| TOTAL INVESTMENTS – 102.0% | |
| (Cost $386,072,577) | | | $ | 334,019,421 | |
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.0)% | | | | (6,489,122 | ) |
| |
| NET ASSETS – 100.0% | | | $ | 327,530,299 | |
| |
| | |
|
| 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) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| |
(d) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
GDR | | —Global Depositary Receipt |
LP | | —Limited Partnership |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.7% | |
| Communication Services – 7.4% | |
| | 51,163 | | | Alphabet, Inc., Class A* | | $ | 5,536,860 | |
| | 46,742 | | | Alphabet, Inc., Class C* | | | 5,101,889 | |
| | 71,670 | | | AT&T, Inc. | | | 1,257,092 | |
| | 1,157 | | | Charter Communications, Inc., Class A* | | | 477,413 | |
| | 2,949 | | | Electronic Arts, Inc. | | | 374,140 | |
| | 3,259 | | | Fox Corp., Class A | | | 111,393 | |
| | 1,524 | | | Fox Corp., Class B | | | 48,189 | |
| | 4,133 | | | Interpublic Group of Cos., Inc. (The) | | | 114,236 | |
| | 208 | | | Liberty Broadband Corp., Class A* | | | 20,971 | |
| | 1,291 | | | Liberty Broadband Corp., Class C* | | | 131,295 | |
| | 220 | | | Liberty Media Corp.-Liberty Formula One, Class A* | | | 12,789 | |
| | 2,108 | | | Liberty Media Corp.-Liberty Formula One, Class C* | | | 134,237 | |
| | 787 | | | Liberty Media Corp.-Liberty SiriusXM, Class A* | | | 32,692 | |
| | 1,629 | | | Liberty Media Corp.-Liberty SiriusXM, Class C* | | | 67,375 | |
| | 10,272 | | | Lumen Technologies, Inc. | | | 102,309 | |
| | 4,603 | | | Netflix, Inc.* | | | 1,029,047 | |
| | 100 | | | Paramount Global, Class A(a) | | | 2,642 | |
| | 6,060 | | | Paramount Global, Class B | | | 141,743 | |
| | 4,882 | | | Pinterest, Inc., Class A* | | | 112,481 | |
| | 5,961 | | | T-Mobile US, Inc.* | | | 858,146 | |
| | 6,338 | | | Twitter, Inc.* | | | 245,597 | |
| | 42,071 | | | Verizon Communications, Inc. | | | 1,758,988 | |
| | 19,165 | | | Walt Disney Co. (The)* | | | 2,148,013 | |
| | | | | | | | |
| | | | | | | 19,819,537 | |
| | |
| Consumer Discretionary – 10.5% | |
| | 639 | | | Advance Auto Parts, Inc. | | | 107,761 | |
| | 93,483 | | | Amazon.com, Inc.* | | | 11,850,840 | |
| | 2,841 | | | Aptiv PLC* | | | 265,435 | |
| | 2,437 | | | Aramark | | | 87,025 | |
| | 2,111 | | | Best Buy Co., Inc. | | | 149,227 | |
| | 425 | | | Booking Holdings, Inc.* | | | 797,219 | |
| | 2,507 | | | BorgWarner, Inc. | | | 94,514 | |
| | 749 | | | Brunswick Corp. | | | 55,958 | |
| | 2,153 | | | Caesars Entertainment, Inc.* | | | 92,837 | |
| | 1,686 | | | CarMax, Inc.* | | | 149,110 | |
| | 9,116 | | | Carnival Corp.* | | | 86,237 | |
| | 296 | | | Chipotle Mexican Grill, Inc.* | | | 472,653 | |
| | 1,310 | | | Darden Restaurants, Inc. | | | 162,060 | |
| | 289 | | | Deckers Outdoor Corp.* | | | 92,934 | |
| | 583 | | | Dick’s Sporting Goods, Inc. | | | 62,014 | |
| | 5,886 | | | eBay, Inc. | | | 259,749 | |
| | 1,329 | | | Etsy, Inc.* | | | 140,356 | |
| | 1,586 | | | Expedia Group, Inc.* | | | 162,803 | |
| | 41,445 | | | Ford Motor Co. | | | 631,622 | |
| | 2,078 | | | Gap, Inc. (The) | | | 18,993 | |
| | 1,623 | | | Garmin Ltd. | | | 143,619 | |
| | 15,292 | | | General Motors Co. | | | 584,307 | |
| | 336 | | | Grand Canyon Education, Inc.* | | | 27,344 | |
| | 1,410 | | | Harley-Davidson, Inc. | | | 54,384 | |
| | 1,378 | | | Hasbro, Inc. | | | 108,614 | |
| | 2,880 | | | Hilton Worldwide Holdings, Inc. | | | 366,797 | |
| | |
|
| Common Stocks – (continued) | |
| Consumer Discretionary – (continued) | |
| | 10,866 | | | Home Depot, Inc. (The) | | | 3,133,972 | |
| | 1,344 | | | Kohl’s Corp. | | | 38,196 | |
| | 3,473 | | | Las Vegas Sands Corp.* | | | 130,689 | |
| | 623 | | | Lear Corp. | | | 86,373 | |
| | 6,959 | | | Lowe’s Cos., Inc. | | | 1,351,020 | |
| | 1,172 | | | Lululemon Athletica, Inc.* | | | 351,553 | |
| | 426 | | | Marriott Vacations Worldwide Corp. | | | 60,671 | |
| | 3,690 | | | Mattel, Inc.* | | | 81,623 | |
| | 3,741 | | | MGM Resorts International | | | 122,106 | |
| | 12,889 | | | NIKE, Inc., Class B | | | 1,372,034 | |
| | 1,174 | | | Nordstrom, Inc. | | | 20,087 | |
| | 4,393 | | | Norwegian Cruise Line Holdings Ltd.* | | | 57,460 | |
| | 842 | | | Petco Health & Wellness Co., Inc.* | | | 12,563 | |
| | 2,483 | | | PulteGroup, Inc. | | | 100,959 | |
| | 708 | | | PVH Corp. | | | 39,825 | |
| | 483 | | | Ralph Lauren Corp. | | | 44,112 | |
| | 3,627 | | | Ross Stores, Inc. | | | 312,901 | |
| | 2,313 | | | Royal Caribbean Cruises Ltd.* | | | 94,486 | |
| | 1,625 | | | Service Corp. International | | | 100,279 | |
| | 12,057 | | | Starbucks Corp. | | | 1,013,632 | |
| | 2,777 | | | Tapestry, Inc. | | | 96,445 | |
| | 4,873 | | | Target Corp. | | | 781,337 | |
| | 1,799 | | | Tempur Sealy International, Inc. | | | 44,993 | |
| | 556 | | | Thor Industries, Inc. | | | 45,041 | |
| | 12,348 | | | TJX Cos., Inc. (The) | | | 769,898 | |
| | 1,174 | | | Tractor Supply Co. | | | 217,366 | |
| | 883 | | | Travel + Leisure Co. | | | 37,439 | |
| | 1,976 | | | Under Armour, Inc., Class A* | | | 16,638 | |
| | 2,291 | | | Under Armour, Inc., Class C* | | | 17,389 | |
| | 3,671 | | | VF Corp. | | | 152,163 | |
| | 577 | | | Whirlpool Corp. | | | 90,358 | |
| | 732 | | | Williams-Sonoma, Inc. | | | 108,885 | |
| | 951 | | | Wyndham Hotels & Resorts, Inc. | | | 62,138 | |
| | 1,117 | | | Wynn Resorts Ltd.* | | | 67,679 | |
| | 3,032 | | | Yum! Brands, Inc. | | | 337,280 | |
| | | | | | | | |
| | | | | | | 28,394,002 | |
| | |
| Consumer Staples – 6.5% | |
| | 6,466 | | | Archer-Daniels-Midland Co. | | | 568,297 | |
| | 1,620 | | | Bunge Ltd. | | | 160,655 | |
| | 2,238 | | | Campbell Soup Co. | | | 112,750 | |
| | 1,427 | | | Clorox Co. (The) | | | 205,973 | |
| | 9,560 | | | Colgate-Palmolive Co. | | | 747,688 | |
| | 5,435 | | | Conagra Brands, Inc. | | | 186,855 | |
| | 4,660 | | | Costco Wholesale Corp. | | | 2,432,986 | |
| | 6,958 | | | General Mills, Inc. | | | 534,374 | |
| | 1,686 | | | Hershey Co. (The) | | | 378,794 | |
| | 3,306 | | | Hormel Foods Corp. | | | 166,226 | |
| | 764 | | | Ingredion, Inc. | | | 66,521 | |
| | 2,911 | | | Kellogg Co. | | | 211,746 | |
| | 9,898 | | | Keurig Dr Pepper, Inc. | | | 377,312 | |
| | 3,882 | | | Kimberly-Clark Corp. | | | 495,033 | |
| | 7,569 | | | Kroger Co. (The) | | | 362,858 | |
| | 2,891 | | | McCormick & Co., Inc. | | | 243,046 | |
| | 2,022 | | | Molson Coors Beverage Co., Class B | | | 104,477 | |
| | 15,960 | | | Mondelez International, Inc., Class A | | | 987,286 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Consumer Staples – (continued) | |
| | 15,969 | | | PepsiCo, Inc. | | $ | 2,750,980 | |
| | 27,607 | | | Procter & Gamble Co. (The) | | | 3,808,109 | |
| | 5,865 | | | Sysco Corp. | | | 482,220 | |
| | 2,571 | | | US Foods Holding Corp.* | | | 78,724 | |
| | 15,163 | | | Walmart, Inc. | | | 2,009,856 | |
| | | | | | | | |
| | | | | | | 17,472,766 | |
| | |
| Energy – 4.9% | |
| | 9,195 | | | Baker Hughes Co. | | | 232,266 | |
| | 2,514 | | | Cheniere Energy, Inc. | | | 402,693 | |
| | 19,542 | | | Chevron Corp. | | | 3,088,809 | |
| | 12,867 | | | ConocoPhillips | | | 1,408,293 | |
| | 6,533 | | | Devon Energy Corp. | | | 461,361 | |
| | 3,659 | | | EQT Corp. | | | 174,900 | |
| | 41,921 | | | Exxon Mobil Corp. | | | 4,007,228 | |
| | 2,799 | | | Hess Corp. | | | 338,063 | |
| | 19,745 | | | Kinder Morgan, Inc. | | | 361,728 | |
| | 5,367 | | | Marathon Petroleum Corp. | | | 540,725 | |
| | 8,134 | | | Occidental Petroleum Corp. | | | 577,514 | |
| | 4,414 | | | ONEOK, Inc. | | | 270,269 | |
| | 4,780 | | | Phillips 66 | | | 427,619 | |
| | 4,045 | | | Valero Energy Corp. | | | 473,750 | |
| | 12,103 | | | Williams Cos., Inc. (The) | | | 411,865 | |
| | | | | | | | |
| | | | | | | 13,177,083 | |
| | |
| Financials – 10.8% | |
| | 393 | | | Affiliated Managers Group, Inc. | | | 50,052 | |
| | 6,561 | | | Aflac, Inc. | | | 389,855 | |
| | 136 | | | Alleghany Corp.* | | | 114,400 | |
| | 2,815 | | | Allstate Corp. (The) | | | 339,207 | |
| | 3,309 | | | Ally Financial, Inc. | | | 109,859 | |
| | 5,914 | | | American Express Co. | | | 898,928 | |
| | 1,127 | | | Ameriprise Financial, Inc. | | | 302,047 | |
| | 2,158 | | | Aon PLC, Class A | | | 602,643 | |
| | 3,696 | | | Arch Capital Group Ltd.* | | | 168,981 | |
| | 556 | | | Assurant, Inc. | | | 88,120 | |
| | 630 | | | Assured Guaranty Ltd. | | | 32,174 | |
| | 797 | | | Axis Capital Holdings Ltd. | | | 42,361 | |
| | 72,165 | | | Bank of America Corp. | | | 2,425,466 | |
| | 7,543 | | | Bank of New York Mellon Corp. (The) | | | 313,261 | |
| | 1,200 | | | Bank OZK | | | 48,636 | |
| | 1,541 | | | BlackRock, Inc. | | | 1,026,907 | |
| | 769 | | | Brighthouse Financial, Inc.* | | | 36,566 | |
| | 3,883 | | | Capital One Financial Corp. | | | 410,899 | |
| | 1,089 | | | Cboe Global Markets, Inc. | | | 128,469 | |
| | 15,615 | | | Charles Schwab Corp. (The) | | | 1,107,884 | |
| | 20,259 | | | Citigroup, Inc. | | | 988,842 | |
| | 5,009 | | | Citizens Financial Group, Inc. | | | 183,730 | |
| | 1,340 | | | Comerica, Inc. | | | 107,602 | |
| | 1,125 | | | Commerce Bancshares, Inc. | | | 77,366 | |
| | 2,880 | | | Discover Financial Services | | | 289,411 | |
| | 3,932 | | | Equitable Holdings, Inc. | | | 116,977 | |
| | 389 | | | FactSet Research Systems, Inc. | | | 168,569 | |
| | 6,995 | | | Fifth Third Bancorp | | | 238,879 | |
| | 1,070 | | | First American Financial Corp. | | | 57,245 | |
| | 1,837 | | | First Republic Bank | | | 278,912 | |
| | |
|
| Common Stocks – (continued) | |
| Financials – (continued) | |
| | 3,418 | | | Goldman Sachs Group, Inc. (The)(b) | | | 1,137,066 | |
| | 364 | | | Hanover Insurance Group, Inc. (The) | | | 47,098 | |
| | 3,371 | | | Hartford Financial Services Group, Inc. (The) | | | 216,789 | |
| | 14,734 | | | Huntington Bancshares, Inc. | | | 197,436 | |
| | 5,670 | | | Intercontinental Exchange, Inc. | | | 571,820 | |
| | 3,831 | | | Invesco Ltd. | | | 63,097 | |
| | 1,411 | | | Janus Henderson Group PLC | | | 33,017 | |
| | 2,148 | | | Jefferies Financial Group, Inc. | | | 68,929 | |
| | 29,971 | | | JPMorgan Chase & Co. | | | 3,408,602 | |
| | 9,536 | | | KeyCorp | | | 168,692 | |
| | 967 | | | Lazard Ltd., Class A(a) | | | 35,150 | |
| | 1,757 | | | Lincoln National Corp. | | | 80,927 | |
| | 815 | | | LPL Financial Holdings, Inc. | | | 180,384 | |
| | 5,149 | | | Marsh & McLennan Cos., Inc. | | | 830,894 | |
| | 7,043 | | | MetLife, Inc. | | | 453,076 | |
| | 3,090 | | | MGIC Investment Corp. | | | 44,156 | |
| | 1,644 | | | Moody’s Corp. | | | 467,751 | |
| | 13,110 | | | Morgan Stanley | | | 1,117,234 | |
| | 253 | | | Morningstar, Inc. | | | 57,681 | |
| | 807 | | | MSCI, Inc. | | | 362,537 | |
| | 3,525 | | | Nasdaq, Inc. | | | 209,843 | |
| | 1,191 | | | PacWest Bancorp | | | 31,359 | |
| | 4,239 | | | PNC Financial Services Group, Inc. (The) | | | 669,762 | |
| | 2,570 | | | Principal Financial Group, Inc. | | | 192,133 | |
| | 6,001 | | | Progressive Corp. (The) | | | 736,023 | |
| | 3,850 | | | Prudential Financial, Inc. | | | 368,638 | |
| | 9,598 | | | Regions Financial Corp. | | | 207,989 | |
| | 688 | | | Reinsurance Group of America, Inc. | | | 86,248 | |
| | 3,487 | | | S&P Global, Inc. | | | 1,228,052 | |
| | 601 | | | SVB Financial Group* | | | 244,319 | |
| | 4,906 | | | Synchrony Financial | | | 160,672 | |
| | 2,297 | | | T. Rowe Price Group, Inc. | | | 275,640 | |
| | 2,460 | | | Travelers Cos., Inc. (The) | | | 397,634 | |
| | 13,658 | | | Truist Financial Corp. | | | 639,741 | |
| | 2,220 | | | Umpqua Holdings Corp. | | | 39,383 | |
| | 2,057 | | | Unum Group | | | 77,857 | |
| | 13,789 | | | US Bancorp | | | 628,916 | |
| | 1,047 | | | Voya Financial, Inc. | | | 64,422 | |
| | 1,833 | | | Webster Financial Corp. | | | 86,243 | |
| | 38,966 | | | Wells Fargo & Co. | | | 1,703,204 | |
| | 1,138 | | | Willis Towers Watson PLC | | | 235,373 | |
| | | | | | | | |
| | | | | | | 28,970,035 | |
| | |
| Health Care – 14.2% | |
| | 751 | | | 10X Genomics, Inc., Class A* | | | 24,775 | |
| | 14,168 | | | Abbott Laboratories | | | 1,454,345 | |
| | 14,601 | | | AbbVie, Inc. | | | 1,963,250 | |
| | 2,475 | | | Agilent Technologies, Inc. | | | 317,419 | |
| | 645 | | | Align Technology, Inc.* | | | 157,186 | |
| | 994 | | | Alnylam Pharmaceuticals, Inc.* | | | 205,430 | |
| | 1,721 | | | AmerisourceBergen Corp. | | | 252,230 | |
| | 4,410 | | | Amgen, Inc. | | | 1,059,723 | |
| | 4,156 | | | Baxter International, Inc. | | | 238,804 | |
| | 2,343 | | | Becton Dickinson and Co. | | | 591,420 | |
| | 1,201 | | | Biogen, Inc.* | | | 234,651 | |
| | |
| | |
| 48 | | 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) | |
| Health Care – (continued) | |
| | 1,523 | | | BioMarin Pharmaceutical, Inc.* | | $ | 135,852 | |
| | 11,786 | | | Boston Scientific Corp.* | | | 475,094 | |
| | 17,596 | | | Bristol-Myers Squibb Co. | | | 1,186,146 | |
| | 2,250 | | | Cardinal Health, Inc. | | | 159,120 | |
| | 1,406 | | | Catalent, Inc.* | | | 123,728 | |
| | 4,800 | | | Centene Corp.* | | | 430,752 | |
| | 2,134 | | | Change Healthcare, Inc.* | | | 52,432 | |
| | 2,583 | | | Cigna Corp. | | | 732,151 | |
| | 15,145 | | | CVS Health Corp. | | | 1,486,482 | |
| | 5,346 | | | Danaher Corp. | | | 1,442,939 | |
| | 1,766 | | | DENTSPLY SIRONA, Inc. | | | 57,872 | |
| | 5,102 | | | Edwards Lifesciences Corp.* | | | 459,690 | |
| | 1,988 | | | Elevance Health, Inc. | | | 964,399 | |
| | 6,963 | | | Eli Lilly & Co. | | | 2,097,464 | |
| | 2,609 | | | Exelixis, Inc.* | | | 46,284 | |
| | 10,372 | | | Gilead Sciences, Inc. | | | 658,311 | |
| | 1,864 | | | HCA Healthcare, Inc. | | | 368,830 | |
| | 1,132 | | | Henry Schein, Inc.* | | | 83,100 | |
| | 2,032 | | | Hologic, Inc.* | | | 137,282 | |
| | 1,855 | | | Horizon Therapeutics PLC* | | | 109,835 | |
| | 1,040 | | | Humana, Inc. | | | 501,051 | |
| | 691 | | | IDEXX Laboratories, Inc.* | | | 240,205 | |
| | 1,299 | | | Illumina, Inc.* | | | 261,930 | |
| | 2,959 | | | Intuitive Surgical, Inc.* | | | 608,785 | |
| | 1,553 | | | IQVIA Holdings, Inc.* | | | 330,261 | |
| | 21,738 | | | Johnson & Johnson | | | 3,507,209 | |
| | 764 | | | Laboratory Corp. of America Holdings | | | 172,106 | |
| | 11,040 | | | Medtronic PLC | | | 970,637 | |
| | 20,897 | | | Merck & Co., Inc. | | | 1,783,768 | |
| | 219 | | | Mettler-Toledo International, Inc.* | | | 265,529 | |
| | 2,838 | | | Moderna, Inc.* | | | 375,382 | |
| | 46,691 | | | Pfizer, Inc. | | | 2,111,834 | |
| | 965 | | | Quest Diagnostics, Inc. | | | 120,924 | |
| | 860 | | | Regeneron Pharmaceuticals, Inc.* | | | 499,712 | |
| | 1,191 | | | ResMed, Inc. | | | 261,925 | |
| | 1,123 | | | Seagen, Inc.* | | | 173,268 | |
| | 2,900 | | | Stryker Corp. | | | 595,080 | |
| | 1,325 | | | Teladoc Health, Inc.* | | | 41,154 | |
| | 3,232 | | | Thermo Fisher Scientific, Inc. | | | 1,762,474 | |
| | 7,729 | | | UnitedHealth Group, Inc. | | | 4,013,902 | |
| | 1,150 | | | Veeva Systems, Inc., Class A* | | | 229,218 | |
| | 2,111 | | | Vertex Pharmaceuticals, Inc.* | | | 594,795 | |
| | 587 | | | Waters Corp.* | | | 175,278 | |
| | 610 | | | West Pharmaceutical Services, Inc. | | | 180,981 | |
| | 1,734 | | | Zimmer Biomet Holdings, Inc. | | | 184,359 | |
| | 3,886 | | | Zoetis, Inc. | | | 608,276 | |
| | | | | | | | |
| | | | | | | 38,277,039 | |
| | |
| Industrials – 8.1% | |
| | 5,573 | | | 3M Co. | | | 693,003 | |
| | 1,309 | | | AECOM | | | 95,753 | |
| | 1,301 | | | Alaska Air Group, Inc.* | | | 56,672 | |
| | 6,787 | | | American Airlines Group, Inc.* | | | 88,163 | |
| | 5,381 | | | Boeing Co. (The)* | | | 862,305 | |
| | 1,290 | | | Booz Allen Hamilton Holding Corp. | | | 123,453 | |
| | 8,323 | | | Carrier Global Corp. | | | 325,596 | |
| | |
|
| Common Stocks – (continued) | |
| Industrials – (continued) | |
| | 5,243 | | | Caterpillar, Inc. | | | 968,434 | |
| | 1,228 | | | C.H. Robinson Worldwide, Inc. | | | 140,176 | |
| | 681 | | | Clean Harbors, Inc.* | | | 79,963 | |
| | 21,335 | | | CSX Corp. | | | 675,253 | |
| | 1,381 | | | Cummins, Inc. | | | 297,426 | |
| | 2,750 | | | Deere & Co. | | | 1,004,437 | |
| | 6,723 | | | Delta Air Lines, Inc.* | | | 208,884 | |
| | 1,409 | | | Dover Corp. | | | 176,069 | |
| | 3,923 | | | Eaton Corp. PLC | | | 536,039 | |
| | 5,803 | | | Emerson Electric Co. | | | 474,337 | |
| | 2,367 | | | FedEx Corp. | | | 498,987 | |
| | 1,283 | | | Fortune Brands Home & Security, Inc. | | | 78,815 | |
| | 333 | | | FTI Consulting, Inc.* | | | 53,480 | |
| | 2,421 | | | General Dynamics Corp. | | | 554,240 | |
| | 10,761 | | | General Electric Co. | | | 790,288 | |
| | 6,689 | | | Honeywell International, Inc. | | | 1,266,562 | |
| | 386 | | | Huntington Ingalls Industries, Inc. | | | 88,880 | |
| | 746 | | | IDEX Corp. | | | 150,103 | |
| | 3,043 | | | Illinois Tool Works, Inc. | | | 592,868 | |
| | 3,987 | | | Ingersoll Rand, Inc. | | | 188,864 | |
| | 1,257 | | | Jacobs Solutions, Inc. | | | 156,597 | |
| | 6,831 | | | Johnson Controls International PLC | | | 369,830 | |
| | 1,890 | | | L3Harris Technologies, Inc. | | | 431,279 | |
| | 1,157 | | | Leidos Holdings, Inc. | | | 109,973 | |
| | 320 | | | Lennox International, Inc. | | | 76,838 | |
| | 550 | | | Lincoln Electric Holdings, Inc. | | | 75,179 | |
| | 2,330 | | | Lockheed Martin Corp. | | | 978,856 | |
| | 3,220 | | | Lyft, Inc., Class A* | | | 47,431 | |
| | 1,979 | | | MDU Resources Group, Inc. | | | 59,667 | |
| | 3,764 | | | Nielsen Holdings PLC | | | 104,790 | |
| | 1,441 | | | Northrop Grumman Corp. | | | 688,784 | |
| | 1,624 | | | nVent Electric PLC | | | 53,527 | |
| | 642 | | | Oshkosh Corp. | | | 51,206 | |
| | 4,154 | | | Otis Worldwide Corp. | | | 300,002 | |
| | 951 | | | Owens Corning | | | 77,725 | |
| | 1,394 | | | Quanta Services, Inc. | | | 196,972 | |
| | 14,610 | | | Raytheon Technologies Corp. | | | 1,311,247 | |
| | 2,740 | | | Republic Services, Inc. | | | 391,053 | |
| | 1,141 | | | Rockwell Automation, Inc. | | | 270,349 | |
| | 531 | | | Schneider National, Inc., Class B | | | 12,139 | |
| | 6,224 | | | Southwest Airlines Co.* | | | 228,421 | |
| | 1,482 | | | Stanley Black & Decker, Inc. | | | 130,564 | |
| | 2,108 | | | Textron, Inc. | | | 131,497 | |
| | 633 | | | Timken Co. (The) | | | 39,873 | |
| | 2,290 | | | Trane Technologies PLC | | | 352,820 | |
| | 1,889 | | | TransUnion | | | 139,540 | |
| | 19,873 | | | Uber Technologies, Inc.* | | | 571,547 | |
| | 3,427 | | | United Airlines Holdings, Inc.* | | | 119,979 | |
| | 7,222 | | | United Parcel Service, Inc., Class B | | | 1,404,751 | |
| | 703 | | | United Rentals, Inc.* | | | 205,304 | |
| | 1,524 | | | Verisk Analytics, Inc. | | | 285,232 | |
| | 5,523 | | | Waste Management, Inc. | | | 933,553 | |
| | 1,774 | | | Westinghouse Air Brake Technologies Corp. | | | 155,491 | |
| | 445 | | | W.W. Grainger, Inc. | | | 246,948 | |
| | 1,756 | | | Xylem, Inc. | | | 159,972 | |
| | | | | | | | |
| | | | | | | 21,937,986 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Information Technology – 28.5% | |
| | 6,227 | | | Accenture PLC, Class A | | $ | 1,796,240 | |
| | 4,014 | | | Adobe, Inc.* | | | 1,498,988 | |
| | 13,738 | | | Advanced Micro Devices, Inc.* | | | 1,165,944 | |
| | 1,346 | | | Akamai Technologies, Inc.* | | | 121,517 | |
| | 4,438 | | | Analog Devices, Inc. | | | 672,490 | |
| | 740 | | | ANSYS, Inc.* | | | 183,742 | |
| | 130,088 | | | Apple, Inc. | | | 20,452,435 | |
| | 7,498 | | | Applied Materials, Inc. | | | 705,337 | |
| | 1,852 | | | Autodesk, Inc.* | | | 373,623 | |
| | 4,105 | | | Automatic Data Processing, Inc. | | | 1,003,303 | |
| | 5,083 | | | Block, Inc.* | | | 350,270 | |
| | 3,398 | | | Broadcom, Inc. | | | 1,695,976 | |
| | 1,196 | | | Broadridge Financial Solutions, Inc. | | | 204,719 | |
| | 2,318 | | | Cadence Design Systems, Inc.* | | | 402,799 | |
| | 1,149 | | | CDW Corp. | | | 196,134 | |
| | 1,513 | | | Ciena Corp.* | | | 76,770 | |
| | 41,621 | | | Cisco Systems, Inc. | | | 1,861,291 | |
| | 1,073 | | | Citrix Systems, Inc. | | | 110,272 | |
| | 4,422 | | | Cognizant Technology Solutions Corp., Class A | | | 279,338 | |
| | 6,419 | | | Corning, Inc. | | | 220,300 | |
| | 2,273 | | | Dell Technologies, Inc., Class C | | | 87,033 | |
| | 1,680 | | | DocuSign, Inc.* | | | 97,810 | |
| | 546 | | | Dolby Laboratories, Inc., Class A | | | 39,989 | |
| | 2,385 | | | Dropbox, Inc., Class A* | | | 51,015 | |
| | 2,079 | | | DXC Technology Co.* | | | 51,518 | |
| | 645 | | | Elastic NV* | | | 54,122 | |
| | 516 | | | F5, Inc.* | | | 81,043 | |
| | 5,995 | | | Fidelity National Information Services, Inc. | | | 547,763 | |
| | 5,572 | | | Fortinet, Inc.* | | | 271,301 | |
| | 669 | | | Gartner, Inc.* | | | 190,879 | |
| | 1,374 | | | GoDaddy, Inc., Class A* | | | 104,177 | |
| | 11,038 | | | Hewlett Packard Enterprise Co. | | | 150,117 | |
| | 8,957 | | | HP, Inc. | | | 257,155 | |
| | 387 | | | HubSpot, Inc.* | | | 130,434 | |
| | 34,812 | | | Intel Corp. | | | 1,111,199 | |
| | 7,654 | | | International Business Machines Corp. | | | 983,156 | |
| | 2,342 | | | Intuit, Inc. | | | 1,011,229 | |
| | 1,170 | | | Jabil, Inc. | | | 70,551 | |
| | 3,197 | | | Juniper Networks, Inc. | | | 90,859 | |
| | 1,776 | | | Keysight Technologies, Inc.* | | | 291,069 | |
| | 1,271 | | | KLA Corp. | | | 437,389 | |
| | 1,177 | | | Lam Research Corp. | | | 515,420 | |
| | 7,214 | | | Marvell Technology, Inc. | | | 337,759 | |
| | 8,461 | | | Mastercard, Inc., Class A | | | 2,744,495 | |
| | 9,487 | | | Micron Technology, Inc. | | | 536,300 | |
| | 63,655 | | | Microsoft Corp. | | | 16,643,873 | |
| | 546 | | | MKS Instruments, Inc. | | | 54,387 | |
| | 535 | | | MongoDB, Inc.* | | | 172,730 | |
| | 1,649 | | | Motorola Solutions, Inc. | | | 401,383 | |
| | 1,112 | | | National Instruments Corp. | | | 44,213 | |
| | 1,891 | | | NetApp, Inc. | | | 136,398 | |
| | 436 | | | New Relic, Inc.* | | | 26,470 | |
| | 4,796 | | | NortonLifeLock, Inc. | | | 108,342 | |
| | 1,786 | | | Nutanix, Inc., Class A* | | | 30,898 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 20,489 | | | NVIDIA Corp. | | | 3,092,610 | |
| | 1,058 | | | Okta, Inc.* | | | 96,701 | |
| | 3,685 | | | ON Semiconductor Corp.* | | | 253,417 | |
| | 12,871 | | | Oracle Corp. | | | 954,385 | |
| | 821 | | | Palo Alto Networks, Inc.* | | | 457,141 | |
| | 11,375 | | | PayPal Holdings, Inc.* | | | 1,062,880 | |
| | 9,531 | | | QUALCOMM, Inc. | | | 1,260,665 | |
| | 718 | | | RingCentral, Inc., Class A* | | | 30,903 | |
| | 8,187 | | | Salesforce, Inc.* | | | 1,278,154 | |
| | 1,704 | | | ServiceNow, Inc.* | | | 740,592 | |
| | 1,366 | | | Splunk, Inc.* | | | 122,981 | |
| | 1,297 | | | Synopsys, Inc.* | | | 448,788 | |
| | 888 | | | Teradata Corp.* | | | 29,215 | |
| | 7,842 | | | Texas Instruments, Inc. | | | 1,295,577 | |
| | 1,460 | | | Twilio, Inc., Class A* | | | 101,587 | |
| | 370 | | | Universal Display Corp. | | | 41,340 | |
| | 813 | | | VeriSign, Inc.* | | | 148,145 | |
| | 16,173 | | | Visa, Inc., Class A | | | 3,213,737 | |
| | 1,515 | | | VMware, Inc., Class A | | | 175,785 | |
| | 2,664 | | | Western Digital Corp.* | | | 112,581 | |
| | 3,777 | | | Western Union Co. (The) | | | 55,975 | |
| | 1,658 | | | Workday, Inc., Class A* | | | 272,840 | |
| | 516 | | | Zebra Technologies Corp., Class A* | | | 155,646 | |
| | 1,030 | | | Zendesk, Inc.* | | | 79,073 | |
| | 2,144 | | | Zoom Video Communications, Inc., Class A* | | | 172,378 | |
| | | | | | | | |
| | | | | | | 76,887,060 | |
| | |
| Materials – 2.5% | |
| | 2,261 | | | Air Products and Chemicals, Inc. | | | 570,790 | |
| | 1,192 | | | Albemarle Corp. | | | 319,408 | |
| | 1,880 | | | Alcoa Corp. | | | 93,022 | |
| | 640 | | | AptarGroup, Inc. | | | 65,798 | |
| | 828 | | | Avery Dennison Corp. | | | 152,037 | |
| | 3,078 | | | Ball Corp. | | | 171,783 | |
| | 1,282 | | | Berry Global Group, Inc.* | | | 69,651 | |
| | 1,106 | | | Celanese Corp. | | | 122,611 | |
| | 2,122 | | | CF Industries Holdings, Inc. | | | 219,542 | |
| | 1,572 | | | Chemours Co. (The) | | | 53,024 | |
| | 8,364 | | | Corteva, Inc. | | | 513,801 | |
| | 7,434 | | | Dow, Inc. | | | 379,134 | |
| | 4,995 | | | DuPont de Nemours, Inc. | | | 277,922 | |
| | 1,311 | | | Eastman Chemical Co. | | | 119,301 | |
| | 2,530 | | | Ecolab, Inc. | | | 414,490 | |
| | 1,286 | | | FMC Corp. | | | 138,991 | |
| | 14,757 | | | Freeport-McMoRan, Inc. | | | 436,807 | |
| | 3,002 | | | Graphic Packaging Holding Co. | | | 66,855 | |
| | 3,776 | | | International Paper Co. | | | 157,157 | |
| | 2,623 | | | LyondellBasell Industries NV, Class A | | | 217,709 | |
| | 609 | | | Martin Marietta Materials, Inc. | | | 211,755 | |
| | 8,112 | | | Newmont Corp. | | | 335,512 | |
| | 2,711 | | | Nucor Corp. | | | 360,400 | |
| | 908 | | | Packaging Corp. of America | | | 124,323 | |
| | 410 | | | Scotts Miracle-Gro Co. (The) | | | 27,450 | |
| | 1,434 | | | Sealed Air Corp. | | | 77,164 | |
| | 2,346 | | | Sherwin-Williams Co. (The) | | | 544,507 | |
| | |
| | |
| 50 | | 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) | |
| Materials – (continued) | |
| | 955 | | | Sonoco Products Co. | | $ | 60,184 | |
| | 1,301 | | | Vulcan Materials Co. | | | 216,604 | |
| | 2,486 | | | Westrock Co. | | | 100,907 | |
| | | | | | | | |
| | | | | | | 6,618,639 | |
| | |
| Real Estate – 3.3% | |
| | 6,534 | | | American Tower Corp. REIT | | | 1,659,963 | |
| | 3,783 | | | Americold Realty Trust, Inc. REIT | | | 111,296 | |
| | 1,964 | | | AvalonBay Communities, Inc. REIT | | | 394,587 | |
| | 2,209 | | | Boston Properties, Inc. REIT | | | 175,461 | |
| | 1,461 | | | Camden Property Trust REIT | | | 187,753 | |
| | 4,641 | | | CBRE Group, Inc., Class A* | | | 366,453 | |
| | 6,079 | | | Crown Castle, Inc. REIT | | | 1,038,475 | |
| | 3,998 | | | Digital Realty Trust, Inc. REIT | | | 494,273 | |
| | 2,382 | | | Douglas Emmett, Inc. REIT | | | 46,497 | |
| | 1,282 | | | Equinix, Inc. REIT | | | 842,748 | |
| | 5,261 | | | Equity Residential REIT | | | 385,000 | |
| | 916 | | | Essex Property Trust, Inc. REIT | | | 242,795 | |
| | 543 | | | Howard Hughes Corp. (The)* | | | 34,551 | |
| | 698 | | | Jones Lang LaSalle, Inc.* | | | 120,754 | |
| | 8,503 | | | Kimco Realty Corp. REIT | | | 179,243 | |
| | 10,408 | | | Prologis, Inc. REIT | | | 1,295,900 | |
| | 1,502 | | | SBA Communications Corp. REIT | | | 488,525 | |
| | 4,469 | | | UDR, Inc. REIT | | | 200,524 | |
| | 5,623 | | | Ventas, Inc. REIT | | | 269,117 | |
| | 10,479 | | | Weyerhaeuser Co. REIT | | | 357,963 | |
| | 817 | | | Zillow Group, Inc., Class A* | | | 27,288 | |
| | 2,306 | | | Zillow Group, Inc., Class C* | | | 77,159 | |
| | | | | | | | |
| | | | | | | 8,996,325 | |
| | |
| Utilities – 3.0% | |
| | 8,875 | | | AES Corp. (The) | | | 225,869 | |
| | 3,337 | | | Alliant Energy Corp. | | | 203,690 | |
| | 3,423 | | | Ameren Corp. | | | 317,038 | |
| | 6,843 | | | American Electric Power Co., Inc. | | | 685,669 | |
| | 943 | | | Avangrid, Inc. | | | 46,584 | |
| | 4,722 | | | Consolidated Edison, Inc. | | | 461,528 | |
| | 4,345 | | | Constellation Energy Corp. | | | 354,509 | |
| | 10,797 | | | Dominion Energy, Inc. | | | 883,195 | |
| | 2,569 | | | DTE Energy Co. | | | 334,843 | |
| | 10,250 | | | Duke Energy Corp. | | | 1,095,828 | |
| | 4,999 | | | Edison International | | | 338,782 | |
| | 2,699 | | | Entergy Corp. | | | 311,195 | |
| | 4,583 | | | Eversource Energy | | | 411,049 | |
| | 13,039 | | | Exelon Corp. | | | 572,542 | |
| | 673 | | | IDACORP, Inc. | | | 73,519 | |
| | 3,141 | | | NRG Energy, Inc. | | | 129,660 | |
| | 9,805 | | | PPL Corp. | | | 285,129 | |
| | 6,624 | | | Public Service Enterprise Group, Inc. | | | 426,321 | |
| | 4,186 | | | Sempra Energy | | | 690,564 | |
| | 5,670 | | | Vistra Corp. | | | 140,333 | |
| | | | | | | | |
| | | | | | | 7,987,847 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $239,383,420) | | $ | 268,538,319 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.0%(b) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
36,658 | | | 2.154 | % | | $ | 36,658 | |
| (Cost $36,658) | |
| |
| TOTAL INVESTMENTS – 99.7% | |
| (Cost $239,420,078) | | | $ | 268,574,977 | |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% | | | | 852,642 | |
| |
| NET ASSETS – 100.0% | | | $ | 269,427,619 | |
| |
| | |
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
* | | Non-income producing security. |
| |
(a) | | All or a portion of security is on loan. |
| |
(b) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Bloomberg
Clean Energy
Equity ETF | | | Equal Weight
U.S. Large Cap
Equity ETF | | | Hedge Industry
VIP ETF | | | Innovate Equity
ETF | |
| | Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $7,912,410, $623,219,499, $147,699,939 and $378,174,791, respectively)(a) | | $ | 7,898,316 | | | $ | 610,440,599 | | | $ | 144,568,085 | | | $ | 325,475,183 | |
| | | | | |
| | Investments in affiliated issuers, at value (cost $—, $1,138,288, $— and $954,689, respectively) | | | — | | | | 1,291,758 | | | | — | | | | 1,601,141 | |
| | | | | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | 45,842 | | | | — | | | | — | | | | 6,943,097 | |
| | | | | |
| | Cash | | | 6,665 | | | | 828,518 | | | | 452,961 | | | | — | |
| | | | | |
| | Foreign currency, at value (cost $90, $—, $— and $98,526, respectively) | | | 90 | | | | — | | | | — | | | | 96,776 | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends | | | 10,814 | | | | 896,594 | | | | 119,242 | | | | 298,646 | |
| | | | | |
| | Foreign tax reclaims | | | 1,338 | | | | — | | | | — | | | | 61,396 | |
| | | | | |
| | Reimbursement from investment adviser | | | 323 | | | | — | | | | — | | | | — | |
| | | | | |
| | Securities lending income | | | 73 | | | | 2,075 | | | | 800 | | | | 68,308 | |
| | | | | |
| | Investments sold | | | — | | | | — | | | | — | | | | 371,490 | |
| | | | | |
| | Total assets | | | 7,963,461 | | | | 613,459,544 | | | | 145,141,088 | | | | 334,916,037 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Upon return of securities loaned | | | 45,842 | | | | — | | | | — | | | | 6,943,097 | |
| | | | | |
| | Foreign capital gains tax | | | 2,623 | | | | — | | | | — | | | | — | |
| | | | | |
| | Management fees | | | — | | | | 49,861 | | | | 56,746 | | | | 149,795 | |
| | | | | |
| | Due to custodian | | | — | | | | — | | | | — | | | | 292,846 | |
| | | | | |
| | Total liabilities | | | 48,465 | | | | 49,861 | | | | 56,746 | | | | 7,385,738 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 7,927,355 | | | | 664,319,930 | | | | 198,234,125 | | | | 421,057,129 | |
| | | | | |
| | Total distributable earnings (loss) | | | (12,359 | ) | | | (50,910,247 | ) | | | (53,149,783 | ) | | | (93,526,830 | ) |
| | | | | |
| | NET ASSETS | | $ | 7,914,996 | | | $ | 613,409,683 | | | $ | 145,084,342 | | | $ | 327,530,299 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 200,000 | | | | 10,400,000 | | | | 1,925,000 | | | | 7,500,000 | |
| | | | | |
| | Net asset value per share: | | | $39.57 | | | | $58.98 | | | | $75.37 | | | | $43.67 | |
| | (a) | | Includes loaned securities having a market value of $44,059, $—, $— and $6,577,359 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities (continued)
August 31, 2022
| | | | | | |
| | | | |
JUST U.S. Large
Cap Equity ETF | |
| | Assets: | |
| | |
| | Investments in unaffiliated issuers, at value (cost $238,477,515)(a) | | $ | 267,401,253 | |
| | |
| | Investments in affiliated issuers, at value (cost $905,905) | | | 1,137,066 | |
| | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | 36,658 | |
| | |
| | Cash | | | 485,120 | |
| | |
| | Receivables: | | | | |
| | |
| | Dividends | | | 451,649 | |
| | |
| | Securities lending income | | | 36 | |
| | |
| | Total assets | | | 269,511,782 | |
| | | | | | |
| | Liabilities: | | | | |
| | |
| | Payables: | | | | |
| | |
| | Management fees | | | 47,505 | |
| | |
| | Upon return of securities loaned | | | 36,658 | |
| | |
| | Total liabilities | | | 84,163 | |
| | | | | | |
| | Net Assets: | | | | |
| | |
| | Paid-in capital | | | 248,425,443 | |
| | |
| | Total distributable earnings | | | 21,002,176 | |
| | |
| | NET ASSETS | | $ | 269,427,619 | |
| | SHARES ISSUED AND OUTSTANDING | | | | |
| | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 4,750,000 | |
| | |
| | Net asset value per share: | | | $56.72 | |
| | (a) | | Includes loaned securities having a market value of $35,932 for JUST U.S. Large Cap Equity ETF. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Bloomberg
Clean Energy
Equity ETF* | | | Equal Weight
U.S. Large Cap
Equity ETF | | | Hedge Industry
VIP ETF | | | Innovate Equity
ETF | |
| | Investment income: | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $10,761, $16,913, $1,585 and $237,525, respectively) | | $ | 77,842 | | | $ | 11,801,522 | | | $ | 740,469 | | | $ | 3,664,071 | |
| | | | | |
| | Non cash dividend income | | | 4,576 | | | | — | | | | — | | | | 319,968 | |
| | | | | |
| | Securities lending income — unaffiliated issuer | | | 656 | | | | 129,878 | | | | 3,830 | | | | 641,112 | |
| | | | | |
| | Dividends — affiliated issuers | | | — | | | | 37,136 | | | | — | | | | 44,318 | |
| | | | | |
| | Total investment income | | | 83,074 | | | | 11,968,536 | | | | 744,299 | | | | 4,669,469 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | |
| | | | | |
| | Management fees | | | 15,101 | | | | 676,727 | | | | 819,354 | | | | 2,064,370 | |
| | | | | |
| | Trustee fees | | | 4,753 | | | | 30,353 | | | | 13,879 | | | | 20,135 | |
| | | | | |
| | Shareholder Meeting Expense | | | — | | | | 2,072 | | | | 115 | | | | 420 | |
| | | | | |
| | Total expenses | | | 19,854 | | | | 709,152 | | | | 833,348 | | | | 2,084,925 | |
| | | | | |
| | NET INVESTMENT INCOME (LOSS) | | | 63,220 | | | | 11,259,384 | | | | (89,049 | ) | | | 2,584,544 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (16,507 | ) | | | (41,989,587 | ) | | | (41,314,095 | ) | | | (37,827,407 | ) |
| | | | | |
| | Investments — affiliated issuers | | | — | | | | (24,841 | ) | | | — | | | | (19,747 | ) |
| | | | | |
| | In-kind redemptions — unaffiliated issuers | | | — | | | | 81,396,876 | | | | 17,798,077 | | | | 18,436,526 | |
| | | | | |
| | In-kind redemptions — affiliated issuers | | | — | | | | 194,955 | | | | — | | | | 66,254 | |
| | | | | |
| | Foreign currency transactions | | | (1,678 | ) | | | (63 | ) | | | 2 | | | | (49,981 | ) |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $2,623, $—, $— and $—, respectively) | | | (16,717 | ) | | | (169,452,952 | ) | | | (35,121,455 | ) | | | (132,747,474 | ) |
| | | | | |
| | Investments — affiliated issuers | | | — | | | | (527,338 | ) | | | — | | | | (499,689 | ) |
| | | | | |
| | Foreign currency translations | | | (261 | ) | | | — | | | | — | | | | (7,155 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (35,163 | ) | | | (130,402,950 | ) | | | (58,637,471 | ) | | | (152,648,673 | ) |
| | | | | |
| | NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 28,057 | | | $ | (119,143,566 | ) | | $ | (58,726,520 | ) | | $ | (150,064,129 | ) |
| | * | | For the period February 8, 2022 (commencement of operations) through August 31, 2022. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2022
| | | | | | |
| | | | |
JUST U.S. Large
Cap Equity ETF | |
| | Investment income: | |
| | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $535) | | $ | 4,098,086 | |
| | |
| | Dividends — affiliated issuers | | | 27,067 | |
| | |
| | Securities lending income — unaffiliated issuer | | | 906 | |
| | |
| | Total investment income | | | 4,126,059 | |
| | | | | | |
| | Expenses: | | | | |
| | |
| | Management fees | | | 529,849 | |
| | |
| | Trustee fees | | | 16,337 | |
| | |
| | Shareholder Meeting Expense | | | 264 | |
| | |
| | Total expenses | | | 546,450 | |
| | |
| | NET INVESTMENT INCOME | | | 3,579,609 | |
| | | | | | |
| | Realized and unrealized gain (loss): | |
| | |
| | Net realized gain (loss) from: | | | | |
| | |
| | Investments — unaffiliated issuers | | | (1,719,417 | ) |
| | |
| | Investments — affiliated issuers | | | (4,338 | ) |
| | |
| | In-kind redemptions — unaffiliated issuers | | | 10,682,336 | |
| | |
| | In-kind redemptions — affiliated issuers | | | 28,741 | |
| | |
| | Net change in unrealized gain (loss) on: | | | | |
| | |
| | Investments — unaffiliated issuers | | | (49,621,558 | ) |
| | |
| | Investments — affiliated issuers | | | (264,035 | ) |
| | |
| | Net realized and unrealized loss | | | (40,898,271 | ) |
| | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (37,318,662 | ) |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | |
| | | | | Bloomberg Clean
Energy Equity ETF | | | | | | Equal Weight U.S. Large Cap Equity ETF | |
| | | | | For the Period
February 8, 2022*
to
August 31, 2022 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 63,220 | | | | | | | $ | 11,259,384 | | | $ | 8,378,230 | |
| | | | | |
| | Net realized gain (loss) | | | (18,185 | ) | | | | | | | 39,577,340 | | | | 71,351,452 | |
| | | | | |
| | Net change in unrealized gain (loss) | | | (16,978 | ) | | | | | | | (169,980,290 | ) | | | 115,136,803 | |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | 28,057 | | | | | | | | (119,143,566 | ) | | | 194,866,485 | |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | (40,416 | ) | | | | | | | (11,856,146 | ) | | | (7,590,615 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 7,927,355 | | | | | | | | 169,051,301 | | | | 557,025,332 | |
| | | | | |
| | Cost of shares redeemed | | | — | | | | | | | | (282,145,961 | ) | | | (207,230,194 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 7,927,355 | | | | | | | | (113,094,660 | ) | | | 349,795,138 | |
| | | | | |
| | TOTAL INCREASE (DECREASE) | | | 7,914,996 | | | | | | | | (244,094,372 | ) | | | 537,071,008 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of period | | $ | — | | | | | | | $ | 857,504,055 | | | $ | 320,433,047 | |
| | | | | |
| | End of period | | $ | 7,914,996 | | | | | | | $ | 613,409,683 | | | $ | 857,504,055 | |
| | * | | Commencement of operations. |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
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, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
November 6, 2020*
to
August 31, 2021 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income (loss) | | $ | (89,049 | ) | | $ | (139,131 | ) | | $ | 2,584,544 | | | $ | 1,721,075 | |
| | | | | |
| | Net realized gain (loss) | | | (23,516,016 | ) | | | 39,540,926 | | | | (19,394,355 | ) | | | 31,265,366 | |
| | | | | |
| | Net change in unrealized gain (loss) | | | (35,121,455 | ) | | | 4,820,604 | | | | (133,254,318 | ) | | | 81,193,907 | |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (58,726,520 | ) | | | 44,222,399 | | | | (150,064,129 | ) | | | 114,180,348 | |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | — | | | | (935 | ) | | | (3,566,370 | ) | | | (1,407,971 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | |
| | | | | |
| | Proceeds from sales of shares | | | 59,701,538 | | | | 171,549,598 | | | | 51,102,318 | | | | 471,161,712 | |
| | | | | |
| | Cost of shares redeemed | | | (77,725,146 | ) | | | (109,021,786 | ) | | | (63,125,867 | ) | | | (90,749,742 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (18,023,608 | ) | | | 62,527,812 | | | | (12,023,549 | ) | | | 380,411,970 | |
| | | | | |
| | TOTAL INCREASE (DECREASE) | | | (76,750,128 | ) | | | 106,749,276 | | | | (165,654,048 | ) | | | 493,184,347 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Beginning of period | | $ | 221,834,470 | | | $ | 115,085,194 | | | $ | 493,184,347 | | | $ | — | |
| | | | | |
| | End of period | | $ | 145,084,342 | | | $ | 221,834,470 | | | $ | 327,530,299 | | | $ | 493,184,347 | |
| | * | | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | |
| | | | |
JUST U.S. Large Cap Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | | | | | | | | |
| | | |
| | Net investment income | | $ | 3,579,609 | | | $ | 2,632,119 | |
| | | |
| | Net realized gain | | | 8,987,322 | | | | 4,160,554 | |
| | | |
| | Net change in unrealized gain (loss) | | | (49,885,593 | ) | | | 50,126,210 | |
| | | |
| | Net increase (decrease) in net assets resulting from operations | | | (37,318,662 | ) | | | 56,918,883 | |
| | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | |
| | | |
| | From distributable earnings | | | (3,381,618 | ) | | | (2,492,618 | ) |
| | | | | | | | | | |
| | From share transactions: | | | | | | | | |
| | | |
| | Proceeds from sales of shares | | | 73,677,046 | | | | 72,087,463 | |
| | | |
| | Cost of shares redeemed | | | (27,788,985 | ) | | | (15,027,884 | ) |
| | | |
| | Net increase in net assets resulting from share transactions | | | 45,888,061 | | | | 57,059,579 | |
| | | |
| | TOTAL INCREASE | | | 5,187,781 | | | | 111,485,844 | |
| | | | | | | | | | |
| | Net assets: | | | | | | | | |
| | | |
| | Beginning of period | | $ | 264,239,838 | | | $ | 152,753,994 | |
| | | |
| | End of period | | $ | 269,427,619 | | | $ | 264,239,838 | |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Financial Highlights
Selected Data for a Share Outstanding Throughout the Period
| | | | | | |
| | | | | Bloomberg Clean
Energy Equity ETF | |
| | | | | For the Period
February 8, 2022*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 39.60 | |
| | |
| | Net investment income(a) | | | 0.32 | |
| | |
| | Net realized and unrealized loss | | | (0.15 | ) |
| | |
| | Total gain from investment operations | | | 0.17 | |
| | |
| | Distributions to shareholders from net investment income | | | (0.20 | ) |
| | |
| | Net asset value, end of period | | $ | 39.57 | |
| | |
| | Market price, end of period | | $ | 39.52 | |
| | |
| | Total Return at Net Asset Value(b) | | | 0.45 | % |
| | |
| | Net assets, end of period (in 000’s) | | $ | 7,915 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.45 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 1.43 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 19 | % |
| | * | | 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. |
| | (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 EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Equal Weight U.S. Large Cap Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | | | For the Period
September 12, 2017*
to
August 31, 2018 | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of period | | $ | 70.00 | | | $ | 50.86 | | | $ | 46.30 | | | $ | 46.33 | | | $ | 40.58 | |
| | | | | | |
| | Net investment income(a) | | | 0.94 | | | | 0.85 | | | | 0.93 | | | | 0.81 | | | | 0.77 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (10.98 | ) | | | 19.09 | | | | 4.52 | | | | (0.10 | ) | | | 5.52 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (10.04 | ) | | | 19.94 | | | | 5.45 | | | | 0.71 | | | | 6.29 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.98 | ) | | | (0.80 | ) | | | (0.89 | ) | | | (0.74 | ) | | | (0.54 | ) |
| | | | | | |
| | Net asset value, end of period | | $ | 58.98 | | | $ | 70.00 | | | $ | 50.86 | | | $ | 46.30 | | | $ | 46.33 | |
| | | | | | |
| | Market price, end of period | | $ | 58.99 | | | $ | 69.99 | | | $ | 50.95 | | | $ | 46.32 | | | $ | 46.35 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (14.48 | )% | | | 39.56 | % | | | 12.08 | % | | | 1.62 | % | | | 15.60 | % |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 613,410 | | | $ | 857,504 | | | $ | 320,433 | | | $ | 168,989 | | | $ | 76,438 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % | | | 0.09 | %(c) |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.43 | % | | | 1.39 | % | | | 1.98 | % | | | 1.81 | % | | | 1.82 | %(c) |
| | | | | | |
| | Portfolio turnover rate(d) | | | 47 | % | | | 43 | % | | | 48 | % | | | 39 | % | | | 34 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (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 HEDGE INDUSTRY VIP ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Hedge Industry VIP ETF | |
| | | | | For the Fiscal
Year Ended August 31, | |
| | | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 103.18 | | | $ | 79.37 | | | $ | 56.86 | | | $ | 57.98 | | | $ | 50.46 | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.04 | )(b) | | | (0.07 | ) | | | 0.16 | (c) | | | 0.51 | | | | 0.17 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (27.77 | ) | | | 23.88 | | | | 22.59 | | | | (1.11 | ) | | | 7.52 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (27.81 | ) | | | 23.81 | | | | 22.75 | | | | (0.60 | ) | | | 7.69 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | — | | | | — | (d) | | | (0.24 | ) | | | (0.52 | ) | | | (0.17 | ) |
| | | | | | |
| | Distributions to shareholders from return of capital | | | — | | | | — | | | | — | (d) | | | — | | | | — | |
| | | | | | |
| | Total distributions to shareholders | | | — | | | | — | (d) | | | (0.24 | ) | | | (0.52 | ) | | | (0.17 | ) |
| | | | | | |
| | Net asset value, end of year | | $ | 75.37 | | | $ | 103.18 | | | $ | 79.37 | | | $ | 56.86 | | | $ | 57.98 | |
| | | | | | |
| | Market price, end of year | | $ | 75.47 | | | $ | 103.21 | | | $ | 79.50 | | | $ | 57.03 | | | $ | 57.98 | |
| | | | | | |
| | Total Return at Net Asset Value(e) | | | (26.95 | )% | | | 30.00 | % | | | 40.07 | % | | | (0.99 | )% | | | 15.27 | % |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 145,084 | | | $ | 221,834 | | | $ | 115,085 | | | $ | 79,608 | | | $ | 110,155 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.05 | )%(b) | | | (0.08 | )% | | | 0.26 | %(c) | | | 0.91 | % | | | 0.31 | % |
| | | | | | |
| | Portfolio turnover rate(f) | | | 117 | % | | | 136 | % | | | 124 | % | | | 103 | % | | | 129 | % |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets. |
| | (c) | | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% 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 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. |
| | (f) | | 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 INNOVATE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout the Period
| | | | | | | | | | |
| | | | | Innovate Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
November 6, 2020*
to
August 31, 2021 | |
| | Per Share Operating Performance: | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 63.23 | | | $ | 50.03 | |
| | | |
| | Net investment income(a) | | | 0.33 | | | | 0.24 | |
| | | |
| | Net realized and unrealized gain (loss) | | | (19.43 | ) | | | 13.15 | |
| | | |
| | Total gain (loss) from investment operations | | | (19.10 | ) | | | 13.39 | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.46 | ) | | | (0.19 | ) |
| | | |
| | Net asset value, end of period | | $ | 43.67 | | | $ | 63.23 | |
| | | |
| | Market price, end of period | | $ | 43.62 | | | $ | 63.34 | |
| | | |
| | Total Return at Net Asset Value(b) | | | (30.35 | )% | | | 26.80 | % |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 327,530 | | | $ | 493,184 | |
| | | |
| | Ratio of total expenses to average net assets | | | 0.50 | % | | | 0.50 | %(c) |
| | | |
| | Ratio of net investment income to average net assets | | | 0.62 | % | | | 0.50 | %(c) |
| | | |
| | Portfolio turnover rate(d) | | | 38 | % | | | 38 | % |
| | * | | 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. |
| | (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. |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | JUST U.S. Large Cap Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | | | For the Period
June 7, 2018*
to
August 31, 2018 | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of period | | $ | 65.65 | | | $ | 50.92 | | | $ | 42.04 | | | $ | 42.13 | | | $ | 40.08 | |
| | | | | | |
| | Net investment income(a) | | | 0.82 | | | | 0.74 | | | | 0.74 | | | | 0.72 | | | | 0.17 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | (8.97 | ) | | | 14.70 | | | | 8.90 | | | | 0.08 | | | | 1.88 | |
| | | | | | |
| | Total gain (loss) from investment operations | | | (8.15 | ) | | | 15.44 | | | | 9.64 | | | | 0.80 | | | | 2.05 | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.78 | ) | | | (0.71 | ) | | | (0.76 | ) | | | (0.89 | ) | | | — | |
| | | | | | |
| | Net asset value, end of period | | $ | 56.72 | | | $ | 65.65 | | | $ | 50.92 | | | $ | 42.04 | | | $ | 42.13 | |
| | | | | | |
| | Market price, end of period | | $ | 56.84 | | | $ | 65.68 | | | $ | 50.88 | | | $ | 42.06 | | | $ | 42.13 | |
| | | | | | |
| | Total Return at Net Asset Value(b) | | | (12.53 | )% | | | 30.61 | % | | | 23.29 | % | | | 2.06 | % | | | 5.11 | % |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 269,428 | | | $ | 264,240 | | | $ | 152,754 | | | $ | 129,275 | | | $ | 272,805 | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(c) |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.31 | % | | | 1.29 | % | | | 1.69 | % | | | 1.79 | % | | | 1.84 | %(c) |
| | | | | | |
| | Portfolio turnover rate(d) | | | 12 | % | | | 11 | % | | | 14 | % | | | 17 | % | | | 2 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (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. | | 63 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements
August 31, 2022
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 Bloomberg Clean Energy Equity ETF* | | | | Diversified |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | | 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 Bloomberg Clean Energy Equity ETF commenced operations on February 8, 2022. |
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 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 Bloomberg Clean Energy Equity ETF and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are listed and 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 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,
64
GOLDMAN SACHS EQUITY ETFS
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
65
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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.
Money Market Funds — Investments in the Funds (“Underlying Money Market Fund”) are valued at the NAV per share on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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.
66
GOLDMAN SACHS EQUITY ETFS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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, 2022:
| | | | | | | | | | | | |
|
| BLOOMBERG CLEAN ENERGY EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 11,208 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 2,466,063 | | | | 34,633 | | | | — | |
| | | |
Europe | | | 1,832,920 | | | | — | | | | — | |
| | | |
North America | | | 3,490,725 | | | | — | | | | — | |
| | | |
Oceania | | | 18,281 | | | | — | | | | — | |
| | | |
South America | | | 34,871 | | | | 9,615 | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 45,842 | | | | — | | | | — | |
| | | |
| Total | | $ | 7,899,910 | | | $ | 44,248 | | | $ | — | |
| | | |
| 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 | | $ | 611,732,357 | | | $ | — | | | $ | — | |
| | | |
| Total | | $ | 611,732,357 | | | $ | — | | | $ | — | |
| | | |
| HEDGE INDUSTRY VIP ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | 3,180,683 | | | $ | — | | | $ | — | |
| | | |
North America | | | 138,906,003 | | | | — | | | | — | |
| | | |
South America | | | 2,481,399 | | | | — | | | | — | |
| | | |
| Total | | $ | 144,568,085 | | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
67
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| | | |
| INNOVATE EQUITY ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | 47,001,071 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 31,873,586 | | | | — | | | | — | |
| | | |
North America | | | 243,593,831 | | | | 831,234 | | | | — | |
| | | |
Oceania | | | 914,488 | | | | — | | | | — | |
| | | |
South America | | | 2,490,016 | | | | — | | | | — | |
| | | |
Closed-End Fund | | | 372,098 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 6,943,097 | | | | — | | | | — | |
| | | |
| Total | | $ | 333,188,187 | | | $ | 831,234 | | | $ | — | |
| | | |
| 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 | | $ | 268,538,319 | | | $ | — | | | $ | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 36,658 | | | | — | | | | — | |
| | | |
| Total | | $ | 268,574,977 | | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
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.
68
GOLDMAN SACHS EQUITY ETFS
|
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2022, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:
| | | | |
| Fund | | | | Unitary
Management Fee |
Goldman Sachs Bloomberg Clean Energy Equity ETF | | | | 0.45% |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | | 0.09% |
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% |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Beginning
value as of
August 31,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Realized
Gain | | | Change in
Unrealized
Depreciation | | | Ending
value as of
August 31,
2022 | | | Shares as of
August 31,
2022 | | | Dividend
Income | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | $ | 1,819,030 | | | $ | 687,875 | | | $ | (857,923 | ) | | $ | 170,114 | | | $ | (527,338 | ) | | $ | 1,291,758 | | | | 3,883 | | | $ | 37,136 | |
Goldman Sachs Innovate Equity ETF | | | 2,261,900 | | | | 225,248 | | | | (432,825 | ) | | | 46,507 | | | | (499,689 | ) | | | 1,601,141 | | | | 4,813 | | | | 44,318 | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | | 1,173,128 | | | | 327,118 | | | | (123,548 | ) | | | 24,403 | | | | (264,035 | ) | | | 1,137,066 | | | | 3,418 | | | | 27,067 | |
|
| 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.
69
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Share activity is as follows:
| | | | | | | | |
| | | Goldman Sachs Bloomberg Clean
Energy Equity ETF | |
| | | | |
| | | For the period February 8, 2022*
through August 31, 2022 | |
| | | | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 200,000 | | | $ | 7,927,355 | |
Shares Redeemed | | | — | | | | — | |
NET INCREASE IN SHARES | | | 200,000 | | | $ | 7,927,355 | |
| | | | | | | | | | | | | | | | |
| |
| | | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 2,500,000 | | | $ | 169,051,301 | | | | 9,300,000 | | | $ | 557,024,513 | |
Shares Redeemed | | | (4,350,000 | ) | | | (282,145,961 | ) | | | (3,350,000 | ) | | | (207,230,194 | ) |
NET INCREASE (DECREASE) IN SHARES | | | (1,850,000 | ) | | $ | (113,094,660 | ) | | | 5,950,000 | | | $ | 349,794,319 | |
| | | | | | | | | | | | | | | | |
| | | Goldman Sachs Hedge Industry VIP ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 625,000 | | | $ | 59,701,538 | | | | 1,850,000 | | | $ | 171,549,598 | |
Shares Redeemed | | | (850,000 | ) | | | (77,725,146 | ) | | | (1,150,000 | ) | | | (109,021,786 | ) |
NET INCREASE (DECREASE) IN SHARES | | | (225,000 | ) | | $ | (18,023,608 | ) | | | 700,000 | | | $ | 62,527,812 | |
| | | | | | | | | | | | | | | | |
| | | Goldman Sachs Innovate Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the period November 6, 2020*
through August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 900,000 | | | $ | 51,102,318 | | | | 9,350,000 | | | $ | 471,141,230 | |
Shares Redeemed | | | (1,200,000 | ) | | | (63,125,867 | ) | | | (1,550,000 | ) | | | (90,747,684 | ) |
NET INCREASE (DECREASE) IN SHARES | | | (300,000 | ) | | $ | (12,023,549 | ) | | | 7,800,000 | | | $ | 380,393,546 | |
* Commencement of operations | | | | | | | | | | | | | | | | |
70
GOLDMAN SACHS EQUITY ETFS
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | | | | | | | | | |
| | | Goldman Sachs JUST U.S. Large Cap Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 1,150,000 | | | $ | 73,677,046 | | | | 1,300,000 | | | $ | 72,087,463 | |
Shares Redeemed | | | (425,000 | ) | | | (27,788,985 | ) | | | (275,000 | ) | | | (15,027,884 | ) |
NET INCREASE IN SHARES | | | 725,000 | | | $ | 45,888,061 | | | | 1,025,000 | | | $ | 57,059,579 | |
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
Goldman Sachs Bloomberg Clean Energy Equity ETF* | | | | $ | 3,902,451 | | | $ | 1,481,066 | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | | | 366,817,424 | | | | 366,307,839 | |
Goldman Sachs Hedge Industry VIP ETF | | | | | 216,340,224 | | | | 220,765,919 | |
Goldman Sachs Innovate Equity ETF | | | | | 159,756,566 | | | | 157,770,480 | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | | | | 33,501,965 | | | | 33,115,817 | |
| * | | Commenced operations on February 8, 2022. |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
Goldman Sachs Bloomberg Clean Energy Equity ETF* | | | | $ | 5,507,200 | | | $ | — | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | | | 168,754,309 | | | | 281,099,796 | |
Goldman Sachs Hedge Industry VIP ETF | | | | | 59,108,512 | | | | 77,421,942 | |
Goldman Sachs Innovate Equity ETF | | | | | 48,834,357 | | | | 63,151,418 | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | | | | 73,522,090 | | | | 27,725,766 | |
| * | | Commenced operations on February 8, 2022. |
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)
71
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 7. SECURITIES LENDING (continued) |
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, 2022, 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, 2022, 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, 2022:
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
value as of
August 31, 2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending
value as of
August 31, 2022 | |
Goldman Sachs Bloomberg Clean Energy Equity ETF* | | | | $ | — | | | $ | 1,263,408 | | | $ | (1,217,566 | ) | | $ | 45,842 | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | | | 10,902,108 | | | | 74,157,224 | | | | (85,059,332 | ) | | | — | |
Goldman Sachs Hedge Industry VIP ETF | | | | | — | | | | 24,783,340 | | | | (24,783,340 | ) | | | — | |
Goldman Sachs Innovate Equity ETF | | | | | 13,009,276 | | | | 87,844,552 | | | | (93,910,731 | ) | | | 6,943,097 | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | | | | 185,290 | | | | 1,740,304 | | | | (1,888,936 | ) | | | 36,658 | |
| * | | Commenced operations on February 8, 2022. |
72
GOLDMAN SACHS EQUITY ETFS
The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended August 31, 2022 | |
| | | Goldman Sachs
Bloomberg
Clean Energy
Equity ETF* | | | Goldman Sachs
Equal Weight U.S.
Large Cap
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 | | $ | 40,416 | | | $ | 11,856,146 | | | $ | — | | | $ | 3,566,370 | | | $ | 3,381,618 | |
Total taxable distributions | | $ | 40,416 | | | $ | 11,856,146 | | | $ | — | | | $ | 3,566,370 | | | $ | 3,381,618 | |
| * | | Commenced operations on February 8, 2022. |
| | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended August 31, 2021 | |
| | | Goldman Sachs
Equal Weight U.S.
Large Cap
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 November 6, 2020. |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs
Bloomberg
Clean Energy
Equity ETF* | | | Goldman Sachs
Equal Weight
U.S. Large Cap
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 | | $ | 40,624 | | | $ | 1,257,212 | | | $ | — | | | $ | 202,034 | | | $ | 691,532 | |
Total undistributed earnings | | $ | 40,624 | | | $ | 1,257,212 | | | $ | — | | | $ | 202,034 | | | $ | 691,532 | |
Capital loss carryforwards: (1) | | | | | | | | | | | | | | | | | | | | |
Perpetual Short-Term | | $ | — | | | $ | — | | | $ | (7,375,244 | ) | | $ | (19,248,303 | ) | | $ | (4,017,838 | ) |
Perpetual Long-Term | | | — | | | | — | | | | (893,031 | ) | | | (19,747,403 | ) | | | (1,357,273 | ) |
Timing differences (Qualified Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral) | | | — | | | | (26,288,174 | ) | | | (40,169,979 | ) | | | (436,128 | ) | | | (583,625 | ) |
Unrealized gains (losses)— net | | | (52,983 | ) | | | (25,879,285 | ) | | | (4,711,529 | ) | | | (54,297,030 | ) | | | 26,269,380 | |
Total accumulated earnings (losses) net | | $ | (12,359 | ) | | $ | (50,910,247 | ) | | $ | (53,149,783 | ) | | $ | (93,526,830 | ) | | $ | 21,002,176 | |
| * | | Commenced operations on February 8, 2022. |
| (1) | | Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF, utilized $26,166 and $16,621 respectively, of capital losses in the current fiscal year. |
73
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 8. TAX INFORMATION (continued) |
As of August 31, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs
Bloomberg
Clean Energy
Equity ETF* | | | Goldman Sachs
Equal Weight
U.S. Large Cap
Equity ETF | | | Goldman Sachs
Hedge Industry
VIP ETF | | | Goldman Sachs Innovate Equity ETF | | | Goldman Sachs
JUST U.S. Large Cap
Equity ETF | |
Tax Cost | | $ | 7,994,257 | | | $ | 637,611,642 | | | $ | 149,279,614 | | | $ | 388,309,196 | | | $ | 242,305,597 | |
Gross unrealized gain | | | 712,962 | | | | 59,996,910 | | | | 9,856,565 | | | | 29,341,125 | | | | 49,705,156 | |
Gross unrealized loss | | | (765,945 | ) | | | (85,876,195 | ) | | | (14,568,094 | ) | | | (83,638,155 | ) | | | (23,435,776 | ) |
Net unrealized gains (losses) on securities | | $ | (52,983 | ) | | $ | (25,879,285 | ) | | $ | (4,711,529 | ) | | $ | (54,297,030 | ) | | $ | 26,269,380 | |
| * | | Commenced operations on February 8, 2022. |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales 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 net operating losses and redemption in-kind transactions.
| | | | | | | | |
| | | Paid-in Capital | | | Total
Distributable
Earnings | |
Fund | | | | | | | | |
Goldman Sachs Bloomberg Clean Energy Equity ETF* | | $ | — | | | $ | — | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | $ | 68,938,256 | | | $ | (68,938,256 | ) |
Goldman Sachs Hedge Industry VIP ETF | | $ | 17,135,176 | | | $ | (17,135,176 | ) |
Goldman Sachs Innovate Equity ETF | | $ | 18,152,055 | | | $ | (18,152,055 | ) |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | $ | 10,498,647 | | | $ | (10,498,647 | ) |
| * | | Commenced operations on February 8, 2022. |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year) 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.
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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,
74
GOLDMAN SACHS EQUITY ETFS
|
| 9. OTHER RISKS (continued) |
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. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.
Index Risk — 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 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, 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.
75
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 9. OTHER RISKS (continued) |
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.
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 — 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.
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.
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.
76
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Bloomberg Clean Energy Equity ETF, Goldman Sachs Equal Weight U.S. Large Cap 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, 2022, 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, 2022, 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, 2022 | | For the two years ended August 31, 2022 | | For each of the periods indicated therein |
| Goldman Sachs Innovate Equity ETF | | For the year ended August 31, 2022 | | For the year ended August 31, 2022 and for the period November 6, 2020 (commencement of operations) through August 31, 2021 |
| Goldman Sachs Bloomberg Clean Energy Equity ETF | | For the period February 8, 2022 (commencement of operations) through August 31, 2022 |
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, 2022 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 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
77
GOLDMAN SACHS EQUITY ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
| | | | | | | | | | | | |
Proposal 1. Election of Trustees | �� | For | | | Against/Withheld | | | Abstain | |
| | | |
Cheryl K. Beebe | | | 264,924,160 | | | | 15,294,512 | | | | 0 | |
| | | |
Lawrence Hughes | | | 279,548,931 | | | | 669,741 | | | | 0 | |
| | | |
John F. Killian | | | 264,883,857 | | | | 15,334,814 | | | | 0 | |
| | | |
Steven D. Krichmar | | | 279,552,751 | | | | 665,920 | | | | 0 | |
| | | |
Linda A. Lang | | | 279,620,511 | | | | 598,160 | | | | 0 | |
78
GOLDMAN SACHS EQUITY ETFS
Fund Expenses — Six Months ended 8/31/2022 (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, 2022 and held for the six months ended August 31, 2022, 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs Bloomberg Clean Energy Equity ETF | | | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | Goldman Sachs Hedge Industry VIP ETF | | | Goldman Sachs Innovate Equity ETF | | | Goldman Sachs Just US Large Cap Equity ETF | |
| | | Beginning
Account
Value
3/1/2022 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | |
Actual based on NAV | | $ | 1,000 | | | $ | 952.77 | | | $ | 2.21 | | | $ | 1,000 | | | $ | 902.01 | | | $ | 0.43 | | | $ | 1,000 | | | $ | 827.24 | | | $ | 2.07 | | | $ | 1,000 | | | $ | 821.38 | | | $ | 2.30 | | | $ | 1,000 | | | $ | 906.22 | | | $ | 0.96 | |
Hypothetical 5% return | | | 1,000 | | | | 1,022.94 | + | | | 2.29 | | | | 1,000 | | | | 1,024.75 | + | | | 0.46 | | | | 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 the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| * | | Expenses for each Fund is 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, 2022. 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 | | | |
Goldman Sachs Bloomberg Clean Energy Equity ETF | | | 0.45 | % |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | | | 0.09 | |
Goldman Sachs Hedge Industry VIP ETF | | | 0.45 | |
Goldman Sachs Innovate Equity ETF | | | 0.50 | |
Goldman Sachs Just US Large Cap Equity ETF | | | 0.20 | |
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 |
| | | | | |
Cheryl K. Beebe Age: 66 | | Chair of the
Board of Trustees | | Since 2021 | | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) |
| | | | | |
Lawrence Hughes Age: 64 | | Trustee | | Since 2021 | | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | |
John F. Killian Age: 67 | | Trustee | | Since 2021 | | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Consolidated Edison, Inc. (a utility holding company) |
| | | | | |
Steven D. Krichmar Age: 64 | | Trustee | | Since 2021 | | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | | | | | | |
80
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
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 |
| | | | | |
Linda A. Lang Age: 64 | | 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | None |
| | | | | |
Michael Latham Age: 56 | | 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 owned by BlackRock, Inc., 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
| | | | | |
Lawrence W. Stranghoener Age: 68 | | Trustee | | Since 2015 | | 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). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund | | 69 | | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) |
| | | | | | | | | | |
81
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: 59 | | 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 ETF Trust II; 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. | | 172 | | 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 Kraus. Information is provided as of August 31, 2022. |
| 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, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 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.
82
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: 59 | | 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 ETF 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: 45 | | 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 ETF 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: 54 | | 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 ETF Trust II; 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, 2022. |
| 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, 2022, 25.51%, 88.68%, 85.05%, and 100% of the dividends paid from net investment company taxable income by the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity 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, 2022, 100%, 84.10%, 100%, and 100% of the dividends paid from net investment company taxable income by the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity 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, 2022, 7.14% 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.
83
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 $2.27 trillion in assets under supervision as of June 30, 2022, 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 ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Emerging Markets USD Bond ETF |
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 Ultra Short Bond ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
| Goldman Sachs MarketBeta® International Equity ETF |
| Goldman Sachs MarketBeta® U.S. Equity ETF |
| Goldman Sachs MarketBeta® U.S.1000 Equity ETF |
| Goldman Sachs Future Planet Equity ETF |
| Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
INDEX DISCLAIMERS
Bloomberg Goldman Sachs Global Clean Energy Index is service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (the “ETF”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the ETF.
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
FUNDS PROFILE
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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener | | 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 the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds 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 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, 2022 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. 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’ 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 Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2022 Goldman Sachs. All rights reserved. 294219-OTU-10/2022 EQTYETFAR-22
Goldman Sachs Funds
| | | | |
| | |
| Annual Report | | | | August 31, 2022 |
| | |
| | | | 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 |
| | | | |
| | | |
| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
INVESTMENT PROCESS
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, 2022, the Index consisted of 1,662 securities with a market capitalization range of between approximately $70.3 million and $2,195.0 billion from issuers in the following emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Kuwait, Luxembourg, Malaysia, Mexico, Pakistan, Peru, the Philippines, Qatar, Saudi Arabia, Singapore, 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, 2022, the Index consisted of 1,031 securities with a market capitalization range of between approximately $545.4 million and $327.6 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Chile, China, Curacao, the Czech Republic, Denmark, Faeroe Island, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Jordan, Luxembourg, Macao, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. 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, 2022, the Index consisted of 534 securities with a market capitalization range of between approximately $4.1 billion and $2,526.6 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, 2022, 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.
Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet served as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception.
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -20.01% based on net asset value (“NAV”) and -20.22% based on market price. The Index returned -20.08% during the same period. |
| | The Fund had an NAV of $55.68 per share on August 31, 2021 and ended the Reporting Period with an NAV of $41.23 per share. The Fund’s market price on August 31, 2022 was $41.16 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. |
| | 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 utilities sector contributed most positively to the Index’s results during the Reporting Period. Index constituents in the information technology, consumer discretionary and communication services sectors contributed least to the Index’s results during the Reporting Period. |
| | From a country perspective, Index constituents in United Arab Emirates, Saudi Arabia and Indonesia contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in China, South Korea and Taiwan 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 United Arab Emirates-based health care supply chain company International Holding Company, Brazil-based energy company Petroleo Brasileiro and India-based financials company ICICI Bank contributed most positively (0.64%, 0.43% and 0.84% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted either a double-digit or triple-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 Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing, China-based e-commerce retailer Alibaba Group Holding and China-based communication services company Tencent Holdings contributed least (5.91%, 2.62% and 3.67% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit negative return within the Index during the Reporting Period. |
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?1 |
| | | | | | | | | | |
| | | |
| | | Sector Name | | Fund2 | | | Solactive
Index | |
| | Financials | | | 21.45 | % | | | 22.17 | % |
| | Information Technology | | | 18.19 | | | | 18.66 | |
| | Consumer Discretionary | | | 12.98 | | | | 13.30 | |
| | Communication Services | | | 9.26 | | | | 9.40 | |
| | Materials | | | 8.42 | | | | 8.32 | |
| | Energy | | | 7.88 | | | | 6.51 | |
| | Industrials | | | 7.02 | | | | 7.20 | |
| | Consumer Staples | | | 5.59 | | | | 5.80 | |
| | Health Care | | | 3.53 | | | | 3.66 | |
| | Utilities | | | 3.09 | | | | 3.23 | |
| | Real Estate | | | 1.75 | | | | 1.75 | |
| | | Not Classified | | | 0.85 | | | | — | |
| 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 | |
| | China | | | 28.17 | % | | | 28.75 | % |
| | India | | | 15.29 | | | | 15.67 | |
| | Taiwan | | | 14.01 | | | | 14.36 | |
| | South Korea | | | 10.85 | | | | 11.09 | |
| | Saudi Arabia | | | 5.81 | | | | 5.99 | |
| | Brazil | | | 5.37 | | | | 5.52 | |
| | South Africa | | | 2.65 | | | | 2.72 | |
| | Russia | | | 2.49 | | | | — | |
| | Thailand | | | 2.16 | | | | 2.20 | |
| | United Arab Emirates | | | 2.13 | | | | 2.19 | |
| | Indonesia | | | 1.99 | | | | 2.05 | |
| | Mexico | | | 1.96 | | | | 1.99 | |
| | Qatar | | | 1.27 | | | | 1.31 | |
| | Hong Kong | | | 1.18 | | | | 1.17 | |
| | United States | | | 0.85 | | | | — | |
| | Kuwait | | | 0.81 | | | | 0.83 | |
| | Philippines | | | 0.74 | | | | 0.75 | |
| | Turkey | | | 0.69 | | | | 0.67 | |
| | Chile | | | 0.58 | | | | 0.59 | |
| | Greece | | | 0.30 | | | | 0.30 | |
| | Hungary | | | 0.16 | | | | 0.16 | |
| | Colombia | | | 0.14 | | | | 0.14 | |
| | Czech Republic | | | 0.14 | | | | 0.14 | |
| | Peru | | | 0.11 | | | | 0.11 | |
| | Egypt | | | 0.08 | | | | 0.08 | |
| | Luxembourg | | | 0.04 | | | | 0.04 | |
| | Singapore | | | 0.03 | | | | 0.03 | |
| | Pakistan | | | 0.01 | | | | 0.01 | |
| | Cyprus | | | 0.01 | | | | — | |
| | | Malaysia | | | — | | | | 1.14 | |
| | 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 0.4% of the Fund’s net assets as of August 31, 2022. 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 Emerging Markets Large & Mid Cap Index. |
4
FUND BASICS
MarketBeta® Emerging Markets Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 41.16 | |
| | | Net Asset Value (NAV)1 | | $ | 41.23 | |
| 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 each 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 10 HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 6.0 | % | | Information Technology | | Taiwan |
| | | | |
| | Tencent Holdings Ltd. | | | 3.8 | | | Communication Services | | China |
| | | | |
| | Samsung Electronics Co. Ltd. | | | 3.2 | | | Information Technology | | South Korea |
| | | | |
| | Alibaba Group Holding Ltd. ADR | | | 2.7 | | | Consumer Discretionary | | China |
| | | | |
| | Saudi Arabian Oil Co. | | | 1.9 | | | Energy | | Saudi Arabia |
| | | | |
| | Meituan, Class B | | | 1.5 | | | Consumer Discretionary | | China |
| | | | |
| | Reliance Industries Ltd. | | | 1.4 | | | Energy | | India |
| | | | |
| | JD.com, Inc. ADR | | | 1.1 | | | Consumer Discretionary | | China |
| | | | |
| | Infosys Ltd. | | | 0.9 | | | Information Technology | | India |
| | | | |
| | | iShares MSCI Malaysia ETF | | | 0.9 | | | Exchange-Traded Fund | | 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.
5
MARKETBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 and a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | Since Inception |
Shares based on NAV (Commenced May 12, 2020) | | | -20.01% | | | 6.67% |
|
Shares based on Market Price (Commenced May 12, 2020) | | | -20.22% | | | 6.56% |
|
Solactive GBS Emerging Markets Large & Mid Cap Index | | | -20.08% | | | 6.93% |
|
| * | | 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. |
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -19.80% based on net asset value (“NAV”) and -20.62% based on market price. The Index returned -19.84% during the same period. |
| | The Fund had an NAV of $57.61 per share on August 31, 2021 and ended the Reporting Period with an NAV of $44.63 per share. The Fund’s market price on August 31, 2022 was $44.33 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 energy sector contributed most to the Index’s results during the Reporting Period. Index constituents in the industrials, information technology and consumer discretionary sectors contributed least to the Index’s results during the Reporting Period. |
| | From a country perspective, Index constituents in the Czech Republic contributed most to the Fund’s results during the Reporting Period. Index constituents in Japan, Germany and the Netherlands 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 U.K.-based energy company Shell, France-based energy company TotalEnergies and U.K.-based energy company BP contributed most (1.40%, 0.95% and 0.64% of Fund net assets as of August 31, 2022, 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 Netherlands-based photolithography systems supplier ASML Holding, Germany-based enterprise software developer SAP and Germany-based industrial manufacturing company Siemens contributed least (1.40%, 0.63% and 0.58% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated 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 | 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. |
7
PORTFOLIO RESULTS
| 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 | | | 16.99 | % | | | 16.98 | % |
| | Industrials | | | 15.65 | | | | 15.67 | |
| | Health Care | | | 13.03 | | | | 13.02 | |
| | Consumer Discretionary | | | 11.56 | | | | 11.56 | |
| | Consumer Staples | | | 10.68 | | | | 10.68 | |
| | Information Technology | | | 8.19 | | | | 8.19 | |
| | Materials | | | 7.57 | | | | 7.57 | |
| | Communication Services | | | 5.12 | | | | 5.12 | |
| | Energy | | | 4.78 | | | | 4.78 | |
| | Utilities | | | 3.46 | | | | 3.46 | |
| | | Real Estate | | | 2.97 | | | | 2.97 | |
| 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 | | | 24.36 | % | | | 24.36 | % |
| | UK | | | 14.74 | | | | 14.77 | |
| | France | | | 9.62 | | | | 9.62 | |
| | Switzerland | | | 9.55 | | | | 9.55 | |
| | Australia | | | 8.41 | | | | 8.41 | |
| | Germany | | | 6.82 | | | | 6.82 | |
| | Netherlands | | | 4.37 | | | | 4.37 | |
| | Sweden | | | 3.33 | | | | 3.33 | |
| | Hong Kong | | | 3.18 | | | | 3.17 | |
| | Denmark | | | 2.60 | | | | 2.60 | |
| | Spain | | | 2.28 | | | | 2.28 | |
| | Italy | | | 1.91 | | | | 1.90 | |
| | Singapore | | | 1.70 | | | | 1.70 | |
| | Finland | | | 1.26 | | | | 1.26 | |
| | Ireland | | | 1.19 | | | | 1.19 | |
| | Israel | | | 1.16 | | | | 1.16 | |
| | Norway | | | 1.05 | | | | 1.05 | |
| | Belgium | | | 0.80 | | | | 0.80 | |
| | New Zealand | | | 0.39 | | | | 0.39 | |
| | Austria | | | 0.27 | | | | 0.27 | |
| | Poland | | | 0.23 | | | | 0.23 | |
| | Luxembourg | | | 0.21 | | | | 0.21 | |
| | Portugal | | | 0.19 | | | | 0.19 | |
| | China | | | 0.11 | | | | 0.10 | |
| | Curacao | | | 0.08 | | | | 0.08 | |
| | Macau | | | 0.04 | | | | 0.04 | |
| | Malaysia | | | 0.04 | | | | 0.04 | |
| | Czech Republic | | | 0.04 | | | | 0.04 | |
| | Chile | | | 0.03 | | | | 0.03 | |
| | Faroe Islands | | | 0.02 | | | | 0.02 | |
| | Jordan | | | 0.02 | | | | 0.01 | |
| | Mexico | | | 0.01 | | | | 0.01 | |
| | | United States | | | 0.01 | | | | 0.01 | |
| | 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 1.9% of the Fund’s net assets as of August 31, 2022. 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, 2022
| | | | | | |
| | FUND SNAPSHOT | | | | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 44.33 | |
| | | Net Asset Value (NAV)1 | | $ | 44.63 | |
| 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 each 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 10 HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Nestle SA | | | 2.3 | % | | Consumer Staples | | United States |
| | | | |
| | Roche Holding AG | | | 1.6 | | | Health Care | | United States |
| | | | |
| | Shell PLC | | | 1.4 | | | Energy | | Netherlands |
| | | | |
| | ASML Holding NV | | | 1.4 | | | Information Technology | | Netherlands |
| | | | |
| | AstraZeneca PLC | | | 1.3 | | | Health Care | | United Kingdom |
| | | | |
| | Novartis AG | | | 1.3 | | | Health Care | | Switzerland |
| | | | |
| | Novo Nordisk A/S, Class B | | | 1.3 | | | Health Care | | Denmark |
| | | | |
| | LVMH Moet Hennessy Louis Vuitton SE | | | 1.2 | | | Consumer Discretionary | | France |
| | | | |
| | Toyota Motor Corp. | | | 1.2 | | | Consumer Discretionary | | Japan |
| | | | |
| | | BHP Group Ltd. | | | 1.0 | | | Materials | | Australia |
| 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, 2022
The following graph shows the value, as of August 31, 2022, 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 and a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | Since Inception |
Shares based on NAV (Commenced May 12, 2020) | | | -19.80% | | | 7.44% |
|
Shares based on Market Price (Commenced May 12, 2020) | | | -20.62% | | | 7.11% |
|
Solactive GBS Developed Markets ex North America Large & Mid Cap Index | | | -19.84% | | | 7.44% |
|
| * | | 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. |
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, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned -13.41% based on net asset value (“NAV”) and -13.43% based on market price. The Index returned -13.39% during the same period. |
| | The Fund had an NAV of $63.07 per share on August 31, 2021 and ended the Reporting Period with an NAV of $53.96 per share. The Fund’s market price on August 31, 2022 was $53.97 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 energy, utilities and consumer staples sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the information technology, communication services and consumer discretionary 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 integrated energy companies Exxon Mobil and Chevron and in health care company UnitedHealth Group contributed most (1.19%, 0.90% and 1.43% of Fund net assets as of August 31, 2022, 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 communication services giant Meta Platforms, e-commerce retailing behemoth Amazon.com and software leader Microsoft contributed least (1.10%, 3.32% and 5.69% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated 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 | 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. |
11
PORTFOLIO RESULTS
| 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 | |
| | Information Technology | | | 28.18 | % | | | 28.18 | % |
| | Health Care | | | 14.12 | | | | 14.12 | |
| | Consumer Discretionary | | | 11.68 | | | | 11.68 | |
| | Financials | | | 10.52 | | | | 10.52 | |
| | Communication Services | | | 8.44 | | | | 8.44 | |
| | Industrials | | | 7.74 | | | | 7.74 | |
| | Consumer Staples | | | 6.65 | | | | 6.65 | |
| | Energy | | | 4.54 | | | | 4.54 | |
| | Utilities | | | 3.06 | | | | 3.06 | |
| | Real Estate | | | 2.55 | | | | 2.55 | |
| | | Materials | | | 2.36 | | | | 2.36 | |
| | 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 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 0.3% of the Fund’s net assets as of August 31, 2022. 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 United States Large & Mid Cap Index. |
12
FUND BASICS
MarketBeta® U.S. Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 53.97 | |
| | | Net Asset Value (NAV)1 | | $ | 53.96 | |
| 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 each 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 10 HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Apple, Inc. | | | 7.5 | % | | Information Technology | | United States |
| | | | |
| | Microsoft Corp. | | | 5.7 | | | Information Technology | | United States |
| | | | |
| | Amazon.com, Inc. | | | 3.3 | | | Consumer Discretionary | | United States |
| | | | |
| | Tesla, Inc. | | | 2.1 | | | Consumer Discretionary | | United States |
| | | | |
| | Alphabet, Inc., Class A | | | 1.9 | | | Communication Services | | United States |
| | | | |
| | Alphabet, Inc., Class C | | | 1.7 | | | Communication Services | | United States |
| | | | |
| | UnitedHealth Group, Inc. | | | 1.4 | | | Health Care | | United States |
| | | | |
| | Johnson & Johnson | | | 1.3 | | | Health Care | | United States |
| | | | |
| | Exxon Mobil Corp. | | | 1.2 | | | Energy | | United States |
| | | | |
| | | Meta Platforms, Inc., Class A | | | 1.1 | | | 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.
13
MARKETBETA® U.S. EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, 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 and a market-cap based index against which the performance of the Fund is measured, 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, 2022.
| | | | | | |
| Average Annual Total Return through August 31, 2022* | | | One Year | | | Since Inception |
Shares based on NAV (Commenced May 12, 2020) | | | -13.41% | | | 16.20% |
|
Shares based on Market Price (Commenced May 12, 2020) | | | -13.43% | | | 16.21% |
|
Solactive GBS United States Large & Mid Cap Index | | | -13.39% | | | 16.28% |
|
| * | | 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. |
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 is designed to measure the performance 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.
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance 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.
The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance 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.
15
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 96.5% | |
| Brazil – 4.0% | |
| | 21,576 | | | Ambev SA (Consumer Staples) | | $ | 63,591 | |
| | 3,138 | | | Americanas SA (Consumer Discretionary) | | | 9,897 | |
| | 2,611 | | | Atacadao SA (Consumer Staples) | | | 9,953 | |
| | 29,654 | | | B3 SA – Brasil Bolsa Balcao (Financials) | | | 67,825 | |
| | 7,528 | | | Banco Bradesco SA (Financials) | | | 23,016 | |
| | 7,288 | | | Banco BTG Pactual SA (Financials) | | | 35,800 | |
| | 4,216 | | | Banco do Brasil SA (Financials) | | | 33,925 | |
| | 1,747 | | | Banco Santander Brasil SA (Financials) | | | 9,903 | |
| | 3,311 | | | BB Seguridade Participacoes SA (Financials) | | | 18,073 | |
| | 160 | | | Bradespar SA (Materials) | | | 647 | |
| | 3,680 | | | BRF SA (Consumer Staples)* | | | 11,258 | |
| | 2,769 | | | Caixa Seguridade Participacoes SA (Financials) | | | 4,869 | |
| | 5,660 | | | CCR SA (Industrials) | | | 15,065 | |
| | 2,971 | | | Centrais Eletricas Brasileiras SA (Utilities) | | | 26,441 | |
| | 1,725 | | | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | | | 16,364 | |
| | 1,366 | | | Cia Energetica de Minas Gerais (Utilities) | | | 4,835 | |
| | 2,931 | | | Cia Siderurgica Nacional SA (Materials) | | | 7,807 | |
| | 5,857 | | | Cosan SA (Energy) | | | 22,587 | |
| | 953 | | | CPFL Energia SA (Utilities) | | | 6,432 | |
| | 3,127 | | | CSN Mineracao SA (Materials) | | | 2,185 | |
| | 359 | | | Diagnosticos da America SA (Health Care) | | | 1,455 | |
| | 1,303 | | | Energisa SA (Utilities) | | | 10,636 | |
| | 6,385 | | | Eneva SA (Utilities)* | | | 19,102 | |
| | 852 | | | Engie Brasil Energia SA (Utilities) | | | 6,660 | |
| | 4,663 | | | Equatorial Energia SA (Utilities) | | | 21,762 | |
| | 22,280 | | | Hapvida Participacoes e Investimentos SA (Health Care)(a) | | | 31,306 | |
| | 2,044 | | | Hypera SA (Health Care) | | | 16,992 | |
| | 2,285 | | | Itau Unibanco Holding SA (Financials) | | | 9,764 | |
| | 3,982 | | | Klabin SA (Materials) | | | 14,472 | |
| | 2,918 | | | Localiza Rent a Car SA (Industrials) | | | 34,255 | |
| | 4,834 | | | Lojas Renner SA (Consumer Discretionary) | | | 24,697 | |
| | 14,058 | | | Magazine Luiza SA (Consumer Discretionary)* | | | 11,586 | |
| | 1,435 | | | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | | | 6,675 | |
| | 4,408 | | | Natura & Co. Holding SA (Consumer Staples) | | | 12,269 | |
| | 1,111 | | | Neoenergia SA (Utilities) | | | 3,545 | |
| | 7,644 | | | NU Holdings Ltd., Class A (Financials)* | | | 37,456 | |
| | 1,023 | | | Pagseguro Digital Ltd., Class A (Information Technology)* | | | 15,897 | |
| | 3,313 | | | Petro Rio SA (Energy)* | | | 17,463 | |
| | 18,068 | | | Petroleo Brasileiro SA (Energy) | | | 129,625 | |
| | 923 | | | Porto Seguro SA (Financials) | | | 3,761 | |
| | 5,620 | | | Raia Drogasil SA (Consumer Staples) | | | 23,604 | |
| | 3,855 | | | Rede D’Or Sao Luiz SA (Health Care)(a) | | | 24,800 | |
| | 5,968 | | | Rumo SA (Industrials) | | | 23,280 | |
| | 3,630 | | | Sendas Distribuidora SA (Consumer Staples) | | | 12,885 | |
| | 1,055 | | | StoneCo Ltd., Class A (Information Technology)* | | | 10,001 | |
| | |
|
| Common Stocks – (continued) | |
| Brazil – (continued) | |
| | 3,858 | | | Suzano SA (Materials) | | | 32,958 | |
| | 2,055 | | | Telefonica Brasil SA (Communication Services) | | | 16,318 | |
| | 4,102 | | | TIM SA (Communication Services) | | | 9,366 | |
| | 2,438 | | | TOTVS SA (Information Technology) | | | 13,435 | |
| | 3,602 | | | Ultrapar Participacoes SA (Energy) | | | 9,407 | |
| | 464 | | | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | | | 727 | |
| | 19,769 | | | Vale SA (Materials) | | | 246,111 | |
| | 3,411 | | | Vibra Energia SA (Consumer Discretionary) | | | 12,088 | |
| | 7,392 | | | WEG SA (Industrials) | | | 40,363 | |
| | 1,289 | | | XP, Inc., Class A (Financials)* | | | 24,800 | |
| | | | | | | | |
| | | | | | | 1,319,994 | |
| | |
| Chile – 0.4% | |
| | 212,110 | | | Banco de Chile (Financials) | | | 20,206 | |
| | 341 | | | Banco de Credito e Inversiones SA (Financials) | | | 10,086 | |
| | 303,360 | | | Banco Santander Chile (Financials) | | | 12,235 | |
| | 6,313 | | | Cencosud SA (Consumer Staples) | | | 8,862 | |
| | 2,589 | | | Cencosud Shopping SA (Real Estate) | | | 3,684 | |
| | 690 | | | Cia Cervecerias Unidas SA (Consumer Staples) | | | 3,765 | |
| | 90,343 | | | Cia Sud Americana de Vapores SA (Industrials) | | | 8,537 | |
| | 5,389 | | | Empresas CMPC SA (Materials) | | | 10,264 | |
| | 1,932 | | | Empresas Copec SA (Energy) | | | 16,733 | |
| | 96,751 | | | Enel Americas SA (Utilities) | | | 10,525 | |
| | 132,901 | | | Enel Chile SA (Utilities) | | | 4,380 | |
| | 4,197 | | | Falabella SA (Consumer Discretionary) | | | 9,931 | |
| | 2,290 | | | Quinenco SA (Industrials) | | | 5,944 | |
| | | | | | | | |
| | | | | | | 125,152 | |
| | |
| China – 30.0% | |
| | 2,300 | | | 360 Security Technology, Inc., Class A (Information Technology) | | | 2,442 | |
| | 700 | | | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | | | 2,068 | |
| | 3,427 | | | AAC Technologies Holdings, Inc. (Information Technology) | | | 6,383 | |
| | 200 | | | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)* | | | 3,574 | |
| | 716 | | | AECC Aviation Power Co. Ltd., Class A (Industrials) | | | 4,775 | |
| | 25,954 | | | Agricultural Bank of China Ltd., Class A (Financials) | | | 10,730 | |
| | 150,758 | | | Agricultural Bank of China Ltd., Class H (Financials) | | | 49,364 | |
| | 2,089 | | | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | | | 8,915 | |
| | 2,153 | | | Air China Ltd., Class A (Industrials)* | | | 3,220 | |
| | 8,948 | | | Air China Ltd., Class H (Industrials)* | | | 7,194 | |
| | 647 | | | Airtac International Group (Industrials)* | | | 17,515 | |
| | |
| | |
| 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) | |
| | 9,277 | | | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | | $ | 885,119 | |
| | 4,025 | | | Aluminum Corp. of China Ltd., Class A (Materials) | | | 2,633 | |
| | 19,046 | | | Aluminum Corp. of China Ltd., Class H (Materials) | | | 7,037 | |
| | 200 | | | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | | | 2,500 | |
| | 1,793 | | | Angang Steel Co. Ltd., Class A (Materials) | | | 754 | |
| | 7,799 | | | Angang Steel Co. Ltd., Class H (Materials) | | | 2,444 | |
| | 162 | | | Angel Yeast Co. Ltd., Class A (Consumer Staples) | | | 1,141 | |
| | 1,200 | | | Anhui Conch Cement Co. Ltd., Class A (Materials) | | | 5,556 | |
| | 5,802 | | | Anhui Conch Cement Co. Ltd., Class H (Materials) | | | 22,176 | |
| | 364 | | | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | | | 13,473 | |
| | 130 | | | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | | | 953 | |
| | 200 | | | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | | | 1,554 | |
| | 100 | | | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | | | 2,250 | |
| | 5,954 | | | ANTA Sports Products Ltd. (Consumer Discretionary) | | | 71,989 | |
| | 300 | | | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | | | 785 | |
| | 91 | | | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | | | 2,265 | |
| | 107 | | | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | | | 1,474 | |
| | 349 | | | Autohome, Inc. ADR (Communication Services) | | | 12,428 | |
| | 341 | | | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | | | 1,467 | |
| | 1,256 | | | AVIC Electromechanical Systems Co. Ltd., Class A (Industrials) | | | 2,022 | |
| | 3,327 | | | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | | | 1,631 | |
| | 1,352 | | | Baidu, Inc. ADR (Communication Services)* | | | 194,647 | |
| | 6,442 | | | Bank of Beijing Co. Ltd., Class A (Financials) | | | 3,859 | |
| | 1,304 | | | Bank of Chengdu Co. Ltd., Class A (Financials) | | | 2,968 | |
| | 11,977 | | | Bank of China Ltd., Class A (Financials) | | | 5,282 | |
| | 410,120 | | | Bank of China Ltd., Class H (Financials) | | | 144,216 | |
| | 11,844 | | | Bank of Communications Co. Ltd., Class A (Financials) | | | 7,869 | |
| | 35,636 | | | Bank of Communications Co. Ltd., Class H (Financials) | | | 20,340 | |
| | 1,939 | | | Bank of Hangzhou Co. Ltd., Class A (Financials) | | | 4,031 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 4,770 | | | Bank of Jiangsu Co. Ltd., Class A (Financials) | | | 5,017 | |
| | 2,940 | | | Bank of Nanjing Co. Ltd., Class A (Financials) | | | 4,529 | |
| | 1,914 | | | Bank of Ningbo Co. Ltd., Class A (Financials) | | | 8,282 | |
| | 4,260 | | | Bank of Shanghai Co. Ltd., Class A (Financials) | | | 3,652 | |
| | 1,948 | | | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | | | 723 | |
| | 6,595 | | | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | | | 5,099 | |
| | 2,500 | | | BBMG Corp., Class A (Materials) | | | 950 | |
| | 11,543 | | | BBMG Corp., Class H (Materials) | | | 1,559 | |
| | 392 | | | BeiGene Ltd. ADR (Health Care)* | | | 67,291 | |
| | 1,300 | | | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)* | | | 1,631 | |
| | 100 | | | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | | | 1,141 | |
| | 800 | | | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | | | 1,073 | |
| | 2,426 | | | Beijing Enterprises Holdings Ltd. (Utilities) | | | 7,233 | |
| | 20,271 | | | Beijing Enterprises Water Group Ltd. (Utilities) | | | 5,217 | |
| | 200 | | | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | | | 5,226 | |
| | 383 | | | Beijing New Building Materials PLC, Class A (Industrials) | | | 1,461 | |
| | 900 | | | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | | | 719 | |
| | 420 | | | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | | | 794 | |
| | 700 | | | Beijing Shougang Co. Ltd., Class A (Materials) | | | 418 | |
| | 200 | | | Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples) | | | 693 | |
| | 468 | | | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | | | 1,513 | |
| | 145 | | | Beijing United Information Technology Co. Ltd., Class A (Industrials) | | | 2,084 | |
| | 145 | | | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | | | 2,685 | |
| | 14,900 | | | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | | | 10,007 | |
| | 100 | | | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | | | 658 | |
| | 165 | | | BGI Genomics Co. Ltd., Class A (Health Care) | | | 1,445 | |
| | 1,157 | | | Bilibili, Inc. ADR (Communication Services)*(b) | | | 28,879 | |
| | 200 | | | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | | | 4,150 | |
| | 6,785 | | | Blue Moon Group Holdings Ltd. (Consumer Staples)(a) | | | 5,187 | |
| | 17,600 | | | BOC Hong Kong Holdings Ltd. (Financials) | | | 60,768 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 700 | | | BOC International China Co. Ltd., Class A (Financials) | | $ | 1,270 | |
| | 11,022 | | | BOE Technology Group Co. Ltd., Class A (Information Technology) | | | 5,916 | |
| | 14,036 | | | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*(c) | | | 6,457 | |
| | 587 | | | BYD Co. Ltd., Class A (Consumer Discretionary) | | | 24,522 | |
| | 4,274 | | | BYD Co. Ltd., Class H (Consumer Discretionary) | | | 131,887 | |
| | 554 | | | By-health Co. Ltd., Class A (Consumer Staples) | | | 1,499 | |
| | 1,304 | | | Caitong Securities Co. Ltd., Class A (Financials) | | | 1,436 | |
| | 421 | | | CanSino Biologics, Inc., Class H (Health Care)(a) | | | 2,642 | |
| | 1,600 | | | CECEP Wind-Power Corp., Class A (Utilities) | | | 1,158 | |
| | 4,300 | | | CGN Power Co. Ltd., Class A (Utilities) | | | 1,753 | |
| | 55,748 | | | CGN Power Co. Ltd., Class H (Utilities)(a) | | | 13,282 | |
| | 100 | | | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | | | 2,569 | |
| | 1,988 | | | Changjiang Securities Co. Ltd., Class A (Financials) | | | 1,641 | |
| | 100 | | | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | | | 2,035 | |
| | 619 | | | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | | | 2,433 | |
| | 200 | | | Chengxin Lithium Group Co. Ltd., Class A (Materials) | | | 1,543 | |
| | 500 | | | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | | | 1,413 | |
| | 800 | | | China Baoan Group Co. Ltd., Class A (Industrials) | | | 1,713 | |
| | 12,635 | | | China Bohai Bank Co. Ltd., Class H (Financials)(a) | | | 2,093 | |
| | 44,304 | | | China Cinda Asset Management Co. Ltd., Class H (Financials) | | | 6,096 | |
| | 1,728 | | | China CITIC Bank Corp. Ltd., Class A (Financials) | | | 1,123 | |
| | 46,780 | | | China CITIC Bank Corp. Ltd., Class H (Financials) | | | 20,086 | |
| | 1,239 | | | China Coal Energy Co. Ltd., Class A (Energy) | | | 1,794 | |
| | 10,988 | | | China Coal Energy Co. Ltd., Class H (Energy) | | | 9,814 | |
| | 7,295 | | | China Conch Venture Holdings Ltd. (Industrials) | | | 14,927 | |
| | 2,822 | | | China Construction Bank Corp., Class A (Financials) | | | 2,260 | |
| | 458,023 | | | China Construction Bank Corp., Class H (Financials) | | | 284,191 | |
| | 1,300 | | | China CSSC Holdings Ltd., Class A (Industrials) | | | 4,722 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 3,032 | | | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | | | 2,160 | |
| | 10,452 | | | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | | | 3,609 | |
| | 9,800 | | | China Energy Engineering Corp. Ltd. (Industrials) | | | 3,213 | |
| | 40,165 | | | China Energy Engineering Corp. Ltd., Class H (Industrials)(b) | | | 4,759 | |
| | 12,273 | | | China Everbright Bank Co. Ltd., Class A (Financials) | | | 5,110 | |
| | 36,926 | | | China Everbright Bank Co. Ltd., Class H (Financials) | | | 11,338 | |
| | 17,102 | | | China Everbright Environment Group Ltd. (Industrials) | | | 8,476 | |
| | 14,770 | | | China Evergrande Group (Real Estate)*(c) | | | 3,105 | |
| | 11,416 | | | China Feihe Ltd. (Consumer Staples)*(a) | | | 9,469 | |
| | 1,239 | | | China Galaxy Securities Co. Ltd., Class A (Financials) | | | 1,779 | |
| | 18,535 | | | China Galaxy Securities Co. Ltd., Class H (Financials) | | | 10,154 | |
| | 700 | | | China Great Wall Securities Co. Ltd., Class A (Financials) | | | 943 | |
| | 1,109 | | | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | | | 1,461 | |
| | 14,093 | | | China Hongqiao Group Ltd. (Materials) | | | 13,754 | |
| | 300 | | | China International Capital Corp. Ltd., Class A (Financials) | | | 1,815 | |
| | 7,509 | | | China International Capital Corp. Ltd., Class H (Financials)(a) | | | 13,260 | |
| | 831 | | | China International Marine Containers Group Co. Ltd., Class A (Industrials) | | | 978 | |
| | 2,433 | | | China International Marine Containers Group Co. Ltd., Class H (Industrials) | | | 2,024 | |
| | 32,443 | | | China Jinmao Holdings Group Ltd. (Real Estate) | | | 6,862 | |
| | 1,187 | | | China Jushi Co. Ltd., Class A (Materials) | | | 2,481 | |
| | 5,197 | | | China Lesso Group Holdings Ltd. (Industrials) | | | 6,198 | |
| | 684 | | | China Life Insurance Co. Ltd., Class A (Financials) | | | 3,046 | |
| | 36,495 | | | China Life Insurance Co. Ltd., Class H (Financials) | | | 52,449 | |
| | 1,829 | | | China Literature Ltd. (Communication Services)*(a) | | | 7,457 | |
| | 15,569 | | | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | | | 25,231 | |
| | 2,842 | | | China Meidong Auto Holdings Ltd. (Consumer Discretionary) | | | 5,822 | |
| | 6,141 | | | China Merchants Bank Co. Ltd., Class A (Financials) | | | 31,224 | |
| | 20,172 | | | China Merchants Bank Co. Ltd., Class H (Financials) | | | 103,573 | |
| | 700 | | | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | | | 768 | |
| | 6,336 | | | China Merchants Port Holdings Co. Ltd. (Industrials) | | | 9,526 | |
| | |
| | |
| 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) | |
| | 2,194 | | | China Merchants Securities Co. Ltd., Class A (Financials) | | $ | 4,217 | |
| | 2,190 | | | China Merchants Securities Co. Ltd., Class H (Financials)(a) | | | 2,009 | |
| | 1,900 | | | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | | | 4,030 | |
| | 300 | | | China Minmetals Rare Earth Co. Ltd., Class A (Materials)* | | | 1,146 | |
| | 11,300 | | | China Minsheng Banking Corp. Ltd., Class A (Financials) | | | 5,901 | |
| | 35,151 | | | China Minsheng Banking Corp. Ltd., Class H (Financials) | | | 11,196 | |
| | 19,801 | | | China National Building Material Co. Ltd., Class H (Materials) | | | 18,770 | |
| | 1,800 | | | China National Chemical Engineering Co. Ltd., Class A (Industrials) | | | 2,251 | |
| | 5,500 | | | China National Nuclear Power Co. Ltd., Class A (Utilities) | | | 5,082 | |
| | 1,076 | | | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | | | 4,704 | |
| | 300 | | | China Oilfield Services Ltd., Class A (Energy) | | | 637 | |
| | 9,161 | | | China Oilfield Services Ltd., Class H (Energy) | | | 9,524 | |
| | 23,565 | | | China Overseas Land & Investment Ltd. (Real Estate) | | | 63,650 | |
| | 1,939 | | | China Pacific Insurance Group Co. Ltd., Class A (Financials) | | | 5,898 | |
| | 12,638 | | | China Pacific Insurance Group Co. Ltd., Class H (Financials) | | | 26,825 | |
| | 10,283 | | | China Petroleum & Chemical Corp., Class A (Energy) | | | 6,369 | |
| | 122,417 | | | China Petroleum & Chemical Corp., Class H (Energy) | | | 57,864 | |
| | 24,256 | | | China Power International Development Ltd. (Utilities) | | | 13,598 | |
| | 6,626 | | | China Railway Group Ltd., Class A (Industrials) | | | 5,527 | |
| | 20,228 | | | China Railway Group Ltd., Class H (Industrials) | | | 11,597 | |
| | 1,851 | | | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | | | 1,189 | |
| | 9,078 | | | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a) | | | 2,857 | |
| | 33,961 | | | China Reinsurance Group Corp., Class H (Financials) | | | 2,510 | |
| | 6,982 | | | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | | | 48,792 | |
| | 10,707 | | | China Resources Cement Holdings Ltd. (Materials) | | | 6,616 | |
| | 4,505 | | | China Resources Gas Group Ltd. (Utilities) | | | 17,592 | |
| | 14,133 | | | China Resources Land Ltd. (Real Estate) | | | 58,071 | |
| | 300 | | | China Resources Microelectronics Ltd., Class A (Information Technology) | | | 2,280 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 2,670 | | | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | | | 12,144 | |
| | 8,987 | | | China Resources Power Holdings Co. Ltd. (Utilities) | | | 17,931 | |
| | 300 | | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,719 | |
| | 1,934 | | | China Shenhua Energy Co. Ltd., Class A (Energy) | | | 8,512 | |
| | 16,565 | | | China Shenhua Energy Co. Ltd., Class H (Energy) | | | 52,129 | |
| | 1,207 | | | China Southern Airlines Co. Ltd., Class A (Industrials)* | | | 1,128 | |
| | 9,059 | | | China Southern Airlines Co. Ltd., Class H (Industrials)* | | | 4,905 | |
| | 12,700 | | | China State Construction Engineering Corp. Ltd., Class A (Industrials) | | | 9,469 | |
| | 8,929 | | | China State Construction International Holdings Ltd. (Industrials) | | | 10,330 | |
| | 500 | | | China Suntien Green Energy Corp. Ltd., Class A (Energy) | | | 827 | |
| | 9,174 | | | China Suntien Green Energy Corp. Ltd., Class H (Energy) | | | 4,126 | |
| | 7,355 | | | China Taiping Insurance Holdings Co. Ltd. (Financials) | | | 7,534 | |
| | 8,400 | | | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | | | 7,433 | |
| | 622 | | | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | | | 17,640 | |
| | 212,804 | | | China Tower Corp. Ltd., Class H (Communication Services)(a) | | | 26,570 | |
| | 9,300 | | | China United Network Communications Ltd., Class A (Communication Services) | | | 4,789 | |
| | 2,912 | | | China Vanke Co. Ltd., Class A (Real Estate) | | | 7,025 | |
| | 9,617 | | | China Vanke Co. Ltd., Class H (Real Estate) | | | 18,820 | |
| | 6,893 | | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 23,978 | |
| | 200 | | | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | | | 3,255 | |
| | 5,397 | | | China Zheshang Bank Co. Ltd., Class A (Financials)* | | | 2,544 | |
| | 181 | | | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | | | 2,933 | |
| | 4,313 | | | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | | | 9,085 | |
| | 2,800 | | | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | | | 1,454 | |
| | 12,477 | | | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | | | 4,324 | |
| | 430 | | | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | | | 5,867 | |
| | 18,538 | | | CIFI Holdings Group Co. Ltd. (Real Estate)(b) | | | 4,724 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 31,202 | | | CITIC Ltd. (Industrials) | | $ | 32,240 | |
| | 200 | | | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | | | 574 | |
| | 3,760 | | | CITIC Securities Co. Ltd., Class A (Financials) | | | 10,647 | |
| | 11,119 | | | CITIC Securities Co. Ltd., Class H (Financials) | | | 22,610 | |
| | 5,548 | | | CMOC Group Ltd., Class A (Materials) | | | 3,960 | |
| | 18,364 | | | CMOC Group Ltd., Class H (Materials) | | | 8,236 | |
| | 1,100 | | | CNPC Capital Co. Ltd., Class A (Industrials) | | | 775 | |
| | 726 | | | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | | | 50,868 | |
| | 2,900 | | | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | | | 1,207 | |
| | 18,028 | | | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | | | 2,733 | |
| | 1,100 | | | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | | | 2,250 | |
| | 6,936 | | | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)* | | | 5,267 | |
| | 3,741 | | | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | | | 7,706 | |
| | 15,618 | | | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | | | 23,440 | |
| | 43,500 | | | Country Garden Holdings Co. Ltd. (Real Estate) | | | 12,913 | |
| | 9,320 | | | Country Garden Services Holdings Co. Ltd. (Real Estate) | | | 18,476 | |
| | 7,400 | | | CRRC Corp. Ltd., Class A (Industrials) | | | 5,378 | |
| | 22,110 | | | CRRC Corp. Ltd., Class H (Industrials) | | | 8,282 | |
| | 1,200 | | | CSC Financial Co. Ltd., Class A (Financials) | | | 4,637 | |
| | 5,024 | | | CSC Financial Co. Ltd., Class H (Financials)(a) | | | 4,730 | |
| | 10,994 | | | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | | | 5,029 | |
| | 4,400 | | | Daqin Railway Co. Ltd., Class A (Industrials) | | | 4,117 | |
| | 224 | | | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | | | 1,085 | |
| | 1,793 | | | Datang International Power Generation Co. Ltd., Class A (Utilities)* | | | 835 | |
| | 15,662 | | | Datang International Power Generation Co. Ltd., Class H (Utilities)* | | | 3,233 | |
| | 900 | | | DHC Software Co. Ltd., Class A (Information Technology) | | | 760 | |
| | 200 | | | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | | | 1,178 | |
| | 195 | | | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | | | 969 | |
| | 744 | | | Dongfang Electric Corp. Ltd., Class A (Industrials) | | | 2,126 | |
| | 2,028 | | | Dongfang Electric Corp. Ltd., Class H (Industrials) | | | 2,703 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 14,005 | | | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | | | 8,904 | |
| | 944 | | | Dongxing Securities Co. Ltd., Class A (Financials) | | | 1,138 | |
| | 3,791 | | | East Money Information Co. Ltd., Class A (Financials) | | | 12,209 | |
| | 200 | | | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | | | 2,367 | |
| | 3,731 | | | ENN Energy Holdings Ltd. (Utilities) | | | 54,381 | |
| | 600 | | | ENN Natural Gas Co. Ltd., Class A (Utilities) | | | 1,788 | |
| | 593 | | | Eve Energy Co. Ltd., Class A (Industrials) | | | 8,171 | |
| | 1,368 | | | Everbright Securities Co. Ltd., Class A (Financials) | | | 3,183 | |
| | 12,467 | | | Evergrande Property Services Group Ltd. (Real Estate)*(a)(c) | | | 3,653 | |
| | 1,381 | | | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | | | 1,396 | |
| | 719 | | | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | | | 851 | |
| | 1,300 | | | First Capital Securities Co. Ltd., Class A (Financials) | | | 1,162 | |
| | 344 | | | Flat Glass Group Co. Ltd., Class A (Information Technology)* | | | 1,998 | |
| | 2,076 | | | Flat Glass Group Co. Ltd., Class H (Information Technology)* | | | 6,864 | |
| | 4,843 | | | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | | | 4,257 | |
| | 1,020 | | | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | | | 11,920 | |
| | 2,347 | | | Founder Securities Co. Ltd., Class A (Financials) | | | 2,366 | |
| | 2,952 | | | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | | | 3,978 | |
| | 325 | | | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | | | 1,052 | |
| | 4,567 | | | Full Truck Alliance Co. Ltd. ADR (Industrials)* | | | 36,079 | |
| | 584 | | | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | | | 3,309 | |
| | 3,039 | | | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | | | 14,520 | |
| | 420 | | | Ganfeng Lithium Co. Ltd., Class A (Materials) | | | 5,221 | |
| | 1,702 | | | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | | | 15,038 | |
| | 5,400 | | | GD Power Development Co. Ltd., Class A (Utilities)* | | | 3,408 | |
| | 875 | | | GDS Holdings Ltd. ADR (Information Technology)*(b) | | | 23,835 | |
| | 1,400 | | | GEM Co. Ltd., Class A (Materials) | | | 1,696 | |
| | 1,263 | | | Gemdale Corp., Class A (Real Estate) | | | 2,136 | |
| | 6,521 | | | Genscript Biotech Corp. (Health Care)* | | | 21,144 | |
| | 1,791 | | | GF Securities Co. Ltd., Class A (Financials) | | | 4,271 | |
| | |
| | |
| 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) | |
| | 6,681 | | | GF Securities Co. Ltd., Class H (Financials) | | $ | 8,750 | |
| | 400 | | | Giant Network Group Co. Ltd., Class A (Communication Services) | | | 500 | |
| | 182 | | | GigaDevice Semiconductor, Inc., Class A (Information Technology) | | | 3,062 | |
| | 150 | | | Ginlong Technologies Co. Ltd., Class A (Industrials) | | | 4,999 | |
| | 1,074 | | | GoerTek, Inc., Class A (Information Technology) | | | 5,060 | |
| | 400 | | | Gotion High-tech Co. Ltd., Class A (Industrials) | | | 1,994 | |
| | 684 | | | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | | | 3,320 | |
| | 15,486 | | | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | | | 23,440 | |
| | 1,800 | | | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | | | 8,337 | |
| | 4,099 | | | Greentown China Holdings Ltd. (Real Estate) | | | 7,771 | |
| | 454 | | | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | | | 4,017 | |
| | 14,182 | | | Guangdong Investment Ltd. (Utilities) | | | 13,010 | |
| | 100 | | | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | | | 1,385 | |
| | 2,000 | | | Guanghui Energy Co. Ltd., Class A (Energy) | | | 3,670 | |
| | 736 | | | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | | | 1,485 | |
| | 13,763 | | | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | | | 11,889 | |
| | 390 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | | | 1,539 | |
| | 1,312 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | | | 3,163 | |
| | 181 | | | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | | | 1,751 | |
| | 195 | | | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | | | 1,912 | |
| | 600 | | | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | | | 4,139 | |
| | 845 | | | Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials) | | | 793 | |
| | 1,433 | | | Guosen Securities Co. Ltd., Class A (Financials) | | | 1,923 | |
| | 2,348 | | | Guotai Junan Securities Co. Ltd., Class A (Financials) | | | 5,038 | |
| | 4,347 | | | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | | | 5,167 | |
| | 1,401 | | | Guoyuan Securities Co. Ltd., Class A (Financials) | | | 1,488 | |
| | 713 | | | H World Group Ltd. ADR (Consumer Discretionary) | | | 26,830 | |
| | 7,099 | | | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | | | 16,823 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 1,995 | | | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | | | 7,487 | |
| | 11,351 | | | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | | | 37,312 | |
| | 2,992 | | | Haitong Securities Co. Ltd., Class A (Financials) | | | 4,115 | |
| | 14,762 | | | Haitong Securities Co. Ltd., Class H (Financials) | | | 9,686 | |
| | 253 | | | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | | | 1,095 | |
| | 411 | | | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | | | 3,868 | |
| | 200 | | | Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology) | | | 1,545 | |
| | 260 | | | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | | | 949 | |
| | 300 | | | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | | | 1,726 | |
| | 215 | | | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | | | 3,379 | |
| | 674 | | | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | | | 6,707 | |
| | 5,424 | | | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | | | 10,850 | |
| | 200 | | | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | | | 1,093 | |
| | 700 | | | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | | | 2,722 | |
| | 2,972 | | | Hengan International Group Co. Ltd. (Consumer Staples) | | | 14,237 | |
| | 1,799 | | | Hengli Petrochemical Co. Ltd., Class A (Materials) | | | 5,011 | |
| | 1,297 | | | Hengyi Petrochemical Co. Ltd., Class A (Materials) | | | 1,703 | |
| | 3,946 | | | Hesteel Co. Ltd., Class A (Materials) | | | 1,385 | |
| | 130 | | | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | | | 1,605 | |
| | 280 | | | Hongfa Technology Co. Ltd., Class A (Industrials) | | | 1,530 | |
| | 100 | | | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | | | 1,628 | |
| | 3,818 | | | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | | | 11,285 | |
| | 1,967 | | | Huadian Power International Corp. Ltd., Class A (Utilities) | | | 1,558 | |
| | 8,562 | | | Huadian Power International Corp. Ltd., Class H (Utilities)(b) | | | 3,523 | |
| | 419 | | | Huadong Medicine Co. Ltd., Class A (Health Care) | | | 2,563 | |
| | 1,200 | | | Huafon Chemical Co. Ltd., Class A (Materials) | | | 1,309 | |
| | 700 | | | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | | | 1,502 | |
| | 619 | | | Hualan Biological Engineering, Inc., Class A (Health Care) | | | 1,774 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 1,793 | | | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | | $ | 1,891 | |
| | 2,477 | | | Huaneng Power International, Inc., Class A (Utilities)* | | | 2,939 | |
| | 20,506 | | | Huaneng Power International, Inc., Class H (Utilities)* | | | 10,503 | |
| | 2,300 | | | Huatai Securities Co. Ltd., Class A (Financials) | | | 4,384 | |
| | 6,494 | | | Huatai Securities Co. Ltd., Class H (Financials)(a) | | | 8,704 | |
| | 879 | | | Huaxi Securities Co. Ltd., Class A (Financials) | | | 1,023 | |
| | 3,759 | | | Huaxia Bank Co. Ltd., Class A (Financials) | | | 2,803 | |
| | 400 | | | Huaxin Cement Co. Ltd., Class A (Materials) | | | 1,007 | |
| | 1,101 | | | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | | | 2,982 | |
| | 1,200 | | | Hubei Energy Group Co. Ltd., Class A (Utilities) | | | 856 | |
| | 300 | | | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | | | 1,682 | |
| | 200 | | | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | | | 4,439 | |
| | 400 | | | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | | | 1,082 | |
| | 2,200 | | | Hunan Valin Steel Co. Ltd., Class A (Materials) | | | 1,423 | |
| | 460 | | | Hundsun Technologies, Inc., Class A (Information Technology) | | | 2,245 | |
| | 698 | | | Iflytek Co. Ltd., Class A (Information Technology) | | | 3,796 | |
| | 100 | | | Imeik Technology Development Co. Ltd., Class A (Health Care) | | | 8,109 | |
| | 18,818 | | | Industrial & Commercial Bank of China Ltd., Class A (Financials) | | | 11,957 | |
| | 383,187 | | | Industrial & Commercial Bank of China Ltd., Class H (Financials) | | | 195,283 | |
| | 6,180 | | | Industrial Bank Co. Ltd., Class A (Financials) | | | 15,339 | |
| | 1,977 | | | Industrial Securities Co. Ltd., Class A (Financials)* | | | 1,781 | |
| | 100 | | | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | | | 1,183 | |
| | 15,046 | | | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | | | 4,387 | |
| | 1,120 | | | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | | | 2,859 | |
| | 2,967 | | | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | | | 1,872 | |
| | 1,834 | | | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | | | 9,508 | |
| | 1,100 | | | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | | | 1,358 | |
| | 3,843 | | | Innovent Biologics, Inc. (Health Care)*(a) | | | 16,378 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 400 | | | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | | $ | 1,347 | |
| | 180 | | | Intco Medical Technology Co. Ltd., Class A (Health Care) | | | 573 | |
| | 1,464 | | | iQIYI, Inc. ADR (Communication Services)* | | | 5,358 | |
| | 706 | | | JA Solar Technology Co. Ltd., Class A (Information Technology) | | | 6,715 | |
| | 215 | | | Jafron Biomedical Co. Ltd., Class A (Health Care) | | | 1,465 | |
| | 260 | | | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | | | 1,825 | |
| | 600 | | | JCET Group Co. Ltd., Class A (Information Technology) | | | 2,158 | |
| | 2,440 | | | JD Health International, Inc. (Consumer Discretionary)*(a) | | | 16,989 | |
| | 8,456 | | | JD Logistics, Inc. (Industrials)*(a) | | | 18,143 | |
| | 5,763 | | | JD.com, Inc. ADR (Consumer Discretionary) | | | 365,893 | |
| | 800 | | | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | | | 2,235 | |
| | 300 | | | Jiangsu Expressway Co. Ltd., Class A (Industrials) | | | 331 | |
| | 6,540 | | | Jiangsu Expressway Co. Ltd., Class H (Industrials) | | | 5,608 | |
| | 392 | | | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | | | 2,783 | |
| | 1,900 | | | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | | | 9,553 | |
| | 325 | | | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | | | 2,178 | |
| | 460 | | | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | | | 10,974 | |
| | 100 | | | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | | | 1,651 | |
| | 260 | | | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | | | 1,029 | |
| | 900 | | | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | | | 2,906 | |
| | 684 | | | Jiangxi Copper Co. Ltd., Class A (Materials) | | | 1,625 | |
| | 5,472 | | | Jiangxi Copper Co. Ltd., Class H (Materials) | | | 6,756 | |
| | 500 | | | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | | | 1,609 | |
| | 900 | | | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)* | | | 781 | |
| | 1,700 | | | Jinke Properties Group Co. Ltd., Class A (Real Estate)* | | | 617 | |
| | 100 | | | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | | | 2,165 | |
| | 140 | | | Joinn Laboratories China Co. Ltd., Class A (Health Care) | | | 1,583 | |
| | 303 | | | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | | | 1,621 | |
| | |
| | |
| 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) | |
| | 600 | | | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | | $ | 1,034 | |
| | 200 | | | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | | | 998 | |
| | 200 | | | Juewei Food Co. Ltd., Class A (Consumer Staples) | | | 1,354 | |
| | 252 | | | Kanzhun Ltd. ADR (Communication Services)* | | | 5,919 | |
| | 2,830 | | | KE Holdings, Inc. ADR (Real Estate)* | | | 51,053 | |
| | 600 | | | Keda Industrial Group Co. Ltd. (Industrials) | | | 1,584 | |
| | 13,567 | | | Kingdee International Software Group Co. Ltd. (Information Technology)* | | | 26,481 | |
| | 800 | | | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | | | 1,248 | |
| | 4,281 | | | Kingsoft Corp. Ltd. (Communication Services) | | | 13,090 | |
| | 4,396 | | | Kuaishou Technology (Communication Services)*(a) | | | 38,534 | |
| | 668 | | | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)* | | | 1,762 | |
| | 18,580 | | | Kunlun Energy Co. Ltd. (Utilities) | | | 16,215 | |
| | 414 | | | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | | | 115,548 | |
| | 719 | | | LB Group Co. Ltd., Class A (Materials) | | | 1,834 | |
| | 5,594 | | | Legend Holdings Corp., Class H (Information Technology)(a) | | | 6,372 | |
| | 34,222 | | | Lenovo Group Ltd. (Information Technology) | | | 28,341 | |
| | 1,478 | | | Lens Technology Co. Ltd., Class A (Information Technology) | | | 2,333 | |
| | 600 | | | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | | | 1,648 | |
| | 2,704 | | | Li Auto, Inc. ADR (Consumer Discretionary)* | | | 77,794 | |
| | 11,479 | | | Li Ning Co. Ltd. (Consumer Discretionary) | | | 105,301 | |
| | 5,500 | | | Liaoning Port Co. Ltd., Class A (Industrials) | | | 1,332 | |
| | 2,000 | | | Lingyi iTech Guangdong Co., Class A (Information Technology)* | | | 1,596 | |
| | 130 | | | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | | | 590 | |
| | 800 | | | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | | | 2,263 | |
| | 10,005 | | | Longfor Group Holdings Ltd. (Real Estate)(a) | | | 32,633 | |
| | 2,175 | | | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | | | 16,154 | |
| | 11,234 | | | Lufax Holding Ltd. ADR (Financials) | | | 49,093 | |
| | 600 | | | Luxi Chemical Group Co. Ltd., Class A (Materials) | | | 1,199 | |
| | 2,180 | | | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | | | 11,865 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 393 | | | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | | | 13,352 | |
| | 554 | | | Mango Excellent Media Co. Ltd., Class A (Communication Services) | | | 2,234 | |
| | 160 | | | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | | | 2,361 | |
| | 1,200 | | | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | | | 841 | |
| | 20,717 | | | Meituan, Class B (Consumer Discretionary)*(a) | | | 500,976 | |
| | 5,518 | | | Metallurgical Corp. of China Ltd., Class A (Industrials) | | | 2,569 | |
| | 15,861 | | | Metallurgical Corp. of China Ltd., Class H (Industrials) | | | 3,011 | |
| | 3,224 | | | Microport Scientific Corp. (Health Care)* | | | 6,457 | |
| | 600 | | | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | | | 2,335 | |
| | 1,812 | | | Ming Yuan Cloud Group Holdings Ltd. (Information Technology) | | | 1,503 | |
| | 300 | | | Montage Technology Co. Ltd., Class A (Information Technology) | | | 2,415 | |
| | 1,614 | | | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | | | 13,725 | |
| | 390 | | | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,015 | |
| | 1,100 | | | Nanjing Securities Co. Ltd., Class A (Financials) | | | 1,360 | |
| | 2,054 | | | NARI Technology Co. Ltd., Class A (Industrials) | | | 8,179 | |
| | 600 | | | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | | | 1,793 | |
| | 130 | | | NAURA Technology Group Co. Ltd., Class A (Information Technology) | | | 5,318 | |
| | 700 | | | NavInfo Co. Ltd., Class A (Information Technology) | | | 1,328 | |
| | 2,010 | | | NetEase, Inc. ADR (Communication Services) | | | 177,905 | |
| | 619 | | | New China Life Insurance Co. Ltd., Class A (Financials) | | | 2,587 | |
| | 4,861 | | | New China Life Insurance Co. Ltd., Class H (Financials) | | | 11,458 | |
| | 1,400 | | | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | | | 3,191 | |
| | 325 | | | Ninestar Corp., Class A (Information Technology) | | | 2,086 | |
| | 100 | | | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | | | 5,338 | |
| | 200 | | | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | | | 2,079 | |
| | 200 | | | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | | | 3,005 | |
| | 600 | | | Ningbo Shanshan Co. Ltd., Class A (Materials) | | | 2,162 | |
| | 344 | | | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | | | 3,945 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 1,888 | | | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | | $ | 1,071 | |
| | 1,450 | | | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | | | 2,856 | |
| | 7,361 | | | NIO, Inc. ADR (Consumer Discretionary)* | | | 146,557 | |
| | 8,669 | | | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | | | 51,745 | |
| | 600 | | | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | | | 399 | |
| | 900 | | | OFILM Group Co. Ltd., Class A (Information Technology)* | | | 837 | |
| | 91 | | | Oppein Home Group, Inc., Class A (Consumer Discretionary) | | | 1,723 | |
| | 1,817 | | | Orient Securities Co. Ltd., Class A (Financials) | | | 2,283 | |
| | 4,477 | | | Orient Securities Co. Ltd., Class H (Financials)(a) | | | 2,059 | |
| | 200 | | | Ovctek China, Inc., Class A (Health Care) | | | 1,239 | |
| | 2,700 | | | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | | | 2,244 | |
| | 2,300 | | | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | | | 1,665 | |
| | 42,797 | | | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | | | 13,250 | |
| | 600 | | | Perfect World Co. Ltd., Class A (Communication Services) | | | 1,288 | |
| | 12,972 | | | PetroChina Co. Ltd., Class A (Energy) | | | 10,049 | |
| | 103,479 | | | PetroChina Co. Ltd., Class H (Energy) | | | 48,913 | |
| | 100 | | | PharmaBlock Sciences Nanjing, Inc., Class A (Health Care) | | | 1,220 | |
| | 247 | | | Pharmaron Beijing Co. Ltd., Class A (Health Care) | | | 2,438 | |
| | 970 | | | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | | | 6,445 | |
| | 33,837 | | | PICC Property & Casualty Co. Ltd., Class H (Financials) | | | 36,644 | |
| | 2,272 | | | Pinduoduo, Inc. ADR (Consumer Discretionary)* | | | 161,994 | |
| | 6,013 | | | Ping An Bank Co. Ltd., Class A (Financials) | | | 11,121 | |
| | 2,332 | | | Ping An Healthcare and Technology Co. Ltd. (Consumer Discretionary)*(a) | | | 6,358 | |
| | 3,300 | | | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | | | 20,987 | |
| | 30,444 | | | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | | | 179,782 | |
| | 700 | | | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | | | 1,330 | |
| | 3,500 | | | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | | | 8,784 | |
| | 779 | | | Poly Property Services Co. Ltd., Class H (Real Estate) | | | 4,580 | |
| | 1,000 | | | Pop Mart International Group Ltd. (Consumer Discretionary)(a) | | | 2,605 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 8,106 | | | Postal Savings Bank of China Co. Ltd., Class A (Financials) | | | 5,303 | |
| | 62,816 | | | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | | | 37,615 | |
| | 4,520 | | | Power Construction Corp. of China Ltd., Class A (Industrials) | | | 5,062 | |
| | 1,600 | | | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | | | 6,452 | |
| | 200 | | | Raytron Technology Co. Ltd., Class A (Information Technology) | | | 1,264 | |
| | 286 | | | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | | | 206 | |
| | 532 | | | Remegen Co. Ltd., Class H (Health Care)*(a) | | | 3,043 | |
| | 1,300 | | | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)* | | | 528 | |
| | 1,775 | | | RLX Technology, Inc. ADR (Consumer Staples)* | | | 2,538 | |
| | 100 | | | Rockchip Electronics Co. Ltd., Class A (Information Technology) | | | 1,192 | |
| | 2,872 | | | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | | | 5,899 | |
| | 2,203 | | | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | | | 4,944 | |
| | 165 | | | Sangfor Technologies, Inc., Class A (Information Technology) | | | 2,311 | |
| | 2,479 | | | Sany Heavy Industry Co. Ltd., Class A (Industrials) | | | 5,664 | |
| | 559 | | | Satellite Chemical Co. Ltd., Class A (Materials) | | | 1,778 | |
| | 2,206 | | | SDIC Power Holdings Co. Ltd., Class A (Utilities) | | | 3,568 | |
| | 9,906 | | | Seazen Group Ltd. (Real Estate)* | | | 3,307 | |
| | 634 | | | Seazen Holdings Co. Ltd., Class A (Real Estate)* | | | 1,915 | |
| | 1,444 | | | SF Holding Co. Ltd., Class A (Industrials) | | | 10,354 | |
| | 150 | | | SG Micro Corp., Class A (Information Technology) | | | 3,486 | |
| | 2,262 | | | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | | | 7,219 | |
| | 1,100 | | | Shandong Gold Mining Co. Ltd., Class A (Materials) | | | 2,856 | |
| | 4,085 | | | Shandong Gold Mining Co. Ltd., Class H (Materials)(a) | | | 6,953 | |
| | 620 | | | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | | | 2,624 | |
| | 400 | | | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | | | 1,320 | |
| | 3,700 | | | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | | | 1,820 | |
| | 12,247 | | | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | | | 16,696 | |
| | 196 | | | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | | | 663 | |
| | |
| | |
| 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) | |
| China – (continued) | |
| | 1,619 | | | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | | $ | 8,927 | |
| | 3,367 | | | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | | | 2,071 | |
| | 14,027 | | | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | | | 3,360 | |
| | 584 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | | | 3,419 | |
| | 2,488 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | | | 8,036 | |
| | 1,393 | | | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | | | 6,522 | |
| | 600 | | | Shanghai International Airport Co. Ltd., Class A (Industrials)* | | | 4,911 | |
| | 3,032 | | | Shanghai International Port Group Co. Ltd., Class A (Industrials) | | | 2,379 | |
| | 300 | | | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | | | 2,512 | |
| | 200 | | | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | | | 1,534 | |
| | 765 | | | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | | | 2,807 | |
| | 712 | | | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | | | 1,307 | |
| | 3,484 | | | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | | | 5,029 | |
| | 260 | | | Shanghai M&G Stationery, Inc., Class A (Industrials) | | | 1,674 | |
| | 1,139 | | | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | | | 3,606 | |
| | 684 | | | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | | | 1,715 | |
| | 3,718 | | | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | | | 5,419 | |
| | 9,185 | | | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | | | 9,687 | |
| | 426 | | | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | | | 3,917 | |
| | 2,200 | | | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | | | 1,864 | |
| | 1,368 | | | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | | | 1,592 | |
| | 1,200 | | | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | | | 2,233 | |
| | 900 | | | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | | | 2,072 | |
| | 1,304 | | | Shanxi Meijin Energy Co. Ltd., Class A (Materials) | | | 2,151 | |
| | 2,153 | | | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | | | 1,530 | |
| | 373 | | | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | | | 15,854 | |
| | 700 | | | Shengyi Technology Co. Ltd., Class A (Information Technology) | | | 1,615 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 100 | | | Shennan Circuits Co. Ltd., Class A (Information Technology) | | | 1,232 | |
| | 7,067 | | | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | | | 4,285 | |
| | 4,266 | | | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(a) | | | 815 | |
| | 180 | | | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | | | 1,098 | |
| | 100 | | | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | | | 4,649 | |
| | 1,100 | | | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | | | 1,016 | |
| | 200 | | | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | | | 457 | |
| | 736 | | | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | | | 6,403 | |
| | 312 | | | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | | | 1,525 | |
| | 100 | | | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | | | 1,626 | |
| | 360 | | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | | | 15,588 | |
| | 2,703 | | | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | | | 2,098 | |
| | 100 | | | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | | | 1,929 | |
| | 200 | | | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | | | 1,980 | |
| | 3,885 | | | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | | | 40,761 | |
| | 500 | | | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,551 | |
| | 894 | | | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | | | 1,711 | |
| | 390 | | | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,215 | |
| | 1,300 | | | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | | | 2,012 | |
| | 100 | | | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | | | 1,059 | |
| | 300 | | | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | | | 1,241 | |
| | 1,109 | | | Sinolink Securities Co. Ltd., Class A (Financials) | | | 1,390 | |
| | 400 | | | Sinoma Science & Technology Co. Ltd., Class A (Materials) | | | 1,345 | |
| | 1,923 | | | Sinopec Oilfield Service Corp., Class A (Energy)* | | | 533 | |
| | 1,700 | | | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | | | 777 | |
| | 17,575 | | | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | | | 2,754 | |
| | 6,580 | | | Sinopharm Group Co. Ltd., Class H (Health Care) | | | 14,654 | |
| | 1,134 | | | Sinotrans Ltd., Class A (Industrials) | | | 620 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 11,585 | | | Sinotrans Ltd., Class H (Industrials) | | $ | 3,321 | |
| | 3,547 | | | Sinotruk Hong Kong Ltd. (Industrials) | | | 3,557 | |
| | 100 | | | Skshu Paint Co. Ltd., Class A (Materials)* | | | 1,352 | |
| | 5,424 | | | Smoore International Holdings Ltd. (Consumer Staples)(a) | | | 9,730 | |
| | 800 | | | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | | | 1,473 | |
| | 1,368 | | | SooChow Securities Co. Ltd., Class A (Financials) | | | 1,361 | |
| | 100 | | | StarPower Semiconductor Ltd., Class A (Information Technology) | | | 5,753 | |
| | 11,569 | | | Sunac China Holdings Ltd. (Real Estate)*(c) | | | 6,751 | |
| | 400 | | | Sungrow Power Supply Co. Ltd., Class A (Industrials) | | | 6,464 | |
| | 3,288 | | | Sunny Optical Technology Group Co. Ltd. (Information Technology) | | | 45,201 | |
| | 406 | | | Sunwoda Electronic Co. Ltd., Class A (Industrials) | | | 1,608 | |
| | 400 | | | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | | | 1,501 | |
| | 100 | | | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | | | 6,789 | |
| | 200 | | | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | | | 2,263 | |
| | 700 | | | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | | | 924 | |
| | 1,104 | | | TBEA Co. Ltd., Class A (Industrials) | | | 3,969 | |
| | 4,569 | | | TCL Technology Group Corp., Class A (Consumer Discretionary) | | | 2,751 | |
| | 944 | | | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | | | 6,588 | |
| | 29,684 | | | Tencent Holdings Ltd. (Communication Services) | | | 1,237,456 | |
| | 3,864 | | | Tencent Music Entertainment Group ADR (Communication Services)* | | | 19,745 | |
| | 100 | | | Thunder Software Technology Co. Ltd., Class A (Information Technology) | | | 1,784 | |
| | 684 | | | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | | | 937 | |
| | 9,313 | | | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | | | 16,564 | |
| | 254 | | | Toly Bread Co. Ltd., Class A (Consumer Staples) | | | 518 | |
| | 5,364 | | | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | | | 11,058 | |
| | 700 | | | Tongkun Group Co. Ltd., Class A (Materials) | | | 1,449 | |
| | 3,300 | | | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | | | 1,388 | |
| | 1,309 | | | Tongwei Co. Ltd., Class A (Consumer Staples) | | | 10,041 | |
| | 65 | | | Topchoice Medical Corp., Class A (Health Care)* | | | 1,097 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 11,844 | | | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | | | 9,371 | |
| | 4,716 | | | TravelSky Technology Ltd., Class H (Information Technology) | | | 8,256 | |
| | 600 | | | Trina Solar Co. Ltd., Class A (Information Technology) | | | 6,222 | |
| | 3,147 | | | Trip.com Group Ltd. ADR (Consumer Discretionary)* | | | 80,941 | |
| | 195 | | | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | | | 3,055 | |
| | 3,045 | | | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | | | 29,679 | |
| | 226 | | | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | | | 5,115 | |
| | 6,666 | | | Uni-President China Holdings Ltd. (Consumer Staples) | | | 5,750 | |
| | 800 | | | Unisplendour Corp. Ltd., Class A (Information Technology) | | | 2,008 | |
| | 300 | | | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | | | 724 | |
| | 2,792 | | | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | | | 32,415 | |
| | 454 | | | Walvax Biotechnology Co. Ltd., Class A (Health Care) | | | 2,875 | |
| | 943 | | | Wanhua Chemical Group Co. Ltd., Class A (Materials) | | | 12,116 | |
| | 21,758 | | | Want Want China Holdings Ltd. (Consumer Staples) | | | 15,358 | |
| | 383 | | | Weibo Corp. ADR (Communication Services)* | | | 7,924 | |
| | 2,112 | | | Weichai Power Co. Ltd., Class A (Industrials) | | | 3,563 | |
| | 9,829 | | | Weichai Power Co. Ltd., Class H (Industrials) | | | 13,174 | |
| | 2,000 | | | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)* | | | 6,882 | |
| | 700 | | | Western Mining Co. Ltd., Class A (Materials) | | | 1,081 | |
| | 1,339 | | | Western Securities Co. Ltd., Class A (Financials) | | | 1,259 | |
| | 200 | | | Western Superconducting Technologies Co. Ltd., Class A (Materials) | | | 2,957 | |
| | 200 | | | Westone Information Industry, Inc., Class A (Information Technology) | | | 975 | |
| | 398 | | | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | | | 5,412 | |
| | 325 | | | Wingtech Technology Co. Ltd., Class A (Information Technology) | | | 3,046 | |
| | 600 | | | Winning Health Technology Group Co. Ltd., Class A (Health Care) | | | 616 | |
| | 928 | | | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | | | 1,925 | |
| | 1,143 | | | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | | | 27,721 | |
| | |
| | |
| 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) | |
| China – (continued) | |
| | 600 | | | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | | $ | 1,041 | |
| | 787 | | | WuXi AppTec Co. Ltd., Class A (Health Care) | | | 10,235 | |
| | 1,695 | | | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | | | 19,296 | |
| | 17,581 | | | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | | | 156,124 | |
| | 140 | | | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | | | 2,739 | |
| | 2,902 | | | XCMG Construction Machinery Co. Ltd., Class A (Industrials)* | | | 2,193 | |
| | 800 | | | Xiamen C & D, Inc., Class A (Industrials) | | | 1,362 | |
| | 100 | | | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | | | 2,578 | |
| | 72,488 | | | Xiaomi Corp., Class B (Information Technology)*(a) | | | 106,762 | |
| | 939 | | | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | | | 1,748 | |
| | 4,060 | | | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | | | 6,073 | |
| | 900 | | | Xinjiang Tianshan Cement Co. Ltd., Class A (Materials) | | | 1,266 | |
| | 20,518 | | | Xinyi Solar Holdings Ltd. (Information Technology) | | | 28,337 | |
| | 2,932 | | | XPeng, Inc. ADR (Consumer Discretionary)* | | | 54,301 | |
| | 200 | | | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | | | 1,706 | |
| | 649 | | | Yankuang Energy Group Co. Ltd., Class A (Energy) | | | 4,519 | |
| | 6,619 | | | Yankuang Energy Group Co. Ltd., Class H (Energy) | | | 26,311 | |
| | 200 | | | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | | | 1,103 | |
| | 195 | | | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | | | 2,022 | |
| | 218 | | | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | | | 1,689 | |
| | 2,294 | | | Yihai International Holding Ltd. (Consumer Staples)* | | | 5,793 | |
| | 400 | | | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | | | 2,651 | |
| | 100 | | | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | | | 1,952 | |
| | 928 | | | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | | | 2,704 | |
| | 800 | | | YTO Express Group Co. Ltd., Class A (Industrials) | | | 2,277 | |
| | 900 | | | Yunda Holding Co. Ltd., Class A (Industrials) | | | 2,199 | |
| | 900 | | | Yunnan Aluminium Co. Ltd., Class A (Materials) | | | 1,317 | |
| | 401 | | | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | | | 3,046 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 100 | | | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | | | 2,701 | |
| | 295 | | | Yunnan Energy New Material Co. Ltd., Class A (Materials) | | | 8,259 | |
| | 500 | | | Yunnan Tin Co. Ltd., Class A (Materials) | | | 1,007 | |
| | 359 | | | Zai Lab Ltd. ADR (Health Care)* | | | 16,589 | |
| | 130 | | | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | | | 5,676 | |
| | 1,300 | | | Zhefu Holding Group Co. Ltd., Class A (Industrials) | | | 817 | |
| | 2,300 | | | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | | | 1,528 | |
| | 649 | | | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | | | 2,978 | |
| | 809 | | | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | | | 1,730 | |
| | 100 | | | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | | | 569 | |
| | 7,525 | | | Zhejiang Expressway Co. Ltd., Class H (Industrials) | | | 5,733 | |
| | 400 | | | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,155 | |
| | 422 | | | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | | | 4,575 | |
| | 400 | | | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | | | 4,410 | |
| | 200 | | | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | | | 1,191 | |
| | 800 | | | Zhejiang Juhua Co. Ltd., Class A (Materials) | | | 1,822 | |
| | 950 | | | Zhejiang NHU Co. Ltd., Class A (Health Care) | | | 3,097 | |
| | 554 | | | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | | | 418 | |
| | 100 | | | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | | | 665 | |
| | 390 | | | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | | | 1,440 | |
| | 500 | | | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | | | 1,513 | |
| | 200 | | | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials) | | | 794 | |
| | 1,222 | | | Zheshang Securities Co. Ltd., Class A (Financials) | | | 1,938 | |
| | 4,419 | | | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | | | 13,034 | |
| | 200 | | | Zhongji Innolight Co. Ltd., Class A (Information Technology) | | | 851 | |
| | 3,015 | | | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | | | 14,309 | |
| | 1,700 | | | Zhongtai Securities Co. Ltd., Class A (Financials) | | | 1,827 | |
| | 2,684 | | | Zhuzhou CRRC Times Electric Co. Ltd. (Industrials) | | | 13,029 | |
| | 200 | | | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | | | 1,792 | |
| | |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 800 | | | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | | $ | 1,315 | |
| | 6,502 | | | Zijin Mining Group Co. Ltd., Class A (Materials) | | | 8,300 | |
| | 28,038 | | | Zijin Mining Group Co. Ltd., Class H (Materials) | | | 31,936 | |
| | 2,268 | | | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | | | 1,898 | |
| | 8,711 | | | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | | | 3,940 | |
| | 1,200 | | | ZTE Corp., Class A (Information Technology) | | | 4,265 | |
| | 3,821 | | | ZTE Corp., Class H (Information Technology) | | | 8,101 | |
| | 2,324 | | | ZTO Express Cayman, Inc. ADR (Industrials) | | | 60,540 | |
| | | | | | | | |
| | | | | | | 9,878,956 | |
| | |
| Colombia – 0.1% | |
| | 1,150 | | | Bancolombia SA (Financials) | | | 8,892 | |
| | 19,969 | | | Ecopetrol SA (Energy) | | | 10,189 | |
| | 2,085 | | | Interconexion Electrica SA ESP (Utilities) | | | 9,036 | |
| | | | | | | | |
| | | | | | | 28,117 | |
| | |
| Czech Republic – 0.1% | |
| | 785 | | | CEZ AS (Utilities) | | | 31,790 | |
| | 364 | | | Komercni banka AS (Financials) | | | 8,580 | |
| | 1,725 | | | Moneta Money Bank AS (Financials)(a) | | | 5,471 | |
| | | | | | | | |
| | | | | | | 45,841 | |
| | |
| Egypt – 0.1% | |
| | 1,394 | | | Abou Kir Fertilizers & Chemical Industries (Materials) | | | 1,834 | |
| | 7,614 | | | Commercial International Bank Egypt SAE (Financials) | | | 15,121 | |
| | 4,720 | | | Eastern Co. SAE (Consumer Staples) | | | 2,396 | |
| | 1,908 | | | E-Finance for Digital & Financial Investments (Information Technology) | | | 1,396 | |
| | 1,559 | | | Egypt Kuwait Holding Co. SAE (Materials) | | | 1,975 | |
| | 3,802 | | | Egyptian Financial Group-Hermes Holding Co. (Financials)* | | | 2,535 | |
| | 1,652 | | | Telecom Egypt Co. (Communication Services) | | | 1,338 | |
| | | | | | | | |
| | | | | | | 26,595 | |
| | |
| Greece – 0.3% | |
| | 9,916 | | | Alpha Services and Holdings SA (Financials)* | | | 9,215 | |
| | 12,103 | | | Eurobank Ergasias Services and Holdings SA (Financials)* | | | 11,318 | |
| | 1,021 | | | Hellenic Telecommunications Organization SA (Communication Services) | | | 16,283 | |
| | 557 | | | JUMBO SA (Consumer Discretionary) | | | 7,976 | |
| |
|
| Common Stocks – (continued) | |
| Greece – (continued) | |
| | 339 | | | Motor Oil Hellas Corinth Refineries SA (Energy) | | | 6,422 | |
| | 512 | | | Mytilineos SA (Industrials) | | | 8,042 | |
| | 2,765 | | | National Bank of Greece SA (Financials)* | | | 8,964 | |
| | 898 | | | OPAP SA (Consumer Discretionary) | | | 11,874 | |
| | 3,360 | | | Piraeus Financial Holdings SA (Financials)* | | | 3,541 | |
| | 1,083 | | | Public Power Corp. SA (Utilities)* | | | 5,668 | |
| | 343 | | | Star Bulk Carriers Corp. (Industrials) | | | 6,706 | |
| | 259 | | | Terna Energy SA (Utilities) | | | 4,618 | |
| | | | | | | | |
| | | | | | | 100,627 | |
| | |
| Hong Kong – 0.0% | |
| | 486 | | | Orient Overseas International Ltd. (Industrials) | | | 13,610 | |
| | |
| Hungary – 0.2% | |
| | 2,360 | | | MOL Hungarian Oil & Gas PLC (Energy) | | | 16,231 | |
| | 1,079 | | | OTP Bank Nyrt (Financials) | | | 22,915 | |
| | 703 | | | Richter Gedeon Nyrt (Health Care) | | | 14,144 | |
| | | | | | | | |
| | | | | | | 53,290 | |
| | |
| India – 15.7% | |
| | 926 | | | Aarti Industries Ltd. (Materials) | | | 9,681 | |
| | 244 | | | ABB India Ltd. (Industrials) | | | 10,019 | |
| | 427 | | | ACC Ltd. (Materials) | | | 12,358 | |
| | 1,462 | | | Adani Enterprises Ltd. (Industrials) | | | 58,775 | |
| | 2,314 | | | Adani Green Energy Ltd. (Utilities)* | | | 70,948 | |
| | 3,540 | | | Adani Ports & Special Economic Zone Ltd. (Industrials) | | | 37,519 | |
| | 4,181 | | | Adani Power Ltd. (Utilities)* | | | 21,782 | |
| | 1,108 | | | Adani Total Gas Ltd. (Utilities) | | | 52,221 | |
| | 1,422 | | | Adani Transmission Ltd. (Utilities)* | | | 70,882 | |
| | 774 | | | Adani Wilmar Ltd. (Consumer Staples)* | | | 6,742 | |
| | 130 | | | Alkem Laboratories Ltd. (Health Care) | | | 4,867 | |
| | 2,911 | | | Ambuja Cements Ltd. (Materials) | | | 15,066 | |
| | 588 | | | Apollo Hospitals Enterprise Ltd. (Health Care) | | | 31,990 | |
| | 8,709 | | | Ashok Leyland Ltd. (Industrials) | | | 16,879 | |
| | 3,065 | | | Asian Paints Ltd. (Materials) | | | 130,827 | |
| | 418 | | | Astral Ltd. (Industrials) | | | 11,007 | |
| | 1,514 | | | AU Small Finance Bank Ltd. (Financials)(a) | | | 12,078 | |
| | 1,287 | | | Aurobindo Pharma Ltd. (Health Care) | | | 8,834 | |
| | 1,124 | | | Avenue Supermarts Ltd. (Consumer Staples)*(a) | | | 64,100 | |
| | 11,141 | | | Axis Bank Ltd. (Financials) | | | 105,369 | |
| | 341 | | | Bajaj Auto Ltd. (Consumer Discretionary) | | | 17,530 | |
| | 1,208 | | | Bajaj Finance Ltd. (Financials) | | | 111,077 | |
| | 187 | | | Bajaj Finserv Ltd. (Financials) | | | 39,919 | |
| | 141 | | | Bajaj Holdings & Investment Ltd. (Financials) | | | 9,698 | |
| | 378 | | | Balkrishna Industries Ltd. (Consumer Discretionary) | | | 9,734 | |
| | 3,655 | | | Bandhan Bank Ltd. (Financials)*(a) | | | 12,811 | |
| | 5,431 | | | Bank of Baroda (Financials) | | | 8,944 | |
| |
| | |
| 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) | |
| India – (continued) | |
| | 1,353 | | | Berger Paints India Ltd. (Materials) | | $ | 11,472 | |
| | 5,913 | | | Bharat Electronics Ltd. (Industrials) | | | 22,809 | |
| | 1,901 | | | Bharat Forge Ltd. (Consumer Discretionary) | | | 17,725 | |
| | 4,121 | | | Bharat Petroleum Corp. Ltd. (Energy) | | | 17,045 | |
| | 10,516 | | | Bharti Airtel Ltd. (Communication Services) | | | 96,163 | |
| | 1,917 | | | Biocon Ltd. (Health Care) | | | 7,477 | |
| | 36 | | | Bosch Ltd. (Consumer Discretionary) | | | 7,947 | |
| | 481 | | | Britannia Industries Ltd. (Consumer Staples) | | | 22,687 | |
| | 1,779 | | | Canara Bank (Financials) | | | 5,398 | |
| | 2,177 | | | Cholamandalam Investment and Finance Co. Ltd. (Financials) | | | 21,654 | |
| | 2,310 | | | Cipla Ltd. (Health Care) | | | 30,190 | |
| | 7,046 | | | Coal India Ltd. (Energy) | | | 20,821 | |
| | 631 | | | Colgate-Palmolive India Ltd. (Consumer Staples) | | | 13,301 | |
| | 1,350 | | | Container Corp. Of India Ltd. (Industrials) | | | 11,834 | |
| | 3,291 | | | Dabur India Ltd. (Consumer Staples) | | | 24,172 | |
| | 479 | | | Dalmia Bharat Ltd. (Materials) | | | 9,262 | |
| | 463 | | | Deepak Nitrite Ltd. (Materials) | | | 11,532 | |
| | 1,305 | | | Delhivery Ltd. (Industrials)* | | | 9,343 | |
| | 577 | | | Divi’s Laboratories Ltd. (Health Care) | | | 26,337 | |
| | 3,143 | | | DLF Ltd. (Real Estate) | | | 15,427 | |
| | 504 | | | Dr. Reddy’s Laboratories Ltd. (Health Care) | | | 26,926 | |
| | 615 | | | Eicher Motors Ltd. (Consumer Discretionary) | | | 25,996 | |
| | 4,647 | | | Embassy Office Parks REIT (Real Estate) | | | 21,238 | |
| | 565 | | | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | | | 9,887 | |
| | 7,376 | | | GAIL India Ltd. (Utilities) | | | 12,634 | |
| | 288 | | | Gland Pharma Ltd. (Health Care)*(a) | | | 8,583 | |
| | 1,788 | | | Godrej Consumer Products Ltd. (Consumer Staples)* | | | 20,798 | |
| | 444 | | | Godrej Properties Ltd. (Real Estate)* | | | 7,866 | |
| | 1,619 | | | Grasim Industries Ltd. (Materials) | | | 34,203 | |
| | 885 | | | Gujarat Gas Ltd. (Utilities) | | | 5,254 | |
| | 1,078 | | | Havells India Ltd. (Industrials) | | | 18,878 | |
| | 4,818 | | | HCL Technologies Ltd. (Information Technology) | | | 56,934 | |
| | 250 | | | HDFC Asset Management Co. Ltd. (Financials)(a) | | | 6,528 | |
| | 4,437 | | | HDFC Life Insurance Co. Ltd. (Financials)(a) | | | 32,120 | |
| | 640 | | | Hero MotoCorp Ltd. (Consumer Discretionary) | | | 22,856 | |
| | 6,053 | | | Hindalco Industries Ltd. (Materials) | | | 33,442 | |
| | 285 | | | Hindustan Aeronautics Ltd. (Industrials) | | | 8,232 | |
| | 2,990 | | | Hindustan Petroleum Corp. Ltd. (Energy) | | | 9,165 | |
| | 3,833 | | | Hindustan Unilever Ltd. (Consumer Staples) | | | 128,309 | |
| | 11 | | | Honeywell Automation India Ltd. (Information Technology) | | | 5,981 | |
| |
|
| Common Stocks – (continued) | |
| India – (continued) | |
| | 8,141 | | | Housing Development Finance Corp. Ltd. (Financials) | | | 250,649 | |
| | 25,417 | | | ICICI Bank Ltd. (Financials) | | | 283,829 | |
| | 1,106 | | | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | | | 17,932 | |
| | 1,797 | | | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | | | 13,447 | |
| | 18,417 | | | IDFC First Bank Ltd. (Financials)* | | | 11,392 | |
| | 3,850 | | | Indian Hotels Co. Ltd. (Consumer Discretionary) | | | 13,831 | |
| | 12,954 | | | Indian Oil Corp. Ltd. (Energy) | | | 11,657 | |
| | 1,224 | | | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | | | 10,949 | |
| | 1,562 | | | Indraprastha Gas Ltd. (Utilities) | | | 8,239 | |
| | 2,714 | | | Indus Towers Ltd. (Communication Services) | | | 6,824 | |
| | 2,733 | | | IndusInd Bank Ltd. (Financials) | | | 38,091 | |
| | 349 | | | Info Edge India Ltd. (Communication Services) | | | 19,081 | |
| | 16,028 | | | Infosys Ltd. (Information Technology) | | | 301,152 | |
| | 472 | | | InterGlobe Aviation Ltd. (Industrials)*(a) | | | 11,980 | |
| | 14,507 | | | ITC Ltd. (Consumer Staples) | | | 58,515 | |
| | 2,068 | | | Jindal Steel & Power Ltd. (Materials) | | | 11,278 | |
| | 2,941 | | | JSW Energy Ltd. (Utilities) | | | 12,623 | |
| | 4,491 | | | JSW Steel Ltd. (Materials) | | | 37,693 | |
| | 1,826 | | | Jubilant Foodworks Ltd. (Consumer Discretionary) | | | 14,163 | |
| | 643 | | | Kansai Nerolac Paints Ltd. (Materials) | | | 4,089 | |
| | 5,354 | | | Kotak Mahindra Bank Ltd. (Financials) | | | 129,066 | |
| | 139 | | | L&T Technology Services Ltd. (Industrials)(a) | | | 6,497 | |
| | 218 | | | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | | | 12,735 | |
| | 3,376 | | | Larsen & Toubro Ltd. (Industrials) | | | 81,683 | |
| | 1,657 | | | Laurus Labs Ltd. (Health Care)(a) | | | 12,075 | |
| | 800 | | | Life Insurance Corp. Of India (Financials) | | | 6,781 | |
| | 96 | | | Linde India Ltd. (Materials) | | | 4,143 | |
| | 944 | | | Lupin Ltd. (Health Care) | | | 7,949 | |
| | 382 | | | Macrotech Developers Ltd. (Real Estate)*(a) | | | 5,274 | |
| | 4,910 | | | Mahindra & Mahindra Ltd. (Consumer Discretionary) | | | 80,869 | |
| | 2,358 | | | Marico Ltd. (Consumer Staples) | | | 15,598 | |
| | 568 | | | Maruti Suzuki India Ltd. (Consumer Discretionary) | | | 64,924 | |
| | 1,377 | | | Max Financial Services Ltd. (Financials)* | | | 14,285 | |
| | 2,029 | | | Max Healthcare Institute Ltd. (Health Care)* | | | 9,914 | |
| | 288 | | | Mindtree Ltd. (Information Technology) | | | 11,985 | |
| | 394 | | | Mphasis Ltd. (Information Technology) | | | 10,566 | |
| | 14 | | | MRF Ltd. (Consumer Discretionary) | | | 15,041 | |
| | 557 | | | Muthoot Finance Ltd. (Financials) | | | 7,396 | |
| | 166 | | | Nestle India Ltd. (Consumer Staples) | | | 41,628 | |
| | 9,622 | | | NHPC Ltd. (Utilities) | | | 4,650 | |
| | 3,559 | | | NMDC Ltd. (Materials) | | | 5,476 | |
| | 18,050 | | | NTPC Ltd. (Utilities) | | | 37,255 | |
| |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| India – (continued) | |
| | 576 | | | Oberoi Realty Ltd. (Real Estate) | | $ | 7,299 | |
| | 13,097 | | | Oil & Natural Gas Corp. Ltd. (Energy) | | | 22,845 | |
| | 465 | | | One 97 Communications Ltd. (Information Technology)* | | | 4,201 | |
| | 95 | | | Oracle Financial Services Software Ltd. (Information Technology) | | | 3,790 | |
| | 30 | | | Page Industries Ltd. (Consumer Discretionary) | | | 19,272 | |
| | 833 | | | PB Fintech Ltd. (Financials)* | | | 5,274 | |
| | 224 | | | Persistent Systems Ltd. (Information Technology) | | | 9,917 | |
| | 3,619 | | | Petronet LNG Ltd. (Energy) | | | 10,070 | |
| | 359 | | | PI Industries Ltd. (Materials) | | | 15,525 | |
| | 681 | | | Pidilite Industries Ltd. (Materials) | | | 23,452 | |
| | 571 | | | Piramal Enterprises Ltd. (Financials) | | | 7,643 | |
| | 2,284 | | | Piramal Pharma Ltd. (Health Care)* | | | 6,299 | |
| | 221 | | | Polycab India Ltd. (Industrials) | | | 6,870 | |
| | 5,596 | | | Power Finance Corp. Ltd. (Financials) | | | 8,423 | |
| | 13,279 | | | Power Grid Corp. Of India Ltd. (Utilities) | | | 38,371 | |
| | 11,154 | | | Punjab National Bank (Financials) | | | 5,032 | |
| | 5,836 | | | REC Ltd. (Financials) | | | 7,987 | |
| | 14,343 | | | Reliance Industries Ltd. (Energy) | | | 476,177 | |
| | 6,297 | | | Samvardhana Motherson International Ltd. (Consumer Discretionary) | | | 9,740 | |
| | 1,118 | | | SBI Cards & Payment Services Ltd. (Financials) | | | 12,976 | |
| | 1,954 | | | SBI Life Insurance Co. Ltd. (Financials)(a) | | | 32,685 | |
| | 48 | | | Shree Cement Ltd. (Materials) | | | 13,334 | |
| | 860 | | | Shriram Transport Finance Co. Ltd. (Financials) | | | 14,662 | |
| | 341 | | | Siemens Ltd. (Industrials) | | | 12,375 | |
| | 900 | | | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | | | 5,913 | |
| | 632 | | | SRF Ltd. (Materials) | | | 20,230 | |
| | 8,754 | | | State Bank of India (Financials) | | | 58,528 | |
| | 5,649 | | | Steel Authority of India Ltd. (Materials) | | | 5,780 | |
| | 4,611 | | | Sun Pharmaceutical Industries Ltd. (Health Care) | | | 51,824 | |
| | 522 | | | Tata Communications Ltd. (Communication Services) | | | 7,898 | |
| | 4,331 | | | Tata Consultancy Services Ltd. (Information Technology) | | | 175,029 | |
| | 2,928 | | | Tata Consumer Products Ltd. (Consumer Staples) | | | 29,835 | |
| | 163 | | | Tata Elxsi Ltd. (Information Technology) | | | 18,502 | |
| | 7,871 | | | Tata Motors Ltd. (Consumer Discretionary)* | | | 46,666 | |
| | 2,174 | | | Tata Motors Ltd., Class A (Consumer Discretionary)* | | | 6,406 | |
| | 7,182 | | | Tata Power Co. Ltd. (The) (Utilities) | | | 21,417 | |
| | 32,260 | | | Tata Steel Ltd. (Materials) | | | 43,970 | |
| | 2,471 | | | Tata Teleservices Maharashtra Ltd. (Communication Services)* | | | 3,373 | |
| | 2,720 | | | Tech Mahindra Ltd. (Information Technology) | | | 36,837 | |
| |
|
| Common Stocks – (continued) | |
| India – (continued) | |
| | 1,803 | | | Titan Co. Ltd. (Consumer Discretionary) | | | 59,103 | |
| | 474 | | | Torrent Pharmaceuticals Ltd. (Health Care) | | | 9,250 | |
| | 889 | | | Trent Ltd. (Consumer Discretionary) | | | 15,745 | |
| | 533 | | | UltraTech Cement Ltd. (Materials) | | | 44,795 | |
| | 346 | | | United Breweries Ltd. (Consumer Staples) | | | 7,149 | |
| | 1,553 | | | United Spirits Ltd. (Consumer Staples)* | | | 15,868 | |
| | 2,191 | | | UPL Ltd. (Materials) | | | 21,212 | |
| | 1,027 | | | Varun Beverages Ltd. (Consumer Staples) | | | 13,366 | |
| | 4,267 | | | Vedanta Ltd. (Materials) | | | 14,513 | |
| | 1,160 | | | Voltas Ltd. (Industrials) | | | 14,616 | |
| | 6,374 | | | Wipro Ltd. (Information Technology) | | | 33,174 | |
| | 74,712 | | | Yes Bank Ltd. (Financials)* | | | 15,467 | |
| | 4,037 | | | Zomato Ltd. (Consumer Discretionary)* | | | 2,944 | |
| | 1,000 | | | Zydus Lifesciences Ltd. (Health Care) | | | 4,760 | |
| | | | | | | | |
| | | | | | | 5,161,676 | |
| | |
| Indonesia – 2.0% | |
| | 67,632 | | | Adaro Energy Indonesia Tbk PT (Energy) | | | 16,130 | |
| | 40,631 | | | Aneka Tambang Tbk (Materials) | | | 5,448 | |
| | 97,645 | | | Astra International Tbk PT (Consumer Discretionary) | | | 45,887 | |
| | 84,746 | | | Avia Avian Tbk PT (Materials) | | | 4,454 | |
| | 19,397 | | | Bank Aladin Syariah Tbk PT (Financials)* | | | 2,202 | |
| | 273,155 | | | Bank Central Asia Tbk PT (Financials) | | | 150,909 | |
| | 30,588 | | | Bank Jago Tbk PT (Financials)* | | | 17,363 | |
| | 85,704 | | | Bank Mandiri Persero Tbk PT (Financials) | | | 51,102 | |
| | 36,056 | | | Bank Negara Indonesia Persero Tbk PT (Financials) | | | 20,709 | |
| | 350,229 | | | Bank Rakyat Indonesia Persero Tbk PT (Financials) | | | 102,408 | |
| | 125,144 | | | Barito Pacific Tbk PT (Materials) | | | 6,914 | |
| | 122,522 | | | Bukalapak.com PT Tbk (Consumer Discretionary)* | | | 2,476 | |
| | 96,028 | | | Chandra Asri Petrochemical Tbk PT (Materials) | | | 15,786 | |
| | 35,276 | | | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | | | 13,963 | |
| | 90,519 | | | Dayamitra Telekomunikasi PT (Communication Services) | | | 4,818 | |
| | 88,393 | | | Elang Mahkota Teknologi Tbk PT (Communication Services)* | | | 11,375 | |
| | 2,448 | | | Gudang Garam Tbk PT (Consumer Staples) | | | 3,913 | |
| | 12,372 | | | Indah Kiat Pulp & Paper Tbk PT (Materials) | | | 6,939 | |
| | 9,152 | | | Indocement Tunggal Prakarsa Tbk PT (Materials) | | | 5,827 | |
| | 12,150 | | | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | | | 6,794 | |
| | 22,236 | | | Indofood Sukses Makmur Tbk PT (Consumer Staples) | | | 9,326 | |
| |
| | |
| 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) | |
| Indonesia – (continued) | |
| | 94,992 | | | Kalbe Farma Tbk PT (Health Care) | | $ | 10,752 | |
| | 62,640 | | | Merdeka Copper Gold Tbk PT (Materials)* | | | 18,063 | |
| | 110,625 | | | Sarana Menara Nusantara Tbk PT (Communication Services) | | | 9,242 | |
| | 14,059 | | | Semen Indonesia Persero Tbk PT (Materials) | | | 6,252 | |
| | 91,798 | | | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | | | 13,483 | |
| | 229,591 | | | Telkom Indonesia Persero Tbk PT (Communication Services) | | | 70,536 | |
| | 30,512 | | | Tower Bersama Infrastructure Tbk PT (Communication Services) | | | 5,797 | |
| | 4,838 | | | Transcoal Pacific Tbk PT (Industrials) | | | 2,705 | |
| | 27,693 | | | Unilever Indonesia Tbk PT (Consumer Staples) | | | 8,564 | |
| | 7,308 | | | United Tractors Tbk PT (Energy) | | | 16,667 | |
| | 9,852 | | | Vale Indonesia Tbk PT (Materials)* | | | 4,049 | |
| | | | | | | | |
| | | | | | | 670,853 | |
| | |
| Kuwait – 0.8% | |
| | 6,489 | | | Agility Public Warehousing Co. KSC (Industrials) | | | 17,742 | |
| | 6,979 | | | Boubyan Bank KSCP (Financials) | | | 18,923 | |
| | 9,328 | | | Gulf Bank KSCP (Financials) | | | 10,602 | |
| | 26,045 | | | Kuwait Finance House KSCP (Financials) | | | 76,118 | |
| | 3,102 | | | Mabanee Co KPSC (Real Estate) | | | 8,351 | |
| | 11,279 | | | Mobile Telecommunications Co. KSCP (Communication Services) | | | 22,159 | |
| | 35,201 | | | National Bank of Kuwait SAKP (Financials) | | | 120,480 | |
| | | | | | | | |
| | | | | | | 274,375 | |
| | |
| Luxembourg – 0.0% | |
| | 721 | | | Reinet Investments SCA (Financials) | | | 11,892 | |
| | |
| Mexico – 2.0% | |
| | 24,889 | | | Alfa SAB de CV, Class A (Industrials) | | | 15,865 | |
| | 137,677 | | | America Movil SAB de CV, Series L (Communication Services) | | | 117,538 | |
| | 2,163 | | | Arca Continental SAB de CV (Consumer Staples) | | | 14,750 | |
| | 2,261 | | | Becle SAB de CV (Consumer Staples) | | | 4,632 | |
| | 72,137 | | | Cemex SAB de CV, Series CPO (Materials)* | | | 26,793 | |
| | 2,533 | | | Coca-Cola Femsa SAB de CV (Consumer Staples) | | | 15,514 | |
| | 1,002 | | | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | | | 4,476 | |
| | 14,537 | | | Fibra Uno Administracion SA de CV REIT (Real Estate) | | | 15,244 | |
| | 10,599 | | | Fomento Economico Mexicano SAB de CV (Consumer Staples) | | | 66,544 | |
| | 883 | | | Gruma SAB de CV, Class B (Consumer Staples) | | | 9,638 | |
| |
|
| Common Stocks – (continued) | |
| Mexico – (continued) | |
| | 1,820 | | | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | | | 25,957 | |
| | 608 | | | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | | | 12,900 | |
| | 6,354 | | | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | | | 20,921 | |
| | 2,182 | | | Grupo Carso SAB de CV, Series A1 (Industrials) | | | 7,522 | |
| | 302 | | | Grupo Elektra SAB DE CV (Financials)(b) | | | 15,684 | |
| | 14,142 | | | Grupo Financiero Banorte SAB de CV, Class O (Financials) | | | 83,662 | |
| | 8,351 | | | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | | | 13,179 | |
| | 15,400 | | | Grupo Mexico SAB de CV, Series B (Materials) | | | 58,409 | |
| | 12,946 | | | Grupo Televisa SAB, Series CPO (Communication Services) | | | 16,343 | |
| | 608 | | | Industrias Penoles SAB de CV (Materials) | | | 5,006 | |
| | 7,851 | | | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | | | 10,653 | |
| | 6,711 | | | Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services) | | | 6,694 | |
| | 4,752 | | | Orbia Advance Corp. SAB de CV (Materials) | | | 8,983 | |
| | 25,255 | | | Wal-Mart de Mexico SAB de CV (Consumer Staples) | | | 82,676 | |
| | | | | | | | |
| | | | | | | 659,583 | |
| | |
| Pakistan – 0.0% | |
| | 1,099 | | | Lucky Cement Ltd. (Materials)* | | | 2,596 | |
| | 1,825 | | | TRG Pakistan (Industrials)* | | | 750 | |
| | 2,156 | | | United Bank Ltd. (Financials) | | | 1,150 | |
| | | | | | | | |
| | | | | | | 4,496 | |
| | |
| Peru – 0.1% | |
| | 200 | | | Credicorp Ltd. (Financials) | | | 25,778 | |
| | 196 | | | InRetail Peru Corp. (Consumer Staples)(a) | | | 6,068 | |
| | 181 | | | Intercorp Financial Services, Inc. (Financials) | | | 3,903 | |
| | | | | | | | |
| | | | | | | 35,749 | |
| | |
| Philippines – 0.8% | |
| | 8,654 | | | Aboitiz Equity Ventures, Inc. (Industrials) | | | 8,653 | |
| | 7,232 | | | Aboitiz Power Corp. (Utilities) | | | 4,031 | |
| | 34,944 | | | ACEN Corp. (Utilities) | | | 4,667 | |
| | 1,259 | | | Ayala Corp. (Industrials) | | | 15,739 | |
| | 29,026 | | | Ayala Land, Inc. (Real Estate) | | | 14,809 | |
| | 8,854 | | | Bank of the Philippine Islands (Financials) | | | 14,971 | |
| | 8,604 | | | BDO Unibank, Inc. (Financials) | | | 19,735 | |
| | 9,947 | | | Converge Information and Communications Technology Solutions, Inc. (Communication Services)* | | | 3,082 | |
| | 12,232 | | | Emperador, Inc. (Consumer Staples)* | | | 4,313 | |
| | 155 | | | Globe Telecom, Inc. (Communication Services) | | | 5,791 | |
| |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Philippines – (continued) | |
| | 4,002 | | | International Container Terminal Services, Inc. (Industrials) | | $ | 12,914 | |
| | 15,224 | | | JG Summit Holdings, Inc. (Industrials) | | | 13,881 | |
| | 2,255 | | | Jollibee Foods Corp. (Consumer Discretionary) | | | 9,622 | |
| | 1,160 | | | Manila Electric Co. (Utilities) | | | 6,222 | |
| | 9,126 | | | Metropolitan Bank & Trust Co. (Financials) | | | 8,548 | |
| | 29,414 | | | Monde Nissin Corp. (Consumer Staples)*(a) | | | 8,643 | |
| | 424 | | | PLDT, Inc. (Communication Services) | | | 12,677 | |
| | 2,363 | | | SM Investments Corp. (Industrials) | | | 34,968 | |
| | 52,535 | | | SM Prime Holdings, Inc. (Real Estate) | | | 35,410 | |
| | 4,297 | | | Universal Robina Corp. (Consumer Staples) | | | 9,335 | |
| | | | | | | | |
| | | | | | | 248,011 | |
| | |
| Qatar – 1.3% | |
| | 19,983 | | | Commercial Bank PSQC (The) (Financials) | | | 40,221 | |
| | 14,341 | | | Industries Qatar QSC (Industrials) | | | 71,474 | |
| | 36,447 | | | Masraf Al Rayan QSC (Financials) | | | 45,247 | |
| | 21,009 | | | Mesaieed Petrochemical Holding Co. (Materials) | | | 14,999 | |
| | 4,769 | | | Ooredoo QPSC (Communication Services) | | | 11,891 | |
| | 1,937 | | | Qatar Electricity & Water Co. QSC (Utilities) | | | 10,053 | |
| | 2,357 | | | Qatar Fuel QSC (Energy) | | | 12,304 | |
| | 13,134 | | | Qatar Gas Transport Co. Ltd. (Energy) | | | 14,426 | |
| | 3,763 | | | Qatar International Islamic Bank QSC (Financials) | | | 12,306 | |
| | 10,899 | | | Qatar Islamic Bank (Financials) | | | 76,645 | |
| | 21,922 | | | Qatar National Bank QPSC (Financials) | | | 124,245 | |
| | | | | | | | |
| | | | | | | 433,811 | |
| | |
| Russia – 0.0% | |
| | 12,708 | | | Alrosa PJSC (Materials)(c) | | | — | |
| | 801 | | | Gazprom Neft PJSC (Energy)(c) | | | — | |
| | 49,291 | | | Gazprom PJSC (Energy)*(c) | | | — | |
| | 1,413 | | | LUKOIL PJSC (Energy)(c) | | | — | |
| | 263 | | | MMC Norilsk Nickel PJSC (Materials)(c) | | | — | |
| | 4,560 | | | Mobile TeleSystems PJSC (Communication Services)(c) | | | — | |
| | 3,099 | | | Novatek PJSC (Energy)(c) | | | — | |
| | 5,287 | | | Novolipetsk Steel PJSC (Materials)(c) | | | — | |
| | 780 | | | PIK Group PJSC (Consumer Discretionary)*(c) | | | — | |
| | 1,389 | | | Polymetal International PLC (Materials)(c) | | | — | |
| | 128 | | | Polyus PJSC (Materials)(c) | | | — | |
| | 5,078 | | | Rosneft Oil Co. PJSC (Energy)(c) | | | — | |
| | 44,370 | | | Sberbank of Russia PJSC (Financials)*(c) | | | — | |
| | 969 | | | Severstal PAO (Materials)(c) | | | — | |
| | 146,300 | | | Surgutneftegas PJSC (Energy)(c) | | | — | |
| | 6,047 | | | Tatneft PJSC (Energy)(c) | | | — | |
| |
|
| Common Stocks – (continued) | |
| Russia – (continued) | |
| | 6,503 | | | United Co RUSAL International PJSC (Materials)*(c) | | | — | |
| | 1,289 | | | Yandex NV, Class A (Communication Services)*(c) | | | — | |
| | | | | | | | |
| | | | | | | — | |
| |
| Saudi Arabia – 5.9% | |
| | 790 | | | ACWA Power Co. (Utilities) | | | 36,778 | |
| | 645 | | | Advanced Petrochemical Co. (Materials) | | | 8,579 | |
| | 9,655 | | | Al Rajhi Bank (Financials)* | | | 231,679 | |
| | 4,741 | | | Alinma Bank (Financials) | | | 47,927 | |
| | 1,979 | | | Almarai Co. JSC (Consumer Staples) | | | 27,903 | |
| | 3,220 | | | Arab National Bank (Financials) | | | 25,698 | |
| | 122 | | | Arabian Internet & Co.mmunications Services Co. (Information Technology) | | | 9,023 | |
| | 2,371 | | | Bank AlBilad (Financials)* | | | 31,916 | |
| | 2,857 | | | Banque Saudi Fransi (Financials) | | | 37,812 | |
| | 277 | | | Bupa Arabia for Cooperative Insurance Co. (Financials) | | | 12,115 | |
| | 410 | | | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | | | 21,814 | |
| | 1,825 | | | Etihad Etisalat Co. (Communication Services) | | | 17,769 | |
| | 284 | | | Jarir Marketing Co. (Consumer Discretionary) | | | 12,995 | |
| | 220 | | | Mouwasat Medical Services Co. (Health Care) | | | 14,152 | |
| | 1,663 | | | National Industrialization Co. (Materials)* | | | 7,052 | |
| | 4,043 | | | Rabigh Refining & Petrochemical Co. (Energy)* | | | 18,629 | |
| | 7,112 | | | Riyad Bank (Financials) | | | 67,166 | |
| | 1,128 | | | SABIC Agri-Nutrients Co. (Materials) | | | 52,214 | |
| | 1,738 | | | Sahara International Petrochemical Co. (Materials) | | | 22,078 | |
| | 3,908 | | | Saudi Arabian Mining Co. (Materials)* | | | 77,453 | |
| | 63,136 | | | Saudi Arabian Oil Co. (Energy)(a) | | | 629,848 | |
| | 4,437 | | | Saudi Basic Industries Corp. (Materials) | | | 118,273 | |
| | 4,684 | | | Saudi British Bank (The) (Financials) | | | 49,781 | |
| | 3,786 | | | Saudi Electricity Co. (Utilities) | | | 25,431 | |
| | 1,826 | | | Saudi Industrial Investment Group (Materials) | | | 12,436 | |
| | 3,556 | | | Saudi Kayan Petrochemical Co. (Materials)* | | | 13,906 | |
| | 10,834 | | | Saudi National Bank (The) (Financials) | | | 201,462 | |
| | 8,887 | | | Saudi Telecom Co. (Communication Services) | | | 98,823 | |
| | 1,266 | | | Savola Group (The) (Consumer Staples) | | | 10,996 | |
| | 1,361 | | | Yanbu National Petrochemical Co. (Materials) | | | 18,140 | |
| | | | | | | | |
| | | | | | | 1,959,848 | |
| | |
| Singapore – 0.0% | |
| | 1,051 | | | BOC Aviation Ltd. (Industrials)(a) | | | 8,443 | |
| | |
| South Africa – 2.6% | |
| | 2,928 | | | Absa Group Ltd. (Financials) | | | 30,581 | |
| | 441 | | | African Rainbow Minerals Ltd. (Materials) | | | 6,113 | |
| |
| | |
| 32 | | 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 Africa – (continued) | |
| | 204 | | | Anglo American Platinum Ltd. (Materials) | | $ | 14,347 | |
| | 1,799 | | | Aspen Pharmacare Holdings Ltd. (Health Care) | | | 15,568 | |
| | 1,638 | | | Bid Corp. Ltd. (Consumer Staples) | | | 31,238 | |
| | 1,615 | | | Bidvest Group Ltd. (The) (Industrials) | | | 20,367 | |
| | 304 | | | Capitec Bank Holdings Ltd. (Financials) | | | 36,448 | |
| | 1,195 | | | Clicks Group Ltd. (Consumer Staples) | | | 20,895 | |
| | 1,744 | | | Discovery Ltd. (Financials)* | | | 12,569 | |
| | 1,464 | | | Exxaro Resources Ltd. (Energy) | | | 18,752 | |
| | 18,287 | | | FirstRand Ltd. (Financials) | | | 68,848 | |
| | 3,429 | | | Gold Fields Ltd. (Materials) | | | 27,910 | |
| | 2,287 | | | Harmony Gold Mining Co. Ltd. (Materials) | | | 5,791 | |
| | 4,025 | | | Impala Platinum Holdings Ltd. (Materials) | | | 42,596 | |
| | 821 | | | Investec Ltd. (Financials) | | | 3,880 | |
| | 238 | | | Kumba Iron Ore Ltd. (Materials) | | | 5,313 | |
| | 6,793 | | | MTN Group Ltd. (Communication Services) | | | 49,520 | |
| | 1,655 | | | MultiChoice Group (Communication Services) | | | 11,226 | |
| | 1,075 | | | Naspers Ltd., Class N (Consumer Discretionary) | | | 152,995 | |
| | 1,989 | | | Nedbank Group Ltd. (Financials)(b) | | | 23,666 | |
| | 1,557 | | | Northam Platinum Holdings Ltd. (Materials)* | | | 14,726 | |
| | 23,888 | | | Old Mutual Ltd. (Financials) | | | 14,253 | |
| | 4,197 | | | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | | | 4,952 | |
| | 3,028 | | | Rand Merchant Investment Holdings Ltd. (Financials) | | | 4,806 | |
| | 2,595 | | | Remgro Ltd. (Financials) | | | 19,391 | |
| | 8,200 | | | Sanlam Ltd. (Financials) | | | 25,652 | |
| | 2,162 | | | Sasol Ltd. (Materials)* | | | 42,091 | |
| | 2,071 | | | Shoprite Holdings Ltd. (Consumer Staples) | | | 28,277 | |
| | 13,460 | | | Sibanye Stillwater Ltd. (Materials) | | | 30,396 | |
| | 5,169 | | | Standard Bank Group Ltd. (Financials) | | | 46,470 | |
| | 2,911 | | | Vodacom Group Ltd. (Communication Services) | | | 21,545 | |
| | 5,271 | | | Woolworths Holdings Ltd. (Consumer Discretionary) | | | 17,318 | |
| | | | | | | | |
| | | | | | | 868,500 | |
| | |
| South Korea – 10.5% | |
| | 144 | | | Alteogen, Inc. (Health Care)* | | | 6,858 | |
| | 130 | | | Amorepacific Corp. (Consumer Staples) | | | 11,955 | |
| | 163 | | | AMOREPACIFIC Group (Consumer Staples) | | | 4,253 | |
| | 37 | | | BGF retail Co. Ltd. (Consumer Staples) | | | 4,440 | |
| | 1,409 | | | BNK Financial Group, Inc. (Financials) | | | 7,068 | |
| | 211 | | | Bukwang Pharmaceutical Co. Ltd. (Health Care) | | | 1,424 | |
| | 421 | | | Celltrion Healthcare Co. Ltd. (Health Care) | | | 22,694 | |
| | 93 | | | Celltrion Pharm, Inc. (Health Care)* | | | 5,451 | |
| | 438 | | | Celltrion, Inc. (Health Care) | | | 62,054 | |
| | 270 | | | Cheil Worldwide, Inc. (Communication Services) | | | 4,421 | |
| |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | |
| | 31 | | | Chong Kun Dang Pharmaceutical Corp. (Health Care) | | | 1,991 | |
| | 21 | | | Chunbo Co. Ltd. (Materials) | | | 3,566 | |
| | 31 | | | CJ CheilJedang Corp. (Consumer Staples) | | | 9,444 | |
| | 63 | | | CJ Corp. (Industrials) | | | 3,683 | |
| | 56 | | | CJ ENM Co. Ltd. (Communication Services) | | | 4,116 | |
| | 36 | | | CJ Logistics Corp. (Industrials)* | | | 3,189 | |
| | 250 | | | Coway Co. Ltd. (Consumer Discretionary) | | | 11,906 | |
| | 111 | | | CS Wind Corp. (Industrials) | | | 5,701 | |
| | 905 | | | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | | | 3,518 | |
| | 212 | | | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | | | 3,194 | |
| | 154 | | | DB HiTek Co. Ltd. (Information Technology) | | | 5,354 | |
| | 188 | | | DB Insurance Co. Ltd. (Financials) | | | 8,391 | |
| | 121 | | | DL E&C Co. Ltd. (Industrials) | | | 3,704 | |
| | 255 | | | Dongsuh Cos., Inc. (Consumer Staples) | | | 4,661 | |
| | 216 | | | Doosan Bobcat, Inc. (Industrials) | | | 5,604 | |
| | 30 | | | Doosan Co. Ltd. (Industrials) | | | 1,857 | |
| | 1,777 | | | Doosan Enerbility Co. Ltd. (Industrials)* | | | 27,036 | |
| | 198 | | | Doosan Fuel Cell Co. Ltd. (Industrials)* | | | 5,670 | |
| | 107 | | | Douzone Bizon Co. Ltd. (Information Technology) | | | 2,896 | |
| | 238 | | | Ecopro BM Co. Ltd. (Industrials) | | | 19,965 | |
| | 83 | | | E-MART, Inc. (Consumer Staples) | | | 6,069 | |
| | 74 | | | F&F Co. Ltd. (Consumer Discretionary) | | | 7,884 | |
| | 215 | | | Fila Holdings Corp. (Consumer Discretionary) | | | 5,015 | |
| | 102 | | | Genexine, Inc. (Health Care)* | | | 2,322 | |
| | 23 | | | Green Cross Corp. (Health Care) | | | 2,820 | |
| | 275 | | | GS Engineering & Construction Corp. (Industrials) | | | 6,199 | |
| | 344 | | | GS Holdings Corp. (Industrials) | | | 11,843 | |
| | 191 | | | GS Retail Co. Ltd. (Consumer Staples) | | | 3,627 | |
| | 1,279 | | | Hana Financial Group, Inc. (Financials) | | | 37,532 | |
| | 76 | | | Hanjin Kal Corp. (Industrials)* | | | 3,000 | |
| | 317 | | | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | | | 8,994 | |
| | 25 | | | Hanmi Pharm Co. Ltd. (Health Care) | | | 5,757 | |
| | 142 | | | Hanmi Science Co. Ltd. (Health Care) | | | 4,597 | |
| | 719 | | | Hanon Systems (Consumer Discretionary) | | | 5,537 | |
| | 41 | | | Hansol Chemical Co. Ltd. (Materials) | | | 6,698 | |
| | 53 | | | Hanssem Co. Ltd. (Consumer Discretionary) | | | 2,132 | |
| | 142 | | | Hanwha Aerospace Co. Ltd. (Industrials) | | | 8,642 | |
| | 158 | | | Hanwha Corp. (Industrials) | | | 3,762 | |
| | 2,067 | | | Hanwha Life Insurance Co. Ltd. (Financials)* | | | 3,570 | |
| | 490 | | | Hanwha Solutions Corp. (Materials)* | | | 19,270 | |
| | 257 | | | Hanwha Systems Co. Ltd. (Industrials) | | | 2,988 | |
| | 206 | | | HD Hyundai Co. Ltd. (Energy) | | | 9,734 | |
| | 181 | | | HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials) | | | 1,685 | |
| |
| | |
| 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, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | |
| | 186 | | | Helixmith Co. Ltd. (Health Care)* | | $ | 2,301 | |
| | 141 | | | Hite Jinro Co. Ltd. (Consumer Staples) | | | 3,215 | |
| | 475 | | | HLB, Inc. (Consumer Discretionary)* | | | 17,508 | |
| | 1,207 | | | HMM Co. Ltd. (Industrials) | | | 20,078 | |
| | 163 | | | Hotel Shilla Co. Ltd. (Consumer Discretionary) | | | 8,994 | |
| | 36 | | | Hugel, Inc. (Health Care)* | | | 3,286 | |
| | 59 | | | HYBE Co. Ltd. (Communication Services)* | | | 8,006 | |
| | 11 | | | Hyosung Advanced Materials Corp. (Materials) | | | 3,487 | |
| | 8 | | | Hyosung TNC Corp. (Materials) | | | 1,875 | |
| | 30 | | | Hyundai Autoever Corp. (Information Technology) | | | 2,703 | |
| | 60 | | | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | | | 2,777 | |
| | 454 | | | Hyundai Doosan Infracore Co. Ltd. (Industrials)* | | | 2,094 | |
| | 117 | | | Hyundai Elevator Co. Ltd. (Industrials) | | | 2,563 | |
| | 313 | | | Hyundai Engineering & Construction Co. Ltd. (Industrials) | | | 11,279 | |
| | 72 | | | Hyundai Glovis Co. Ltd. (Industrials) | | | 9,501 | |
| | 45 | | | Hyundai Heavy Industries Co. Ltd. (Industrials)* | | | 4,828 | |
| | 253 | | | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | | | 5,958 | |
| | 97 | | | Hyundai Mipo Dockyard Co. Ltd. (Industrials)* | | | 7,760 | |
| | 260 | | | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | | | 41,793 | |
| | 564 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 82,647 | |
| | 381 | | | Hyundai Steel Co. (Materials) | | | 9,372 | |
| | 99 | | | Iljin Materials Co. Ltd. (Information Technology) | | | 5,492 | |
| | 1,172 | | | Industrial Bank of Korea (Financials) | | | 8,385 | |
| | 1,309 | | | Kakao Corp. (Communication Services) | | | 71,833 | |
| | 172 | | | Kakao Games Corp. (Communication Services)* | | | 6,790 | |
| | 752 | | | KakaoBank Corp. (Financials)* | | | 15,349 | |
| | 103 | | | Kakaopay Corp. (Information Technology)* | | | 4,790 | |
| | 561 | | | Kangwon Land, Inc. (Consumer Discretionary)* | | | 11,136 | |
| | 1,536 | | | KB Financial Group, Inc. (Financials) | | | 56,787 | |
| | 18 | | | KCC Corp. (Materials) | | | 3,963 | |
| | 49 | | | KEPCO Engineering & Construction Co., Inc. (Industrials) | | | 2,696 | |
| | 94 | | | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | | | 2,906 | |
| | 1,060 | | | Kia Corp. (Consumer Discretionary) | | | 64,033 | |
| | 67 | | | KIWOOM Securities Co. Ltd. (Financials) | | | 4,288 | |
| | 128 | | | KMW Co. Ltd. (Information Technology)* | | | 3,072 | |
| | 58 | | | Kolmar BNH Co. Ltd. (Consumer Staples) | | | 1,125 | |
| | 307 | | | Korea Aerospace Industries Ltd. (Industrials) | | | 14,001 | |
| | 1,259 | | | Korea Electric Power Corp. (Utilities)*(b) | | | 19,720 | |
| | 146 | | | Korea Gas Corp. (Utilities) | | | 4,748 | |
| |
|
| Common Stocks – (continued) | |
| South Korea – (continued) | |
| | 171 | | | Korea Investment Holdings Co. Ltd. (Financials) | | | 7,262 | |
| | 189 | | | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | | | 13,735 | |
| | 43 | | | Korea Zinc Co. Ltd. (Materials) | | | 21,604 | |
| | 880 | | | Korean Air Lines Co. Ltd. (Industrials)* | | | 17,665 | |
| | 129 | | | Krafton, Inc. (Communication Services)* | | | 23,774 | |
| | 316 | | | KT Corp. (Communication Services) | | | 8,789 | |
| | 472 | | | KT&G Corp. (Consumer Staples) | | | 29,360 | |
| | 74 | | | Kumho Petrochemical Co. Ltd. (Materials) | | | 7,192 | |
| | 110 | | | L&F Co. Ltd. (Information Technology)* | | | 18,956 | |
| | 48 | | | LEENO Industrial, Inc. (Information Technology) | | | 5,153 | |
| | 204 | | | LG Chem Ltd. (Materials) | | | 96,391 | |
| | 488 | | | LG Corp. (Industrials) | | | 29,917 | |
| | 972 | | | LG Display Co. Ltd. (Information Technology) | | | 11,337 | |
| | 462 | | | LG Electronics, Inc. (Consumer Discretionary) | | | 34,886 | |
| | 110 | | | LG Energy Solution Ltd. (Industrials)* | | | 38,036 | |
| | 40 | | | LG H&H Co. Ltd. (Consumer Staples) | | | 21,293 | |
| | 57 | | | LG Innotek Co. Ltd. (Information Technology) | | | 14,660 | |
| | 1,049 | | | LG Uplus Corp. (Communication Services) | | | 9,019 | |
| | 63 | | | Lotte Chemical Corp. (Materials) | | | 8,243 | |
| | 164 | | | Lotte Corp. (Industrials) | | | 5,082 | |
| | 56 | | | Lotte Shopping Co. Ltd. (Consumer Discretionary) | | | 4,136 | |
| | 97 | | | LS Corp. (Industrials) | | | 4,866 | |
| | 134 | | | Mando Corp. (Consumer Discretionary) | | | 5,410 | |
| | 27 | | | Medytox, Inc. (Health Care)* | | | 2,469 | |
| | 118 | | | Meritz Financial Group, Inc. (Financials) | | | 2,717 | |
| | 188 | | | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | | | 5,390 | |
| | 901 | | | Meritz Securities Co. Ltd. (Financials) | | | 3,260 | |
| | 1,275 | | | Mirae Asset Securities Co. Ltd. (Financials) | | | 6,253 | |
| | 627 | | | NAVER Corp. (Communication Services) | | | 112,504 | |
| | 62 | | | NCSoft Corp. (Communication Services) | | | 17,545 | |
| | 82 | | | Netmarble Corp. (Communication Services)(a) | | | 3,893 | |
| | 725 | | | NH Investment & Securities Co. Ltd. (Financials) | | | 5,393 | |
| | 16 | | | NongShim Co. Ltd. (Consumer Staples) | | | 3,589 | |
| | 84 | | | OCI Co. Ltd. (Materials) | | | 7,379 | |
| | 101 | | | Orion Corp. (Consumer Staples) | | | 7,430 | |
| | 998 | | | Pan Ocean Co. Ltd. (Industrials) | | | 3,843 | |
| | 119 | | | Pearl Abyss Corp. (Communication Services)* | | | 5,053 | |
| | 121 | | | POSCO Chemical Co. Ltd. (Materials) | | | 15,198 | |
| | 323 | | | POSCO Holdings, Inc. (Materials) | | | 61,579 | |
| | 174 | | | Posco International Corp. (Industrials) | | | 3,493 | |
| | 90 | | | S-1 Corp. (Industrials) | | | 3,916 | |
| | 87 | | | Samsung Biologics Co. Ltd. (Health Care)*(a) | | | 54,312 | |
| | 357 | | | Samsung C&T Corp. (Industrials) | | | 32,162 | |
| | 137 | | | Samsung Card Co. Ltd. (Financials) | | | 3,211 | |
| |
| | |
| 34 | | 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) | |
| | 238 | | | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | | $ | 24,911 | |
| | 23,443 | | | Samsung Electronics Co. Ltd. (Information Technology) | | | 1,046,351 | |
| | 687 | | | Samsung Engineering Co. Ltd. (Industrials)* | | | 12,044 | |
| | 143 | | | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | | | 20,848 | |
| | 3,027 | | | Samsung Heavy Industries Co. Ltd. (Industrials)* | | | 13,511 | |
| | 323 | | | Samsung Life Insurance Co. Ltd. (Financials) | | | 14,972 | |
| | 228 | | | Samsung SDI Co. Ltd. (Information Technology) | | | 101,936 | |
| | 154 | | | Samsung SDS Co. Ltd. (Information Technology) | | | 14,795 | |
| | 257 | | | Samsung Securities Co. Ltd. (Financials) | | | 6,514 | |
| | 194 | | | SD Biosensor, Inc. (Health Care) | | | 5,098 | |
| | 196 | | | Seegene, Inc. (Health Care) | | | 4,623 | |
| | 190 | | | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | | | 3,970 | |
| | 2,180 | | | Shinhan Financial Group Co. Ltd. (Financials) | | | 59,652 | |
| | 28 | | | Shinsegae, Inc. (Consumer Discretionary) | | | 4,679 | |
| | 114 | | | SK Biopharmaceuticals Co. Ltd. (Health Care)* | | | 6,102 | |
| | 84 | | | SK Bioscience Co. Ltd. (Health Care)* | | | 7,097 | |
| | 52 | | | SK Chemicals Co. Ltd. (Materials) | | | 3,802 | |
| | 2,331 | | | SK Hynix, Inc. (Information Technology) | | | 165,909 | |
| | 91 | | | SK IE Technology Co. Ltd. (Materials)*(a) | | | 5,660 | |
| | 214 | | | SK Innovation Co. Ltd. (Energy)* | | | 30,399 | |
| | 648 | | | SK Networks Co. Ltd. (Industrials) | | | 2,199 | |
| | 420 | | | SK Square Co. Ltd. (Information Technology)* | | | 12,717 | |
| | 270 | | | SK Telecom Co. Ltd. (Communication Services) | | | 10,517 | |
| | 155 | | | SK, Inc. (Industrials) | | | 27,001 | |
| | 86 | | | SKC Co. Ltd. (Materials) | | | 7,812 | |
| | 164 | | | S-Oil Corp. (Energy) | | | 12,445 | |
| | 63 | | | Solus Advanced Materials Co. Ltd. (Information Technology) | | | 1,969 | |
| | 21 | | | Soulbrain Co. Ltd. (Materials) | | | 3,404 | |
| | 406 | | | SSANGYONG C&E Co. Ltd. (Materials) | | | 2,073 | |
| | 64 | | | Studio Dragon Corp. (Communication Services)* | | | 3,632 | |
| | 83 | | | Wemade Co. Ltd. (Communication Services) | | | 3,854 | |
| | 149 | | | WONIK IPS Co. Ltd. (Information Technology) | | | 3,119 | |
| | 2,473 | | | Woori Financial Group, Inc. (Financials) | | | 22,557 | |
| | 200 | | | Yuhan Corp. (Health Care) | | | 8,493 | |
| | | | | | | | |
| | | | | | | 3,460,900 | |
| | |
| Taiwan – 14.3% | |
| | 2,355 | | | Accton Technology Corp. (Information Technology) | | | 21,935 | |
| | 13,992 | | | Acer, Inc. (Information Technology) | | | 10,113 | |
| |
|
| Common Stocks – (continued) | |
| Taiwan – (continued) | |
| | 1,949 | | | Advantech Co. Ltd. (Information Technology) | | | 20,971 | |
| | 15,938 | | | ASE Technology Holding Co. Ltd. (Information Technology) | | | 44,718 | |
| | 11,143 | | | Asia Cement Corp. (Materials) | | | 15,834 | |
| | 139 | | | ASMedia Technology, Inc. (Information Technology) | | | 4,270 | |
| | 128 | | | ASPEED Technology, Inc. (Information Technology) | | | 8,558 | |
| | 3,089 | | | Asustek Computer, Inc. (Information Technology) | | | 25,879 | |
| | 39,717 | | | AUO Corp. (Information Technology) | | | 21,857 | |
| | 3,116 | | | Catcher Technology Co. Ltd. (Information Technology)* | | | 18,990 | |
| | 36,847 | | | Cathay Financial Holding Co. Ltd. (Financials) | | | 53,931 | |
| | 6,646 | | | Chailease Holding Co. Ltd. (Financials) | | | 43,015 | |
| | 26,413 | | | Chang Hwa Commercial Bank Ltd. (Financials) | | | 15,316 | |
| | 7,242 | | | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | | | 8,435 | |
| | 2,955 | | | Chicony Electronics Co. Ltd. (Information Technology) | | | 7,922 | |
| | 13,373 | | | China Airlines Ltd. (Industrials) | | | 10,017 | |
| | 80,356 | | | China Development Financial Holding Corp. (Financials) | | | 35,376 | |
| | 55,223 | | | China Steel Corp. (Materials) | | | 52,524 | |
| | 1,790 | | | Chroma ATE, Inc. (Information Technology) | | | 11,086 | |
| | 18,643 | | | Chunghwa Telecom Co. Ltd. (Communication Services) | | | 74,113 | |
| | 20,918 | | | Compal Electronics, Inc. (Information Technology) | | | 15,635 | |
| | 88,882 | | | CTBC Financial Holding Co. Ltd. (Financials) | | | 68,623 | |
| | 9,070 | | | Delta Electronics, Inc. (Information Technology) | | | 78,371 | |
| | 3,962 | | | E Ink Holdings, Inc. (Information Technology) | | | 31,175 | |
| | 913 | | | Eclat Textile Co. Ltd. (Consumer Discretionary) | | | 13,363 | |
| | 320 | | | eMemory Technology, Inc. (Information Technology) | | | 14,561 | |
| | 61,585 | | | E.Sun Financial Holding Co. Ltd. (Financials) | | | 57,058 | |
| | 10,744 | | | Eva Airways Corp. (Industrials) | | | 11,913 | |
| | 12,326 | | | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | | | 35,758 | |
| | 14,589 | | | Far Eastern New Century Corp. (Industrials) | | | 15,697 | |
| | 8,077 | | | Far EasTone Telecommunications Co. Ltd. (Communication Services) | | | 19,849 | |
| | 2,119 | | | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | | | 11,974 | |
| | 50,348 | | | First Financial Holding Co. Ltd. (Financials) | | | 43,918 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Taiwan – (continued) | |
| | 16,020 | | | Formosa Chemicals & Fibre Corp. (Materials) | | $ | 36,159 | |
| | 5,743 | | | Formosa Petrochemical Corp. (Energy) | | | 15,812 | |
| | 22,841 | | | Formosa Plastics Corp. (Materials) | | | 68,364 | |
| | 313 | | | Formosa Sumco Technology Corp. (Information Technology) | | | 1,882 | |
| | 4,134 | | | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | | | 3,749 | |
| | 4,761 | | | Foxconn Technology Co. Ltd. (Information Technology) | | | 7,915 | |
| | 32,839 | | | Fubon Financial Holding Co. Ltd. (Financials) | | | 61,929 | |
| | 1,337 | | | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | | | 10,520 | |
| | 1,024 | | | Globalwafers Co. Ltd. (Information Technology) | | | 16,350 | |
| | 5,290 | | | Highwealth Construction Corp. (Real Estate) | | | 8,412 | |
| | 1,350 | | | Hiwin Technologies Corp. (Industrials) | | | 9,203 | |
| | 56,362 | | | Hon Hai Precision Industry Co. Ltd. (Information Technology) | | | 201,838 | |
| | 1,351 | | | Hotai Motor Co. Ltd. (Consumer Discretionary) | | | 27,253 | |
| | 47,233 | | | Hua Nan Financial Holdings Co. Ltd. (Financials) | | | 36,079 | |
| | 47,024 | | | Innolux Corp. (Information Technology) | | | 18,694 | |
| | 12,262 | | | Inventec Corp. (Information Technology) | | | 9,326 | |
| | 433 | | | Largan Precision Co. Ltd. (Information Technology) | | | 27,812 | |
| | 10,379 | | | Lite-On Technology Corp. (Information Technology) | | | 22,437 | |
| | 8,504 | | | Macronix International Co. Ltd. (Information Technology) | | | 9,206 | |
| | 7,138 | | | MediaTek, Inc. (Information Technology) | | | 156,420 | |
| | 50,208 | | | Mega Financial Holding Co. Ltd. (Financials) | | | 59,219 | |
| | 1,002 | | | Merida Industry Co. Ltd. (Consumer Discretionary) | | | 7,341 | |
| | 3,368 | | | Micro-Star International Co. Ltd. (Information Technology) | | | 12,725 | |
| | 379 | | | momo.com, Inc. (Consumer Discretionary) | | | 9,090 | |
| | 23,128 | | | Nan Ya Plastics Corp. (Materials) | | | 52,202 | |
| | 1,079 | | | Nan Ya Printed Circuit Board Corp. (Information Technology) | | | 9,589 | |
| | 5,441 | | | Nanya Technology Corp. (Information Technology) | | | 9,546 | |
| | 680 | | | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | | | 6,322 | |
| | 2,605 | | | Novatek Microelectronics Corp. (Information Technology) | | | 22,552 | |
| | 1,159 | | | Oneness Biotech Co. Ltd. (Health Care)* | | | 11,271 | |
| | 8,262 | | | Pegatron Corp. (Information Technology) | | | 17,264 | |
| | 803 | | | Phison Electronics Corp. (Information Technology) | | | 8,244 | |
| | 10,986 | | | Pou Chen Corp. (Consumer Discretionary) | | | 10,467 | |
| | 12,590 | | | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | | | 14,250 | |
| |
|
| Common Stocks – (continued) | |
| Taiwan – (continued) | |
| | 3,334 | | | Powertech Technology, Inc. (Information Technology) | | | 9,354 | |
| | 2,571 | | | President Chain Store Corp. (Consumer Staples) | | | 22,637 | |
| | 12,750 | | | Quanta Computer, Inc. (Information Technology) | | | 33,218 | |
| | 2,117 | | | Realtek Semiconductor Corp. (Information Technology) | | | 24,065 | |
| | 5,759 | | | Ruentex Development Co. Ltd. (Real Estate) | | | 11,939 | |
| | 2,462 | | | Ruentex Industries Ltd. (Consumer Discretionary) | | | 5,290 | |
| | 19,407 | | | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | | | 31,753 | |
| | 64,149 | | | Shin Kong Financial Holding Co. Ltd. (Financials) | | | 18,525 | |
| | 171 | | | Silicon Motion Technology Corp. ADR (Information Technology) | | | 13,186 | |
| | 2,562 | | | Sino-American Silicon Products, Inc. (Information Technology) | | | 14,099 | |
| | 49,231 | | | SinoPac Financial Holdings Co. Ltd. (Financials) | | | 28,063 | |
| | 2,832 | | | Standard Foods Corp. (Consumer Staples) | | | 3,819 | |
| | 6,140 | | | Synnex Technology International Corp. (Information Technology) | | | 11,256 | |
| | 7,991 | | | TA Chen Stainless Pipe (Materials) | | | 10,383 | |
| | 52,694 | | | Taishin Financial Holding Co. Ltd. (Financials) | | | 26,315 | |
| | 29,315 | | | Taiwan Business Bank (Financials) | | | 12,376 | |
| | 28,205 | | | Taiwan Cement Corp. (Materials) | | | 36,417 | |
| | 45,490 | | | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | | | 41,324 | |
| | 3,645 | | | Taiwan Fertilizer Co. Ltd. (Materials) | | | 7,533 | |
| | 10,626 | | | Taiwan High Speed Rail Corp. (Industrials) | | | 10,194 | |
| | 8,580 | | | Taiwan Mobile Co. Ltd. (Communication Services) | | | 28,076 | |
| | 119,858 | | | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | | | 1,988,609 | |
| | 9,811 | | | Tatung Co. Ltd. (Industrials)* | | | 11,120 | |
| | 8,526 | | | Teco Electric and Machinery Co. Ltd. (Industrials) | | | 8,291 | |
| | 2,394 | | | Tripod Technology Corp. (Information Technology) | | | 7,905 | |
| | 5,640 | | | Unimicron Technology Corp. (Information Technology) | | | 28,073 | |
| | 22,727 | | | Uni-President Enterprises Corp. (Consumer Staples) | | | 49,281 | |
| | 55,354 | | | United Microelectronics Corp. (Information Technology)* | | | 74,745 | |
| | 4,525 | | | Vanguard International Semiconductor Corp. (Information Technology) | | | 11,061 | |
| | 1,483 | | | VisEra Technologies Co. Ltd. (Information Technology) | | | 15,153 | |
| | 309 | | | Voltronic Power Technology Corp. (Industrials) | | | 17,614 | |
| |
| | |
| 36 | | 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) | |
| | 12,891 | | | Walsin Lihwa Corp. (Industrials) | | $ | 16,814 | |
| | 1,518 | | | Walsin Technology Corp. (Information Technology) | | | 4,638 | |
| | 3,118 | | | Wan Hai Lines Ltd. (Industrials) | | | 8,892 | |
| | 1,571 | | | Win Semiconductors Corp. (Information Technology) | | | 9,213 | |
| | 13,273 | | | Winbond Electronics Corp. (Information Technology) | | | 9,681 | |
| | 12,927 | | | Wistron Corp. (Information Technology) | | | 11,764 | |
| | 416 | | | Wiwynn Corp. (Information Technology) | | | 10,524 | |
| | 7,512 | | | WPG Holdings Ltd. (Information Technology) | | | 12,686 | |
| | 1,983 | | | Yageo Corp. (Information Technology) | | | 21,402 | |
| | 8,562 | | | Yang Ming Marine Transport Corp. (Industrials) | | | 22,194 | |
| | 57,010 | | | Yuanta Financial Holding Co. Ltd. (Financials) | | | 38,022 | |
| | 2,709 | | | Yulon Motor Co. Ltd. (Consumer Discretionary) | | | 3,671 | |
| | 2,978 | | | Zhen Ding Technology Holding Ltd. (Information Technology) | | | 11,154 | |
| | | | | | | | |
| | | | | | | 4,714,526 | |
| | |
| Tanzania – 0.1% | |
| | 1,786 | | | AngloGold Ashanti Ltd. (Materials)(b) | | | 24,062 | |
| | |
| Thailand – 2.2% | |
| | 4,900 | | | Advanced Info Service PCL NVDR (Communication Services) | | | 25,802 | |
| | 20,206 | | | Airports of Thailand PCL NVDR (Industrials)* | | | 40,315 | |
| | 39,237 | | | Asset World Corp. PCL NVDR (Consumer Discretionary) | | | 6,026 | |
| | 4,264 | | | B Grimm Power PCL NVDR (Utilities) | | | 4,327 | |
| | 4,864 | | | Bangkok Bank PCL NVDR (Financials) | | | 18,275 | |
| | 9,152 | | | Bangkok Commercial Asset Management PCL NVDR (Financials) | | | 4,618 | |
| | 27,767 | | | Bangkok Dusit Medical Services PCL NVDR (Health Care) | | | 22,275 | |
| | 42,370 | | | Bangkok Expressway & Metro PCL NVDR (Industrials) | | | 10,168 | |
| | 2,450 | | | Bangkok Life Assurance PCL NVDR (Financials) | | | 2,385 | |
| | 17,043 | | | Banpu PCL NVDR (Energy) | | | 6,777 | |
| | 4,769 | | | Berli Jucker PCL NVDR (Consumer Staples) | | | 4,382 | |
| | 37,715 | | | BTS Group Holdings PCL NVDR (Industrials) | | | 8,689 | |
| | 2,315 | | | Bumrungrad Hospital PCL NVDR (Health Care) | | | 13,714 | |
| | 1,906 | | | Carabao Group PCL NVDR (Consumer Staples) | | | 5,280 | |
| | 8,407 | | | Central Pattana PCL NVDR (Real Estate) | | | 15,967 | |
| | 15,515 | | | Central Retail Corp. PCL NVDR (Consumer Discretionary) | | | 17,233 | |
| | 18,416 | | | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | | | 13,132 | |
| |
|
| Common Stocks – (continued) | |
| Thailand – (continued) | |
| | 3,951 | | | Com7 PCL NVDR (Consumer Discretionary) | | | 3,738 | |
| | 22,884 | | | CP ALL PCL NVDR (Consumer Staples) | | | 38,598 | |
| | 5,297 | | | Dohome PCL NVDR (Consumer Discretionary) | | | 2,208 | |
| | 1,192 | | | Electricity Generating PCL NVDR (Utilities) | | | 5,982 | |
| | 7,756 | | | Energy Absolute PCL NVDR (Utilities) | | | 18,134 | |
| | 185 | | | Fabrinet (Information Technology)* | | | 19,025 | |
| | 3,299 | | | Global Power Synergy PCL NVDR (Utilities) | | | 6,152 | |
| | 20,821 | | | Gulf Energy Development PCL NVDR (Utilities) | | | 29,265 | |
| | 2,813 | | | Hana Microelectronics PCL NVDR (Information Technology) | | | 3,298 | |
| | 25,349 | | | Home Product Center PCL NVDR (Consumer Discretionary) | | | 9,663 | |
| | 9,794 | | | Indorama Ventures PCL NVDR (Materials) | | | 11,617 | |
| | 5,293 | | | Intouch Holdings PCL NVDR (Communication Services) | | | 10,561 | |
| | 53,620 | | | IRPC PCL NVDR (Energy) | | | 5,029 | |
| | 1,022 | | | Jasmine Technology Solution PCL NVDR (Information Technology)* | | | 2,242 | |
| | 2,800 | | | Jay Mart PCL NVDR (Information Technology) | | | 3,993 | |
| | 3,672 | | | JMT Network Services PCL NVDR (Financials) | | | 7,855 | |
| | 7,996 | | | Kasikornbank PCL NVDR (Financials) | | | 33,662 | |
| | 3,526 | | | KCE Electronics PCL NVDR (Information Technology) | | | 5,246 | |
| | 2,185 | | | Kerry Express Thailand PCL NVDR (Industrials)* | | | 1,300 | |
| | 21,675 | | | Krung Thai Bank PCL NVDR (Financials) | | | 10,046 | |
| | 5,288 | | | Krungthai Card PCL NVDR (Financials) | | | 8,738 | |
| | 30,030 | | | Land & Houses PCL NVDR (Real Estate) | | | 7,330 | |
| | 14,903 | | | Minor International PCL NVDR (Consumer Discretionary)* | | | 13,386 | |
| | 3,748 | | | Muangthai Capital PCL NVDR (Financials) | | | 4,369 | |
| | 6,059 | | | Ngern Tid Lor PCL NVDR (Financials) | | | 4,777 | |
| | 7,268 | | | Osotspa PCL NVDR (Consumer Staples) | | | 6,229 | |
| | 6,130 | | | PTT Exploration & Production PCL NVDR (Energy) | | | 28,328 | |
| | 10,764 | | | PTT Global Chemical PCL NVDR (Materials) | | | 14,022 | |
| | 13,419 | | | PTT Oil & Retail Business PCL NVDR (Consumer Discretionary) | | | 10,029 | |
| | 50,125 | | | PTT PCL NVDR (Energy) | | | 51,551 | |
| | 1,325 | | | Ramkhamhaeng Hospital PCL NVDR (Health Care) | | | 2,035 | |
| | 2,262 | | | Ratch Group PCL NVDR (Utilities) | | | 2,730 | |
| | 5,223 | | | SCB X PCL NVDR (Financials) | | | 15,828 | |
| | 5,775 | | | SCG Packaging PCL NVDR (Materials) | | | 8,988 | |
| | 2,038 | | | Siam Cement PCL (The) NVDR (Materials) | | | 20,010 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Thailand – (continued) | |
| | 7,486 | | | Siam Global House PCL NVDR (Consumer Discretionary) | | $ | 4,024 | |
| | 7,019 | | | Siam Makro PCL NVDR (Consumer Staples) | | | 6,641 | |
| | 3,933 | | | Sri Trang Agro-Industry PCL NVDR (Consumer Discretionary) | | | 2,438 | |
| | 4,905 | | | Sri Trang Gloves Thailand PCL NVDR (Health Care) | | | 1,910 | |
| | 3,229 | | | Srisawad Corp. PCL NVDR (Financials) | | | 4,317 | |
| | 15,917 | | | STARK Corp. PCL NVDR (Industrials)* | | | 1,825 | |
| | 38,406 | | | Thai Beverage PCL (Consumer Staples) | | | 17,756 | |
| | 5,217 | | | Thai Oil PCL NVDR (Energy) | | | 8,692 | |
| | 14,337 | | | Thai Union Group PCL NVDR (Consumer Staples) | | | 6,881 | |
| | 1,702 | | | Thonburi Healthcare Group PCL NVDR (Health Care) | | | 3,186 | |
| | 2,551 | | | Tisco Financial Group PCL NVDR (Financials) | | | 6,559 | |
| | 215,989 | | | TMBThanachart Bank PCL NVDR (Financials) | | | 7,523 | |
| | 2,701 | | | TOA Paint Thailand PCL NVDR (Materials) | | | 2,278 | |
| | 1,883 | | | Total Access Communication PCL NVDR (Communication Services) | | | 2,221 | |
| | 51,697 | | | True Corp. PCL NVDR (Communication Services) | | | 6,465 | |
| | 22,038 | | | VGI PCL NVDR (Communication Services) | | | 2,647 | |
| | | | | | | | |
| | | | | | | 730,692 | |
| | |
| Turkey – 0.7% | |
| | 344 | | | AG Anadolu Grubu Holding AS (Industrials) | | | 1,404 | |
| | 15,111 | | | Akbank TAS (Financials) | | | 9,734 | |
| | 744 | | | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | | | 2,259 | |
| | 1,508 | | | Aksa Enerji Uretim AS (Utilities) | | | 2,361 | |
| | 786 | | | Alarko Holding AS (Industrials) | | | 2,138 | |
| | 1,146 | | | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | | | 2,603 | |
| | 12 | | | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | | | 180 | |
| | 1,074 | | | Arcelik AS (Consumer Discretionary) | | | 4,147 | |
| | 3,088 | | | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | | | 4,423 | |
| | 682 | | | Aydem Yenilenebilir Enerji AS (Utilities)* | | | 499 | |
| | 481 | | | Aygaz AS (Utilities) | | | 1,210 | |
| | 381 | | | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | | | 359 | |
| | 1,887 | | | Bera Holding AS (Industrials) | | | 1,848 | |
| | 2,200 | | | BIM Birlesik Magazalar AS (Consumer Staples) | | | 13,228 | |
| | 126 | | | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | | | 297 | |
| | 32 | | | Borusan Yatirim ve Pazarlama AS (Financials) | | | 755 | |
| |
|
| Common Stocks – (continued) | |
| Turkey – (continued) | |
| | 232 | | | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | | | 471 | |
| | 390 | | | Can2 Termik AS (Utilities)* | | | 1,856 | |
| | 12 | | | Celebi Hava Servisi AS (Industrials) | | | 238 | |
| | 259 | | | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | | | 755 | |
| | 390 | | | Coca-Cola Icecek AS (Consumer Staples) | | | 3,430 | |
| | 186 | | | Deva Holding AS (Health Care) | | | 354 | |
| | 330 | | | D-MARKET Elektronik Hizmetler ve Ticaret AS ADR (Consumer Discretionary)* | | | 333 | |
| | 5,599 | | | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | | | 1,634 | |
| | 58 | | | Dogu Aras Enerji Yatirimlari AS (Utilities) | | | 320 | |
| | 170 | | | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | | | 933 | |
| | 87 | | | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | | | 382 | |
| | 6 | | | EGE Endustri VE Ticaret AS (Consumer Discretionary) | | | 760 | |
| | 710 | | | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | | | 541 | |
| | 11,315 | | | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | | | 2,494 | |
| | 1,506 | | | Enerjisa Enerji AS (Utilities)(a) | | | 1,419 | |
| | 9,105 | | | Enka Insaat ve Sanayi AS (Industrials) | | | 9,253 | |
| | 8,232 | | | Eregli Demir ve Celik Fabrikalari TAS (Materials) | | | 13,021 | |
| | 158 | | | Fenerbahce Futbol AS (Communication Services)* | | | 519 | |
| | 308 | | | Ford Otomotiv Sanayi AS (Consumer Discretionary) | | | 5,618 | |
| | 422 | | | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | | | 598 | |
| | 321 | | | Gubre Fabrikalari TAS (Materials)* | | | 2,064 | |
| | 6,711 | | | Haci Omer Sabanci Holding AS (Financials) | | | 9,391 | |
| | 1,858 | | | Hektas Ticaret TAS (Materials)* | | | 4,191 | |
| | 2,254 | | | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | | | 2,240 | |
| | 638 | | | Is Yatirim Menkul Degerler AS (Financials) | | | 997 | |
| | 2,699 | | | Izmir Demir Celik Sanayi AS (Materials)* | | | 392 | |
| | 105 | | | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | | | 452 | |
| | 3,632 | | | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Materials) | | | 2,360 | |
| | 1,087 | | | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials) | | | 547 | |
| | 196 | | | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials) | | | 99 | |
| | 85 | | | Kartonsan Karton Sanayi ve Ticaret AS (Materials) | | | 336 | |
| | 156 | | | Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | | | 292 | |
| | 3,403 | | | KOC Holding AS (Industrials) | | | 8,533 | |
| |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Turkey – (continued) | |
| | 4 | | | Konya Cimento Sanayii AS (Materials)* | | $ | 282 | |
| | 311 | | | Kordsa Teknik Tekstil AS (Consumer Discretionary) | | | 979 | |
| | 269 | | | Koza Altin Isletmeleri AS (Materials) | | | 2,340 | |
| | 1,106 | | | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | | | 1,649 | |
| | 365 | | | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | | | 953 | |
| | 468 | | | Migros Ticaret AS (Consumer Staples)* | | | 2,100 | |
| | 369 | | | MLP Saglik Hizmetleri AS (Health Care)*(a) | | | 821 | |
| | 41 | | | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials) | | | 1,076 | |
| | 1,489 | | | Oyak Cimento Fabrikalari AS (Materials)* | | | 1,207 | |
| | 228 | | | Pegasus Hava Tasimaciligi AS (Industrials)* | | | 2,615 | |
| | 83 | | | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | | | 1,715 | |
| | 4,972 | | | Petkim Petrokimya Holding AS (Materials)* | | | 3,940 | |
| | 1,743 | | | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | | | 1,509 | |
| | 1,880 | | | Sasa Polyester Sanayi AS (Materials)* | | | 5,528 | |
| | 573 | | | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | | | 629 | |
| | 50 | | | Servet Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | | | 292 | |
| | 2,934 | | | Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | | | 687 | |
| | 1,675 | | | Sok Marketler Ticaret AS (Consumer Staples)* | | | 1,554 | |
| | 849 | | | TAV Havalimanlari Holding AS (Industrials)* | | | 2,909 | |
| | 1,045 | | | Tekfen Holding AS (Industrials) | | | 1,710 | |
| | 721 | | | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | | | 3,501 | |
| | 879 | | | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | | | 413 | |
| | 3,685 | | | Turk Hava Yollari AO (Industrials)* | | | 14,805 | |
| | 150 | | | Turk Prysmian Kablo ve Sistemleri AS (Industrials) | | | 198 | |
| | 2,446 | | | Turk Telekomunikasyon AS (Communication Services) | | | 1,410 | |
| | 79 | | | Turk Traktor ve Ziraat Makineleri AS (Industrials) | | | 1,062 | |
| | 6,022 | | | Turkcell Iletisim Hizmetleri AS (Communication Services) | | | 7,149 | |
| | 3,018 | | | Turkiye Halk Bankasi AS (Financials)* | | | 1,430 | |
| | 17,444 | | | Turkiye Is Bankasi AS, Class C (Financials) | | | 7,593 | |
| | 644 | | | Turkiye Petrol Rafinerileri AS (Energy)* | | | 12,718 | |
| | 1,004 | | | Turkiye Sigorta AS (Financials) | | | 370 | |
| | 6,869 | | | Turkiye Sinai Kalkinma Bankasi AS (Financials)* | | | 1,857 | |
| | 6,667 | | | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | | | 9,080 | |
| |
|
| Common Stocks – (continued) | |
| Turkey – (continued) | |
| | 5,551 | | | Turkiye Vakiflar Bankasi TAO, Class D (Financials)* | | | 2,230 | |
| | 880 | | | Ulker Biskuvi Sanayi AS (Consumer Staples)* | | | 871 | |
| | 133 | | | Verusa Holding AS (Financials) | | | 485 | |
| | 1,245 | | | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | | | 645 | |
| | 439 | | | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary) | | | 716 | |
| | 12,869 | | | Yapi ve Kredi Bankasi AS (Financials) | | | 4,979 | |
| | 4,361 | | | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate) | | | 820 | |
| | 5,818 | | | Zorlu Enerji Elektrik Uretim AS (Utilities)* | | | 937 | |
| | | | | | | | |
| | | | | | | 232,032 | |
| | |
| United Arab Emirates – 2.2% | |
| | 13,556 | | | Abu Dhabi Commercial Bank PJSC (Financials) | | | 33,474 | |
| | 14,099 | | | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | | | 17,043 | |
| | 8,632 | | | ADNOC Drilling Co. PJSC (Energy) | | | 8,601 | |
| | 17,376 | | | Aldar Properties PJSC (Real Estate) | | | 22,802 | |
| | 6,552 | | | Alpha Dhabi Holding PJSC (Industrials)* | | | 43,525 | |
| | 14,841 | | | Borouge PLC (Materials)* | | | 12,404 | |
| | 44,437 | | | Dubai Electricity & Water Authority PJSC (Utilities)* | | | 30,971 | |
| | 14,205 | | | Dubai Islamic Bank PJSC (Financials) | | | 22,624 | |
| | 19,658 | | | Emaar Properties PJSC (Real Estate) | | | 33,503 | |
| | 12,055 | | | Emirates NBD Bank PJSC (Financials) | | | 43,815 | |
| | 17,061 | | | Emirates Telecommunications Group Co. PJSC (Communication Services) | | | 119,467 | |
| | 21,673 | | | First Abu Dhabi Bank PJSC (Financials) | | | 112,701 | |
| | 2,346 | | | International Holding Co. PJSC (Industrials)* | | | 216,522 | |
| | | | | | | | |
| | | | | | | 717,452 | |
| | |
| United States – 0.1% | |
| | 3,554 | | | JBS SA (Consumer Staples) | | | 20,298 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $29,000,338) | | $ | 31,829,381 | |
| |
| | | | | | | | | | | | |
Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stocks – 2.3% | |
| Brazil – 1.4% | | | | |
| | 1,022 | | | Alpargatas SA (Consumer Discretionary) | | | 2.09 | % | | $ | 4,072 | |
| | 25,519 | | | Banco Bradesco SA (Financials) | | | 3.29 | | | | 93,388 | |
| | 1,237 | | | Bradespar SA (Materials) | | | 35.44 | | | | 5,226 | |
| | 943 | | | Braskem SA, Class A (Materials) | | | 30.35 | | | | 5,542 | |
| | 1,088 | | | Centrais Eletricas Brasileiras SA, Class B (Utilities) | | | 3.33 | | | | 10,059 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | | | | | |
Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stocks – (continued) | |
| Brazil – (continued) | | | | |
| | 6,989 | | | Cia Energetica de Minas Gerais (Utilities) | | | 9.62 | % | | $ | 16,323 | |
| | 5,559 | | | Gerdau SA (Materials) | | | 17.22 | | | | 25,021 | |
| | 23,647 | | | Itau Unibanco Holding SA (Financials) | | | 3.15 | | | | 117,801 | |
| | 23,038 | | | Itausa SA (Financials) | | | 6.16 | | | | 40,687 | |
| | 22,398 | | | Petroleo Brasileiro SA (Energy) | | | 33.98 | | | | 143,657 | |
| | 5,104 | | | Raizen SA (Energy) | | | 1.38 | | | | 4,768 | |
| | 2,583 | | | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | | | 10.07 | | | | 3,998 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 470,542 | |
| | |
| Chile – 0.2% | | | | |
| | 700 | | | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | | | 4.38 | | | | 70,268 | |
| | |
| Colombia – 0.1% | | | | |
| | 2,217 | | | Bancolombia SA (Financials) | | | 5.45 | | | | 15,327 | |
| | 18,859 | | | Grupo Aval Acciones y Valores SA (Financials) | | | 4.55 | | | | 2,836 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,163 | |
| | |
| Russia – 0.0% | | | | |
| | 4,252 | | | Sberbank of Russia PJSC (Financials)*(c) | | | 0.00 | | | | — | |
| | 31,665 | | | Surgutneftegas PJSC (Energy)(c) | | | 15.71 | | | | — | |
| | 640 | | | Tatneft PJSC (Energy)(c) | | | 10.16 | | | | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | — | |
| | |
| South Korea – 0.6% | | | | |
| | 62 | | | Amorepacific Corp. (Consumer Staples) | | | 2.08 | | | | 2,204 | |
| | 174 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 5.48 | | | | 12,137 | |
| | 114 | | | Hyundai Motor Co. (Consumer Discretionary) | | | 5.52 | | | | 7,773 | |
| | 16 | | | Kumho Petrochemical Co. Ltd. (Materials) | | | 10.96 | | | | 1,111 | |
| | 38 | | | LG Chem Ltd. (Materials) | | | 4.16 | | | | 8,551 | |
| | 90 | | | LG Electronics, Inc. (Consumer Discretionary) | | | 1.97 | | | | 3,183 | |
| | 4,036 | | | Samsung Electronics Co. Ltd. (Information Technology) | | | 2.72 | | | | 164,451 | |
| | 16 | | | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | | | 7.60 | | | | 1,908 | |
| | 9 | | | Samsung SDI Co. Ltd. (Information Technology) | | | 0.35 | | | | 2,066 | |
| | 7 | | | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | | | 0.00 | | | | 225 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 203,609 | |
| | |
| Taiwan – 0.0% | | | | |
| | 9,244 | | | China Development Financial Holding Corp. (Financials) | | | 0.02 | | | | 2,575 | |
| | |
| | TOTAL PREFERRED STOCKS | | | | | |
| | (Cost $696,191) | | | | | | $ | 765,157 | |
| | |
Units | | | Description | | Expiration
Month | | | Value | |
| |
| Right – 0.0% | | | | |
| Uruguay – 0.0% | | | | |
| | 443 | | | Thai Oil PCL* | | | | | | | | |
| | (Cost $0) | | | 12/23 | | | $ | — | |
| | |
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Exchange-Traded Fund – 0.9% | |
| United States – 0.9% | |
| | 12,873 | | | iShares MSCI Malaysia ETF | | | | |
| | (Cost $302,162) | | $ | 287,325 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $29,998,691) | | $ | 32,881,863 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.4%(d) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
140,256 | | | 2.154 | % | | $ | 140,256 | |
| (Cost $140,256) | |
| |
| TOTAL INVESTMENTS – 100.1% | |
| (Cost $30,138,947) | | | $ | 33,022,119 | |
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | | | | (40,839 | ) |
| |
| NET ASSETS – 100.0% | | | $ | 32,981,280 | |
| |
| | |
|
| 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) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| |
(d) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
NVDR | | —Non-Voting Depository Receipt |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| | | | |
| Sector | | % of Market
Value | |
|
Financials | | | 21.6 | % |
Information Technology | | | 18.6 | |
Consumer Discretionary | | | 13.2 | |
Communication Services | | | 9.3 | |
Materials | | | 8.2 | |
Industrials | | | 7.2 | |
Energy | | | 6.4 | |
Consumer Staples | | | 5.7 | |
Health Care | | | 3.6 | |
Utilities | | | 3.1 | |
Real Estate | | | 1.8 | |
Exchange-Traded Fund | | | 0.9 | |
Securities Lending Reinvestment Vehicle | | | 0.4 | |
|
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.1% | |
| Australia – 9.2% | |
| | 15,111 | | | AGL Energy Ltd. (Utilities) | | $ | 79,560 | |
| | 14,951 | | | Allkem Ltd. (Materials)* | | | 142,573 | |
| | 65,223 | | | Alumina Ltd. (Materials) | | | 67,741 | |
| | 81,278 | | | AMP Ltd. (Financials)* | | | 64,914 | |
| | 6,021 | | | Ampol Ltd. (Energy) | | | 142,736 | |
| | 30,056 | | | APA Group (Utilities) | | | 228,508 | |
| | 15,879 | | | Aristocrat Leisure Ltd. (Consumer Discretionary) | | | 388,625 | |
| | 4,874 | | | ASX Ltd. (Financials) | | | 262,131 | |
| | 46,559 | | | Aurizon Holdings Ltd. (Industrials) | | | 119,056 | |
| | 75,999 | | | Australia & New Zealand Banking Group Ltd. (Financials) | | | 1,189,469 | |
| | 128,934 | | | BHP Group Ltd. (Materials) | | | 3,588,663 | |
| | 12,264 | | | BlueScope Steel Ltd. (Materials) | | | 140,575 | |
| | 8,468 | | | Boral Ltd. (Materials) | | | 17,125 | |
| | 35,326 | | | Brambles Ltd. (Industrials) | | | 299,816 | |
| | 7,626 | | | carsales.com Ltd. (Communication Services) | | | 118,153 | |
| | 11,100 | | | Charter Hall Group REIT (Real Estate) | | | 102,806 | |
| | 1,670 | | | Cochlear Ltd. (Health Care) | | | 245,345 | |
| | 32,371 | | | Coles Group Ltd. (Consumer Staples) | | | 389,691 | |
| | 43,242 | | | Commonwealth Bank of Australia (Financials) | | | 2,889,455 | |
| | 13,555 | | | Computershare Ltd. (Information Technology) | | | 229,528 | |
| | 12,216 | | | CSL Ltd. (Health Care) | | | 2,458,304 | |
| | 27,233 | | | Dexus REIT (Real Estate) | | | 162,985 | |
| | 1,492 | | | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | | | 65,001 | |
| | 3,947 | | | EBOS Group Ltd. (Health Care) | | | 93,505 | |
| | 34,062 | | | Endeavour Group Ltd. (Consumer Staples) | | | 169,763 | |
| | 45,823 | | | Evolution Mining Ltd. (Materials) | | | 75,079 | |
| | 45,514 | | | Fortescue Metals Group Ltd. (Materials) | | | 574,743 | |
| | 265,143 | | | Glencore PLC (Materials)* | | | 1,460,228 | |
| | 46,114 | | | Goodman Group REIT (Real Estate) | | | 621,837 | |
| | 48,376 | | | GPT Group (The) REIT (Real Estate) | | | 139,621 | |
| | 5,270 | | | IDP Education Ltd. (Consumer Discretionary) | | | 104,809 | |
| | 18,701 | | | IGO Ltd. (Materials) | | | 172,307 | |
| | 62,694 | | | Insurance Australia Group Ltd. (Financials) | | | 199,856 | |
| | 17,414 | | | Lendlease Corp. Ltd. (Real Estate) | | | 122,605 | |
| | 56,692 | | | Lottery Corp. Ltd. (The) (Consumer Discretionary)* | | | 171,784 | |
| | 22,681 | | | Lynas Rare Earths Ltd. (Materials)* | | | 138,075 | |
| | 8,914 | | | Macquarie Group Ltd. (Financials) | | | 1,083,235 | |
| | 69,923 | | | Medibank Pvt Ltd. (Financials) | | | 177,841 | |
| | 4,169 | | | Mineral Resources Ltd. (Materials)* | | | 182,830 | |
| | 99,402 | | | Mirvac Group REIT (Real Estate) | | | 143,105 | |
| | 81,250 | | | National Australia Bank Ltd. (Financials) | | | 1,703,892 | |
| | 22,688 | | | Newcrest Mining Ltd. (Materials) | | | 275,768 | |
| | 29,138 | | | Northern Star Resources Ltd. (Materials) | | | 157,407 | |
| | 10,294 | | | Orica Ltd. (Materials) | | | 109,173 | |
| | |
|
| Common Stocks – (continued) | |
| Australia – (continued) | |
| | 44,121 | | | Origin Energy Ltd. (Utilities) | | | 190,860 | |
| | 7,861 | | | OZ Minerals Ltd. (Materials) | | | 138,608 | |
| | 56,710 | | | Pilbara Minerals Ltd. (Materials)* | | | 141,903 | |
| | 47,394 | | | Qantas Airways Ltd. (Industrials)* | | | 172,852 | |
| | 37,621 | | | QBE Insurance Group Ltd. (Financials) | | | 311,298 | |
| | 4,727 | | | Ramsay Health Care Ltd. (Health Care) | | | 232,383 | |
| | 1,268 | | | REA Group Ltd. (Communication Services) | | | 110,876 | |
| | 7,528 | | | Reece Ltd. (Industrials) | | | 82,625 | |
| | 9,454 | | | Rio Tinto Ltd. (Materials) | | | 612,473 | |
| | 27,174 | | | Rio Tinto PLC (Materials) | | | 1,508,575 | |
| | 85,714 | | | Santos Ltd. (Energy) | | | 463,626 | |
| | 132,061 | | | Scentre Group REIT (Real Estate) | | | 266,171 | |
| | 8,296 | | | SEEK Ltd. (Communication Services) | | | 118,638 | |
| | 4,533 | | | Seven Group Holdings Ltd. (Industrials) | | | 57,739 | |
| | 12,100 | | | Sonic Healthcare Ltd. (Health Care) | | | 282,035 | |
| | 115,503 | | | South32 Ltd. (Materials) | | | 328,610 | |
| | 55,156 | | | Stockland REIT (Real Estate) | | | 136,880 | |
| | 32,097 | | | Suncorp Group Ltd. (Financials) | | | 239,845 | |
| | 56,106 | | | Tabcorp Holdings Ltd. (Consumer Discretionary) | | | 36,925 | |
| | 294,294 | | | Telstra Corp. Ltd. (Communication Services) | | | 800,961 | |
| | 10,829 | | | TPG Telecom Ltd. (Communication Services) | | | 39,717 | |
| | 78,084 | | | Transurban Group (Industrials) | | | 747,286 | |
| | 18,275 | | | Treasury Wine Estates Ltd. (Consumer Staples) | | | 165,250 | |
| | 96,889 | | | Vicinity Centres REIT (Real Estate) | | | 128,527 | |
| | 5,879 | | | Washington H Soul Pattinson & Co. Ltd. (Energy) | | | 103,580 | |
| | 28,842 | | | Wesfarmers Ltd. (Consumer Discretionary) | | | 929,512 | |
| | 89,020 | | | Westpac Banking Corp. (Financials) | | | 1,318,808 | |
| | 4,076 | | | WiseTech Global Ltd. (Information Technology) | | | 164,221 | |
| | 48,369 | | | Woodside Energy Group Ltd. (Energy) | | | 1,135,709 | |
| | 30,888 | | | Woolworths Group Ltd. (Consumer Staples) | | | 764,216 | |
| | | | | | | | |
| | | | | | | 33,000,932 | |
| | |
| Austria – 0.3% | |
| | 6,608 | | | ams-OSRAM AG (Information Technology)* | | | 48,601 | |
| | 1,824 | | | ANDRITZ AG (Industrials) | | | 84,333 | |
| | 2,271 | | | BAWAG Group AG (Financials)*(a) | | | 102,990 | |
| | 1,030 | | | CA Immobilien Anlagen AG (Real Estate) | | | 32,884 | |
| | 8,173 | | | Erste Group Bank AG (Financials) | | | 184,749 | |
| | 896 | | | EVN AG (Utilities) | | | 17,425 | |
| | 785 | | | IMMOFINANZ AG (Real Estate)* | | | 11,682 | |
| | 356 | | | Mayr Melnhof Karton AG (Materials) | | | 53,338 | |
| | 12,361 | | | Mondi PLC (Materials) | | | 210,859 | |
| | 3,614 | | | OMV AG (Energy) | | | 146,380 | |
| | 3,432 | | | Raiffeisen Bank International AG (Financials) | | | 43,621 | |
| | |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Austria – (continued) | |
| | 820 | | | Verbund AG (Utilities) | | $ | 78,621 | |
| | 893 | | | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | | | 21,237 | |
| | 2,813 | | | voestalpine AG (Materials) | | | 56,912 | |
| | 2,835 | | | Wienerberger AG (Materials) | | | 66,536 | |
| | | | | | | | |
| | | | | | | 1,160,168 | |
| | |
| Belgium – 0.8% | |
| | 559 | | | Ackermans & van Haaren NV (Industrials) | | | 81,954 | |
| | 4,439 | | | Ageas SA/NV (Financials) | | | 180,733 | |
| | 18,626 | | | Anheuser-Busch InBev SA/NV (Consumer Staples) | | | 905,472 | |
| | 1,766 | | | Azelis Group NV (Industrials) | | | 35,019 | |
| | 557 | | | D’ieteren Group (Consumer Discretionary) | | | 84,406 | |
| | 851 | | | Elia Group SA/NV (Utilities) | | | 123,994 | |
| | 1,360 | | | Etablissements Franz Colruyt NV (Consumer Staples) | | | 37,854 | |
| | 2,547 | | | Groupe Bruxelles Lambert SA (Financials) | | | 193,366 | |
| | 7,137 | | | KBC Group NV (Financials) | | | 340,028 | |
| | 3,591 | | | Proximus SADP (Communication Services) | | | 45,786 | |
| | 384 | | | Sofina SA (Financials) | | | 77,303 | |
| | 1,803 | | | Solvay SA (Materials) | | | 146,201 | |
| | 1,181 | | | Telenet Group Holding NV (Communication Services) | | | 16,828 | |
| | 3,116 | | | UCB SA (Health Care) | | | 219,644 | |
| | 5,142 | | | Umicore SA (Materials) | | | 164,165 | |
| | 437 | | | VGP NV (Real Estate) | | | 63,804 | |
| | 3,622 | | | Warehouses De Pauw CVA REIT (Real Estate) | | | 110,647 | |
| | | | | | | | |
| | | | | | | 2,827,204 | |
| | |
| Brazil – 0.1% | |
| | 4,120 | | | Yara International ASA (Materials) | | | 174,944 | |
| | |
| Chile – 0.0% | |
| | 8,758 | | | Antofagasta PLC (Materials) | | | 112,201 | |
| | |
| China – 1.2% | |
| | 103,150 | | | Alibaba Health Information Technology Ltd. (Consumer Discretionary)* | | | 59,796 | |
| | 42,861 | | | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a) | | | 126,418 | |
| | 16,193 | | | BYD Electronic International Co. Ltd. (Information Technology) | | | 43,119 | |
| | 78,117 | | | China Evergrande New Energy Vehicle Group Ltd. (Health Care)*(c) | | | 31,849 | |
| | 56,597 | | | China Gas Holdings Ltd. (Utilities) | | | 80,329 | |
| | 77,349 | | | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | | | 351,324 | |
| | 44,223 | | | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | | | 89,360 | |
| | 213,381 | | | CSPC Pharmaceutical Group Ltd. (Health Care) | | | 217,218 | |
| | |
|
| Common Stocks – (continued) | |
| China – (continued) | |
| | 61,557 | | | ESR Group Ltd. (Real Estate)*(a) | | | 172,934 | |
| | 56,385 | | | Fosun International Ltd. (Industrials) | | | 41,595 | |
| | 1,980 | | | Futu Holdings Ltd. ADR (Financials)* | | | 97,198 | |
| | 151,216 | | | Geely Automobile Holdings Ltd. (Consumer Discretionary) | | | 306,329 | |
| | 6,680 | | | NXP Semiconductors NV (Information Technology) | | | 1,099,394 | |
| | 20,144 | | | Prosus NV (Consumer Discretionary)* | | | 1,250,796 | |
| | 28,068 | | | Shimao Group Holdings Ltd. (Real Estate)(c) | | | 15,806 | |
| | 34,349 | | | Wharf Holdings Ltd. (The) (Real Estate) | | | 129,539 | |
| | 46,531 | | | Wilmar International Ltd. (Consumer Staples) | | | 134,747 | |
| | 39,872 | | | Xinyi Glass Holdings Ltd. (Industrials) | | | 73,965 | |
| | 69,503 | | | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | | | 48,325 | |
| | | | | | | | |
| | | | | | | 4,370,041 | |
| | |
| Colombia – 0.0% | |
| | 4,384 | | | Millicom International Cellular SA SDR (Communication Services)* | | | 63,019 | |
| | |
| Denmark – 2.6% | |
| | 75 | | | AP Moller – Maersk A/S, Class A (Industrials) | | | 176,034 | |
| | 137 | | | AP Moller – Maersk A/S, Class B (Industrials) | | | 328,872 | |
| | 2,428 | | | Carlsberg AS, Class B (Consumer Staples) | | | 317,045 | |
| | 2,615 | | | Chr Hansen Holding A/S (Materials) | | | 152,807 | |
| | 3,114 | | | Coloplast A/S, Class B (Health Care) | | | 357,110 | |
| | 17,252 | | | Danske Bank A/S (Financials) | | | 231,339 | |
| | 2,297 | | | Demant A/S (Health Care)* | | | 70,963 | |
| | 4,717 | | | DSV A/S (Industrials) | | | 699,294 | |
| | 1,649 | | | Genmab A/S (Health Care)* | | | 588,586 | |
| | 3,224 | | | GN Store Nord AS (Health Care) | | | 91,668 | |
| | 41,923 | | | Novo Nordisk A/S, Class B (Health Care) | | | 4,491,973 | |
| | 5,155 | | | Novozymes A/S, Class B (Materials) | | | 296,630 | |
| | 4,551 | | | Orsted AS (Utilities)(a) | | | 447,267 | |
| | 2,386 | | | Pandora A/S (Consumer Discretionary) | | | 144,232 | |
| | 9,108 | | | Tryg A/S (Financials) | | | 206,449 | |
| | 25,603 | | | Vestas Wind Systems A/S (Industrials) | | | 645,311 | |
| | | | | | | | |
| | | | | | | 9,245,580 | |
| | |
| Faroe Islands – 0.0% | |
| | 1,255 | | | Bakkafrost P/F (Consumer Staples) | | | 73,726 | |
| | |
| Finland – 1.3% | |
| | 3,746 | | | Elisa OYJ (Communication Services) | | | 200,619 | |
| | 10,725 | | | Fortum OYJ (Utilities) | | | 110,488 | |
| | 2,406 | | | Huhtamaki OYJ (Materials) | | | 84,484 | |
| | 6,105 | | | Kesko OYJ, Class B (Consumer Staples) | | | 128,794 | |
| | 9,003 | | | Kone OYJ, Class B (Industrials) | | | 361,395 | |
| | 17,528 | | | Metso Outotec OYJ (Industrials) | | | 137,830 | |
| | 12,061 | | | Neste OYJ (Energy) | | | 597,301 | |
| | 133,418 | | | Nokia OYJ (Information Technology) | | | 672,402 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Finland – (continued) | |
| | 84,524 | | | Nordea Bank Abp (Financials) | | $ | 787,716 | |
| | 2,589 | | | Orion OYJ, Class B (Health Care) | | | 117,594 | |
| | 10,540 | | | Sampo OYJ, Class A (Financials) | | | 477,992 | |
| | 14,728 | | | Stora Enso OYJ, Class R (Materials) | | | 220,295 | |
| | 13,445 | | | UPM-Kymmene OYJ (Materials) | | | 458,180 | |
| | 13,933 | | | Wartsila OYJ Abp (Industrials) | | | 115,361 | |
| | | | | | | | |
| | | | | | | 4,470,451 | |
| | |
| France – 9.1% | |
| | 10,144 | | | Adevinta ASA (Communication Services)* | | | 82,948 | |
| | 838 | | | Aeroports de Paris (Industrials)* | | | 115,317 | |
| | 13,302 | | | Air Liquide SA (Materials) | | | 1,674,654 | |
| | 14,873 | | | Airbus SE (Industrials) | | | 1,463,999 | |
| | 1,558 | | | Amundi SA (Financials)(a) | | | 79,429 | |
| | 57,781 | | | AXA SA (Financials) | | | 1,366,842 | |
| | 1,216 | | | BioMerieux (Health Care) | | | 111,588 | |
| | 28,640 | | | BNP Paribas SA (Financials) | | | 1,338,719 | |
| | 22,839 | | | Bollore SE (Communication Services) | | | 109,684 | |
| | 7,572 | | | Bouygues SA (Industrials) | | | 223,091 | |
| | 4,131 | | | Capgemini SE (Information Technology) | | | 718,629 | |
| | 14,827 | | | Carrefour SA (Consumer Staples) | | | 248,091 | |
| | 10,791 | | | Cie de Saint-Gobain (Industrials) | | | 437,833 | |
| | 18,193 | | | Cie Generale des Etablissements Michelin (Consumer Discretionary) | | | 444,635 | |
| | 35,979 | | | Credit Agricole SA (Financials) | | | 332,482 | |
| | 16,446 | | | Danone SA (Consumer Staples) | | | 868,372 | |
| | 17,238 | | | Dassault Systemes (Information Technology) | | | 668,646 | |
| | 16,933 | | | Electricite de France SA (Utilities) | | | 203,217 | |
| | 44,261 | | | Engie SA (Utilities) | | | 528,205 | |
| | 7,610 | | | EssilorLuxottica SA (Consumer Discretionary) | | | 1,142,096 | |
| | 1,256 | | | Euroapi SA (Health Care)* | | | 19,646 | |
| | 863 | | | Hermes International (Consumer Discretionary) | | | 1,112,940 | |
| | 1,823 | | | Kering (Consumer Discretionary) | | | 922,058 | |
| | 6,132 | | | L’Oreal SA (Consumer Staples) | | | 2,116,491 | |
| | 6,675 | | | Legrand SA (Industrials) | | | 485,147 | |
| | 6,613 | | | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | | | 4,305,683 | |
| | 50,996 | | | Orange SA (Communication Services) | | | 517,816 | |
| | 5,092 | | | Pernod Ricard SA (Consumer Staples) | | | 939,824 | |
| | 9,644 | | | Safran SA (Industrials) | | | 988,178 | |
| | 27,633 | | | Sanofi (Health Care) | | | 2,283,484 | |
| | 615 | | | Sartorius Stedim Biotech (Health Care) | | | 226,154 | |
| | 20,739 | | | Societe Generale SA (Financials) | | | 460,459 | |
| | 2,106 | | | Sodexo SA (Consumer Discretionary) | | | 161,876 | |
| | 1,476 | | | Teleperformance (Industrials) | | | 421,956 | |
| | 2,690 | | | Thales SA (Industrials) | | | 324,997 | |
| | 66,480 | | | TotalEnergies SE (Energy) | | | 3,388,574 | |
| | 14,552 | | | Vinci SA (Industrials) | | | 1,349,873 | |
| | 18,230 | | | Vivendi SE (Communication Services) | | | 165,971 | |
| | 5,648 | | | Worldline SA (Information Technology)*(a) | | | 243,019 | |
| | | | | | | | |
| | | | | | | 32,592,623 | |
| | |
|
| Common Stocks – (continued) | |
| Germany – 6.3% | |
| | 4,254 | | | adidas AG (Consumer Discretionary) | | | 634,284 | |
| | 10,092 | | | Allianz SE (Financials) | | | 1,710,752 | |
| | 23,400 | | | BASF SE (Materials) | | | 989,902 | |
| | 25,029 | | | Bayer AG (Health Care) | | | 1,323,832 | |
| | 8,175 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 603,951 | |
| | 2,493 | | | Beiersdorf AG (Consumer Staples) | | | 252,188 | |
| | 2,299 | | | BioNTech SE ADR (Health Care) | | | 341,447 | |
| | 928 | | | Carl Zeiss Meditec AG (Health Care) | | | 115,897 | |
| | 2,752 | | | Continental AG (Consumer Discretionary) | | | 159,063 | |
| | 4,774 | | | Covestro AG (Materials)(a) | | | 144,591 | |
| | 9,942 | | | Daimler Truck Holding AG (Industrials)* | | | 255,178 | |
| | 47,095 | | | Deutsche Bank AG (Financials) | | | 394,147 | |
| | 4,671 | | | Deutsche Boerse AG (Financials) | | | 791,197 | |
| | 24,711 | | | Deutsche Post AG (Industrials) | | | 904,348 | |
| | 82,612 | | | Deutsche Telekom AG (Communication Services) | | | 1,560,729 | |
| | 54,302 | | | E.ON SE (Utilities) | | | 464,675 | |
| | 4,487 | | | Evonik Industries AG (Materials) | | | 83,899 | |
| | 5,071 | | | Fresenius Medical Care AG & Co. KGaA (Health Care) | | | 174,340 | |
| | 10,134 | | | Fresenius SE & Co. KGaA (Health Care) | | | 251,291 | |
| | 1,529 | | | Hannover Rueck SE (Financials) | | | 225,857 | |
| | 618 | | | Hapag-Lloyd AG (Industrials)(a)(b) | | | 161,075 | |
| | 3,689 | | | HeidelbergCement AG (Materials) | | | 167,297 | |
| | 2,553 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 159,935 | |
| | 30,612 | | | Infineon Technologies AG (Information Technology) | | | 748,000 | |
| | 1,674 | | | Knorr-Bremse AG (Industrials) | | | 81,387 | |
| | 21,476 | | | Mercedes-Benz Group AG (Consumer Discretionary) | | | 1,211,922 | |
| | 3,293 | | | Merck KGaA (Health Care) | | | 567,553 | |
| | 1,323 | | | MTU Aero Engines AG (Industrials) | | | 234,074 | |
| | 3,568 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | | | 854,615 | |
| | 2,562 | | | Puma SE (Consumer Discretionary) | | | 157,201 | |
| | 15,925 | | | RWE AG (Utilities) | | | 609,790 | |
| | 26,389 | | | SAP SE (Information Technology) | | | 2,253,922 | |
| | 20,356 | | | Siemens AG (Industrials) | | | 2,069,004 | |
| | 11,097 | | | Siemens Energy AG (Industrials) | | | 163,752 | |
| | 7,060 | | | Siemens Healthineers AG (Health Care)(a) | | | 345,943 | |
| | 3,277 | | | Symrise AG (Materials) | | | 343,853 | |
| | 1,349 | | | Talanx AG (Financials) | | | 47,884 | |
| | 19,871 | | | Telefonica Deutschland Holding AG (Communication Services) | | | 51,652 | |
| | 1,270 | | | Vantage Towers AG (Communication Services) | | | 32,973 | |
| | 725 | | | Volkswagen AG (Consumer Discretionary) | | | 134,286 | |
| | 20,276 | | | Vonovia SE (Real Estate) | | | 550,490 | |
| | 5,906 | | | Zalando SE (Consumer Discretionary)*(a) | | | 137,245 | |
| | | | | | | | |
| | | | | | | 22,465,421 | |
| | |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Hong Kong – 2.7% | |
| | 305,652 | | | AIA Group Ltd. (Financials) | | $ | 2,957,665 | |
| | 7,780 | | | ASMPT Ltd. (Information Technology) | | | 60,514 | |
| | 24,375 | | | Bank of East Asia Ltd. (The) (Financials) | | | 30,745 | |
| | 24,485 | | | Cathay Pacific Airways Ltd. (Industrials)* | | | 25,456 | |
| | 41,543 | | | CK Asset Holdings Ltd. (Real Estate) | | | 281,052 | |
| | 15,468 | | | CK Infrastructure Holdings Ltd. (Utilities) | | | 94,201 | |
| | 48,124 | | | CLP Holdings Ltd. (Utilities) | | | 415,092 | |
| | 7,622 | | | DFI Retail Group Holdings Ltd. (Consumer Staples) | | | 20,732 | |
| | 45,652 | | | Hang Lung Properties Ltd. (Real Estate) | | | 76,078 | |
| | 18,440 | | | Hang Seng Bank Ltd. (Financials) | | | 288,975 | |
| | 33,257 | | | Henderson Land Development Co. Ltd. (Real Estate) | | | 111,438 | |
| | 57,564 | | | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | | | 48,038 | |
| | 86,243 | | | HKT Trust & HKT Ltd. (Communication Services) | | | 115,813 | |
| | 276,427 | | | Hong Kong & China Gas Co. Ltd. (Utilities) | | | 272,946 | |
| | 32,272 | | | Hong Kong Exchanges & Clearing Ltd. (Financials) | | | 1,306,694 | |
| | 29,274 | | | Hongkong Land Holdings Ltd. (Real Estate) | | | 141,686 | |
| | 5,009 | | | Jardine Matheson Holdings Ltd. (Industrials) | | | 265,978 | |
| | 53,728 | | | Link REIT (Real Estate) | | | 416,539 | |
| | 39,622 | | | MTR Corp. Ltd. (Industrials) | | | 203,187 | |
| | 34,641 | | | New World Development Co. Ltd. (Real Estate) | | | 113,207 | |
| | 34,810 | | | Power Assets Holdings Ltd. (Utilities) | | | 208,447 | |
| | 69,941 | | | Prudential PLC (Financials) | | | 735,380 | |
| | 248,828 | | | Sino Biopharmaceutical Ltd. (Health Care) | | | 131,248 | |
| | 82,998 | | | Sino Land Co. Ltd. (Real Estate) | | | 121,607 | |
| | 36,213 | | | Sun Hung Kai Properties Ltd. (Real Estate) | | | 425,853 | |
| | 11,693 | | | Swire Pacific Ltd., Class A (Real Estate) | | | 80,969 | |
| | 26,643 | | | Swire Properties Ltd. (Real Estate) | | | 61,576 | |
| | 35,077 | | | Techtronic Industries Co. Ltd. (Industrials) | | | 416,517 | |
| | 191,272 | | | WH Group Ltd. (Consumer Staples)(a) | | | 130,620 | |
| | 37,528 | | | Wharf Real Estate Investment Co. Ltd. (Real Estate) | | | 171,172 | |
| | | | | | | | |
| | | | | | | 9,729,425 | |
| | |
| Ireland – 0.8% | |
| | 3,385 | | | AerCap Holdings NV (Industrials)* | | | 149,109 | |
| | 24,863 | | | AIB Group PLC (Financials) | | | 56,652 | |
| | 19,405 | | | CRH PLC (Materials) | | | 717,970 | |
| | 4,425 | | | Flutter Entertainment PLC (Consumer Discretionary)* | | | 557,307 | |
| | 3,979 | | | Kerry Group PLC, Class A (Consumer Staples) | | | 411,512 | |
| |
|
| Common Stocks – (continued) | |
| Ireland – (continued) | |
| | 3,894 | | | Kingspan Group PLC (Industrials) | | | 221,780 | |
| | 4,901 | | | Ryanair Holdings PLC ADR (Industrials)* | | | 356,352 | |
| | 6,586 | | | Smurfit Kappa Group PLC (Materials) | | | 222,187 | |
| | | | | | | | |
| | | | | | | 2,692,869 | |
| | |
| Israel – 1.1% | |
| | 957 | | | AFI Properties Ltd. (Real Estate)(b) | | | 47,470 | |
| | 1,651 | | | Airport City Ltd. (Real Estate)* | | | 34,738 | |
| | 3,728 | | | Alony Hetz Properties & Investments Ltd. (Real Estate) | | | 60,507 | |
| | 5,956 | | | Amot Investments Ltd. (Real Estate) | | | 42,793 | |
| | 969 | | | Ashtrom Group Ltd. (Industrials) | | | 24,761 | |
| | 924 | | | Azrieli Group Ltd. (Real Estate) | | | 77,082 | |
| | 28,888 | | | Bank Hapoalim BM (Financials) | | | 301,346 | |
| | 37,906 | | | Bank Leumi Le-Israel BM (Financials) | | | 402,939 | |
| | 51,316 | | | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | | | 86,852 | |
| | 272 | | | Big Shopping Centers Ltd. (Real Estate) | | | 39,069 | |
| | 2,628 | | | Check Point Software Technologies Ltd. (Information Technology)* | | | 315,991 | |
| | 244 | | | Delek Group Ltd. (Energy)* | | | 42,500 | |
| | 630 | | | Elbit Systems Ltd. (Industrials) | | | 135,055 | |
| | 239 | | | Elco Ltd. (Industrials) | | | 16,884 | |
| | 6,307 | | | Energix-Renewable Energies Ltd. (Utilities) | | | 28,952 | |
| | 23,809 | | | Enlight Renewable Energy Ltd. (Utilities)* | | | 58,419 | |
| | 147 | | | Fattal Holdings 1998 Ltd. (Consumer Discretionary)* | | | 18,233 | |
| | 1,313 | | | First International Bank Of Israel Ltd. (The) (Financials) | | | 61,418 | |
| | 185 | | | Fox Wizel Ltd. (Consumer Discretionary) | | | 26,962 | |
| | 1,474 | | | Gav-Yam Lands Corp. Ltd. (Real Estate) | | | 15,097 | |
| | 1,621 | | | Global-e Online Ltd. (Consumer Discretionary)* | | | 51,207 | |
| | 2,866 | | | Harel Insurance Investments & Financial Services Ltd. (Financials) | | | 32,740 | |
| | 17,815 | | | ICL Group Ltd. (Materials) | | | 171,378 | |
| | 91 | | | Israel Corp. Ltd. (Materials)* | | | 44,318 | |
| | 30,289 | | | Israel Discount Bank Ltd., Class A (Financials) | | | 186,208 | |
| | 1,586 | | | JFrog Ltd. (Information Technology)* | | | 33,544 | |
| | 1,256 | | | Kornit Digital Ltd. (Industrials)* | | | 39,036 | |
| | 815 | | | Matrix IT Ltd. (Information Technology) | | | 21,475 | |
| | 1,209 | | | Maytronics Ltd. (Consumer Discretionary) | | | 17,467 | |
| | 580 | | | Melisron Ltd. (Real Estate) | | | 47,618 | |
| | 16,495 | | | Mivne Real Estate KD Ltd. (Real Estate) | | | 60,893 | |
| | 3,789 | | | Mizrahi Tefahot Bank Ltd. (Financials) | | | 154,911 | |
| | 1,619 | | | Nice Ltd. (Information Technology)* | | | 351,547 | |
| | 679 | | | Nova Ltd. (Information Technology)* | | | 67,034 | |
| | 2,319 | | | OPC Energy Ltd. (Utilities)* | | | 27,802 | |
| | 3,576 | | | Phoenix Holdings Ltd. (The) (Financials) | | | 43,323 | |
| | 2,406 | | | Plus500 Ltd. (Financials) | | | 47,538 | |
| | 774 | | | Sapiens International Corp. NV (Information Technology) | | | 17,565 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Israel – (continued) | |
| | 3,593 | | | Shapir Engineering and Industry Ltd. (Industrials) | | $ | 34,445 | |
| | 5,817 | | | Shikun & Binui Ltd. (Industrials)*(b) | | | 26,458 | |
| | 6,722 | | | Shufersal Ltd. (Consumer Staples) | | | 46,134 | |
| | 1,257 | | | Strauss Group Ltd. (Consumer Staples) | | | 33,008 | |
| | 28,123 | | | Teva Pharmaceutical Industries Ltd. (Health Care)* | | | 253,124 | |
| | 2,761 | | | Tower Semiconductor Ltd. (Information Technology)* | | | 129,980 | |
| | 1,391 | | | Wix.com Ltd. (Information Technology)* | | | 88,036 | |
| | 2,032 | | | ZIM Integrated Shipping Services Ltd. (Industrials)(b) | | | 73,335 | |
| | | | | | | | |
| | | | | | | 3,937,192 | |
| | |
| Italy – 1.9% | |
| | 39,671 | | | A2A SpA (Utilities) | | | 44,658 | |
| | 3,143 | | | Amplifon SpA (Health Care) | | | 82,330 | |
| | 29,630 | | | Assicurazioni Generali SpA (Financials) | | | 436,191 | |
| | 12,943 | | | Atlantia SpA (Industrials) | | | 297,129 | |
| | 5,397 | | | Banca Mediolanum SpA (Financials) | | | 34,613 | |
| | 2,368 | | | Buzzi Unicem SpA (Materials) | | | 39,825 | |
| | 13,571 | | | Davide Campari-Milano NV (Consumer Staples) | | | 133,843 | |
| | 224 | | | DiaSorin SpA (Health Care) | | | 29,496 | |
| | 197,911 | | | Enel SpA (Utilities) | | | 934,449 | |
| | 62,283 | | | Eni SpA (Energy) | | | 739,519 | |
| | 3,257 | | | Ferrari NV (Consumer Discretionary) | | | 632,745 | |
| | 15,544 | | | FinecoBank Banca Fineco SpA (Financials) | | | 169,041 | |
| | 21,521 | | | Hera SpA (Utilities) | | | 54,101 | |
| | 8,218 | | | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | | | 76,521 | |
| | 1,860 | | | Interpump Group SpA (Industrials) | | | 66,097 | |
| | 459,124 | | | Intesa Sanpaolo SpA (Financials) | | | 795,461 | |
| | 9,997 | | | Leonardo SpA (Industrials) | | | 82,089 | |
| | 16,346 | | | Mediobanca Banca di Credito Finanziario SpA (Financials) | | | 129,982 | |
| | 5,013 | | | Moncler SpA (Consumer Discretionary) | | | 225,022 | |
| | 15,863 | | | Nexi SpA (Information Technology)*(a) | | | 130,831 | |
| | 10,047 | | | Pirelli & C SpA (Consumer Discretionary)(a) | | | 38,188 | |
| | 11,687 | | | Poste Italiane SpA (Financials)(a) | | | 93,921 | |
| | 12,974 | | | PRADA SpA (Consumer Discretionary) | | | 70,417 | |
| | 6,515 | | | Prysmian SpA (Industrials) | | | 200,531 | |
| | 2,468 | | | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | | | 101,104 | |
| | 50,081 | | | Snam SpA (Utilities) | | | 238,500 | |
| | 812 | | | Stevanato Group SpA (Health Care) | | | 13,479 | |
| | 253,913 | | | Telecom Italia SpA (Communication Services)* | | | 52,596 | |
| | 152,633 | | | Telecom Italia SpA-RSP (Communication Services)* | | | 30,358 | |
| | 35,843 | | | Terna – Rete Elettrica Nazionale (Utilities) | | | 255,898 | |
| | 52,726 | | | UniCredit SpA (Financials) | | | 519,477 | |
| |
|
| Common Stocks – (continued) | |
| Italy – (continued) | |
| | 10,772 | | | UnipolSai Assicurazioni SpA (Financials) | | | 24,003 | |
| | | | | | | | |
| | | | | | | 6,772,415 | |
| | |
| Japan – 24.3% | |
| | 782 | | | ABC-Mart, Inc. (Consumer Discretionary)(b) | | | 31,647 | |
| | 9,555 | | | Acom Co. Ltd. (Financials) | | | 22,884 | |
| | 4,816 | | | Advantest Corp. (Information Technology) | | | 277,930 | |
| | 18,556 | | | Aeon Co. Ltd. (Consumer Staples)(b) | | | 364,427 | |
| | 2,333 | | | Aeon Mall Co. Ltd. (Real Estate) | | | 28,004 | |
| | 4,896 | | | AGC, Inc. (Industrials) | | | 167,762 | |
| | 4,761 | | | Air Water, Inc. (Materials) | | | 60,103 | |
| | 3,948 | | | Aisin Corp. (Consumer Discretionary) | | | 118,333 | |
| | 13,552 | | | Ajinomoto Co., Inc. (Consumer Staples) | | | 377,452 | |
| | 4,427 | | | Alfresa Holdings Corp. (Health Care) | | | 53,300 | |
| | 8,546 | | | Amada Co. Ltd. (Industrials) | | | 67,628 | |
| | 11,103 | | | ANA Holdings, Inc. (Industrials)* | | | 215,252 | |
| | 12,230 | | | Asahi Group Holdings Ltd. (Consumer Staples) | | | 412,269 | |
| | 5,571 | | | Asahi Intecc Co. Ltd. (Health Care) | | | 100,670 | |
| | 33,766 | | | Asahi Kasei Corp. (Materials) | | | 249,180 | |
| | 46,270 | | | Astellas Pharma, Inc. (Health Care) | | | 662,383 | |
| | 3,329 | | | Azbil Corp. (Information Technology) | | | 95,818 | |
| | 4,774 | | | Bandai Namco Holdings, Inc. (Consumer Discretionary) | | | 361,085 | |
| | 334 | | | BayCurrent Consulting, Inc. (Industrials) | | | 99,989 | |
| | 1,881 | | | Benefit One, Inc. (Industrials) | | | 28,332 | |
| | 14,591 | | | Bridgestone Corp. (Consumer Discretionary) | | | 563,431 | |
| | 6,251 | | | Brother Industries Ltd. (Information Technology) | | | 120,669 | |
| | 1,990 | | | Calbee, Inc. (Consumer Staples) | | | 39,635 | |
| | 25,665 | | | Canon, Inc. (Information Technology) | | | 617,441 | |
| | 4,141 | | | Capcom Co. Ltd. (Communication Services) | | | 113,812 | |
| | 5,494 | | | Casio Computer Co. Ltd. (Consumer Discretionary) | | | 52,394 | |
| | 4,331 | | | Central Japan Railway Co. (Industrials) | | | 513,784 | |
| | 17,064 | | | Chiba Bank Ltd. (The) (Financials) | | | 92,567 | |
| | 18,542 | | | Chubu Electric Power Co., Inc. (Utilities) | | | 189,132 | |
| | 16,136 | | | Chugai Pharmaceutical Co. Ltd. (Health Care) | | | 420,089 | |
| | 7,901 | | | Chugoku Electric Power Co., Inc. (The) (Utilities) | | | 47,534 | |
| | 3,058 | | | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | | | 31,523 | |
| | 27,326 | | | Concordia Financial Group Ltd. (Financials) | | | 87,128 | |
| | 471 | | | Cosmos Pharmaceutical Corp. (Consumer Staples) | | | 49,912 | |
| | 10,425 | | | CyberAgent, Inc. (Communication Services) | | | 102,953 | |
| | 5,898 | | | Dai Nippon Printing Co. Ltd. (Industrials) | | | 124,959 | |
| | 2,913 | | | Daifuku Co. Ltd. (Industrials) | | | 172,101 | |
| | 23,763 | | | Dai-ichi Life Holdings, Inc. (Financials) | | | 412,606 | |
| |
| | |
| 46 | | 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) | |
| | 48,101 | | | Daiichi Sankyo Co. Ltd. (Health Care) | | $ | 1,456,302 | |
| | 6,695 | | | Daikin Industries Ltd. (Industrials) | | | 1,182,522 | |
| | 1,526 | | | Daito Trust Construction Co. Ltd. (Real Estate) | | | 151,252 | |
| | 15,386 | | | Daiwa House Industry Co. Ltd. (Real Estate) | | | 348,065 | |
| | 54 | | | Daiwa House REIT Investment Corp. REIT (Real Estate) | | | 125,432 | |
| | 35,220 | | | Daiwa Securities Group, Inc. (Financials)(b) | | | 154,625 | |
| | 10,927 | | | Denso Corp. (Consumer Discretionary) | | | 603,084 | |
| | 5,319 | | | Dentsu Group, Inc. (Communication Services) | | | 173,239 | |
| | 722 | | | Disco Corp. (Information Technology) | | | 178,124 | |
| | 8,680 | | | East Japan Railway Co. (Industrials) | | | 453,270 | |
| | 2,313 | | | Ebara Corp. (Industrials) | | | 88,766 | |
| | 6,793 | | | Eisai Co. Ltd. (Health Care) | | | 279,168 | |
| | 4,188 | | | Electric Power Development Co. Ltd. (Utilities) | | | 64,772 | |
| | 78,988 | | | ENEOS Holdings, Inc. (Energy)(b) | | | 298,345 | |
| | 1,247 | | | Ezaki Glico Co. Ltd. (Consumer Staples) | | | 32,609 | |
| | 4,836 | | | FANUC Corp. (Industrials) | | | 786,144 | |
| | 1,390 | | | Fast Retailing Co. Ltd. (Consumer Discretionary)(b) | | | 821,717 | |
| | 2,759 | | | Food & Life Cos. Ltd. (Consumer Discretionary) | | | 44,005 | |
| | 3,285 | | | Fuji Electric Co. Ltd. (Industrials) | | | 143,841 | |
| | 4,109 | | | Fuji Media Holdings, Inc. (Communication Services) | | | 32,753 | |
| | 9,620 | | | FUJIFILM Holdings Corp. (Information Technology) | | | 493,474 | |
| | 4,801 | | | Fujitsu Ltd. (Information Technology) | | | 573,696 | |
| | 4,437 | | | Fukuoka Financial Group, Inc. (Financials) | | | 79,570 | |
| | 110 | | | GLP J REIT (Real Estate) | | | 134,817 | |
| | 1,104 | | | GMO Payment Gateway, Inc. (Information Technology) | | | 89,355 | |
| | 5,543 | | | Hakuhodo DY Holdings, Inc. (Communication Services)(b) | | | 50,022 | |
| | 3,585 | | | Hamamatsu Photonics KK (Information Technology) | | | 153,874 | |
| | 5,867 | | | Hankyu Hanshin Holdings, Inc. (Industrials) | | | 177,121 | |
| | 1,082 | | | Harmonic Drive Systems, Inc. (Industrials) | | | 39,963 | |
| | 6,420 | | | Haseko Corp. (Consumer Discretionary) | | | 74,099 | |
| | 483 | | | Hikari Tsushin, Inc. (Consumer Discretionary) | | | 61,496 | |
| | 6,748 | | | Hino Motors Ltd. (Industrials) | | | 31,057 | |
| | 781 | | | Hirose Electric Co. Ltd. (Information Technology) | | | 111,833 | |
| | 1,653 | | | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | | | 40,423 | |
| | 2,596 | | | Hitachi Construction Machinery Co. Ltd. (Industrials) | | | 53,914 | |
| | 24,010 | | | Hitachi Ltd. (Industrials) | | | 1,211,715 | |
| |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 4,999 | | | Hitachi Metals Ltd. (Materials)* | | | 75,476 | |
| | 40,592 | | | Honda Motor Co. Ltd. (Consumer Discretionary) | | | 1,090,457 | |
| | 2,789 | | | Hoshizaki Corp. (Industrials) | | | 83,494 | |
| | 9,144 | | | Hoya Corp. (Health Care) | | | 939,960 | |
| | 11,847 | | | Hulic Co. Ltd. (Real Estate) | | | 90,588 | |
| | 2,972 | | | Ibiden Co. Ltd. (Information Technology) | | | 96,047 | |
| | 5,261 | | | Idemitsu Kosan Co. Ltd. (Energy) | | | 138,522 | |
| | 3,407 | | | IHI Corp. (Industrials) | | | 91,795 | |
| | 3,776 | | | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | | | 57,828 | |
| | 25,187 | | | Inpex Corp. (Energy) | | | 291,433 | |
| | 8,446 | | | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | | | 67,142 | |
| | 14,883 | | | Isuzu Motors Ltd. (Consumer Discretionary) | | | 185,843 | |
| | 1,392 | | | Ito En Ltd. (Consumer Staples) | | | 61,655 | |
| | 37,018 | | | ITOCHU Corp. (Industrials)(b) | | | 1,026,223 | |
| | 2,270 | | | Itochu Techno-Solutions Corp. (Information Technology) | | | 57,886 | |
| | 6,185 | | | J Front Retailing Co. Ltd. (Consumer Discretionary) | | | 49,346 | |
| | 10,758 | | | Japan Airlines Co. Ltd. (Industrials)* | | | 199,755 | |
| | 13,382 | | | Japan Exchange Group, Inc. (Financials) | | | 201,225 | |
| | 178 | | | Japan Metropolitan Fund Invest REIT (Real Estate) | | | 142,015 | |
| | 10,144 | | | Japan Post Bank Co. Ltd. (Financials) | | | 74,200 | |
| | 58,705 | | | Japan Post Holdings Co. Ltd. (Financials) | | | 407,092 | |
| | 4,986 | | | Japan Post Insurance Co. Ltd. (Financials)(b) | | | 76,683 | |
| | 28,045 | | | Japan Tobacco, Inc. (Consumer Staples) | | | 477,448 | |
| | 12,609 | | | JFE Holdings, Inc. (Materials)(b) | | | 136,436 | |
| | 5,683 | | | JGC Holdings Corp. (Industrials) | | | 77,236 | |
| | 4,977 | | | JSR Corp. (Materials) | | | 112,375 | |
| | 5,743 | | | JTEKT Corp. (Consumer Discretionary) | | | 40,807 | |
| | 10,889 | | | Kajima Corp. (Industrials) | | | 115,390 | |
| | 3,213 | | | Kakaku.com, Inc. (Communication Services) | | | 60,007 | |
| | 18,749 | | | Kansai Electric Power Co., Inc. (The) (Utilities) | | | 182,046 | |
| | 5,537 | | | Kansai Paint Co. Ltd. (Materials) | | | 85,796 | |
| | 11,868 | | | Kao Corp. (Consumer Staples) | | | 518,382 | |
| | 3,837 | | | Kawasaki Heavy Industries Ltd. (Industrials) | | | 75,093 | |
| | 1,316 | | | Kawasaki Kisen Kaisha Ltd. (Industrials) | | | 84,300 | |
| | 38,290 | | | KDDI Corp. (Communication Services) | | | 1,181,362 | |
| | 2,540 | | | Keihan Holdings Co. Ltd. (Industrials) | | | 64,863 | |
| | 5,996 | | | Keikyu Corp. (Industrials) | | | 61,982 | |
| | 2,602 | | | Keio Corp. (Industrials) | | | 99,857 | |
| | 3,789 | | | Keisei Electric Railway Co. Ltd. (Industrials) | | | 106,598 | |
| | 2,567 | | | Kewpie Corp. (Consumer Staples) | | | 42,424 | |
| | 4,768 | | | Keyence Corp. (Information Technology) | | | 1,817,429 | |
| | 3,572 | | | Kikkoman Corp. (Consumer Staples) | | | 220,569 | |
| | 4,288 | | | Kintetsu Group Holdings Co. Ltd. (Industrials) | | | 146,619 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 19,256 | | | Kirin Holdings Co. Ltd. (Consumer Staples) | | $ | 318,722 | |
| | 1,224 | | | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | | | 70,019 | |
| | 3,411 | | | Kobe Bussan Co. Ltd. (Consumer Staples) | | | 87,843 | |
| | 1,436 | | | Koei Tecmo Holdings Co. Ltd. (Communication Services) | | | 48,635 | |
| | 3,109 | | | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | | | 107,315 | |
| | 23,792 | | | Komatsu Ltd. (Industrials) | | | 502,871 | |
| | 2,365 | | | Konami Group Corp. (Communication Services) | | | 120,788 | |
| | 825 | | | Kose Corp. (Consumer Staples) | | | 78,795 | |
| | 29,766 | | | Kubota Corp. (Industrials) | | | 467,130 | |
| | 8,278 | | | Kuraray Co. Ltd. (Materials) | | | 63,358 | |
| | 2,771 | | | Kurita Water Industries Ltd. (Industrials) | | | 109,141 | |
| | 8,226 | | | Kyocera Corp. (Information Technology) | | | 461,546 | |
| | 6,241 | | | Kyowa Kirin Co. Ltd. (Health Care) | | | 141,140 | |
| | 11,293 | | | Kyushu Electric Power Co., Inc. (Utilities) | | | 68,104 | |
| | 3,450 | | | Kyushu Railway Co. (Industrials) | | | 73,019 | |
| | 1,954 | | | Lasertec Corp. (Information Technology) | | | 273,525 | |
| | 1,131 | | | Lawson, Inc. (Consumer Staples) | | | 37,612 | |
| | 6,332 | | | Lion Corp. (Consumer Staples) | | | 74,454 | |
| | 7,152 | | | Lixil Corp. (Industrials) | | | 125,834 | |
| | 10,386 | | | M3, Inc. (Health Care) | | | 338,720 | |
| | 6,192 | | | Makita Corp. (Industrials) | | | 147,447 | |
| | 42,349 | | | Marubeni Corp. (Industrials) | | | 443,576 | |
| | 4,629 | | | Marui Group Co. Ltd. (Financials) | | | 83,748 | |
| | 3,067 | | | MatsukiyoCocokara & Co. (Consumer Staples) | | | 122,569 | |
| | 14,849 | | | Mazda Motor Corp. (Consumer Discretionary) | | | 131,860 | |
| | 2,153 | | | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | | | 77,190 | |
| | 25,469 | | | Mebuki Financial Group, Inc. (Financials) | | | 49,055 | |
| | 4,397 | | | Medipal Holdings Corp. (Health Care) | | | 60,488 | |
| | 3,146 | | | MEIJI Holdings Co. Ltd. (Consumer Staples) | | | 150,463 | |
| | 2,582 | | | Mercari, Inc. (Consumer Discretionary)* | | | 42,467 | |
| | 9,608 | | | MINEBEA MITSUMI, Inc. (Industrials) | | | 167,590 | |
| | 7,230 | | | MISUMI Group, Inc. (Industrials) | | | 179,935 | |
| | 34,213 | | | Mitsubishi Chemical Group Corp. (Materials) | | | 180,906 | |
| | 34,165 | | | Mitsubishi Corp. (Industrials) | | | 1,124,826 | |
| | 49,544 | | | Mitsubishi Electric Corp. (Industrials) | | | 506,966 | |
| | 29,492 | | | Mitsubishi Estate Co. Ltd. (Real Estate) | | | 399,964 | |
| | 4,841 | | | Mitsubishi Gas Chemical Co., Inc. (Materials) | | | 72,672 | |
| | 17,737 | | | Mitsubishi HC Capital, Inc. (Financials) | | | 86,494 | |
| | 7,865 | | | Mitsubishi Heavy Industries Ltd. (Industrials) | | | 304,898 | |
| | 3,035 | | | Mitsubishi Materials Corp. (Materials) | | | 45,561 | |
| | 16,660 | | | Mitsubishi Motors Corp. (Consumer Discretionary)* | | | 67,181 | |
| |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 286,430 | | | Mitsubishi UFJ Financial Group, Inc. (Financials) | | | 1,489,953 | |
| | 37,414 | | | Mitsui & Co. Ltd. (Industrials) | | | 881,472 | |
| | 4,458 | | | Mitsui Chemicals, Inc. (Materials) | | | 101,139 | |
| | 22,251 | | | Mitsui Fudosan Co. Ltd. (Real Estate) | | | 453,206 | |
| | 8,896 | | | Mitsui OSK Lines Ltd. (Industrials)(b) | | | 234,553 | |
| | 2,436 | | | Miura Co. Ltd. (Industrials) | | | 52,384 | |
| | 60,032 | | | Mizuho Financial Group, Inc. (Financials) | | | 690,070 | |
| | 6,143 | | | MonotaRO Co. Ltd. (Industrials) | | | 111,848 | |
| | 11,693 | | | MS&AD Insurance Group Holdings, Inc. (Financials)(b) | | | 350,980 | |
| | 15,797 | | | Murata Manufacturing Co. Ltd. (Information Technology) | | | 860,815 | |
| | 2,705 | | | Nabtesco Corp. (Industrials) | | | 64,881 | |
| | 4,882 | | | Nagoya Railroad Co. Ltd. (Industrials) | | | 75,999 | |
| | 6,383 | | | NEC Corp. (Information Technology) | | | 234,830 | |
| | 10,784 | | | Nexon Co. Ltd. (Communication Services) | | | 216,964 | |
| | 7,603 | | | NGK Insulators Ltd. (Industrials) | | | 109,637 | |
| | 4,880 | | | NGK Spark Plug Co. Ltd. (Consumer Discretionary) | | | 100,891 | |
| | 2,557 | | | NH Foods Ltd. (Consumer Staples) | | | 73,597 | |
| | 3,006 | | | Nichirei Corp. (Consumer Staples) | | | 54,016 | |
| | 12,636 | | | Nidec Corp. (Industrials) | | | 849,905 | |
| | 7,549 | | | Nihon M&A Center Holdings, Inc. (Industrials) | | | 95,244 | |
| | 7,934 | | | Nikon Corp. (Consumer Discretionary) | | | 91,173 | |
| | 2,917 | | | Nintendo Co. Ltd. (Communication Services) | | | 1,199,205 | |
| | 42 | | | Nippon Building Fund, Inc. REIT (Real Estate) | | | 210,265 | |
| | 2,087 | | | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | | | 115,773 | |
| | 22,840 | | | Nippon Paint Holdings Co. Ltd. (Materials) | | | 178,930 | |
| | 58 | | | Nippon Prologis REIT, Inc. REIT (Real Estate) | | | 146,647 | |
| | 4,489 | | | Nippon Sanso Holdings Corp. (Materials) | | | 82,381 | |
| | 1,600 | | | Nippon Shinyaku Co. Ltd. (Health Care) | | | 88,296 | |
| | 21,824 | | | Nippon Steel Corp. (Materials)(b) | | | 347,688 | |
| | 55,928 | | | Nippon Telegraph & Telephone Corp. (Communication Services) | | | 1,520,596 | |
| | 3,541 | | | Nippon Television Holdings, Inc. (Communication Services) | | | 30,295 | |
| | 4,154 | | | Nippon Yusen KK (Industrials)(b) | | | 320,334 | |
| | 3,193 | | | Nissan Chemical Corp. (Materials) | | | 162,846 | |
| | 56,165 | | | Nissan Motor Co. Ltd. (Consumer Discretionary) | | | 222,796 | |
| | 6,025 | | | Nisshin Seifun Group, Inc. (Consumer Staples) | | | 68,236 | |
| | 1,657 | | | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | | | 119,053 | |
| | 2,071 | | | Nitori Holdings Co. Ltd. (Consumer Discretionary) | | | 200,041 | |
| |
| | |
| 48 | | 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) | |
| | 3,710 | | | Nitto Denko Corp. (Materials) | | $ | 230,696 | |
| | 75,165 | | | Nomura Holdings, Inc. (Financials) | | | 273,170 | |
| | 2,785 | | | Nomura Real Estate Holdings, Inc. (Real Estate) | | | 68,809 | |
| | 114 | | | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | | | 139,966 | |
| | 9,391 | | | Nomura Research Institute Ltd. (Information Technology) | | | 256,749 | |
| | 11,514 | | | NSK Ltd. (Industrials) | | | 62,958 | |
| | 15,988 | | | NTT Data Corp. (Information Technology) | | | 227,667 | |
| | 16,164 | | | Obayashi Corp. (Industrials) | | | 112,638 | |
| | 702 | | | OBIC Business Consultants Co. Ltd. (Information Technology) | | | 25,624 | |
| | 1,594 | | | Obic Co. Ltd. (Information Technology) | | | 238,827 | |
| | 8,592 | | | Odakyu Electric Railway Co. Ltd. (Industrials) | | | 118,444 | |
| | 22,406 | | | Oji Holdings Corp. (Materials) | | | 90,028 | |
| | 30,937 | | | Olympus Corp. (Health Care) | | | 671,743 | |
| | 4,893 | | | Omron Corp. (Information Technology) | | | 260,842 | |
| | 9,968 | | | Ono Pharmaceutical Co. Ltd. (Health Care) | | | 239,304 | |
| | 1,958 | | | Open House Group Co. Ltd. (Consumer Discretionary) | | | 77,261 | |
| | 838 | | | Oracle Corp. Japan (Information Technology) | | | 50,476 | |
| | 5,063 | | | Oriental Land Co. Ltd. (Consumer Discretionary) | | | 761,504 | |
| | 30,242 | | | ORIX Corp. (Financials) | | | 500,888 | |
| | 70 | | | Orix JREIT, Inc. REIT (Real Estate) | | | 96,700 | |
| | 10,212 | | | Osaka Gas Co. Ltd. (Utilities) | | | 172,674 | |
| | 2,766 | | | Otsuka Corp. (Information Technology) | | | 90,388 | |
| | 10,229 | | | Otsuka Holdings Co. Ltd. (Health Care) | | | 336,552 | |
| | 9,658 | | | Pan Pacific International Holdings Corp. (Consumer Discretionary) | | | 174,523 | |
| | 57,844 | | | Panasonic Holdings Corp. (Consumer Discretionary) | | | 472,766 | |
| | 3,237 | | | Park24 Co. Ltd. (Industrials)* | | | 46,608 | |
| | 2,295 | | | PeptiDream, Inc. (Health Care)* | | | 27,830 | |
| | 4,708 | | | Persol Holdings Co. Ltd. (Industrials) | | | 95,773 | |
| | 2,906 | | | Pigeon Corp. (Consumer Staples) | | | 43,666 | |
| | 2,085 | | | Pola Orbis Holdings, Inc. (Consumer Staples) | | | 23,283 | |
| | 2,097 | | | Rakus Co. Ltd. (Information Technology) | | | 25,398 | |
| | 22,437 | | | Rakuten Group, Inc. (Consumer Discretionary) | | | 109,413 | |
| | 35,248 | | | Recruit Holdings Co. Ltd. (Industrials) | | | 1,139,887 | |
| | 29,006 | | | Renesas Electronics Corp. (Information Technology)* | | | 277,035 | |
| | 59,843 | | | Resona Holdings, Inc. (Financials) | | | 221,155 | |
| | 15,409 | | | Ricoh Co. Ltd. (Information Technology) | | | 121,938 | |
| | 876 | | | Rinnai Corp. (Consumer Discretionary) | | | 67,742 | |
| | 2,174 | | | Rohm Co. Ltd. (Information Technology) | | | 164,981 | |
| | 6,124 | | | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | | | 57,430 | |
| | 9,535 | | | Santen Pharmaceutical Co. Ltd. (Health Care) | | | 69,195 | |
| |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 6,064 | | | SBI Holdings, Inc. (Financials) | | | 120,121 | |
| | 1,083 | | | SCREEN Holdings Co. Ltd. (Information Technology) | | | 73,281 | |
| | 3,627 | | | SCSK Corp. (Information Technology) | | | 59,654 | |
| | 5,306 | | | Secom Co. Ltd. (Industrials) | | | 341,498 | |
| | 4,035 | | | Sega Sammy Holdings, Inc. (Consumer Discretionary)(b) | | | 60,339 | |
| | 5,642 | | | Seibu Holdings, Inc. (Industrials) | | | 57,590 | |
| | 7,614 | | | Seiko Epson Corp. (Information Technology) | | | 120,616 | |
| | 10,142 | | | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | | | 139,446 | |
| | 15,145 | | | Sekisui House Ltd. (Consumer Discretionary) | | | 259,363 | |
| | 18,839 | | | Seven & i Holdings Co. Ltd. (Consumer Staples) | | | 751,929 | |
| | 15,242 | | | Seven Bank Ltd. (Financials) | | | 29,027 | |
| | 10,056 | | | SG Holdings Co. Ltd. (Industrials) | | | 168,223 | |
| | 8,133 | | | Sharp Corp. (Consumer Discretionary) | | | 58,845 | |
| | 6,997 | | | Shimadzu Corp. (Information Technology) | | | 206,440 | |
| | 594 | | | Shimamura Co. Ltd. (Consumer Discretionary) | | | 54,162 | |
| | 2,036 | | | Shimano, Inc. (Consumer Discretionary) | | | 364,534 | |
| | 14,096 | | | Shimizu Corp. (Industrials) | | | 77,890 | |
| | 10,272 | | | Shin-Etsu Chemical Co. Ltd. (Materials) | | | 1,208,928 | |
| | 1,678 | | | Shinko Electric Industries Co. Ltd. (Information Technology) | | | 47,571 | |
| | 1,848 | | | Shinsei Bank Ltd. (Financials) | | | 26,129 | |
| | 7,551 | | | Shionogi & Co. Ltd. (Health Care) | | | 370,619 | |
| | 10,095 | | | Shiseido Co. Ltd. (Consumer Staples) | | | 385,594 | |
| | 12,764 | | | Shizuoka Bank Ltd. (The) (Financials) | | | 74,213 | |
| | 4,507 | | | Showa Denko KK (Materials) | | | 70,064 | |
| | 1,564 | | | SMC Corp. (Industrials) | | | 751,397 | |
| | 70,471 | | | SoftBank Corp. (Communication Services) | | | 777,532 | |
| | 26,586 | | | SoftBank Group Corp. (Communication Services) | | | 1,066,700 | |
| | 1,848 | | | Sohgo Security Services Co. Ltd. (Industrials) | | | 48,191 | |
| | 5,780 | | | Sojitz Corp. (Industrials) | | | 97,984 | |
| | 7,942 | | | Sompo Holdings, Inc. (Financials) | | | 342,201 | |
| | 31,438 | | | Sony Group Corp. (Consumer Discretionary) | | | 2,525,245 | |
| | 2,256 | | | Square Enix Holdings Co. Ltd. (Communication Services) | | | 98,784 | |
| | 3,697 | | | Stanley Electric Co. Ltd. (Consumer Discretionary) | | | 68,993 | |
| | 15,461 | | | Subaru Corp. (Consumer Discretionary) | | | 282,787 | |
| | 900 | | | Sugi Holdings Co. Ltd. (Consumer Staples) | | | 38,435 | |
| | 8,612 | | | SUMCO Corp. (Information Technology) | | | 118,658 | |
| | 40,134 | | | Sumitomo Chemical Co. Ltd. (Materials) | | | 159,233 | |
| | 29,897 | | | Sumitomo Corp. (Industrials) | | | 423,788 | |
| | 18,867 | | | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | | | 218,102 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 2,894 | | | Sumitomo Heavy Industries Ltd. (Industrials) | | $ | 61,356 | |
| | 6,146 | | | Sumitomo Metal Mining Co. Ltd. (Materials) | | | 195,298 | |
| | 30,687 | | | Sumitomo Mitsui Financial Group, Inc. (Financials) | | | 928,413 | |
| | 7,968 | | | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | | | 249,228 | |
| | 4,217 | | | Sumitomo Pharma Co. Ltd. (Health Care) | | | 31,607 | |
| | 7,997 | | | Sumitomo Realty & Development Co. Ltd. (Real Estate) | | | 197,293 | |
| | 4,485 | | | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | | | 38,824 | |
| | 1,710 | | | Sundrug Co. Ltd. (Consumer Staples) | | | 42,064 | |
| | 3,150 | | | Suntory Beverage & Food Ltd. (Consumer Staples) | | | 115,888 | |
| | 1,559 | | | Suzuken Co. Ltd. (Health Care) | | | 37,506 | |
| | 10,479 | | | Suzuki Motor Corp. (Consumer Discretionary) | | | 368,815 | |
| | 3,877 | | | Sysmex Corp. (Health Care) | | | 240,605 | |
| | 13,103 | | | T&D Holdings, Inc. (Financials) | | | 143,767 | |
| | 4,574 | | | Taisei Corp. (Industrials) | | | 139,736 | |
| | 1,002 | | | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | | | 37,514 | |
| | 3,088 | | | Taiyo Yuden Co. Ltd. (Information Technology) | | | 96,900 | |
| | 38,797 | | | Takeda Pharmaceutical Co. Ltd. (Health Care) | | | 1,077,500 | |
| | 2,287 | | | TBS Holdings, Inc. (Communication Services) | | | 26,677 | |
| | 9,628 | | | TDK Corp. (Information Technology) | | | 341,364 | |
| | 4,574 | | | Teijin Ltd. (Materials) | | | 48,668 | |
| | 18,195 | | | Terumo Corp. (Health Care) | | | 591,428 | |
| | 2,929 | | | THK Co. Ltd. (Industrials) | | | 60,281 | |
| | 5,686 | | | TIS, Inc. (Information Technology) | | | 163,658 | |
| | 4,557 | | | Tobu Railway Co. Ltd. (Industrials) | | | 108,316 | |
| | 146 | | | Toei Animation Co. Ltd. (Communication Services) | | | 13,513 | |
| | 2,735 | | | Toho Co. Ltd. (Communication Services) | | | 104,764 | |
| | 2,351 | | | Toho Gas Co. Ltd. (Utilities) | | | 52,998 | |
| | 11,842 | | | Tohoku Electric Power Co., Inc. (Utilities) | | | 59,114 | |
| | 15,566 | | | Tokio Marine Holdings, Inc. (Financials) | | | 874,952 | |
| | 954 | | | Tokyo Century Corp. (Financials) | | | 34,409 | |
| | 37,674 | | | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | | | 147,842 | |
| | 3,796 | | | Tokyo Electron Ltd. (Information Technology)(b) | | | 1,209,243 | |
| | 10,501 | | | Tokyo Gas Co. Ltd. (Utilities) | | | 197,862 | |
| | 13,709 | | | Tokyu Corp. (Industrials) | | | 164,063 | |
| | 15,051 | | | Tokyu Fudosan Holdings Corp. (Real Estate) | | | 81,539 | |
| | 6,858 | | | TOPPAN, Inc. (Industrials) | | | 108,392 | |
| | 38,042 | | | Toray Industries, Inc. (Materials) | | | 219,237 | |
| | 10,374 | | | Toshiba Corp. (Industrials) | | | 386,672 | |
| | 7,202 | | | Tosoh Corp. (Materials)(b) | | | 93,879 | |
| |
|
| Common Stocks – (continued) | |
| Japan – (continued) | |
| | 3,922 | | | TOTO Ltd. (Industrials) | | | 136,793 | |
| | 2,220 | | | Toyo Suisan Kaisha Ltd. (Consumer Staples) | | | 91,442 | |
| | 1,836 | | | Toyota Boshoku Corp. (Consumer Discretionary) | | | 26,966 | |
| | 3,935 | | | Toyota Industries Corp. (Industrials) | | | 221,978 | |
| | 276,803 | | | Toyota Motor Corp. (Consumer Discretionary) | | | 4,196,224 | |
| | 5,626 | | | Toyota Tsusho Corp. (Industrials) | | | 199,066 | |
| | 3,379 | | | Trend Micro, Inc. (Information Technology) | | | 210,113 | |
| | 969 | | | Tsuruha Holdings, Inc. (Consumer Staples) | | | 54,173 | |
| | 10,164 | | | Unicharm Corp. (Consumer Staples) | | | 355,676 | |
| | 72 | | | United Urban Investment Corp. REIT (Real Estate) | | | 76,973 | |
| | 4,986 | | | USS Co. Ltd. (Consumer Discretionary) | | | 88,624 | |
| | 2,327 | | | Welcia Holdings Co. Ltd. (Consumer Staples) | | | 49,066 | |
| | 5,588 | | | West Japan Railway Co. (Industrials) | | | 218,965 | |
| | 501 | | | Workman Co. Ltd. (Consumer Discretionary) | | | 20,275 | |
| | 3,262 | | | Yakult Honsha Co. Ltd. (Consumer Staples) | | | 193,661 | |
| | 17,771 | | | Yamada Holdings Co. Ltd. (Consumer Discretionary) | | | 61,790 | |
| | 4,156 | | | Yamaha Corp. (Consumer Discretionary) | | | 163,692 | |
| | 7,842 | | | Yamaha Motor Co. Ltd. (Consumer Discretionary) | | | 163,996 | |
| | 8,000 | | | Yamato Holdings Co. Ltd. (Industrials) | | | 125,807 | |
| | 3,217 | | | Yamazaki Baking Co. Ltd. (Consumer Staples) | | | 38,012 | |
| | 6,345 | | | Yaskawa Electric Corp. (Industrials)(b) | | | 209,631 | |
| | 6,474 | | | Yokogawa Electric Corp. (Information Technology) | | | 114,185 | |
| | 3,346 | | | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | | | 55,250 | |
| | 66,667 | | | Z Holdings Corp. (Communication Services) | | | 199,580 | |
| | 2,903 | | | ZOZO, Inc. (Consumer Discretionary) | | | 65,128 | |
| | | | | | | | |
| | | | | | | 86,588,520 | |
| | |
| Jordan – 0.0% | |
| | 3,505 | | | Hikma Pharmaceuticals PLC (Health Care) | | | 53,550 | |
| | |
| Luxembourg – 0.1% | |
| | 11,874 | | | ArcelorMittal (Materials) | | | 283,632 | |
| | 3,278 | | | Eurofins Scientific SE (Health Care) | | | 227,767 | |
| | | | | | | | |
| | | | | | | 511,399 | |
| | |
| Macau – 0.1% | |
| | 54,757 | | | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | | | 307,661 | |
| | 61,673 | | | Sands China Ltd. (Consumer Discretionary)* | | | 139,079 | |
| | | | | | | | |
| | | | | | | 446,740 | |
| | |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Mexico – 0.0% | |
| | 4,665 | | | Fresnillo PLC (Materials) | | $ | 37,379 | |
| | |
| Netherlands – 5.0% | |
| | 11,168 | | | ABN AMRO Bank NV (Financials)(a)(b) | | | 107,516 | |
| | 666 | | | Adyen NV (Information Technology)*(a) | | | 1,034,681 | |
| | 4,170 | | | Akzo Nobel NV (Materials) | | | 264,336 | |
| | 1,366 | | | Argenx SE ADR (Health Care)* | | | 516,170 | |
| | 1,146 | | | ASM International NV (Information Technology) | | | 312,405 | |
| | 10,192 | | | ASML Holding NV (Information Technology) | | | 4,966,968 | |
| | 2,709 | | | EXOR NV (Financials) | | | 164,150 | |
| | 2,254 | | | HAL Trust (Financials) | | | 282,860 | |
| | 2,557 | | | Heineken Holding NV (Consumer Staples) | | | 182,040 | |
| | 6,059 | | | Heineken NV (Consumer Staples) | | | 546,753 | |
| | 92,885 | | | ING Groep NV (Financials) | | | 818,749 | |
| | 2,417 | | | JDE Peet’s NV (Consumer Staples) | | | 74,662 | |
| | 25,812 | | | Koninklijke Ahold Delhaize NV (Consumer Staples) | | | 711,174 | |
| | 4,375 | | | Koninklijke DSM NV (Materials) | | | 560,249 | |
| | 82,063 | | | Koninklijke KPN NV (Communication Services) | | | 261,584 | |
| | 22,304 | | | Koninklijke Philips NV (Health Care) | | | 373,378 | |
| | 7,048 | | | NN Group NV (Financials) | | | 290,359 | |
| | 2,825 | | | Randstad NV (Industrials) | | | 132,063 | |
| | 187,148 | | | Shell PLC (Energy) | | | 4,986,830 | |
| | 24,006 | | | Universal Music Group NV (Communication Services) | | | 478,102 | |
| | 6,601 | | | Wolters Kluwer NV (Industrials) | | | 646,771 | |
| | | | | | | | |
| | | | | | | 17,711,800 | |
| | |
| New Zealand – 0.4% | |
| | 18,699 | | | a2 Milk Co. Ltd. (The) (Consumer Staples)* | | | 71,423 | |
| | 30,538 | | | Auckland International Airport Ltd. (Industrials)* | | | 141,545 | |
| | 11,281 | | | Chorus Ltd. (Communication Services) | | | 55,435 | |
| | 19,735 | | | Contact Energy Ltd. (Utilities) | | | 95,344 | |
| | 14,641 | | | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | | | 176,476 | |
| | 18,761 | | | Fletcher Building Ltd. (Industrials) | | | 64,413 | |
| | 27,596 | | | Goodman Property Trust REIT (Real Estate) | | | 36,799 | |
| | 17,898 | | | Infratil Ltd. (Utilities) | | | 99,308 | |
| | 2,096 | | | Mainfreight Ltd. (Industrials) | | | 95,737 | |
| | 15,882 | | | Mercury NZ Ltd. (Utilities) | | | 56,476 | |
| | 29,226 | | | Meridian Energy Ltd. (Utilities) | | | 89,682 | |
| | 9,324 | | | Ryman Healthcare Ltd. (Health Care) | | | 52,535 | |
| | 46,876 | | | Spark New Zealand Ltd. (Communication Services) | | | 155,769 | |
| | 3,359 | | | Xero Ltd. (Information Technology)* | | | 202,068 | |
| | | | | | | | |
| | | | | | | 1,393,010 | |
| | |
|
| Common Stocks – (continued) | |
| Norway – 1.0% | |
| | 560 | | | Aker ASA, Class A (Industrials) | | | 44,240 | |
| | 10,139 | | | Aker BP ASA (Energy) | | | 355,227 | |
| | 2,187 | | | Austevoll Seafood ASA (Consumer Staples) | | | 23,514 | |
| | 21,446 | | | AutoStore Holdings Ltd. (Industrials)*(a)(b) | | | 28,525 | |
| | 22,477 | | | DNB Bank ASA (Financials) | | | 430,327 | |
| | 1,376 | | | Entra ASA (Real Estate)(a) | | | 17,941 | |
| | 23,981 | | | Equinor ASA (Energy) | | | 924,767 | |
| | 4,700 | | | Gjensidige Forsikring ASA (Financials) | | | 95,666 | |
| | 1,901 | | | Kongsberg Gruppen ASA (Industrials) | | | 65,128 | |
| | 7,136 | | | Leroy Seafood Group ASA (Consumer Staples) | | | 47,889 | |
| | 10,502 | | | Mowi ASA (Consumer Staples) | | | 216,196 | |
| | 39,372 | | | NEL ASA (Industrials)* | | | 58,339 | |
| | 4,192 | | | Nordic Semiconductor ASA (Information Technology)* | | | 64,628 | |
| | 34,068 | | | Norsk Hydro ASA (Materials) | | | 235,149 | |
| | 18,939 | | | Orkla ASA (Consumer Staples) | | | 159,197 | |
| | 1,430 | | | Salmar ASA (Consumer Staples) | | | 95,029 | |
| | 1,867 | | | Schibsted ASA, Class A (Communication Services) | | | 34,390 | |
| | 2,452 | | | Schibsted ASA, Class B (Communication Services) | | | 42,324 | |
| | 4,380 | | | SpareBank 1 SR-Bank ASA (Financials) | | | 50,225 | |
| | 11,523 | | | Storebrand ASA (Financials) | | | 92,680 | |
| | 16,326 | | | Telenor ASA (Communication Services) | | | 179,313 | |
| | 5,913 | | | TOMRA Systems ASA (Industrials) | | | 135,459 | |
| | 9,937 | | | Var Energi ASA (Energy) | | | 43,116 | |
| | | | | | | | |
| | | | | | | 3,439,269 | |
| | |
| Poland – 0.2% | |
| | 10,691 | | | Allegro.eu SA (Consumer Discretionary)*(a)(b) | | | 56,502 | |
| | 4,467 | | | Bank Pekao SA (Financials) | | | 62,067 | |
| | 1,738 | | | CD Projekt SA (Communication Services) | | | 31,156 | |
| | 4,663 | | | Cyfrowy Polsat SA (Communication Services) | | | 19,278 | |
| | 1,213 | | | Dino Polska SA (Consumer Staples)*(a) | | | 88,846 | |
| | 5,169 | | | InPost SA (Industrials)* | | | 26,706 | |
| | 3,455 | | | KGHM Polska Miedz SA (Materials) | | | 65,161 | |
| | 330 | | | mBank SA (Financials)* | | | 15,260 | |
| | 29,824 | | | PGE Polska Grupa Energetyczna SA (Utilities)* | | | 45,583 | |
| | 10,227 | | | Polski Koncern Naftowy ORLEN SA (Energy) | | | 132,902 | |
| | 41,148 | | | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)* | | | 49,018 | |
| | 22,338 | | | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | | | 111,964 | |
| | 14,393 | | | Powszechny Zaklad Ubezpieczen SA (Financials) | | | 86,373 | |
| | 842 | | | Santander Bank Polska SA (Financials) | | | 38,435 | |
| | | | | | | | |
| | | | | | | 829,251 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Portugal – 0.2% | |
| | 185,579 | | | Banco Comercial Portugues SA, Class R (Financials) | | $ | 27,095 | |
| | 70,624 | | | EDP – Energias de Portugal SA (Utilities) | | | 338,178 | |
| | 12,425 | | | Galp Energia SGPS SA (Energy) | | | 134,872 | |
| | 7,032 | | | Jeronimo Martins SGPS SA (Consumer Staples) | | | 156,270 | |
| | 5,408 | | | Navigator Co SA (The) (Materials) | | | 21,524 | |
| | | | | | | | |
| | | | | | | 677,939 | |
| | |
| Russia – 0.0% | |
| | 12,172 | | | Evraz PLC (Materials)(c) | | | 0 | |
| | |
| Singapore – 1.8% | |
| | 87,721 | | | Ascendas Real Estate Investment Trust REIT (Real Estate) | | | 177,316 | |
| | 133,565 | | | CapitaLand Integrated Commercial Trust REIT (Real Estate) | | | 198,179 | |
| | 128,917 | | | Capitaland Investment Ltd. (Real Estate) | | | 340,982 | |
| | 13,011 | | | City Developments Ltd. (Real Estate) | | | 75,822 | |
| | 46,097 | | | DBS Group Holdings Ltd. (Financials) | | | 1,077,172 | |
| | 66,106 | | | Frasers Logistics & Commercial Trust REIT (Real Estate) | | | 64,443 | |
| | 143,920 | | | Genting Singapore Ltd. (Consumer Discretionary) | | | 79,950 | |
| | 67,345 | | | Grab Holdings Ltd., Class A (Industrials)* | | | 191,933 | |
| | 2,405 | | | Jardine Cycle & Carriage Ltd. (Industrials) | | | 56,647 | |
| | 35,885 | | | Keppel Corp. Ltd. (Industrials) | | | 187,000 | |
| | 34,569 | | | Keppel DC REIT (Real Estate) | | | 48,071 | |
| | 52,304 | | | Mapletree Industrial Trust REIT (Real Estate) | | | 94,853 | |
| | 83,199 | | | Mapletree Logistics Trust REIT (Real Estate) | | | 99,593 | |
| | 51,083 | | | Mapletree Pan Asia Commercial Trust REIT (Real Estate) | | | 67,373 | |
| | 31,898 | | | Olam Group Ltd. (Consumer Staples) | | | 33,611 | |
| | 97,525 | | | Oversea-Chinese Banking Corp. Ltd. (Financials) | | | 845,156 | |
| | 16,957 | | | SATS Ltd. (Industrials)* | | | 49,105 | |
| | 8,979 | | | Sea Ltd. ADR (Communication Services)* | | | 556,698 | |
| | 32,875 | | | Singapore Airlines Ltd. (Industrials)* | | | 125,364 | |
| | 20,533 | | | Singapore Exchange Ltd. (Financials) | | | 139,673 | |
| | 38,742 | | | Singapore Technologies Engineering Ltd. (Industrials) | | | 103,582 | |
| | 200,611 | | | Singapore Telecommunications Ltd. (Communication Services) | | | 376,748 | |
| | 16,677 | | | STMicroelectronics NV (Information Technology) | | | 582,658 | |
| | 42,492 | | | Suntec Real Estate Investment Trust REIT (Real Estate) | | | 48,124 | |
| | 36,379 | | | United Overseas Bank Ltd. (Financials) | | | 712,664 | |
| | 11,521 | | | UOL Group Ltd. (Real Estate) | | | 57,147 | |
| | 6,835 | | | Venture Corp. Ltd. (Information Technology) | | | 89,608 | |
| |
|
| Common Stocks – (continued) | |
| Singapore – (continued) | |
| | 78,383 | | | Yangzijiang Financial Holding Ltd. (Financials)* | | | 21,069 | |
| | | | | | | | |
| | | | | | | 6,500,541 | |
| | |
| South Africa – 0.3% | |
| | 28,892 | | | Anglo American PLC (Materials) | | | 935,610 | |
| | 2,876 | | | Scatec ASA (Utilities)(a) | | | 29,356 | |
| | | | | | | | |
| | | | | | | 964,966 | |
| | |
| South Korea – 0.1% | |
| | 3,915 | | | Delivery Hero SE (Consumer Discretionary)*(a) | | | 163,374 | |
| | |
| Spain – 2.3% | |
| | 5,747 | | | ACS Actividades de Construccion y Servicios SA (Industrials) | | | 128,349 | |
| | 1,800 | | | Aena SME SA (Industrials)*(a) | | | 221,452 | |
| | 11,465 | | | Amadeus IT Group SA (Information Technology)* | | | 606,637 | |
| | 150,868 | | | Banco Bilbao Vizcaya Argentaria SA (Financials) | | | 681,384 | |
| | 417,776 | | | Banco Santander SA (Financials) | | | 1,015,369 | |
| | 110,521 | | | CaixaBank SA (Financials) | | | 333,848 | |
| | 14,258 | | | Cellnex Telecom SA (Communication Services)*(a) | | | 555,851 | |
| | 1,440 | | | Corp ACCIONA Energias Renovables SA (Utilities) | | | 60,005 | |
| | 6,088 | | | EDP Renovaveis SA (Utilities) | | | 147,964 | |
| | 8,014 | | | Endesa SA (Utilities) | | | 137,800 | |
| | 12,161 | | | Ferrovial SA (Industrials) | | | 305,468 | |
| | 7,460 | | | Grifols SA (Health Care)* | | | 90,354 | |
| | 155,752 | | | Iberdrola SA (Utilities) | | | 1,626,462 | |
| | 28,145 | | | Industria de Diseno Textil SA (Consumer Discretionary) | | | 609,891 | |
| | 24,279 | | | Mapfre SA (Financials) | | | 40,356 | |
| | 8,448 | | | Naturgy Energy Group SA (Utilities) | | | 233,439 | |
| | 10,285 | | | Red Electrica Corp. SA (Utilities) | | | 188,588 | |
| | 32,648 | | | Repsol SA (Energy) | | | 426,287 | |
| | 5,680 | | | Siemens Gamesa Renewable Energy SA (Industrials)* | | | 102,379 | |
| | 129,647 | | | Telefonica SA (Communication Services) | | | 536,589 | |
| | | | | | | | |
| | | | | | | 8,048,472 | |
| | |
| Sweden – 3.3% | |
| | 4,568 | | | AAK AB (Consumer Staples) | | | 70,239 | |
| | 5,755 | | | AddTech AB, Class B (Industrials) | | | 81,238 | |
| | 5,235 | | | Akelius Residential Property AB, Class D (Real Estate) | | | 9,833 | |
| | 7,443 | | | Alfa Laval AB (Industrials) | | | 199,843 | |
| | 5,357 | | | Alleima AB (Materials)* | | | 21,563 | |
| | 24,771 | | | Assa Abloy AB, Class B (Industrials) | | | 504,820 | |
| | 65,677 | | | Atlas Copco AB, Class A (Industrials) | | | 671,640 | |
| | 38,457 | | | Atlas Copco AB, Class B (Industrials) | | | 352,698 | |
| | 2,695 | | | Avanza Bank Holding AB (Financials) | | | 43,517 | |
| | 2,842 | | | Axfood AB (Consumer Staples) | | | 85,929 | |
| | 5,782 | | | Beijer Ref AB (Industrials) | | | 75,257 | |
| |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Sweden – (continued) | |
| | 6,752 | | | Boliden AB (Materials) | | $ | 218,151 | |
| | 5,421 | | | Castellum AB (Real Estate) | | | 76,549 | |
| | 5,873 | | | Electrolux AB, Class B (Consumer Discretionary) | | | 74,696 | |
| | 8,388 | | | Elekta AB, Class B (Health Care)(b) | | | 48,325 | |
| | 20,046 | | | Embracer Group AB (Communication Services)*(b) | | | 125,424 | |
| | 15,892 | | | Epiroc AB, Class A (Industrials) | | | 244,584 | |
| | 9,547 | | | Epiroc AB, Class B (Industrials) | | | 130,636 | |
| | 8,885 | | | EQT AB (Financials) | | | 200,791 | |
| | 15,364 | | | Essity AB, Class B (Consumer Staples) | | | 342,586 | |
| | 4,540 | | | Evolution AB (Consumer Discretionary)(a) | | | 366,547 | |
| | 6,601 | | | Fabege AB (Real Estate) | | | 58,689 | |
| | 15,394 | | | Fastighets AB Balder, Class B (Real Estate)* | | | 85,618 | |
| | 4,992 | | | Getinge AB, Class B (Health Care) | | | 93,026 | |
| | 18,303 | | | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | | | 191,167 | |
| | 51,054 | | | Hexagon AB, Class B (Information Technology) | | | 525,508 | |
| | 2,288 | | | Holmen AB, Class B (Materials) | | | 98,679 | |
| | 10,222 | | | Husqvarna AB, Class B (Industrials) | | | 69,215 | |
| | 3,449 | | | Industrivarden AB, Class A (Financials) | | | 76,938 | |
| | 3,831 | | | Industrivarden AB, Class C (Financials) | | | 84,595 | |
| | 6,796 | | | Indutrade AB (Industrials) | | | 126,675 | |
| | 3,426 | | | Investment AB Latour, Class B (Industrials) | | | 67,984 | |
| | 13,843 | | | Investor AB, Class A (Financials) | | | 231,471 | |
| | 42,969 | | | Investor AB, Class B (Financials) | | | 681,717 | |
| | 6,105 | | | Kinnevik AB, Class B (Financials)* | | | 87,528 | |
| | 1,839 | | | L E Lundbergforetagen AB, Class B (Financials) | | | 76,443 | |
| | 4,967 | | | Lifco AB, Class B (Industrials) | | | 77,752 | |
| | 40,839 | | | Nibe Industrier AB, Class B (Industrials) | | | 385,029 | |
| | 4,782 | | | Orron Energy ab (Utilities) | | | 9,138 | |
| | 2,000 | | | Saab AB, Class B (Industrials) | | | 67,110 | |
| | 4,051 | | | Sagax AB, Class B (Real Estate) | | | 87,700 | |
| | 2,573 | | | Sagax AB, Class D (Real Estate) | | | 6,727 | |
| | 27,153 | | | Samhallsbyggnadsbolaget i Norden AB (Real Estate)(b) | | | 43,935 | |
| | 4,893 | | | Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate)(b) | | | 9,682 | |
| | 26,786 | | | Sandvik AB (Industrials) | | | 420,560 | |
| | 7,810 | | | Securitas AB, Class B (Industrials)(b) | | | 68,748 | |
| | 37,298 | | | Skandinaviska Enskilda Banken AB, Class A (Financials) | | | 374,094 | |
| | 8,573 | | | Skanska AB, Class B (Industrials) | | | 127,508 | |
| | 8,984 | | | SKF AB, Class B (Industrials) | | | 135,648 | |
| | 6,410 | | | SSAB AB, Class A (Materials) | | | 31,046 | |
| | 15,462 | | | SSAB AB, Class B (Materials) | | | 72,706 | |
| | 36,104 | | | Storskogen Group AB, Class B (Industrials) | | | 40,745 | |
| | 15,264 | | | Svenska Cellulosa AB SCA, Class B (Materials) | | | 230,182 | |
| |
|
| Common Stocks – (continued) | |
| Sweden – (continued) | |
| | 36,426 | | | Svenska Handelsbanken AB, Class A (Financials) | | | 300,020 | |
| | 880 | | | Svenska Handelsbanken AB, Class B (Financials) | | | 8,309 | |
| | 5,245 | | | Sweco AB, Class B (Industrials) | | | 49,672 | |
| | 27,812 | | | Swedbank AB, Class A (Financials) | | | 361,733 | |
| | 38,118 | | | Swedish Match AB (Consumer Staples) | | | 383,931 | |
| | 4,182 | | | Swedish Orphan Biovitrum AB (Health Care)* | | | 92,660 | |
| | 12,530 | | | Tele2 AB, Class B (Communication Services) | | | 133,864 | |
| | 74,487 | | | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | | | 560,268 | |
| | 55,683 | | | Telia Co. AB (Communication Services) | | | 196,795 | |
| | 2,627 | | | Thule Group AB (Consumer Discretionary)(a) | | | 64,556 | |
| | 6,010 | | | Trelleborg AB, Class B (Industrials) | | | 125,702 | |
| | 1,945 | | | Vitrolife AB (Health Care) | | | 46,680 | |
| | 4,810 | | | Volvo AB, Class A (Industrials) | | | 80,474 | |
| | 37,298 | | | Volvo AB, Class B (Industrials) | | | 593,780 | |
| | 12,144 | | | Volvo Car AB, Class B (Consumer Discretionary)*(b) | | | 74,235 | |
| | 9,053 | | | Wallenstam AB, Class B (Real Estate) | | | 40,867 | |
| | | | | | | | |
| | | | | | | 11,801,975 | |
| | |
| Switzerland – 4.8% | |
| | 40,632 | | | ABB Ltd. (Industrials) | | | 1,122,849 | |
| | 12,483 | | | Alcon, Inc. (Health Care) | | | 825,762 | |
| | 11,529 | | | Cie Financiere Richemont SA (Consumer Discretionary) | | | 1,297,670 | |
| | 61,634 | | | Credit Suisse Group AG (Financials) | | | 319,553 | |
| | 881 | | | Geberit AG (Industrials) | | | 408,837 | |
| | 202 | | | Givaudan SA (Materials) | | | 647,634 | |
| | 14,350 | | | Holcim AG (Materials)* | | | 640,196 | |
| | 1,298 | | | Kuehne + Nagel International AG (Industrials) | | | 300,577 | |
| | 1,889 | | | Lonza Group AG (Health Care) | | | 1,013,067 | |
| | 57,502 | | | Novartis AG (Health Care) | | | 4,662,261 | |
| | 559 | | | Partners Group Holding AG (Financials) | | | 542,074 | |
| | 498 | | | Schindler Holding AG (Industrials) | | | 84,297 | |
| | 1,037 | | | Schindler Holding AG Participation Certificates (Industrials) | | | 181,378 | |
| | 154 | | | SGS SA (Industrials) | | | 340,206 | |
| | 3,906 | | | Sika AG (Materials) | | | 882,097 | |
| | 2,631 | | | Straumann Holding AG (Health Care) | | | 290,341 | |
| | 717 | | | Swatch Group AG (The) – Bearer (Consumer Discretionary) | | | 175,072 | |
| | 1,289 | | | Swatch Group AG (The) – Registered (Consumer Discretionary) | | | 58,985 | |
| | 647 | | | Swisscom AG (Communication Services) | | | 335,582 | |
| | 81,458 | | | UBS Group AG (Financials) | | | 1,296,217 | |
| | 3,826 | | | Zurich Insurance Group AG (Financials) | | | 1,701,795 | |
| | | | | | | | |
| | | | | | | 17,126,450 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| United Kingdom – 12.0% | |
| | 24,363 | | | 3i Group PLC (Financials) | | $ | 344,580 | |
| | 55,199 | | | abrdn PLC (Financials) | | | 94,321 | |
| | 6,122 | | | Admiral Group PLC (Financials) | | | 151,162 | |
| | 9,723 | | | Allfunds Group PLC (Financials) | | | 76,749 | |
| | 11,227 | | | Ashtead Group PLC (Industrials) | | | 555,209 | |
| | 9,162 | | | Associated British Foods PLC (Consumer Staples) | | | 162,579 | |
| | 38,140 | | | AstraZeneca PLC (Health Care) | | | 4,723,778 | |
| | 23,810 | | | Auto Trader Group PLC (Communication Services)(a) | | | 180,583 | |
| | 2,783 | | | AVEVA Group PLC (Information Technology) | | | 90,672 | |
| | 70,634 | | | Aviva PLC (Financials) | | | 344,129 | |
| | 23,582 | | | B&M European Value Retail SA (Consumer Discretionary) | | | 101,501 | |
| | 80,401 | | | BAE Systems PLC (Industrials) | | | 726,171 | |
| | 419,232 | | | Barclays PLC (Financials) | | | 802,462 | |
| | 25,843 | | | Barratt Developments PLC (Consumer Discretionary) | | | 128,493 | |
| | 2,709 | | | Berkeley Group Holdings PLC (Consumer Discretionary) | | | 115,213 | |
| | 443,074 | | | BP PLC (Energy) | | | 2,276,202 | |
| | 57,474 | | | British American Tobacco PLC (Consumer Staples) | | | 2,308,252 | |
| | 22,855 | | | British Land Co. PLC (The) REIT (Real Estate) | | | 114,567 | |
| | 176,714 | | | BT Group PLC (Communication Services) | | | 309,876 | |
| | 8,595 | | | Bunzl PLC (Industrials) | | | 286,133 | |
| | 10,127 | | | Burberry Group PLC (Consumer Discretionary) | | | 205,981 | |
| | 67,555 | | | CK Hutchison Holdings Ltd. (Industrials) | | | 436,805 | |
| | 25,328 | | | CNH Industrial NV (Industrials) | | | 310,207 | |
| | 3,873 | | | Coca-Cola Europacific Partners PLC (Consumer Staples) | | | 190,435 | |
| | 45,157 | | | Compass Group PLC (Consumer Discretionary) | | | 976,806 | |
| | 41,588 | | | ConvaTec Group PLC (Health Care)(a) | | | 105,301 | |
| | 3,551 | | | Croda International PLC (Materials) | | | 277,915 | |
| | 8,295 | | | Darktrace PLC (Information Technology)* | | | 49,341 | |
| | 2,415 | | | DCC PLC (Industrials) | | | 139,465 | |
| | 58,050 | | | Diageo PLC (Consumer Staples) | | | 2,542,469 | |
| | 33,535 | | | Direct Line Insurance Group PLC (Financials) | | | 80,345 | |
| | 34,451 | | | DS Smith PLC (Materials) | | | 107,313 | |
| | 16,251 | | | easyJet PLC (Industrials)* | | | 68,037 | |
| | 693 | | | Endava PLC ADR (Information Technology)* | | | 69,993 | |
| | 14,983 | | | Entain PLC (Consumer Discretionary) | | | 221,938 | |
| | 23,425 | | | Experian PLC (Industrials) | | | 714,960 | |
| | 8,076 | | | Farfetch Ltd., Class A (Consumer Discretionary)* | | | 81,002 | |
| | 129,493 | | | Haleon PLC (Consumer Staples)* | | | 390,030 | |
| | 9,625 | | | Halma PLC (Information Technology) | | | 232,393 | |
| |
|
| Common Stocks – (continued) | |
| United Kingdom – (continued) | |
| | 8,901 | | | Hargreaves Lansdown PLC (Financials) | | | 84,681 | |
| | 510,925 | | | HSBC Holdings PLC (Financials) | | | 3,143,783 | |
| | 24,201 | | | Imperial Brands PLC (Consumer Staples) | | | 534,060 | |
| | 37,470 | | | Informa PLC (Communication Services) | | | 238,405 | |
| | 4,503 | | | InterContinental Hotels Group PLC (Consumer Discretionary) | | | 245,794 | |
| | 7,364 | | | Intermediate Capital Group PLC (Financials) | | | 117,135 | |
| | 4,099 | | | Intertek Group PLC (Industrials) | | | 188,828 | |
| | 91,800 | | | ITV PLC (Communication Services) | | | 68,684 | |
| | 51,159 | | | J Sainsbury PLC (Consumer Staples) | | | 121,081 | |
| | 62,602 | | | JD Sports Fashion PLC (Consumer Discretionary) | | | 82,277 | |
| | 4,685 | | | Johnson Matthey PLC (Materials) | | | 109,847 | |
| | 51,605 | | | Kingfisher PLC (Consumer Discretionary) | | | 139,371 | |
| | 18,760 | | | Land Securities Group PLC REIT (Real Estate) | | | 142,020 | |
| | 152,136 | | | Legal & General Group PLC (Financials) | | | 446,989 | |
| | 3,976 | | | Liberty Global PLC, Class A (Communication Services)* | | | 80,315 | |
| | 7,477 | | | Liberty Global PLC, Class C (Communication Services)* | | | 159,335 | |
| | 1,750,782 | | | Lloyds Banking Group PLC (Financials) | | | 893,928 | |
| | 9,324 | | | London Stock Exchange Group PLC (Financials) | | | 879,019 | |
| | 65,694 | | | M&G PLC (Financials) | | | 149,634 | |
| | 19,913 | | | Meggitt PLC (Industrials)* | | | 184,949 | |
| | 106,875 | | | Melrose Industries PLC (Industrials) | | | 169,751 | |
| | 92,946 | | | National Grid PLC (Utilities) | | | 1,165,879 | |
| | 126,019 | | | NatWest Group PLC (Financials) | | | 361,384 | |
| | 3,163 | | | Next PLC (Consumer Discretionary) | | | 213,909 | |
| | 14,559 | | | Ocado Group PLC (Consumer Staples)* | | | 122,991 | |
| | 19,073 | | | Pearson PLC (Communication Services) | | | 191,484 | |
| | 8,085 | | | Persimmon PLC (Consumer Discretionary) | | | 138,858 | |
| | 18,890 | | | Phoenix Group Holdings PLC (Financials) | | | 132,410 | |
| | 18,224 | | | Reckitt Benckiser Group PLC (Consumer Staples) | | | 1,409,739 | |
| | 48,932 | | | RELX PLC (Industrials) | | | 1,287,922 | |
| | 47,434 | | | Rentokil Initial PLC (Industrials) | | | 287,562 | |
| | 21,235 | | | Rightmove PLC (Communication Services) | | | 150,132 | |
| | 211,211 | | | Rolls-Royce Holdings PLC (Industrials)* | | | 189,239 | |
| | 25,874 | | | Sage Group PLC (The) (Information Technology) | | | 215,325 | |
| | 3,175 | | | Schroders PLC (Financials) | | | 99,306 | |
| |
| | |
| 54 | | 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) | |
| | 30,732 | | | Segro PLC REIT (Real Estate) | | $ | 337,215 | |
| | 6,382 | | | Severn Trent PLC (Utilities) | | | 206,965 | |
| | 22,209 | | | Smith & Nephew PLC (Health Care) | | | 262,430 | |
| | 9,394 | | | Smiths Group PLC (Industrials) | | | 162,979 | |
| | 1,873 | | | Spirax-Sarco Engineering PLC (Industrials) | | | 229,602 | |
| | 27,184 | | | SSE PLC (Utilities) | | | 522,708 | |
| | 13,799 | | | St James’s Place PLC (Financials) | | | 177,746 | |
| | 76,057 | | | Standard Chartered PLC (Financials) | | | 529,407 | |
| | 88,829 | | | Taylor Wimpey PLC (Consumer Discretionary) | | | 111,940 | |
| | 191,200 | | | Tesco PLC (Consumer Staples) | | | 553,309 | |
| | 63,782 | | | Unilever PLC (Consumer Staples) | | | 2,913,379 | |
| | 17,366 | | | United Utilities Group PLC (Utilities) | | | 213,488 | |
| | 713,775 | | | Vodafone Group PLC (Communication Services) | | | 960,779 | |
| | 6,570 | | | Weir Group PLC (The) (Industrials) | | | 111,424 | |
| | 5,109 | | | Whitbread PLC (Consumer Discretionary) | | | 148,859 | |
| | 11,243 | | | Wise PLC, Class A (Information Technology)* | | | 63,685 | |
| | 28,104 | | | WPP PLC (Communication Services) | | | 243,432 | |
| | | | | | | | |
| | | | | | | 42,988,741 | |
| | |
| United States – 5.8% | |
| | 16,605 | | | Avast PLC (Information Technology)(a)(b) | | | 136,604 | |
| | 3,737 | | | Carnival PLC (Consumer Discretionary)* | | | 31,682 | |
| | 1,037 | | | CyberArk Software Ltd. (Information Technology)* | | | 149,618 | |
| | 5,452 | | | Ferguson PLC (Industrials) | | | 633,507 | |
| | 640 | | | Fiverr International Ltd. (Consumer Discretionary)* | | | 22,131 | |
| | 103,594 | | | GSK PLC (Health Care) | | | 1,662,757 | |
| | 2,057 | | | ICON PLC (Health Care)* | | | 431,620 | |
| | 11,326 | | | James Hardie Industries PLC CDI (Materials) | | | 260,190 | |
| | 22,895 | | | JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(a) | | | 27,215 | |
| | 69,510 | | | Nestle SA (Consumer Staples) | | | 8,160,721 | |
| | 17,893 | | | Roche Holding AG (Health Care) | | | 5,782,522 | |
| | 671 | | | Roche Holding AG (Health Care) | | | 257,276 | |
| | 14,165 | | | Schneider Electric SE (Industrials) | | | 1,691,857 | |
| | 15,490 | | | Sinch AB (Information Technology)*(a)(b) | | | 30,271 | |
| | 54,838 | | | Stellantis NV (Consumer Discretionary) | | | 736,371 | |
| | 7,345 | | | Swiss Re AG (Financials) | | | 573,331 | |
| | 11,799 | | | Tenaris SA (Energy) | | | 163,137 | |
| | | | | | | | |
| | | | | | | 20,750,810 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $370,168,506) | | $ | 353,722,397 | |
| | |
| | | | | | | | | | | | |
Shares | | | Description | | Rate | | | Value | |
|
| Preferred Stocks – 0.4% | |
| Germany – 0.4% | | | | |
| | 1,440 | | | Bayerische Motoren Werke AG (Consumer Discretionary) | | | 8.39 | % | | $ | 100,274 | |
| | 4,403 | | | Henkel AG & Co. KGaA (Consumer Staples) | | | 2.94 | | | | 284,419 | |
| | 3,901 | | | Porsche Automobil Holding SE (Consumer Discretionary) | | | 3.60 | | | | 276,468 | |
| | 687 | | | Sartorius AG (Health Care) | | | 0.30 | | | | 287,309 | |
| | 4,664 | | | Volkswagen AG (Consumer Discretionary) | | | 5.24 | | | | 666,620 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,615,090 | |
| | |
| Spain – 0.0% | | | | |
| | 6,620 | | | Grifols SA, Class B (Health Care)* | | | 0.00 | | | | 52,222 | |
| | |
| | TOTAL PREFERRED STOCKS | | | | | |
| | (Cost $1,878,374) | | | $ | 1,667,312 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $372,046,880) | | | | | | $ | 355,389,709 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 2.0%(d) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
6,986,472 | | | 2.154 | % | | $ | 6,986,472 | |
| (Cost $6,986,472) | |
| |
| TOTAL INVESTMENTS – 101.5% | |
| (Cost $379,033,352) | | | $ | 362,376,181 | |
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)% | | | | (5,325,888 | ) |
| |
| NET ASSETS – 100.0% | | | $ | 357,050,293 | |
| |
| | |
|
| 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) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| |
(d) | | Represents an affiliated issuer. |
| | |
|
Investment Abbreviations: |
ADR | | — American Depositary Receipt |
CVA | | — Dutch Certification |
PLC | | — Public Limited Company |
REIT | | — Real Estate Investment Trust |
SDR | | — Swedish Depositary Receipt |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | |
| Sector | | % of Market
Value | |
|
Financials | | | 16.7 | % |
Industrials | | | 15.3 | |
Health Care | | | 12.8 | |
Consumer Discretionary | | | 11.4 | |
Consumer Staples | | | 10.5 | |
Information Technology | | | 8.0 | |
Materials | | | 7.4 | |
Communication Services | | | 5.0 | |
Energy | | | 4.7 | |
Utilities | | | 3.4 | |
Real Estate | | | 2.9 | |
Securities Lending Reinvestment Vehicle | | | 1.9 | |
|
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
Long position contracts: | | | | | | | | | | | | | | | | |
E-Mini MSCI EAFE Index Future | | | 4 | | | | 09/16/22 | | | $ | 374,066 | | | $ | (8,646 | ) |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – 99.8% | |
| Communication Services – 8.4% | |
| | 14,357 | | | Activision Blizzard, Inc. | | $ | 1,126,881 | |
| | 121,173 | | | Alphabet, Inc., Class A* | | | 13,113,342 | |
| | 108,260 | | | Alphabet, Inc., Class C* | | | 11,816,579 | |
| | 143,923 | | | AT&T, Inc. | | | 2,524,409 | |
| | 2,019 | | | Charter Communications, Inc., Class A* | | | 833,100 | |
| | 89,678 | | | Comcast Corp., Class A | | | 3,245,447 | |
| | 5,038 | | | DISH Network Corp., Class A* | | | 87,409 | |
| | 5,610 | | | Electronic Arts, Inc. | | | 711,741 | |
| | 6,262 | | | Fox Corp., Class A | | | 214,035 | |
| | 2,886 | | | Fox Corp., Class B | | | 91,255 | |
| | 1,572 | | | IAC, Inc.* | | | 101,033 | |
| | 394 | | | Liberty Broadband Corp., Class A* | | | 39,723 | |
| | 2,597 | | | Liberty Broadband Corp., Class C* | | | 264,115 | |
| | 1,545 | | | Liberty Media Corp.-Liberty SiriusXM, Class A* | | | 64,179 | |
| | 3,093 | | | Liberty Media Corp.-Liberty SiriusXM, Class C* | | | 127,927 | |
| | 3,102 | | | Live Nation Entertainment, Inc.* | | | 280,297 | |
| | 20,656 | | | Lumen Technologies, Inc. | | | 205,734 | |
| | 5,742 | | | Match Group, Inc.* | | | 324,595 | |
| | 46,086 | | | Meta Platforms, Inc., Class A* | | | 7,508,792 | |
| | 8,832 | | | Netflix, Inc.* | | | 1,974,482 | |
| | 4,101 | | | Omnicom Group, Inc. | | | 274,357 | |
| | 184 | | | Paramount Global, Class A(a) | | | 4,861 | |
| | 11,714 | | | Paramount Global, Class B | | | 273,991 | |
| | 11,512 | | | Pinterest, Inc., Class A* | | | 265,237 | |
| | 6,002 | | | ROBLOX Corp., Class A* | | | 234,738 | |
| | 2,412 | | | Roku, Inc.* | | | 164,016 | |
| | 14,482 | | | Sirius XM Holdings, Inc.(a) | | | 88,195 | |
| | 20,609 | | | Snap, Inc., Class A* | | | 224,226 | |
| | 2,289 | | | Spotify Technology SA* | | | 247,555 | |
| | 3,218 | | | Take-Two Interactive Software, Inc.* | | | 394,398 | |
| | 12,708 | | | T-Mobile US, Inc.* | | | 1,829,444 | |
| | 12,737 | | | Twitter, Inc.* | | | 493,559 | |
| | 84,798 | | | Verizon Communications, Inc. | | | 3,545,404 | |
| | 36,754 | | | Walt Disney Co. (The)* | | | 4,119,388 | |
| | 44,675 | | | Warner Bros Discovery, Inc.* | | | 591,497 | |
| | 2,379 | | | Warner Music Group Corp., Class A | | | 63,686 | |
| | 5,579 | | | ZoomInfo Technologies, Inc.* | | | 253,398 | |
| | | | | | | | |
| | | | | | | 57,723,025 | |
| | |
| Consumer Discretionary – 11.7% | |
| | 1,218 | | | Advance Auto Parts, Inc. | | | 205,404 | |
| | 6,985 | | | Airbnb, Inc., Class A* | | | 790,143 | |
| | 179,018 | | | Amazon.com, Inc.* | | | 22,694,112 | |
| | 5,436 | | | Aptiv PLC* | | | 507,885 | |
| | 390 | | | AutoZone, Inc.* | | | 826,492 | |
| | 4,044 | | | Best Buy Co., Inc. | | | 285,870 | |
| | 819 | | | Booking Holdings, Inc.* | | | 1,536,288 | |
| | 1,329 | | | Burlington Stores, Inc.* | | | 186,313 | |
| | 4,138 | | | Caesars Entertainment, Inc.* | | | 178,431 | |
| | 3,200 | | | CarMax, Inc.* | | | 283,008 | |
| | 17,523 | | | Carnival Corp.* | | | 165,768 | |
| | 1,948 | | | Carvana Co.* | | | 64,265 | |
| | 1,758 | | | Chewy, Inc., Class A*(a) | | | 60,352 | |
| | 538 | | | Chipotle Mexican Grill, Inc.* | | | 859,078 | |
| | |
|
| Common Stocks – (continued) | |
| Consumer Discretionary – (continued) | |
| | 16,673 | | | Coupang, Inc. (South Korea)* | | | 281,774 | |
| | 2,508 | | | Darden Restaurants, Inc. | | | 310,265 | |
| | 4,571 | | | Dollar General Corp. | | | 1,085,247 | |
| | 4,246 | | | Dollar Tree, Inc.* | | | 576,097 | |
| | 722 | | | Domino’s Pizza, Inc. | | | 268,483 | |
| | 4,839 | | | DoorDash, Inc., Class A* | | | 289,856 | |
| | 6,570 | | | D.R. Horton, Inc. | | | 467,455 | |
| | 11,277 | | | eBay, Inc. | | | 497,654 | |
| | 2,550 | | | Etsy, Inc.* | | | 269,306 | |
| | 3,046 | | | Expedia Group, Inc.* | | | 312,672 | |
| | 79,563 | | | Ford Motor Co. | | | 1,212,540 | |
| | 3,118 | | | Garmin Ltd. | | | 275,912 | |
| | 26,759 | | | General Motors Co. | | | 1,022,461 | |
| | 2,799 | | | Genuine Parts Co. | | | 436,672 | |
| | 2,599 | | | Hasbro, Inc. | | | 204,853 | |
| | 5,520 | | | Hilton Worldwide Holdings, Inc. | | | 703,027 | |
| | 20,740 | | | Home Depot, Inc. (The) | | | 5,981,831 | |
| | 6,668 | | | Las Vegas Sands Corp.* | | | 250,917 | |
| | 5,051 | | | Lennar Corp., Class A | | | 391,200 | |
| | 293 | | | Lennar Corp., Class B | | | 18,072 | |
| | 4,964 | | | LKQ Corp. | | | 264,184 | |
| | 12,844 | | | Lowe’s Cos., Inc. | | | 2,493,534 | |
| | 11,167 | | | Lucid Group, Inc.*(a) | | | 171,302 | |
| | 2,368 | | | Lululemon Athletica, Inc.* | | | 710,305 | |
| | 5,810 | | | Marriott International, Inc., Class A | | | 893,229 | |
| | 14,929 | | | McDonald’s Corp. | | | 3,766,288 | |
| | 972 | | | MercadoLibre, Inc. (Brazil)* | | | 831,410 | |
| | 7,049 | | | MGM Resorts International | | | 230,079 | |
| | 7,633 | | | Newell Brands, Inc. | | | 136,249 | |
| | 25,296 | | | NIKE, Inc., Class B | | | 2,692,759 | |
| | 63 | | | NVR, Inc.* | | | 260,824 | |
| | 1,313 | | | O’Reilly Automotive, Inc.* | | | 915,319 | |
| | 4,768 | | | PulteGroup, Inc. | | | 193,867 | |
| | 9,850 | | | Rivian Automotive, Inc., Class A* | | | 322,194 | |
| | 6,931 | | | Ross Stores, Inc. | | | 597,937 | |
| | 4,386 | | | Royal Caribbean Cruises Ltd.* | | | 179,168 | |
| | 22,673 | | | Starbucks Corp. | | | 1,906,119 | |
| | 9,335 | | | Target Corp. | | | 1,496,774 | |
| | 51,877 | | | Tesla, Inc.* | | | 14,297,820 | |
| | 22,070 | | | TJX Cos., Inc. (The) | | | 1,376,065 | |
| | 2,252 | | | Tractor Supply Co. | | | 416,958 | |
| | 1,026 | | | Ulta Beauty, Inc.* | | | 430,787 | |
| | 805 | | | Vail Resorts, Inc. | | | 180,867 | |
| | 7,036 | | | VF Corp. | | | 291,642 | |
| | 1,523 | | | Wayfair, Inc., Class A* | | | 80,277 | |
| | 1,129 | | | Whirlpool Corp. | | | 176,801 | |
| | 8,141 | | | Yum China Holdings, Inc. (China) | | | 407,946 | |
| | 5,752 | | | Yum! Brands, Inc. | | | 639,852 | |
| | | | | | | | |
| | | | | | | 79,860,259 | |
| | |
| Consumer Staples – 6.6% | |
| | 36,513 | | | Altria Group, Inc. | | | 1,647,467 | |
| | 11,292 | | | Archer-Daniels-Midland Co. | | | 992,454 | |
| | 786 | | | Brown-Forman Corp., Class A | | | 55,468 | |
| | 6,091 | | | Brown-Forman Corp., Class B | | | 442,816 | |
| | 4,042 | | | Campbell Soup Co. | | | 203,636 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Consumer Staples – (continued) | |
| | 4,895 | | | Church & Dwight Co., Inc. | | $ | 409,760 | |
| | 2,470 | | | Clorox Co. (The) | | | 356,520 | |
| | 78,478 | | | Coca-Cola Co. (The) | | | 4,842,877 | |
| | 16,887 | | | Colgate-Palmolive Co. | | | 1,320,732 | |
| | 9,644 | | | Conagra Brands, Inc. | | | 331,561 | |
| | 2,954 | | | Constellation Brands, Inc., Class A | | | 726,832 | |
| | 8,924 | | | Costco Wholesale Corp. | | | 4,659,220 | |
| | 4,304 | | | Estee Lauder Cos., Inc. (The), Class A | | | 1,094,852 | |
| | 12,024 | | | General Mills, Inc. | | | 923,443 | |
| | 2,926 | | | Hershey Co. (The) | | | 657,384 | |
| | 5,739 | | | Hormel Foods Corp. | | | 288,557 | |
| | 2,032 | | | J M Smucker Co. (The) | | | 284,460 | |
| | 5,178 | | | Kellogg Co. | | | 376,648 | |
| | 17,313 | | | Keurig Dr Pepper, Inc. | | | 659,972 | |
| | 6,793 | | | Kimberly-Clark Corp. | | | 866,243 | |
| | 15,703 | | | Kraft Heinz Co. (The) | | | 587,292 | |
| | 13,159 | | | Kroger Co. (The) | | | 630,842 | |
| | 5,002 | | | McCormick & Co., Inc. | | | 420,518 | |
| | 3,559 | | | Molson Coors Beverage Co., Class B | | | 183,894 | |
| | 27,824 | | | Mondelez International, Inc., Class A | | | 1,721,193 | |
| | 7,645 | | | Monster Beverage Corp.* | | | 679,105 | |
| | 27,875 | | | PepsiCo, Inc. | | | 4,802,026 | |
| | 31,231 | | | Philip Morris International, Inc. | | | 2,982,248 | |
| | 48,400 | | | Procter & Gamble Co. (The) | | | 6,676,296 | |
| | 10,183 | | | Sysco Corp. | | | 837,246 | |
| | 5,796 | | | Tyson Foods, Inc., Class A | | | 436,903 | |
| | 14,404 | | | Walgreens Boots Alliance, Inc. | | | 505,004 | |
| | 28,824 | | | Walmart, Inc. | | | 3,820,621 | |
| | | | | | | | |
| | | | | | | 45,424,090 | |
| | |
| Energy – 4.5% | |
| | 19,769 | | | Baker Hughes Co. | | | 499,365 | |
| | 4,606 | | | Cheniere Energy, Inc. | | | 737,789 | |
| | 38,895 | | | Chevron Corp. | | | 6,147,744 | |
| | 26,082 | | | ConocoPhillips | | | 2,854,675 | |
| | 13,221 | | | Devon Energy Corp. | | | 933,667 | |
| | 3,569 | | | Diamondback Energy, Inc. | | | 475,676 | |
| | 11,790 | | | EOG Resources, Inc. | | | 1,430,127 | |
| | 84,801 | | | Exxon Mobil Corp. | | | 8,106,128 | |
| | 16,785 | | | Halliburton Co. | | | 505,732 | |
| | 5,671 | | | Hess Corp. | | | 684,943 | |
| | 40,079 | | | Kinder Morgan, Inc. | | | 734,247 | |
| | 10,879 | | | Marathon Petroleum Corp. | | | 1,096,059 | |
| | 18,874 | | | Occidental Petroleum Corp. | | | 1,340,054 | |
| | 8,958 | | | ONEOK, Inc. | | | 548,498 | |
| | 9,688 | | | Phillips 66 | | | 866,689 | |
| | 4,630 | | | Pioneer Natural Resources Co. | | | 1,172,409 | |
| | 28,485 | | | Schlumberger NV | | | 1,086,703 | |
| | 8,212 | | | Valero Energy Corp. | | | 961,789 | |
| | 24,517 | | | Williams Cos., Inc. (The) | | | 834,314 | |
| | | | | | | | |
| | | | | | | 31,016,608 | |
| | |
| Financials – 10.6% | |
| | 11,851 | | | Aflac, Inc. | | | 704,186 | |
| | 262 | | | Alleghany Corp.* | | | 220,389 | |
| | 5,442 | | | Allstate Corp. (The) | | | 655,761 | |
| | |
|
| Common Stocks – (continued) | |
| Financials – (continued) | |
| | 6,273 | | | Ally Financial, Inc. | | | 208,264 | |
| | 11,163 | | | American Express Co. | | | 1,696,776 | |
| | 15,966 | | | American International Group, Inc. | | | 826,241 | |
| | 2,210 | | | Ameriprise Financial, Inc. | | | 592,302 | |
| | 31,706 | | | Annaly Capital Management, Inc. REIT | | | 204,504 | |
| | 4,084 | | | Aon PLC, Class A | | | 1,140,498 | |
| | 8,697 | | | Apollo Global Management, Inc. | | | 483,379 | |
| | 7,324 | | | Arch Capital Group Ltd.* | | | 334,853 | |
| | 4,194 | | | Arthur J Gallagher & Co. | | | 761,505 | |
| | 141,790 | | | Bank of America Corp. | | | 4,765,562 | |
| | 14,712 | | | Bank of New York Mellon Corp. (The) | | | 610,989 | |
| | 25,854 | | | Berkshire Hathaway, Inc., Class B* | | | 7,259,803 | |
| | 2,865 | | | BlackRock, Inc. | | | 1,909,207 | |
| | 14,006 | | | Blackstone, Inc. | | | 1,315,724 | |
| | 7,831 | | | Capital One Financial Corp. | | | 828,676 | |
| | 2,135 | | | Cboe Global Markets, Inc. | | | 251,866 | |
| | 30,682 | | | Charles Schwab Corp. (The) | | | 2,176,888 | |
| | 7,956 | | | Chubb Ltd. | | | 1,504,082 | |
| | 3,110 | | | Cincinnati Financial Corp. | | | 301,546 | |
| | 39,137 | | | Citigroup, Inc. | | | 1,910,277 | |
| | 9,937 | | | Citizens Financial Group, Inc. | | | 364,489 | |
| | 7,212 | | | CME Group, Inc. | | | 1,410,739 | |
| | 2,809 | | | Coinbase Global, Inc., Class A* | | | 187,641 | |
| | 5,602 | | | Discover Financial Services | | | 562,945 | |
| | 785 | | | Everest Re Group Ltd. | | | 211,204 | |
| | 5,386 | | | Fidelity National Financial, Inc. | | | 210,593 | |
| | 13,760 | | | Fifth Third Bancorp | | | 469,904 | |
| | 3,604 | | | First Republic Bank | | | 547,195 | |
| | 5,821 | | | Franklin Resources, Inc. | | | 151,754 | |
| | 1,818 | | | Globe Life, Inc. | | | 176,691 | |
| | 6,903 | | | Goldman Sachs Group, Inc. (The)(b) | | | 2,296,421 | |
| | 6,614 | | | Hartford Financial Services Group, Inc. (The) | | | 425,346 | |
| | 28,571 | | | Huntington Bancshares, Inc. | | | 382,851 | |
| | 1,893 | | | Interactive Brokers Group, Inc., Class A | | | 116,590 | |
| | 11,162 | | | Intercontinental Exchange, Inc. | | | 1,125,688 | |
| | 58,756 | | | JPMorgan Chase & Co. | | | 6,682,320 | |
| | 18,753 | | | KeyCorp | | | 331,741 | |
| | 16,575 | | | KKR & Co., Inc. | | | 838,032 | |
| | 4,177 | | | Loews Corp. | | | 231,030 | |
| | 3,585 | | | M&T Bank Corp. | | | 651,681 | |
| | 259 | | | Markel Corp.* | | | 309,275 | |
| | 10,119 | | | Marsh & McLennan Cos., Inc. | | | 1,632,903 | |
| | 12,374 | | | MetLife, Inc. | | | 796,019 | |
| | 3,203 | | | Moody’s Corp. | | | 911,318 | |
| | 27,392 | | | Morgan Stanley | | | 2,334,346 | |
| | 1,592 | | | MSCI, Inc. | | | 715,190 | |
| | 6,912 | | | Nasdaq, Inc. | | | 411,471 | |
| | 4,034 | | | Northern Trust Corp. | | | 383,593 | |
| | 8,297 | | | PNC Financial Services Group, Inc. (The) | | | 1,310,926 | |
| | 5,071 | | | Principal Financial Group, Inc. | | | 379,108 | |
| | 11,776 | | | Progressive Corp. (The) | | | 1,444,326 | |
| | 7,557 | | | Prudential Financial, Inc. | | | 723,583 | |
| | 3,952 | | | Raymond James Financial, Inc. | | | 412,470 | |
| | 18,770 | | | Regions Financial Corp. | | | 406,746 | |
| | 11,942 | | | Robinhood Markets, Inc., Class A*(a) | | | 114,046 | |
| | |
| | |
| 58 | | 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) | |
| | 2,288 | | | Rocket Cos., Inc., Class A(a) | | $ | 18,075 | |
| | 6,850 | | | S&P Global, Inc. | | | 2,412,433 | |
| | 6,965 | | | State Street Corp. | | | 476,058 | |
| | 1,176 | | | SVB Financial Group* | | | 478,068 | |
| | 10,070 | | | Synchrony Financial | | | 329,793 | |
| | 4,498 | | | T. Rowe Price Group, Inc. | | | 539,760 | |
| | 4,825 | | | Travelers Cos., Inc. (The) | | | 779,913 | |
| | 26,717 | | | Truist Financial Corp. | | | 1,251,424 | |
| | 26,912 | | | US Bancorp | | | 1,227,456 | |
| | 4,038 | | | W R Berkley Corp. | | | 261,662 | |
| | 76,459 | | | Wells Fargo & Co. | | | 3,342,023 | |
| | 2,232 | | | Willis Towers Watson PLC | | | 461,645 | |
| | | | | | | | |
| | | | | | | 71,901,763 | |
| | |
| Health Care – 14.1% | |
| | 35,102 | | | Abbott Laboratories | | | 3,603,220 | |
| | 35,646 | | | AbbVie, Inc. | | | 4,792,961 | |
| | 898 | | | ABIOMED, Inc.* | | | 232,833 | |
| | 6,009 | | | Agilent Technologies, Inc. | | | 770,654 | |
| | 1,490 | | | Align Technology, Inc.* | | | 363,113 | |
| | 2,427 | | | Alnylam Pharmaceuticals, Inc.* | | | 501,588 | |
| | 3,152 | | | AmerisourceBergen Corp. | | | 461,957 | |
| | 10,766 | | | Amgen, Inc. | | | 2,587,070 | |
| | 12,336 | | | Avantor, Inc.* | | | 307,290 | |
| | 10,145 | | | Baxter International, Inc. | | | 582,932 | |
| | 5,743 | | | Becton Dickinson and Co. | | | 1,449,648 | |
| | 2,937 | | | Biogen, Inc.* | | | 573,831 | |
| | 3,704 | | | BioMarin Pharmaceutical, Inc.* | | | 330,397 | |
| | 28,789 | | | Boston Scientific Corp.* | | | 1,160,485 | |
| | 42,963 | | | Bristol-Myers Squibb Co. | | | 2,896,136 | |
| | 5,474 | | | Cardinal Health, Inc. | | | 387,121 | |
| | 3,425 | | | Catalent, Inc.* | | | 301,400 | |
| | 11,566 | | | Centene Corp.* | | | 1,037,933 | |
| | 6,383 | | | Cigna Corp. | | | 1,809,261 | |
| | 991 | | | Cooper Cos., Inc. (The) | | | 284,853 | |
| | 26,402 | | | CVS Health Corp. | | | 2,591,356 | |
| | 13,355 | | | Danaher Corp. | | | 3,604,648 | |
| | 1,122 | | | DaVita, Inc.* | | | 95,695 | |
| | 4,330 | | | DENTSPLY SIRONA, Inc. | | | 141,894 | |
| | 7,873 | | | Dexcom, Inc.* | | | 647,239 | |
| | 12,451 | | | Edwards Lifesciences Corp.* | | | 1,121,835 | |
| | 8,973 | | | Elanco Animal Health, Inc.* | | | 135,762 | |
| | 4,861 | | | Elevance Health, Inc. | | | 2,358,120 | |
| | 17,050 | | | Eli Lilly & Co. | | | 5,135,972 | |
| | 3,520 | | | Exact Sciences Corp.* | | | 125,136 | |
| | 25,317 | | | Gilead Sciences, Inc. | | | 1,606,870 | |
| | 4,509 | | | HCA Healthcare, Inc. | | | 892,196 | |
| | 2,746 | | | Henry Schein, Inc.* | | | 201,584 | |
| | 4,972 | | | Hologic, Inc.* | | | 335,908 | |
| | 4,597 | | | Horizon Therapeutics PLC* | | | 272,188 | |
| | 2,522 | | | Humana, Inc. | | | 1,215,049 | |
| | 1,678 | | | IDEXX Laboratories, Inc.* | | | 583,306 | |
| | 3,161 | | | Illumina, Inc.* | | | 637,384 | |
| | 3,691 | | | Incyte Corp.* | | | 259,957 | |
| | 7,217 | | | Intuitive Surgical, Inc.* | | | 1,484,826 | |
| | 3,745 | | | IQVIA Holdings, Inc.* | | | 796,412 | |
| | |
|
| Common Stocks – (continued) | |
| Health Care – (continued) | |
| | 1,223 | | | Jazz Pharmaceuticals PLC* | | | 189,834 | |
| | 53,097 | | | Johnson & Johnson | | | 8,566,670 | |
| | 1,879 | | | Laboratory Corp. of America Holdings | | | 423,282 | |
| | 2,839 | | | McKesson Corp. | | | 1,041,913 | |
| | 26,800 | | | Medtronic PLC | | | 2,356,256 | |
| | 50,853 | | | Merck & Co., Inc. | | | 4,340,812 | |
| | 451 | | | Mettler-Toledo International, Inc.* | | | 546,819 | |
| | 7,012 | | | Moderna, Inc.* | | | 927,477 | |
| | 5,120 | | | Organon & Co. | | | 146,074 | |
| | 113,221 | | | Pfizer, Inc. | | | 5,120,986 | |
| | 2,353 | | | Quest Diagnostics, Inc. | | | 294,854 | |
| | 2,114 | | | Regeneron Pharmaceuticals, Inc.* | | | 1,228,361 | |
| | 2,926 | | | ResMed, Inc. | | | 643,486 | |
| | 7,028 | | | Royalty Pharma PLC, Class A | | | 293,841 | |
| | 2,737 | | | Seagen, Inc.* | | | 422,292 | |
| | 2,015 | | | STERIS PLC | | | 405,781 | |
| | 6,706 | | | Stryker Corp. | | | 1,376,071 | |
| | 2,930 | | | Teladoc Health, Inc.* | | | 91,006 | |
| | 944 | | | Teleflex, Inc. | | | 213,589 | |
| | 7,894 | | | Thermo Fisher Scientific, Inc. | | | 4,304,756 | |
| | 18,856 | | | UnitedHealth Group, Inc. | | | 9,792,487 | |
| | 1,296 | | | Universal Health Services, Inc., Class B | | | 126,801 | |
| | 2,810 | | | Veeva Systems, Inc., Class A* | | | 560,089 | |
| | 5,153 | | | Vertex Pharmaceuticals, Inc.* | | | 1,451,909 | |
| | 24,416 | | | Viatris, Inc. | | | 233,173 | |
| | 1,211 | | | Waters Corp.* | | | 361,605 | |
| | 1,487 | | | West Pharmaceutical Services, Inc. | | | 441,178 | |
| | 4,227 | | | Zimmer Biomet Holdings, Inc. | | | 449,415 | |
| | 9,493 | | | Zoetis, Inc. | | | 1,485,939 | |
| | | | | | | | |
| | | | | | | 96,514,776 | |
| | |
| Industrials – 7.7% | |
| | 11,483 | | | 3M Co. (a) | | | 1,427,911 | |
| | 2,607 | | | A O Smith Corp. | | | 147,165 | |
| | 4,637 | | | AMETEK, Inc. | | | 557,182 | |
| | 11,931 | | | Boeing Co. (The)* | | | 1,911,943 | |
| | 17,063 | | | Carrier Global Corp. | | | 667,505 | |
| | 10,752 | | | Caterpillar, Inc. | | | 1,986,002 | |
| | 2,521 | | | C.H. Robinson Worldwide, Inc. | | | 287,772 | |
| | 1,748 | | | Cintas Corp. | | | 711,156 | |
| | 4,325 | | | Copart, Inc.* | | | 517,486 | |
| | 7,912 | | | CoStar Group, Inc.* | | | 550,992 | |
| | 43,793 | | | CSX Corp. | | | 1,386,048 | |
| | 2,837 | | | Cummins, Inc. | | | 611,005 | |
| | 5,630 | | | Deere & Co. | | | 2,056,357 | |
| | 12,900 | | | Delta Air Lines, Inc.* | | | 400,803 | |
| | 2,899 | | | Dover Corp. | | | 362,259 | |
| | 8,022 | | | Eaton Corp. PLC | | | 1,096,126 | |
| | 11,898 | | | Emerson Electric Co. | | | 972,543 | |
| | 2,458 | | | Equifax, Inc. | | | 463,948 | |
| | 3,370 | | | Expeditors International of Washington, Inc. | | | 346,739 | |
| | 11,582 | | | Fastenal Co. | | | 582,922 | |
| | 4,828 | | | FedEx Corp. | | | 1,017,791 | |
| | 7,121 | | | Fortive Corp. | | | 450,973 | |
| | 2,624 | | | Fortune Brands Home & Security, Inc. | | | 161,192 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Industrials – (continued) | |
| | 1,268 | | | Generac Holdings, Inc.* | | $ | 279,480 | |
| | 4,907 | | | General Dynamics Corp. | | | 1,123,360 | |
| | 22,002 | | | General Electric Co. | | | 1,615,827 | |
| | 13,714 | | | Honeywell International, Inc. | | | 2,596,746 | |
| | 5,509 | | | Illinois Tool Works, Inc. | | | 1,073,318 | |
| | 8,170 | | | Ingersoll Rand, Inc. | | | 387,013 | |
| | 1,682 | | | J.B. Hunt Transport Services, Inc. | | | 292,702 | |
| | 13,998 | | | Johnson Controls International PLC | | | 757,852 | |
| | 3,880 | | | L3Harris Technologies, Inc. | | | 885,377 | |
| | 2,730 | | | Leidos Holdings, Inc. | | | 259,487 | |
| | 5,371 | | | Lockheed Martin Corp. | | | 2,256,411 | |
| | 5,963 | | | Lyft, Inc., Class A* | | | 87,835 | |
| | 4,743 | | | Masco Corp. | | | 241,276 | |
| | 4,808 | | | Norfolk Southern Corp. | | | 1,168,969 | |
| | 2,823 | | | Northrop Grumman Corp. | | | 1,349,366 | |
| | 2,031 | | | Old Dominion Freight Line, Inc. | | | 551,234 | |
| | 8,534 | | | Otis Worldwide Corp. | | | 616,325 | |
| | 6,409 | | | PACCAR, Inc. | | | 560,852 | |
| | 2,577 | | | Parker-Hannifin Corp. | | | 682,905 | |
| | 30,004 | | | Raytheon Technologies Corp. | | | 2,692,859 | |
| | 4,156 | | | Republic Services, Inc. | | | 593,144 | |
| | 2,343 | | | Rockwell Automation, Inc. | | | 555,150 | |
| | 4,810 | | | Rollins, Inc. | | | 162,386 | |
| | 1,061 | | | Snap-on, Inc. | | | 231,149 | |
| | 11,924 | | | Southwest Airlines Co.* | | | 437,611 | |
| | 3,037 | | | Stanley Black & Decker, Inc. | | | 267,560 | |
| | 4,321 | | | Textron, Inc. | | | 269,544 | |
| | 4,698 | | | Trane Technologies PLC | | | 723,821 | |
| | 1,041 | | | TransDigm Group, Inc. | | | 625,006 | |
| | 3,871 | | | TransUnion | | | 285,951 | |
| | 36,582 | | | Uber Technologies, Inc.* | | | 1,052,098 | |
| | 12,651 | | | Union Pacific Corp. | | | 2,840,276 | |
| | 6,576 | | | United Airlines Holdings, Inc.* | | | 230,226 | |
| | 14,824 | | | United Parcel Service, Inc., Class B | | | 2,883,416 | |
| | 1,437 | | | United Rentals, Inc.* | | | 419,661 | |
| | 3,158 | | | Verisk Analytics, Inc. | | | 591,051 | |
| | 8,370 | | | Waste Management, Inc. | | | 1,414,781 | |
| | 3,485 | | | Westinghouse Air Brake Technologies Corp. | | | 305,460 | |
| | 919 | | | W.W. Grainger, Inc. | | | 509,990 | |
| | 3,624 | | | Xylem, Inc. | | | 330,146 | |
| | | | | | | | |
| | | | | | | 52,881,441 | |
| | |
| Information Technology – 28.1% | |
| | 13,397 | | | Accenture PLC, Class A | | | 3,864,499 | |
| | 9,427 | | | Adobe, Inc.* | | | 3,520,419 | |
| | 32,585 | | | Advanced Micro Devices, Inc.* | | | 2,765,489 | |
| | 3,729 | | | Affirm Holdings, Inc.* | | | 87,370 | |
| | 3,180 | | | Akamai Technologies, Inc.* | | | 287,090 | |
| | 2,480 | | | Amdocs Ltd. | | | 211,966 | |
| | 11,986 | | | Amphenol Corp., Class A | | | 881,331 | |
| | 10,461 | | | Analog Devices, Inc. | | | 1,585,155 | |
| | 1,747 | | | ANSYS, Inc.* | | | 433,780 | |
| | 326,567 | | | Apple, Inc. | | | 51,342,864 | |
| | 17,504 | | | Applied Materials, Inc. | | | 1,646,601 | |
| | 2,264 | | | AppLovin Corp., Class A* | | | 55,762 | |
| | |
|
| Common Stocks – (continued) | |
| Information Technology – (continued) | |
| | 4,806 | | | Arista Networks, Inc.* | | | 576,143 | |
| | 2,874 | | | Atlassian Corp. PLC, Class A* | | | 711,775 | |
| | 4,379 | | | Autodesk, Inc.* | | | 883,419 | |
| | 8,424 | | | Automatic Data Processing, Inc. | | | 2,058,910 | |
| | 1,978 | | | Bill.com Holdings, Inc.* | | | 320,199 | |
| | 10,369 | | | Block, Inc.* | | | 714,528 | |
| | 7,845 | | | Broadcom, Inc. | | | 3,915,518 | |
| | 2,348 | | | Broadridge Financial Solutions, Inc. | | | 401,907 | |
| | 5,499 | | | Cadence Design Systems, Inc.* | | | 955,561 | |
| | 2,717 | | | CDW Corp. | | | 463,792 | |
| | 76,461 | | | Cisco Systems, Inc. | | | 3,419,336 | |
| | 2,525 | | | Citrix Systems, Inc. | | | 259,494 | |
| | 5,040 | | | Cloudflare, Inc., Class A* | | | 315,353 | |
| | 10,512 | | | Cognizant Technology Solutions Corp., Class A | | | 664,043 | |
| | 15,393 | | | Corning, Inc. | | | 528,288 | |
| | 4,196 | | | Crowdstrike Holdings, Inc., Class A* | | | 766,232 | |
| | 5,158 | | | Datadog, Inc., Class A* | | | 541,332 | |
| | 5,164 | | | Dell Technologies, Inc., Class C | | | 197,730 | |
| | 3,958 | | | DocuSign, Inc.* | | | 230,435 | |
| | 2,666 | | | Enphase Energy, Inc.* | | | 763,649 | |
| | 1,119 | | | EPAM Systems, Inc.* | | | 477,253 | |
| | 1,214 | | | F5, Inc.* | | | 190,671 | |
| | 12,222 | | | Fidelity National Information Services, Inc. | | | 1,116,724 | |
| | 12,061 | | | Fiserv, Inc.* | | | 1,220,453 | |
| | 1,516 | | | FleetCor Technologies, Inc.* | | | 322,195 | |
| | 13,771 | | | Fortinet, Inc.* | | | 670,510 | |
| | 1,581 | | | Gartner, Inc.* | | | 451,091 | |
| | 5,636 | | | Global Payments, Inc. | | | 700,160 | |
| | 1,417 | | | GLOBALFOUNDRIES, Inc.*(a) | | | 84,765 | |
| | 26,161 | | | Hewlett Packard Enterprise Co. | | | 355,790 | |
| | 20,851 | | | HP, Inc. | | | 598,632 | |
| | 914 | | | HubSpot, Inc.* | | | 308,055 | |
| | 82,543 | | | Intel Corp. | | | 2,634,773 | |
| | 18,139 | | | International Business Machines Corp. | | | 2,329,955 | |
| | 5,540 | | | Intuit, Inc. | | | 2,392,061 | |
| | 3,608 | | | Keysight Technologies, Inc.* | | | 591,315 | |
| | 2,999 | | | KLA Corp. | | | 1,032,046 | |
| | 2,793 | | | Lam Research Corp. | | | 1,223,083 | |
| | 17,086 | | | Marvell Technology, Inc. | | | 799,967 | |
| | 17,265 | | | Mastercard, Inc., Class A | | | 5,600,248 | |
| | 10,978 | | | Microchip Technology, Inc. | | | 716,314 | |
| | 22,226 | | | Micron Technology, Inc. | | | 1,256,436 | |
| | 148,794 | | | Microsoft Corp. | | | 38,905,167 | |
| | 1,321 | | | MongoDB, Inc.* | | | 426,498 | |
| | 3,365 | | | Motorola Solutions, Inc. | | | 819,075 | |
| | 4,451 | | | NetApp, Inc. | | | 321,051 | |
| | 10,963 | | | NortonLifeLock, Inc. | | | 247,654 | |
| | 48,473 | | | NVIDIA Corp. | | | 7,316,515 | |
| | 2,968 | | | Okta, Inc.* | | | 271,275 | |
| | 30,546 | | | Oracle Corp. | | | 2,264,986 | |
| | 35,070 | | | Palantir Technologies, Inc., Class A* | | | 270,740 | |
| | 1,966 | | | Palo Alto Networks, Inc.* | | | 1,094,688 | |
| | 6,487 | | | Paychex, Inc. | | | 800,107 | |
| | 1,032 | | | Paycom Software, Inc.* | | | 362,438 | |
| | |
| | |
| 60 | | 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) | |
| | 23,274 | | | PayPal Holdings, Inc.* | | $ | 2,174,723 | |
| | 2,083 | | | Qorvo, Inc.* | | | 187,012 | |
| | 22,586 | | | QUALCOMM, Inc. | | | 2,987,450 | |
| | 1,917 | | | Qualtrics International, Inc., Class A* | | | 23,483 | |
| | 1,677 | | | RingCentral, Inc., Class A* | | | 72,178 | |
| | 2,130 | | | Roper Technologies, Inc. | | | 857,495 | |
| | 19,460 | | | Salesforce, Inc.* | | | 3,038,095 | |
| | 4,047 | | | Seagate Technology Holdings PLC | | | 270,987 | |
| | 4,039 | | | ServiceNow, Inc.* | | | 1,755,430 | |
| | 3,238 | | | Skyworks Solutions, Inc. | | | 319,105 | |
| | 5,410 | | | Snowflake, Inc., Class A* | | | 978,940 | |
| | 3,226 | | | Splunk, Inc.* | | | 290,437 | |
| | 4,496 | | | SS&C Technologies Holdings, Inc. | | | 250,697 | |
| | 3,072 | | | Synopsys, Inc.* | | | 1,062,973 | |
| | 6,491 | | | TE Connectivity Ltd. (Switzerland) | | | 819,229 | |
| | 3,221 | | | Teradyne, Inc. | | | 272,625 | |
| | 18,601 | | | Texas Instruments, Inc. | | | 3,073,071 | |
| | 8,823 | | | Trade Desk, Inc. (The), Class A* | | | 553,202 | |
| | 5,025 | | | Trimble, Inc.* | | | 317,831 | |
| | 3,433 | | | Twilio, Inc., Class A* | | | 238,868 | |
| | 6,134 | | | UiPath, Inc., Class A* | | | 100,904 | |
| | 4,112 | | | Unity Software, Inc.* | | | 175,665 | |
| | 1,925 | | | VeriSign, Inc.* | | | 350,774 | |
| | 33,048 | | | Visa, Inc., Class A | | | 6,566,968 | |
| | 4,491 | | | VMware, Inc., Class A | | | 521,091 | |
| | 6,213 | | | Western Digital Corp.* | | | 262,561 | |
| | 3,964 | | | Workday, Inc., Class A* | | | 652,316 | |
| | 1,055 | | | Zebra Technologies Corp., Class A* | | | 318,230 | |
| | 4,377 | | | Zoom Video Communications, Inc., Class A* | | | 351,911 | |
| | 1,689 | | | Zscaler, Inc.* | | | 268,956 | |
| | | | | | | | |
| | | | | | | 192,655,868 | |
| | |
| Materials – 2.4% | |
| | 4,462 | | | Air Products and Chemicals, Inc. | | | 1,126,432 | |
| | 2,357 | | | Albemarle Corp. | | | 631,582 | |
| | 30,268 | | | Amcor PLC | | | 363,519 | |
| | 6,410 | | | Ball Corp. | | | 357,742 | |
| | 2,021 | | | Celanese Corp. | | | 224,048 | |
| | 14,505 | | | Corteva, Inc. | | | 891,042 | |
| | 14,678 | | | Dow, Inc. | | | 748,578 | |
| | 9,423 | | | DuPont de Nemours, Inc. | | | 524,296 | |
| | 2,592 | | | Eastman Chemical Co. | | | 235,872 | |
| | 5,120 | | | Ecolab, Inc. | | | 838,809 | |
| | 2,526 | | | FMC Corp. | | | 273,010 | |
| | 29,085 | | | Freeport-McMoRan, Inc. | | | 860,916 | |
| | 5,141 | | | International Flavors & Fragrances, Inc. | | | 567,978 | |
| | 7,457 | | | International Paper Co. | | | 310,360 | |
| | 10,044 | | | Linde PLC (United Kingdom) | | | 2,841,046 | |
| | 5,176 | | | LyondellBasell Industries NV, Class A | | | 429,608 | |
| | 1,249 | | | Martin Marietta Materials, Inc. | | | 434,290 | |
| | 7,287 | | | Mosaic Co. (The) | | | 392,551 | |
| | 16,002 | | | Newmont Corp. | | | 661,843 | |
| | 5,337 | | | Nucor Corp. | | | 709,501 | |
| | 1,863 | | | Packaging Corp. of America | | | 255,082 | |
| | 4,759 | | | PPG Industries, Inc. | | | 604,298 | |
| | |
|
| Common Stocks – (continued) | |
| Materials – (continued) | |
| | 4,809 | | | Sherwin-Williams Co. (The) | | | 1,116,169 | |
| | 1,721 | | | Southern Copper Corp. (Peru) | | | 81,007 | |
| | 2,619 | | | Vulcan Materials Co. | | | 436,037 | |
| | 5,067 | | | Westrock Co. | | | 205,669 | |
| | | | | | | | |
| | | | | | | 16,121,285 | |
| | |
| Real Estate – 2.7% | |
| | 3,260 | | | Alexandria Real Estate Equities, Inc. REIT | | | 500,084 | |
| | 9,376 | | | American Tower Corp. REIT | | | 2,381,973 | |
| | 2,766 | | | AvalonBay Communities, Inc. REIT | | | 555,717 | |
| | 2,882 | | | Boston Properties, Inc. REIT | | | 228,917 | |
| | 6,343 | | | CBRE Group, Inc., Class A* | | | 500,843 | |
| | 8,702 | | | Crown Castle, Inc. REIT | | | 1,486,563 | |
| | 5,742 | | | Digital Realty Trust, Inc. REIT | | | 709,884 | |
| | 7,756 | | | Duke Realty Corp. REIT | | | 456,441 | |
| | 1,833 | | | Equinix, Inc. REIT | | | 1,204,959 | |
| | 7,356 | | | Equity Residential REIT | | | 538,312 | |
| | 1,310 | | | Essex Property Trust, Inc. REIT | | | 347,229 | |
| | 2,669 | | | Extra Space Storage, Inc. REIT | | | 530,410 | |
| | 10,860 | | | Healthpeak Properties, Inc. REIT | | | 285,075 | |
| | 14,269 | | | Host Hotels & Resorts, Inc. REIT | | | 253,560 | |
| | 12,290 | | | Invitation Homes, Inc. REIT | | | 445,881 | |
| | 5,815 | | | Iron Mountain, Inc. REIT | | | 305,927 | |
| | 2,316 | | | Mid-America Apartment Communities, Inc. REIT | | | 383,692 | |
| | 14,890 | | | Prologis, Inc. REIT | | | 1,853,954 | |
| | 3,062 | | | Public Storage REIT | | | 1,013,001 | |
| | 12,133 | | | Realty Income Corp. REIT | | | 828,441 | |
| | 2,152 | | | SBA Communications Corp. REIT | | | 699,938 | |
| | 6,585 | | | Simon Property Group, Inc. REIT | | | 671,538 | |
| | 6,391 | | | UDR, Inc. REIT | | | 286,764 | |
| | 8,030 | | | Ventas, Inc. REIT | | | 384,316 | |
| | 9,161 | | | Welltower, Inc. REIT | | | 702,191 | |
| | 14,990 | | | Weyerhaeuser Co. REIT | | | 512,058 | |
| | 3,832 | | | W.P. Carey, Inc. REIT | | | 322,003 | |
| | 862 | | | Zillow Group, Inc., Class A* | | | 28,791 | |
| | 3,355 | | | Zillow Group, Inc., Class C* | | | 112,258 | |
| | | | | | | | |
| | | | | | | 18,530,720 | |
| | |
| Utilities – 3.0% | |
| | 5,051 | | | Alliant Energy Corp. | | | 308,313 | |
| | 5,179 | | | Ameren Corp. | | | 479,679 | |
| | 10,361 | | | American Electric Power Co., Inc. | | | 1,038,172 | |
| | 3,662 | | | American Water Works Co., Inc. | | | 543,624 | |
| | 2,785 | | | Atmos Energy Corp. | | | 315,763 | |
| | 1,428 | | | Avangrid, Inc. | | | 70,543 | |
| | 12,664 | | | CenterPoint Energy, Inc. | | | 399,296 | |
| | 5,834 | | | CMS Energy Corp. | | | 394,028 | |
| | 7,146 | | | Consolidated Edison, Inc. | | | 698,450 | |
| | 6,593 | | | Constellation Energy Corp. | | | 537,923 | |
| | 16,335 | | | Dominion Energy, Inc. | | | 1,336,203 | |
| | 3,886 | | | DTE Energy Co. | | | 506,501 | |
| | 15,531 | | | Duke Energy Corp. | | | 1,660,419 | |
| | 7,694 | | | Edison International | | | 521,422 | |
| | 4,091 | | | Entergy Corp. | | | 471,692 | |
| | 4,569 | | | Evergy, Inc. | | | 313,114 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| | | | | | | | |
Shares | | | Description | | Value | |
|
| Common Stocks – (continued) | |
| Utilities – (continued) | |
| | 6,895 | | | Eversource Energy | | $ | 618,413 | |
| | 19,572 | | | Exelon Corp. | | | 859,406 | |
| | 10,941 | | | FirstEnergy Corp. | | | 432,717 | |
| | 39,580 | | | NextEra Energy, Inc. | | | 3,366,675 | |
| | 8,152 | | | NiSource, Inc. | | | 240,566 | |
| | 32,427 | | | PG&E Corp.* | | | 399,825 | |
| | 2,275 | | | Pinnacle West Capital Corp. | | | 171,421 | |
| | 14,590 | | | PPL Corp. | | | 424,277 | |
| | 10,064 | | | Public Service Enterprise Group, Inc. | | | 647,719 | |
| | 6,345 | | | Sempra Energy | | | 1,046,735 | |
| | 21,269 | | | Southern Co. (The) | | | 1,639,202 | |
| | 6,362 | | | WEC Energy Group, Inc. | | | 656,177 | |
| | 10,977 | | | Xcel Energy, Inc. | | | 815,042 | |
| | | | | | | | |
| | | | | | | 20,913,317 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $660,424,632) | | $ | 683,543,152 | |
| | |
| | |
| Shares | | | Dividend Rate | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.3%(b) | |
| Goldman Sachs Financial Square Government Fund –
Institutional Shares |
|
| | 1,947,872 | | | 2.154% | | $ | 1,947,872 | |
| | (Cost $1,947,872) | |
| | |
| | TOTAL INVESTMENTS – 100.1% | |
| | (Cost $662,372,504) | | $ | 685,491,024 | |
| | |
| LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.1)% | | | (255,263 | ) |
| | |
| | NET ASSETS – 100.0% | | $ | 685,235,761 | |
| | |
| | |
| 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 |
|
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Assets and Liabilities
August 31, 2022
| | | | | | | | | | | | | | |
| | | | | MarketBeta®
Emerging
Markets
Equity ETF | | | MarketBeta®
International
Equity ETF | | | MarketBeta®
U.S. Equity ETF | |
| | Assets: | |
| | Investments in unaffiliated issuers, at value (cost $29,998,691, $372,046,880 and $658,461,727, respectively)(a) | | $ | 32,881,863 | | | $ | 355,389,709 | | | $ | 681,246,731 | |
| | Investments in affiliated issuers, at value (cost $–, $– and $1,962,905, respectively) | | | — | | | | — | | | | 2,296,421 | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | 140,256 | | | | 6,986,472 | | | | 1,947,872 | |
| | Cash | | | 186,132 | | | | 278,847 | | | | 632,564 | |
| | Foreign currency, at value (cost $26,848, $15,862 and $–, respectively) | | | 26,797 | | | | 15,829 | | | | — | |
| | Receivables: | | | | | | | | | | | | |
| | Dividends | | | 86,408 | | | | 1,070,486 | | | | 1,100,534 | |
| | Securities lending income | | | 217 | | | | 3,279 | | | | 3,001 | |
| | Investments sold | | | — | | | | 13,700 | | | | 5,395,472 | |
| | Collateral on futures contracts | | | — | | | | 18,694 | | | | — | |
| | | | |
| | Foreign tax reclaims | | | — | | | | 325,647 | | | | — | |
| | Total assets | | | 33,321,673 | | | | 364,102,663 | | | | 692,622,595 | |
| | | | | | | | | | | | | | |
| | Liabilities: | |
| | Variation margin on futures contracts | | | — | | | | 2,521 | | | | — | |
| | Payables: | | | | | | | | | | | | |
| | Foreign capital gains tax | | | 190,036 | | | | — | | | | — | |
| | Upon return of securities loaned | | | 140,256 | | | | 6,986,472 | | | | 1,947,872 | |
| | Management fees | | | 10,101 | | | | 63,377 | | | | 43,405 | |
| | | | |
| | Fund shares redeemed | | | — | | | | — | | | | 5,395,557 | |
| | Total liabilities | | | 340,393 | | | | 7,052,370 | | | | 7,386,834 | |
| | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | |
| | | | |
| | Paid-in capital | | | 30,703,760 | | | | 377,873,423 | | | | 663,400,161 | |
| | | | |
| | Total distributable earnings (loss) | | | 2,277,520 | | | | (20,823,130 | ) | | | 21,835,600 | |
| | | | |
| | NET ASSETS | | $ | 32,981,280 | | | $ | 357,050,293 | | | $ | 685,235,761 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | |
| | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 800,000 | | | | 8,000,000 | | | | 12,700,000 | |
| | | | |
| | Net asset value per share: | | | $41.23 | | | | $44.63 | | | | $53.96 | |
| | (a) | | Includes loaned securities having a market value of $134,570, $5,788,707 and $1,895,649 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. | | 63 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | |
| | | | |
| | | | | MarketBeta®
Emerging
Markets
Equity ETF | | | MarketBeta®
International
Equity ETF | | | MarketBeta®
U.S. Equity ETF | |
| | Investment income: | | | | | | | | | | | | |
| | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $123,100, $1,300,061 and $–, respectively) | | $ | 965,049 | | | $ | 10,385,596 | | | $ | 7,717,395 | |
| | | | |
| | Non cash dividend income | | | 101,281 | | | | 1,749,206 | | | | — | |
| | | | |
| | Securities lending income — unaffiliated issuer | | | 3,090 | | | | 100,541 | | | | 18,354 | |
| | | | |
| | Dividends — affiliated issuers | | | — | | | | — | | | | 44,378 | |
| | | | |
| | Total investment income | | | 1,069,420 | | | | 12,235,343 | | | | 7,780,127 | |
| | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | |
| | | | |
| | Management fees | | | 139,264 | | | | 895,616 | | | | 454,543 | |
| | | | |
| | Trustee fees | | | 9,876 | | | | 18,392 | | | | 23,333 | |
| | | | |
| | Total expenses | | | 149,140 | | | | 914,008 | | | | 477,876 | |
| | | | |
| | Less — expense reductions | | | (29,808 | ) | | | (182,858 | ) | | | (106,102 | ) |
| | | | |
| | Net expenses | | | 119,332 | | | | 731,150 | | | | 371,774 | |
| | | | |
| | NET INVESTMENT INCOME | | | 950,088 | | | | 11,504,193 | | | | 7,408,353 | |
| | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | |
| | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers | | | (229,601 | ) | | | (3,981,663 | ) | | | (2,811,355 | ) |
| | | | |
| | Investments — affiliated issuers | | | — | | | | — | | | | (1,234 | ) |
| | | | |
| | In-kind redemptions — unaffiliated issuers | | | — | | | | 1,918,558 | | | | 10,144,761 | |
| | | | |
| | In-kind redemptions — affiliated issuers | | | — | | | | — | | | | 38,767 | |
| | | | |
| | Futures contracts | | | 104,193 | | | | (185,800 | ) | | | 32,430 | |
| | | | |
| | Foreign currency transactions | | | (1,918 | ) | | | (153,422 | ) | | | — | |
| | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | |
| | | | |
| | Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $190,036, $– and $–, respectively) | | | (8,041,213 | ) | | | (88,742,605 | ) | | | (89,142,292 | ) |
| | | | |
| | Investments — affiliated issuers | | | — | | | | — | | | | (299,897 | ) |
| | | | |
| | Futures contracts | | | (162,991 | ) | | | (23,126 | ) | | | (36,551 | ) |
| | | | |
| | Foreign currency translations | | | (2,176 | ) | | | (62,676 | ) | | | — | |
| | | | |
| | Net realized and unrealized loss | | | (8,333,706 | ) | | | (91,230,734 | ) | | | (82,075,371 | ) |
| | | | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (7,383,618 | ) | | $ | (79,726,541 | ) | | $ | (74,667,018 | ) |
| | |
| 64 | | 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, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | | | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | |
| | | | | | |
| | Net investment income | | $ | 950,088 | | | $ | 644,973 | | | | | | | $ | 11,504,193 | | | $ | 7,646,163 | |
| | | | | | |
| | Net realized gain (loss) | | | (127,326 | ) | | | 2,184,194 | | | | | | | | (2,402,327 | ) | | | 1,076,706 | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | (8,206,380 | ) | | | 4,354,283 | | | | | | | | (88,828,407 | ) | | | 63,965,742 | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (7,383,618 | ) | | | 7,183,450 | | | | | | | | (79,726,541 | ) | | | 72,688,611 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings | | | (2,556,833 | ) | | | (1,171,922 | ) | | | | | | | (12,795,314 | ) | | | (7,742,172 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | From share transactions: | |
| | | | | | |
| | Proceeds from sales of shares | | | 6,730,275 | | | | — | | | | | | | | 106,009,495 | | | | 16,893,577 | |
| | | | | | |
| | Cost of shares redeemed | | | — | | | | (8,337,333 | ) | | | | | | | (13,629,357 | ) | | | (5,371,302 | ) |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 6,730,275 | | | | (8,337,333 | ) | | | | | | | 92,380,138 | | | | 11,522,275 | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | (3,210,176 | ) | | | (2,325,805 | ) | | | | | | | (141,717 | ) | | | 76,468,714 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net assets: | |
| | | | | | |
| | Beginning of year | | $ | 36,191,456 | | | $ | 38,517,261 | | | | | | | $ | 357,192,010 | | | $ | 280,723,296 | |
| | | | | | |
| | End of year | | $ | 32,981,280 | | | $ | 36,191,456 | | | | | | | $ | 357,050,293 | | | $ | 357,192,010 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | |
| | | | | MarketBeta® U.S. Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Fiscal
Year Ended
August 31, 2021 | |
| | From operations: | |
| | | |
| | Net investment income | | $ | 7,408,353 | | | $ | 4,469,540 | |
| | | |
| | Net realized gain | | | 7,403,369 | | | | 518,027 | |
| | | |
| | Net change in unrealized gain (loss) | | | (89,478,740 | ) | | | 87,871,859 | |
| | | |
| | Net increase (decrease) in net assets resulting from operations | | | (74,667,018 | ) | | | 92,859,426 | |
| | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | |
| | | |
| | From distributable earnings | | | (6,429,882 | ) | | | (4,409,032 | ) |
| | | | | | | | | | |
| | From share transactions: | | | | | | | | |
| | | |
| | Proceeds from sales of shares | | | 367,338,844 | | | | 85,652,201 | |
| | | |
| | Cost of shares redeemed | | | (29,867,204 | ) | | | (2,904,650 | ) |
| | | |
| | Net increase in net assets resulting from share transactions | | | 337,471,640 | | | | 82,747,551 | |
| | | |
| | TOTAL INCREASE | | | 256,374,740 | | | | 171,197,945 | |
| | | | | | | | | | |
| | Net assets: | | | | | | | | |
| | | |
| | Beginning of year | | $ | 428,861,021 | | | $ | 257,663,076 | |
| | | |
| | End of year | | $ | 685,235,761 | | | $ | 428,861,021 | |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | |
| | | | | MarketBeta® Emerging Markets Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | | | For the Period
May 12, 2020*
to
August 31, 2020 | |
| | | | | 2022 | | | 2021 | |
| | Per Share Operating Performance: | | | | | | | | | | | | |
| | | | |
| | Net asset value, beginning of period | | $ | 55.68 | | | $ | 48.15 | | | $ | 39.60 | |
| | | | |
| | Net investment income(a) | | | 1.35 | (b) | | | 0.89 | | | | 0.49 | |
| | | | |
| | Net realized and unrealized gain (loss) | | | (11.93 | ) | | | 8.14 | | | | 8.06 | |
| | | | |
| | Total gain (loss) from investment operations | | | (10.58 | ) | | | 9.03 | | | | 8.55 | |
| | | | |
| | Distributions to shareholders from net investment income | | | (3.87 | ) | | | (1.50 | ) | | | — | |
| | | | |
| | Net asset value, end of period | | $ | 41.23 | | | $ | 55.68 | | | $ | 48.15 | |
| | | | |
| | Market price, end of period | | $ | 41.16 | | | $ | 55.72 | | | $ | 48.36 | |
| | | | |
| | Total Return at Net Asset Value(c) | | | (20.01 | )% | | | 19.35 | % | | | 21.54 | % |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 32,981 | | | $ | 36,191 | | | $ | 38,517 | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.36 | % | | | 0.36 | % | | | 0.36 | %(d) |
| | | | |
| | Ratio of total expenses to average net assets | | | 0.45 | % | | | 0.45 | % | | | 0.45 | %(d) |
| | | | |
| | Ratio of net investment income to average net assets | | | 2.87 | %(b) | | | 1.63 | % | | | 3.60 | %(d) |
| | | | |
| | Portfolio turnover rate(e) | | | 18 | % | | | 21 | % | | | 23 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% 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. |
| | (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, short-term transactions and certain derivatives. 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. | | 67 |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | |
| | | | | MarketBeta® International Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | | | For the Period
May 12, 2020*
to
August 31, 2020 | |
| | | | | 2022 | | | 2021 | |
| | Per Share Operating Performance: | | | | | | | | | | | | |
| | | | |
| | Net asset value, beginning of period | | $ | 57.61 | | | $ | 46.79 | | | $ | 40.14 | |
| | | | |
| | Net investment income(a) | | | 1.63 | | | | 1.28 | | | | 0.30 | |
| | | | |
| | Net realized and unrealized gain (loss) | | | (12.83 | ) | | | 10.84 | | | | 6.35 | |
| | | | |
| | Total gain (loss) from investment operations | | | (11.20 | ) | | | 12.12 | | | | 6.65 | |
| | | | |
| | Distributions to shareholders from net investment income | | | (1.78 | ) | | | (1.30 | ) | | | — | |
| | | | |
| | Net asset value, end of period | | $ | 44.63 | | | $ | 57.61 | | | $ | 46.79 | |
| | | | |
| | Market price, end of period | | $ | 44.33 | | | $ | 57.80 | | | $ | 46.82 | |
| | | | |
| | Total Return at Net Asset Value(b) | | | (19.80 | )% | | | 26.20 | % | | | 16.57 | % |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 357,050 | | | $ | 357,192 | | | $ | 280,723 | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(c) |
| | | | |
| | Ratio of total expenses to average net assets | | | 0.25 | % | | | 0.25 | % | | | 0.25 | %(c) |
| | | | |
| | Ratio of net investment income to average net assets | | | 3.15 | % | | | 2.41 | % | | | 2.15 | %(c) |
| | | | |
| | Portfolio turnover rate(d) | | | 7 | % | | | 5 | % | | | 1 | % |
| | * | | 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. |
| | (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, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | |
| | | | | MarketBeta® U.S. Equity ETF | |
| | | | | For the Fiscal
Year Ended August 31, | | | For the Period
May 12, 2020*
to
August 31, 2020 | |
| | | | | 2022 | | | 2021 | |
| | Per Share Operating Performance: | | | | | | | | | | | | |
| | | | |
| | Net asset value, beginning of period | | $ | 63.07 | | | $ | 48.62 | | | $ | 39.20 | |
| | | | |
| | Net investment income(a) | | | 0.82 | | | | 0.74 | | | | 0.22 | |
| | | | |
| | Net realized and unrealized gain (loss) | | | (9.20 | ) | | | 14.46 | | | | 9.20 | |
| | | | |
| | Total gain (loss) from investment operations | | | (8.38 | ) | | | 15.20 | | | | 9.42 | |
| | | | |
| | Distributions to shareholders from net investment income | | | (0.73 | ) | | | (0.75 | ) | | | — | |
| | | | |
| | Net asset value, end of period | | $ | 53.96 | | | $ | 63.07 | | | $ | 48.62 | |
| | | | |
| | Market price, end of period | | $ | 53.97 | | | $ | 63.09 | | | $ | 48.69 | |
| | | | |
| | Total Return at Net Asset Value(b) | | | (13.41 | )% | | | 31.60 | % | | | 24.03 | % |
| | | | |
| | Net assets, end of period (in 000’s) | | $ | 685,236 | | | $ | 428,861 | | | $ | 257,663 | |
| | | | |
| | Ratio of net expenses to average net assets | | | 0.07 | % | | | 0.07 | % | | | 0.07 | %(c) |
| | | | |
| | Ratio of total expenses to average net assets | | | 0.09 | % | | | 0.09 | % | | | 0.09 | %(c) |
| | | | |
| | Ratio of net investment income to average net assets | | | 1.40 | % | | | 1.36 | % | | | 1.62 | %(c) |
| | | | |
| | Portfolio turnover rate(d) | | | 3 | % | | | 4 | % | | | 1 | % |
| | * | | 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. |
| | (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, short-term transactions and certain derivatives. 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. | | 69 |
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements
August 31, 2022
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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
70
GOLDMAN SACHS MARKETBETA ETFS
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has
71
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 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 either due to broker or receivable 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
72
GOLDMAN SACHS MARKETBETA ETFS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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, 2022:
| | | | | | | | | | | | |
| MARKETBETA® EMERGING MARKETS EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Africa | | $ | 919,157 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 27,801,623 | | | | 894,276 | | | | 19,966 | (b) |
| | | |
Europe | | | 211,650 | | | | — | | | | — | |
| | | |
North America | | | 967,206 | | | | — | | | | — | |
| | | |
South America | | | 1,586,114 | | | | 481,871 | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 140,256 | | | | — | | | | — | |
| | | |
| Total | | $ | 31,626,006 | | | $ | 1,376,147 | | | $ | 19,966 | |
| | | |
| MARKETBETA® INTERNATIONAL EQUITY ETF | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Africa | | $ | 964,966 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 111,741,728 | | | | — | | | | 47,655 | (b) |
| | | |
Europe | | | 185,380,459 | | | | 1,722,606 | | | | — | |
| | | |
North America | | | 20,527,999 | | | | 260,190 | | | | — | |
| | | |
Oceania | | | 34,393,942 | | | | — | | | | — | |
| | | |
South America | | | 287,145 | | | | 63,019 | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 6,986,472 | | | | — | | | | — | |
| | | |
| Total | | $ | 360,282,711 | | | $ | 2,045,815 | | | $ | 47,655 | |
| | | |
| Derivative Type | | | | | | | | | |
| | | |
| Liabilities(c) | | | | | | | | | | | | |
| | | |
Futures Contracts | | $ | (8,646 | ) | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | | Amount represents valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of August 31, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, August 31, 2021, they were classified as either Level 1 or Level 2. |
| (c) | | Amount shown represents unrealized loss at fiscal year end. |
73
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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 | | $ | 689,720 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 3,660,275 | | | | — | | | | — | |
| | | |
North America | | | 678,280,740 | | | | — | | | | — | |
| | | |
South America | | | 912,417 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 1,947,872 | | | | — | | | | — | |
| | | |
| Total | | $ | 685,491,024 | | | $ | — | | | $ | — | |
| (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. 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, 2022. 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.
| | | | | | | | | | | | |
| Fund | | Risk | | Statement of Assets and Liabilities | | Assets(a) | | Statement of Assets
and Liabilities | | Liabilities(a) | |
MarketBeta® International Equity ETF | | Equity | | Variation Margin on Futures Contracts | | $ — | | Variation Margin on
Futures Contracts | | $ | 8,646 | |
| (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, 2022 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, 2022. 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 Unrealized
Gain (Loss) on
Futures Contracts | |
| Equity | | | | MarketBeta® Emerging Markets Equity ETF | | | | $ | 104,193 | | | $ | (162,991 | ) |
| Equity | | | | MarketBeta® International Equity ETF | | | | | (185,800 | ) | | | (23,126 | ) |
| Equity | | | | MarketBeta® U.S. Equity ETF | | | | | 32,430 | | | | (36,551 | ) |
74
GOLDMAN SACHS MARKETBETA ETFS
|
| 4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended August 31, 2022, the relevant values for each derivative type was as follows:
| | | | |
| Fund | | | | Number of
Contracts(a) |
MarketBeta® Emerging Markets Equity ETF | | | | 3 |
MarketBeta® International Equity ETF | | | | 14 |
| (a) | | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2022. |
|
| 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, 2022, 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, 2022 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, 2022, GSAM waived $29,808, $182,858 and $106,102 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
75
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Beginning
value as of
August 31,
2021 | | Purchases
at Cost | | | Proceeds
from Sales | | | Realized
Gain | | | Change in
Unrealized
Depreciation | | | Ending value as of
August 31,
2022 | | | Shares as of
August 31,
2022 | | | Dividend
Income | |
MarketBeta® U.S. Equity ETF | | $1,515,100 | | $ | 1,169,622 | | | $ | (125,937 | ) | | $ | 37,533 | | | $ | (299,897 | ) | | $ | 2,296,421 | | | | 6,903 | | | $ | 44,378 | |
|
| 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, 2022 | | | For the Fiscal Year Ended
August 31,2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 150,000 | | | $ | 6,730,275 | | | | — | | | $ | — | |
Shares Redeemed | | | — | | | | — | | | | (150,000 | ) | | | (8,323,242 | ) |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | 150,000 | | | $ | 6,730,275 | | | | (150,000 | ) | | $ | (8,323,242 | ) |
| |
| | | MarketBeta® International Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 2,100,000 | | | $ | 106,009,495 | | | | 300,000 | | | $ | 16,893,287 | |
Shares Redeemed | | | (300,000 | ) | | | (13,629,357 | ) | | | (100,000 | ) | | | (5,367,710 | ) |
| | | | |
NET INCREASE IN SHARES | | | 1,800,000 | | | $ | 92,380,138 | | | | 200,000 | | | $ | 11,525,577 | |
76
GOLDMAN SACHS MARKETBETA ETFS
|
| 6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | | | | | | | | | |
| |
| | | MarketBeta® U.S. Equity ETF | |
| | | | |
| | | For the Fiscal Year Ended
August 31, 2022 | | | For the Fiscal Year Ended
August 31, 2021 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 6,400,000 | | | $ | 367,338,844 | | | | 1,550,000 | | | $ | 85,652,200 | |
Shares Redeemed | | | (500,000 | ) | | | (29,867,204 | ) | | | (50,000 | ) | | | (2,904,650 | ) |
| | | | |
NET INCREASE IN SHARES | | | 5,900,000 | | | $ | 337,471,640 | | | | 1,500,000 | | | $ | 82,747,550 | |
|
| 7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
MarketBeta® Emerging Markets Equity ETF | | | | $ | 12,645,464 | | | $ | 5,978,503 | |
MarketBeta® International Equity ETF | | | | | 27,235,368 | | | | 24,806,142 | |
MarketBeta® U.S. Equity ETF | | | | | 19,092,051 | | | | 17,501,526 | |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
MarketBeta® Emerging Markets Equity ETF | | | | $ | 1,261,227 | | | $ | — | |
MarketBeta® International Equity ETF | | | | | 102,466,395 | | | | 13,584,266 | |
MarketBeta® U.S. Equity ETF | | | | | 367,241,501 | | | | 29,866,990 | |
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.
77
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 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, 2022, 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, 2022, 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, 2022:
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning value
as of August 31,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending value
as of August 31,
2022 | |
MarketBeta® Emerging Markets Equity ETF | | | | $ | 568,867 | | | $ | 4,803,528 | | | $ | (5,232,139 | ) | | $ | 140,256 | |
MarketBeta® International Equity ETF | | | | | 1,129,562 | | | | 68,720,705 | | | | (62,863,795 | ) | | | 6,986,472 | |
MarketBeta® U.S. Equity ETF | | | | | 530,905 | | | | 12,156,207 | | | | (10,739,240 | ) | | | 1,947,872 | |
The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:
| | | | | | | | | | | | |
| | | MarketBeta®
Emerging
Markets
Equity ETF | | | MarketBeta®
International
Equity ETF | | | MarketBeta®
U.S. Equity ETF | |
Distributions paid from: | | | | | | | | | | | | |
Ordinary Income* | | $ | 2,556,833 | | | $ | 12,795,314 | | | $ | 6,429,882 | |
Long-term capital gain | | | — | | | | — | | | | — | |
Total taxable distributions | | $ | 2,556,833 | | | $ | 12,795,314 | | | $ | 6,429,882 | |
| * | | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
78
GOLDMAN SACHS MARKETBETA ETFS
|
| 9. TAX INFORMATION (continued) |
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 | |
| * | | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:
| | | | | | | | | | | | |
| | | Marketbeta®
Emerging Markets
Equity ETF | | | MarketBeta®
International
Equity ETF | | | MarketBeta®
U.S. Equity ETF | |
Undistributed ordinary income — net | | $ | 180,959 | | | $ | 1,189,007 | | | $ | 1,916,178 | |
Undistributed long-term capital gains | | | — | | | | — | | | | — | |
Total undistributed earnings | | $ | 180,959 | | | $ | 1,189,007 | | | $ | 1,916,178 | |
Capital loss carryforwards: | | | | | | | | | | | | |
Perpetual Short-Term | | $ | (83,301 | ) | | $ | (131,672 | ) | | $ | — | |
Perpetual Long-Term | | | (76,526 | ) | | | (337,264 | ) | | | (92,195 | ) |
Timing differences (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral) | | | (50,687 | ) | | | (3,065,272 | ) | | | (765,016 | ) |
Unrealized gains (losses) — net | | | 2,307,075 | | | | (18,477,929 | ) | | | 20,776,633 | |
Total accumulated earnings (losses) net | | $ | 2,277,520 | | | $ | (20,823,130 | ) | | $ | 21,835,600 | |
As of August 31, 2022, 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 | | $ | 30,523,870 | | | $ | 380,779,750 | | | $ | 664,714,391 | |
Gross unrealized gain | | | 6,324,433 | | | | 23,022,317 | | | | 75,948,485 | |
Gross unrealized loss | | | (4,017,358 | ) | | | (41,500,246 | ) | | | (55,171,852 | ) |
Net unrealized gains (losses) | | $ | 2,307,075 | | | $ | (18,477,929 | ) | | $ | 20,776,633 | |
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 future contracts, and differences in the tax treatment of partnership investments and passive foreign investment company investments.
79
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 9. 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 redemptions utilized as distributions and redemption in-kind transactions.
| | | | | | | | | | |
| Fund | | | | Paid-in Capital | | | Total Distributable
Earnings | |
MarketBeta® Emerging Markets Equity ETF | | | | $ | — | | | $ | — | |
MarketBeta® International Equity ETF | | | | $ | 1,399,612 | | | $ | (1,399,612 | ) |
MarketBeta® U.S. Equity ETF | | | | $ | 10,078,578 | | | $ | (10,078,578 | ) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior 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.
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 sanctions, 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 from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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
80
GOLDMAN SACHS MARKETBETA ETFS
|
| 10. OTHER RISKS (continued) |
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.
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.
81
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
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.
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
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.
82
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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, 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, 2022, the results of each of their operations for the year ended August 31, 2022, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 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, 2022 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 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
83
GOLDMAN SACHS MARKETBETA ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
| | | | | | | | | | | | |
Proposal 1. Election of Trustees | | For | | | Against/Withheld | | | Abstain | |
| | | |
Cheryl K. Beebe | | | 264,924,160 | | | | 15,294,512 | | | | 0 | |
| | | |
Lawrence Hughes | | | 279,548,931 | | | | 669,741 | | | | 0 | |
| | | |
John F. Killian | | | 264,883,857 | | | | 15,334,814 | | | | 0 | |
| | | |
Steven D. Krichmar | | | 279,552,751 | | | | 665,920 | | | | 0 | |
| | | |
Linda A. Lang | | | 279,620,511 | | | | 598,160 | | | | 0 | |
| | | | | | | | | | | | |
84
GOLDMAN SACHS MARKETBETA ETFS
| | |
| | |
Fund Expenses — Six Month Period Ended 8/31/22 (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 and held for the entire six-month period from March 1, 2022 through August 31, 2022, 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
3/1/2022 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | |
Actual based on NAV | | $ | 1,000 | | | $ | 880.27 | | | $ | 1.71 | | | $ | 1,000 | | | $ | 862.77 | | | $ | 0.94 | | | $ | 1,000 | | | $ | 903.27 | | | $ | 0.34 | |
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 the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2022. 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 | |
85
GOLDMAN SACHS MARKETBETA 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 |
| | | | | |
Cheryl K. Beebe Age: 66 | | Chair of the
Board of Trustees | | Since 2021 | | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) |
| | | | | |
Lawrence Hughes Age: 64 | | Trustee | | Since 2021 | | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | |
John F. Killian Age: 67 | | Trustee | | Since 2021 | | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Consolidated Edison, Inc. (a utility holding company) |
| | | | | |
Steven D. Krichmar Age: 64 | | Trustee | | Since 2021 | | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | | | | | | |
86
GOLDMAN SACHS MARKETBETA ETFS
Trustees and Officers (Unaudited) (continued)
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 |
| | | | | |
Linda A. Lang Age: 64 | | 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | None |
| | | | | |
Michael Latham Age: 56 | | 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 owned by BlackRock, Inc., 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
| | | | | |
Lawrence W. Stranghoener Age: 68 | | Trustee | | Since 2015 | | 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). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund | | 69 | | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) |
| | | | | | | | | | |
87
GOLDMAN SACHS MARKETBETA 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: 59 | | 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 ETF Trust II; 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. | | 172 | | 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 Kraus. Information is provided as of August 31, 2022. |
| 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, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 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.
88
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: 59 | | 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 ETF 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: 45 | | 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 ETF 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: 54 | | 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 ETF Trust II; 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, 2022. |
| 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, 2022, 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 $1.2618 and $1.2008 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 33.87% and 82.06%, respectively. The total amount of taxes paid by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF to foreign countries was $0.2787 and $0.1208 per share, respectively.
For the year ended August 31, 2022, 1.11% 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, 2022, 23.78%, 71.17%, and 98.89% of the dividends paid from net investment company taxable income by the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, and 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, 2022, 96.54% 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, 2022, the MarketBeta® Emerging Markets Equity ETF designated $1,249,594 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
89
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 $2.27 trillion in assets under supervision as of June 30, 2022, 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 ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| 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 Ultra Short Bond ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs MarketBetaTM Emerging Markets Equity ETF |
| Goldman Sachs MarketBetaTM International Equity ETF |
| Goldman Sachs MarketBetaTM U.S. Equity ETF |
| Goldman Sachs MarketBeta U.S. 1000 Equity ETF |
| Goldman Sachs Future Planet Equity ETF |
| Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure 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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener | | 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 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, 2022 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.
© 2022 Goldman Sachs. All rights reserved. 294228-OTU-10/2022 MCEQWGETFAR-22
Goldman Sachs Funds
| | | | |
| | |
| Annual Report | | | | August 31, 2022 |
| | |
| | | | Goldman Sachs Future Thematic Equity ETFs |
| | | | Goldman Sachs Future Consumer Equity ETF (GBUY) |
| | | | Goldman Sachs Future Health Care Equity ETF (GDOC) |
| | | | Goldman Sachs Future Planet Equity ETF (GSFP) |
| | | | Goldman Sachs Future Real Estate and Infrastructure Equity ETF (GREI) |
| | | | Goldman Sachs Future Tech Leaders Equity ETF (GTEK) |
Goldman Sachs Future Thematic Equity ETFs
| ∎ | | GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF |
| ∎ | | GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF |
| ∎ | | GOLDMAN SACHS FUTURE PLANET EQUITY ETF |
| ∎ | | GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF |
| ∎ | | GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF |
| | | | |
| | | |
| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs Future Thematic Equity ETFs
Principal Investment Strategies
The Goldman Sachs Future Consumer Equity ETF, the Goldman Sachs Future Health Care Equity ETF, the Goldman Sachs Future Planet Equity ETF and the Goldman Sachs Future Real Estate and Infrastructure Equity ETF (each, a “Fund” and together the “Funds”) seek to achieve their respective investment objectives by investing, under normal circumstances, at least 80% of their 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. (the “Investment Adviser”) believes are aligned, at the time the investment is first added to a Fund’s portfolio, with certain key themes (the “Key Themes”). The Goldman Sachs Future Tech Leaders Equity ETF does not use Key Themes within its investment process, but instead seeks to achieve its investment objective by investing in companies that the Investment Adviser believes are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.
The Key Themes and related areas of investment may change over time at the sole discretion of the Investment Adviser without prior notice to shareholders. In addition, each Fund is permitted to make investments that are not aligned with the Key Themes. In selecting investments, the Investment Adviser 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 in the Investment Adviser’s sole discretion. Each 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.
The Investment Adviser’s belief may be informed by, among other things, company disclosure, third-party research, engagement with the companies, or subjective criteria including the Investment Adviser’s own research, expectations or opinions.
Goldman Sachs Future Consumer Equity ETF
The Goldman Sachs Future Consumer Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are aligned with the Key Themes associated with the different and evolving priorities and spending habits of younger consumers, which include, but are not limited to:
| • | | Technology-Enabled Consumption — Companies that provide or help create products, services or technologies in areas including but not limited to the connected world, social media, e-commerce, entertainment and gaming, fintech, mobility and the digital workforce. |
| • | | Lifestyle and Values — Companies that provide or help create products, services or technologies in areas including but not limited to sustainable living, experiences, education, health & wellness, childcare and luxury. |
Goldman Sachs Future Health Care Equity ETF
The Goldman Sachs Future Health Care Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are aligned with the Key Themes associated with innovation in health care, which include, but are not limited to:
| • | | Genomics — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to sequencing, diagnostic testing and the genomics supply chain. |
| • | | Precision Medicine — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to targeted oncology, gene/cell therapy and rare diseases. |
| • | | Technology-Enabled Procedures — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to robotic surgery and minimally invasive procedures. |
| • | | Digital Healthcare — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to connected devices, digital transformation and online health. |
Goldman Sachs Future Planet Equity ETF
The Goldman Sachs Future Planet Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser are aligned with the Key Themes associated with seeking to address environmental problems, which include, but are not limited to:
| • | | 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. |
1
INVESTMENT PROCESS
| • | | 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. |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
The Goldman Sachs Future Real Estate and Infrastructure Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser are aligned with the Key Themes associated with secular growth drivers for real estate and infrastructure assets, which include, but are not limited to:
| • | | Innovation — Real estate and infrastructure companies that facilitate innovation-driven demand drivers including but not limited to towers, digital storage, cold storage, logistics, life-science office and studio office. |
| • | | Demographic Shifts — Real estate and infrastructure companies that facilitate demographic-driven demand drivers in areas including but not limited to select multi-family, single family rental, self-storage and health care. |
| • | | Experiences Over Things — Real estate and infrastructure companies that facilitate experience-driven demand drivers in areas including but not limited to leisure hotels, airports, toll roads, rails and ports. |
| • | | Environmental Sustainability — Real estate and infrastructure companies that facilitate environmental sustainability-driven demand drivers in areas including but not limited to utilities enabling energy transition, alternative energy producers, energy storage and grid services. |
| • | | Social Sustainability — Real estate and infrastructure companies that facilitate social sustainability-driven demand drivers in areas including but not limited to affordable housing, health care, education and waste management. |
Goldman Sachs Future Tech Leaders Equity ETF
The Goldman Sachs Future Tech Leaders Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.
The Investment Adviser seeks to:
| • | | Identify companies at various growth stages that are developing differentiated technology to either disrupt existing markets, serve existing markets more efficiently or apply proven business models to new geographies. |
| • | | Invest in companies that use technology to drive long-term compounding revenue growth as well as more mature technology companies that are evolving their business models to exploit new growth opportunities. |
* * *
At the end of the Reporting Period, i.e., on August 31, 2022, we continued to believe that rapid change was disrupting the status quo across industries and around the world. In our view, the Funds should keep investors on the right side of disruption by looking beyond what we considered backward-looking benchmarks to identify innovative, attractively valued companies aligned with durable secular growth themes. We thought that companies showing meaningful alignment with one or more of the Funds’ 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 opportunities 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 Funds, we intended to continue following our
2
INVESTMENT PROCESS
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.
3
PORTFOLIO RESULTS
Goldman Sachs Future Consumer Equity ETF
Investment Objective
The Goldman Sachs Future Consumer Equity ETF (the “Fund”) seeks long-term growth of capital.
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 November 9, 2021 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -36.28% based on net asset value (“NAV”) and -36.60% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) Growth Index (the “MSCI ACWI Growth Index”), returned -25.13% during the same period. |
| | The Fund had an NAV of $40.03 per share on November 9, 2021 and ended the Reporting Period with an NAV of $25.43 per share. The Fund’s market price on August 31, 2022 was $25.30 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 growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with the different and evolving priorities and spending habits of younger consumers, which include, but are not limited to, the increased adoption of technology and their different lifestyle preferences and values (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 negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. Growth-oriented stocks were particularly hard hit during the sell-off, given that they had been trading at high multiples for some time and tend to be sensitive to interest rate movements. |
| | On a relative basis, the Fund underperformed the MSCI ACWI Growth Index during the Reporting Period. Both of the Fund’s Key Themes detracted from relative returns. Within the Key Themes, the e-commerce, connected world, and experiences sub-themes hurt performance the most. The mobility sub-theme added marginally to results. |
| | Within sectors, the Fund was hurt by stock selection in communication services, information technology and consumer discretionary. Its lack of exposure to traditional oil and gas stocks, which do not align with the Key Themes, also detracted from relative performance. The Fund benefited slightly from its overweight position versus the MSCI ACWI Growth Index in the utilities sector. |
| | From a country perspective, stock selection in the U.S. and an allocation to the U.K. detracted from relative returns. An allocation to Portugal and stock selection in France added to performance 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 Growth Index, the Fund’s overweight positions in Snap, a U.S. camera and social media company; Sea, a Singapore-based e-commerce and video game development company; and Farfetch, a British-Portuguese online luxury fashion retailer (0.68%, 0.79% and 1.02% of Fund net assets as of August 31, 2022, respectively) detracted most from relative performance. All three stocks generated double-digit negative returns within the MSCI ACWI Growth Index during the Reporting Period. |
| Q | | Which individual stock positions contributed most positively to the Fund’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI ACWI Growth Index, the Fund benefited most from overweight positions in NextEra Energy, a U.S. electric utility and renewable energy company; Ulta Beauty, a U.S. chain of beauty product stores; |
4
PORTFOLIO RESULTS
| | and T-Mobile US, a U.S. wireless network operator (4.13%, 2.42% and 2.93% of Fund net assets as of August 31, 2022, respectively). NextEra Energy and Ulta Beauty each generated a single-digit positive return within the MSCI ACWI Growth Index, while T-Mobile US delivered a double-digit positive return within the MSCI ACWI Growth 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. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Alexis Deladerrière, Laura Destribats and Nathan Lin, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | | What was the Fund’s sector positioning relative to the MSCI ACWI Growth Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Sector Name | | Fund | | | MSCI ACWI
Growth Index | |
| | Communication Services | | | 28.46 | % | | | 10.86 | % |
| | Consumer Discretionary | | | 27.38 | | | | 16.37 | |
| | Information Technology | | | 16.94 | | | | 34.08 | |
| | Utilities | | | 6.96 | | | | 0.59 | |
| | Consumer Staples | | | 4.97 | | | | 5.89 | |
| | Real Estate | | | 4.21 | | | | 1.25 | |
| | Materials | | | 4.10 | | | | 3.35 | |
| | Health Care | | | 2.43 | | | | 10.49 | |
| | Industrials | | | 2.19 | | | | 9.31 | |
| | Financials | | | 0.00 | | | | 6.45 | |
| | | Energy | | | 0.00 | | | | 1.36 | |
| Q | | What was the Fund’s country positioning relative to the MSCI ACWI Growth Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund | | | MSCI ACWI
Growth Index | |
| | U.S. | | | 55.02 | % | | | 60.75 | % |
| | China | | | 5.97 | | | | 3.56 | |
| | Taiwan | | | 5.95 | | | | 1.89 | |
| | Italy | | | 4.88 | | | | 0.30 | |
| | Hong Kong | | | 4.55 | | | | 1.16 | |
| | France | | | 4.55 | | | | 3.33 | |
| | Netherlands | | | 3.94 | | | | 1.50 | |
| | U.K. | | | 3.21 | | | | 2.25 | |
| | Portugal | | | 2.83 | | | | 0.04 | |
| | Argentina | | | 2.77 | | | | 0.14 | |
| | Germany | | | 1.66 | | | | 1.22 | |
| | Brazil | | | 0.83 | | | | 0.56 | |
| | Singapore | | | 0.79 | | | | 0.32 | |
| | South Korea | | | 0.69 | | | | 1.31 | |
| | | Norway | | | 0.00 | | | | 0.10 | |
| | 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. Figures above may not sum to 100% due to rounding due to the presence of cash. |
5
FUND BASICS
Goldman Sachs Future Consumer Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 25.30 | |
| | | Net Asset Value (NAV)1 | | $ | 25.43 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Amazon.com, Inc. | | | 7.7 | % | | Consumer Discretionary | | United States |
| | Alphabet, Inc., Class C | | | 5.2 | | | Communication Services | | United States |
| | LVMH Moet Hennessy Louis Vuitton SE | | | 4.6 | | | Consumer Discretionary | | France |
| | Mastercard, Inc., Class A | | | 4.5 | | | Information Technology | | United States |
| | American Tower Corp. REIT | | | 4.2 | | | Real Estate | | United States |
| | NextEra Energy, Inc. | | | 4.1 | | | Utilities | | United States |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | | | 3.7 | | | Information Technology | | Taiwan |
| | NIKE, Inc., Class B | | | 3.0 | | | Consumer Discretionary | | United States |
| | Walt Disney Co. (The) | | | 3.0 | | | Communication Services | | United States |
| | | T-Mobile US, Inc. | | | 2.9 | | | 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.
6
GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Growth 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 Future Consumer Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | | Since Inception | |
Shares based on NAV (Commenced November 9, 2021) | | | -36.28% | |
| | | | |
Shares based on Market Price (Commenced November 9, 2021) | | | -36.60% | |
| | | | |
MSCI ACWI Growth Index | | | -25.13% | |
| | | | |
| * | | 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 calculation 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 year are not annualized. |
7
PORTFOLIO RESULTS
Goldman Sachs Future Health Care Equity ETF
Investment Objective
The Goldman Sachs Future Health Care Equity ETF (the “Fund”) seeks long-term growth of capital.
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 November 9, 2021 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -24.55% based on net asset value (“NAV”) and -24.39% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) Health Care Index (the “MSCI ACWI Health Care Index”), returned -10.93% during the same period. |
| | The Fund had an NAV of $39.68 per share on November 9, 2021 and ended the Reporting Period with an NAV of $29.94 per share. The Fund’s market price on August 31, 2022 was $30.00 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 growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with innovation in health care, which include, but are not limited to, Genomics, Precision Medicine, Technology-Enabled Procedures and Digital Healthcare (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 negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. Growth-oriented stocks were particularly hard hit during the sell-off, given that they had been trading at high multiples for some time and tend to be sensitive to interest rate movements. |
| | Relative to the MSCI ACWI Health Care Index, the Fund underperformed during the Reporting Period. These results can be broadly attributed to two factors. First, value-oriented health care-related market segments outperformed growth-oriented health care-related market segments. Second, companies focused on COVID-19 came under pressure due to slowing demand for vaccines and testing offerings. |
| | During the Reporting Period, all four of the Fund’s Key Themes hurt relative returns, with Genomics detracting the most and Precision Medicine detracting the least. Within the Key Themes, the genomics supply chain sub-theme detracted most from relative performance, followed by the minimally invasive surgery and diagnostic testing sub-themes. The chronic diseases sub-theme contributed positively to results. |
| | From an industry perspective, the Fund was hampered by its underweight relative to the MSCI ACWI Health Care Index in pharmaceuticals, which was the best performing health care-related market segment during the Reporting Period. Because of its focus on health care innovation, the Fund was underweight large-cap pharmaceutical companies and health care insurers. Another source of relative weakness was the life science tools and services industry, wherein the Fund avoided manufacturers of COVID-19 vaccines and testing kits and concentrated its investments in companies further up the supply chain. COVID-19-related stocks declined during the Reporting Period as the global equity market sold off and investors rotated out of growth-oriented stocks into value-oriented stocks. During the Reporting Period, we focused on adding to the Fund’s investments in companies with innovative non-COVID-19 specific offerings, while trimming or selling holdings that seemed to rely too heavily on COVID-19-related manufacturing. |
| | From a country perspective, stock selection in the U.S. detracted from the Fund’s relative returns. Stock selection in Belgium and an allocation to Switzerland added to performance during the Reporting Period. |
8
PORTFOLIO RESULTS
| Q | | Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI ACWI Health Care Index, the Fund’s overweight positions in Align Technology, a U.S.-based medical device company; Intuitive Surgical, a U.S. company that develops, manufactures and markets robotic products for minimally invasive surgery; and Guardant Health, a U.S.-based precision oncology biotechnology company (0.96%, 3.60% and 0.72% of Fund net assets as of August 31, 2022, respectively) detracted most from relative performance. All three stocks posted double-digit negative returns within the MSCI ACWI Health Care Index during the Reporting Period. |
| Q | | Which individual stock positions contributed most positively to the Fund’s relative returns during the Reporting Period? |
| A | | Relative to the MSCI ACWI Health Care Index, the Fund benefited most from overweight positions in Neurocrine Biosciences, a U.S. biotechnology company that develops treatments for neurological and endocrine-related diseases and disorders; Eli Lilly and Company, a U.S. pharmaceutical firm; and ShockWave Medical, a U.S.-based cardiovascular medical device manufacturer (4.25%, 5.72% and 1.80% of Fund net assets as of August 31, 2022, respectively). Each of these stocks recorded a double-digit gain within the MSCI ACWI Health Care 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. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Jenny Chang and Anant Padmanabhan, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | | What was the Fund’s industry positioning relative to the MSCI ACWI Health Care Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Industry Name | | Fund | | | MSCI ACWI
Health
Care Index | |
| | Biotechnology | | | 29.07 | % | | | 13.73 | % |
| | Health Care Equipment and Supplies | | | 28.28 | | | | 16.94 | |
| | Pharmaceuticals | | | 18.42 | | | | 39.48 | |
| | Life Sciences Tools and Services | | | 13.86 | | | | 11.16 | |
| | Health Care Technology | | | 3.74 | | | | 0.68 | |
| | Equity Real Estate Investment Trusts | | | 2.21 | | | | 0.00 | |
| | Electronic Equipment Instruments and Components | | | 1.68 | | | | 0.00 | |
| | | Health Care Providers & Services | | | 0.72 | | | | 18.01 | |
| Q | | What was the Fund’s country positioning relative to the MSCI ACWI Health Care Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund | | | MSCI ACWI
Health
Care Index | |
| | U.S. | | | 77.72 | % | | | 70.71 | % |
| | Japan | | | 5.14 | | | | 4.42 | |
| | U.K. | | | 4.88 | | | | 3.88 | |
| | Australia | | | 3.08 | | | | 1.81 | |
| | Belgium | | | 2.62 | | | | 0.39 | |
| | Denmark | | | 2.36 | | | | 3.22 | |
| | France | | | 1.13 | | | | 1.74 | |
| | Switzerland | | | 1.08 | | | | 7.42 | |
| | China | | | 0.00 | | | | 1.80 | |
| | | Sweden | | | 0.00 | | | | 0.12 | |
| | 1 | | Country and industry 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 industry 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. Figures above may not sum to 100% due to rounding due to the presence of cash. |
9
FUND BASICS
Goldman Sachs Future Health Care Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 30.00 | |
| | | Net Asset Value (NAV)1 | | $ | 29.94 | |
| 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 8/31/222 |
| | | |
| | | Holding | | % of Net Assets | | | Country |
| | | |
| | Eli Lilly & Co. | | | 5.7 | % | | United States |
| | AstraZeneca PLC | | | 4.6 | | | United Kingdom |
| | Neurocrine Biosciences, Inc. | | | 4.3 | | | United States |
| | Boston Scientific Corp. | | | 4.0 | | | United States |
| | Intuitive Surgical, Inc. | | | 3.6 | | | United States |
| | Edwards Lifesciences Corp. | | | 3.5 | | | United States |
| | Insulet Corp. | | | 3.4 | | | United States |
| | Veeva Systems, Inc., Class A | | | 3.4 | | | United States |
| | West Pharmaceutical Services, Inc. | | | 3.2 | | | United States |
| | | CSL Ltd. | | | 3.1 | | | Australia |
| 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.
10
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Health Care 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 Future Health Care Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | | Since Inception | |
Shares based on NAV (Commenced November 9, 2021) | | | -24.55% | |
| | | | |
Shares based on Market Price (Commenced November 9, 2021) | | | -24.39% | |
| | | | |
MSCI ACWI Health Care Index | | | -10.93% | |
| | | | |
| * | | 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 calculation 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 year are not annualized. |
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 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -27.97% based on net asset value (“NAV”) and -28.28% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned -15.88% during the same period. |
| | The Fund had an NAV of $42.18 per share on August 31, 2021 and ended the Reporting Period with an NAV of $30.23 per share. The Fund’s market price on August 31, 2022 was $30.15 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 negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. |
| | On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period. As global equities retreated, many investors adopted defensive stances, rotating out of growth stocks into value-oriented, cyclical stocks. In this environment, the stocks in which the Fund invests, which are generally growth-oriented, were among the worst hit in the sell-off. All five of the Fund’s Key Themes detracted from relative performance during the Reporting Period, with Resource Efficiency detracting the most and Water Sustainability holding up the best. We took advantage of the decline in global equities during the Reporting Period to selectively add to the Fund’s allocations to the Clean Energy and Resource Efficiency Key Themes. |
| | Regarding sectors, the Fund was hurt, broadly speaking, by its lack of exposure to market segments that do not align with its Key Themes, such as financials and traditional energy. Also, stock selection in the materials, information technology and utilities sectors detracted from relative performance. The Fund benefited from its underweight positions relative to the MSCI ACWI Index in the consumer discretionary and communication services sectors. |
| | From a country perspective, strong stock selection in Finland and an allocation to Spain contributed positively to relative performance, while positions in France and Norway detracted from returns 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 overweight positions in DocuSign, a U.S.-based company that helps organizations manage electronic agreements; Enel, an Italian utility company with a focus on sustainable energy; and DS Smith, a U.K. packaging business that offers sustainable plastic-free packaging, integrated recycling services and sustainable paper products (1.20%, 3.11% and 1.87% of |
12
PORTFOLIO RESULTS
| | Fund net assets as of August 31, 2022, respectively) detracted most from relative performance during the Reporting Period. All three stocks produced double-digit negative returns within the MSCI ACWI Index during the Reporting Period. |
| 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 Shoals Technologies Group, a leading U.S. provider of electrical balance-of-system solutions for solar energy projects; Wolfspeed, a U.S. developer and manufacturer of wide bandgap semiconductors; and Albemarle, a U.S. fine chemicals manufacturer (2.77%, 2.70% and 3.09% of Fund net assets as of August 31, 2022, respectively). Each of these stocks recorded a double-digit positive 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. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Alexis Deladerrière, who was responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| 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 | | | 32.65 | % | | | 9.59 | % |
| | Materials | | | 22.57 | | | | 4.64 | |
| | Information Technology | | | 17.02 | | | | 21.45 | |
| | Utilities | | | 12.73 | | | | 3.20 | |
| | Energy | | | 4.39 | | | | 5.23 | |
| | Health Care | | | 3.77 | | | | 12.17 | |
| | Consumer Staples | | | 2.71 | | | | 7.48 | |
| | Consumer Discretionary | | | 2.27 | | | | 11.59 | |
| | Financials | | | 0.00 | | | | 14.34 | |
| | Communication Services | | | 0.00 | | | | 7.56 | |
| | | Real Estate | | | 0.00 | | | | 2.75 | |
| 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. | | | 42.50 | % | | | 61.65 | % |
| | Japan | | | 10.37 | | | | 5.46 | |
| | Denmark | | | 5.41 | | | | 0.65 | |
| | Finland | | | 4.39 | | | | 0.24 | |
| | China | | | 3.93 | | | | 3.35 | |
| | Netherlands | | | 3.93 | | | | 1.04 | |
| | Spain | | | 3.84 | | | | 0.56 | |
| | Switzerland | | | 3.53 | | | | 2.46 | |
| | France | | | 3.38 | | | | 2.66 | |
| | Italy | | | 3.11 | | | | 0.53 | |
| | Ireland | | | 2.89 | | | | 0.19 | |
| | Germany | | | 2.34 | | | | 1.78 | |
| | Taiwan | | | 2.09 | | | | 1.67 | |
| | Norway | | | 1.99 | | | | 0.21 | |
| | U.K. | | | 1.87 | | | | 3.68 | |
| | Belgium | | | 1.26 | | | | 0.22 | |
| | Sweden | | | 1.24 | | | | 0.80 | |
| | | Australia | | | 0.07 | | | | 1.96 | |
| | 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 1.1% of the Fund’s net assets as of August 31, 2022. 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, 2022
| | | | | | |
| | FUND SNAPSHOT | | | | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 30.15 | |
| | | Net Asset Value (NAV)1 | | $ | 30.23 | |
| 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 TEN HOLDINGS AS OF 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Neste OYJ | | | 4.4 | % | | Energy | | Finland |
| | NextEra Energy, Inc. | | | 4.0 | | | Utilities | | United States |
| | Iberdrola SA | | | 3.8 | | | Utilities | | Spain |
| | Ecolab, Inc. | | | 3.8 | | | Materials | | United States |
| | Danaher Corp. | | | 3.8 | | | Health Care | | United States |
| | Enel SpA | | | 3.1 | | | Utilities | | Italy |
| | Albemarle Corp. | | | 3.1 | | | Materials | | United States |
| | Xylem, Inc. | | | 3.1 | | | Industrials | | United States |
| | Daikin Industries Ltd. | | | 3.1 | | | Industrials | | Japan |
| | | Shoals Technologies Group, Inc., Class A | | | 2.8 | | | Industrials | | 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.
14
GOLDMAN SACH FUTURE PLANET EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on July 13, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI 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 Future Planet Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from July 13, 2021 through August 31, 2022.
| | | | | | | | |
| Average Annual Total Return through August 31, 2022* | | | 1 Year Return | | | | Since Inception | |
Shares based on NAV (Commenced July 13, 2021) | | | -27.97% | | | | -21.34% | |
| | | | | | | | |
Shares based on Market Price (Commenced July 13, 2021) | | | -28.28% | | | | -21.53% | |
| | | | | | | | |
MSCI ACWI Index | | | -15.88% | | | | -12.44% | |
| | | | | | | | |
| * | | 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 year are not annualized. |
15
PORTFOLIO RESULTS
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
Investment Objective
The Goldman Sachs Future Real Estate and Infrastructure Equity ETF (the “Fund”) seeks long-term growth of capital.
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 November 9, 2021 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -13.52% based on net asset value (“NAV”) and -13.53% based on market price. The Fund’s benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index (the “Index”), returned -7.83% during the same period. |
| | The Fund had an NAV of $40.05 per share on November 9, 2021 and ended the Reporting Period with an NAV of $34.25 per share. The Fund’s market price on August 31, 2022 was $34.25 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 growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with secular growth drivers for real estate and infrastructure assets, which include, but are not limited to, Innovation, Demographic Shifts, Experiences Over Things, Environmental Sustainability and Social 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 negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. |
| | On a relative basis, the Fund underperformed the Index during the Reporting Period. As global equities retreated, many investors adopted defensive stances, rotating out of growth stocks into value-oriented, cyclical stocks. In this environment, the stocks in which the Fund invests, which are generally growth-oriented, were among the worst hit in the sell-off. All five of the Fund’s Key Themes hurt relative performance during the Reporting Period, with Environmental Sustainability detracting the most and Demographic Shifts detracting the least. Within the Key Themes, the e-commerce and e-grocery sub-theme was a drag on performance, as logistics stocks sold off. Because of our conviction in the long-term strength of the e-commerce market, the Fund’s holdings were primarily concentrated in owner/operators of distribution and logistics warehouses, which were negatively impacted by continued supply-chain disruptions during the Reporting Period. In addition, the supply chain was hurt by the imposition of COVID-19 lockdowns in China given that they halted manufacturing in some parts of the country. On the positive side, utilities enabling the climate transition sub-theme added to the Fund’s relative returns. We have a positive view of clean energy and believe traditional forms of energy sit on the wrong side of the climate transition over the long term. |
| | From a country perspective, stock selection in the U.S. detracted from relative returns. An allocation to Japan and stock selection in the U.K. added slightly to performance 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 Index, the Fund’s overweight positions in Germany-based Vonovia, a European residential real estate company; Ingenia Communities, an Australian property development company; and Cellnex Telecom, a Spain-based wireless telecommunications infrastructure and services company (2.06%, 1.40% and 2.75% of Fund net assets as of |
16
PORTFOLIO RESULTS
| | August 31, 2022, respectively) detracted most from relative performance. All three stocks recorded double-digit negative returns within the Index during the Reporting Period. |
| Q | | Which individual stock positions contributed most positively to the Fund’s relative returns during the Reporting Period? |
| A | | Relative to the Index, the Fund benefited most from overweight positions in National Grid, a British multinational electricity and gas utility company; AES, a U.S. utility and power generation company; and Cheniere Energy, a U.S.-headquartered liquefied natural gas company (4.67%, 1.19% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these stocks 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 | 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. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Kristin Kuney and Abhinav Zutshi, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Sector Name | | Fund | | | Index | |
| | | |
| | Real Estate | | | 53.59 | % | | | 53.61 | % |
| | Utilities | | | 26.46 | | | | 25.58 | |
| | Industrials | | | 11.73 | | | | 14.88 | |
| | Materials | | | 2.90 | | | | 0.00 | |
| | Communication Services | | | 2.80 | | | | 0.94 | |
| | Energy | | | 1.45 | | | | 4.92 | |
| | Health Care | | | 1.07 | | | | 0.06 | |
| | | Financials | | | 0.00 | | | | 0.02 | |
| Q | | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund | | | Index | |
| | | |
| | U.S. | | | 60.02 | % | | | 58.17 | % |
| | U.K. | | | 11.13 | | | | 3.51 | |
| | France | | | 6.51 | | | | 1.06 | |
| | Australia | | | 6.37 | | | | 5.05 | |
| | Spain | | | 4.21 | | | | 1.59 | |
| | Italy | | | 2.39 | | | | 1.49 | |
| | Canada | | | 2.11 | | | | 5.65 | |
| | Germany | | | 2.06 | | | | 1.26 | |
| | Japan | | | 1.42 | | | | 6.16 | |
| | Netherlands | | | 0.96 | | | | 0.08 | |
| | Denmark | | | 0.88 | | | | 0.00 | |
| | Belgium | | | 0.00 | | | | 0.64 | |
| | | Portugal | | | 0.00 | | | | 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 FTSE Russell Group. 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. Figures above may not sum to 100% due to rounding due to the presence of cash. |
17
FUND BASICS
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| |
| | | As of August 31, 2022 | |
| | |
| | Market Price1 | | $ | 34.25 | |
| | | Net Asset Value (NAV)1 | | $ | 34.25 | |
| 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 8/31/222 |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | National Grid PLC | | | 4.7 | % | | Utilities | | United Kingdom |
| | NextEra Energy, Inc. | | | 4.6 | | | Utilities | | United States |
| | American Tower Corp. REIT | | | 4.4 | | | Real Estate | | United States |
| | Prologis, Inc. REIT | | | 4.0 | | | Real Estate | | United States |
| | Transurban Group | | | 3.7 | | | Industrials | | Australia |
| | Vinci SA | | | 3.4 | | | Industrials | | France |
| | Cellnex Telecom SA | | | 2.8 | | | Communication Services | | Spain |
| | Equity LifeStyle Properties, Inc. REIT | | | 2.7 | | | Real Estate | | United States |
| | SBA Communications Corp. REIT | | | 2.7 | | | Real Estate | | United States |
| | | Public Storage REIT | | | 2.6 | | | Real Estate | | 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 FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, 50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed 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 Future Real Estate and Infrastructure Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | | Since Inception | |
Shares based on NAV (Commenced November 9, 2021) | | | -13.52% | |
| | | | |
Shares based on Market Price (Commenced November 9, 2021) | | | -13.53% | |
| | | | |
50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed Index | | | -7.83% | |
| | | | |
| * | | 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 year are not annualized. |
19
PORTFOLIO RESULTS
Goldman Sachs Future Tech Leaders Equity ETF
Investment Objective
The Goldman Sachs Future Tech Leaders Equity ETF (the “Fund”) seeks long-term growth of capital.
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 September 14, 2021 through August 31, 2022 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund returned -40.03% based on net asset value (“NAV”) and -40.13% based on market price. The Fund’s primary benchmark, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned -15.25% during the same period. The Fund’s custom secondary benchmark returned -28.03% during the Reporting Period. (The custom secondary benchmark is comprised of those companies within the MSCI ACWI Index that are classified within the information technology sector, the communications services sector, and the internet and direct marketing retail industry and excludes companies with market capitalizations of more than $100 billion.) |
| | The Fund had an NAV of $40.22 per share on September 14, 2021 and ended the Reporting Period with an NAV of $24.12 per share. The Fund’s market price on August 31, 2022 was $24.08 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 growth of capital by investing in companies that, at the time a given investment is first added to the Fund’s portfolio, are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years. |
| | During the Reporting Period, the Fund generated negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. Growth-oriented stocks were particularly hard hit during the sell-off, given that they had been trading at high multiples for some time and tend to be sensitive to interest rate movements. |
| | On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period. We attribute this underperformance to the interest rate sensitivity of the Fund’s investments. Companies that drive innovation have some of the highest expected growth rates in the broad global equity market, in our view, and derive the majority of their value from cash flows extending far into the future. During the Reporting Period, as the market anticipated higher interest rates, investors appeared to discount the future cash flows of many of these companies, pushing down their share prices. |
| | From both a sector and country perspective, the Fund was hurt across the board during the Reporting Period. Regarding sectors, stock selection within information technology and communication services detracted most from relative performance. In terms of countries, stock selection in the U.S. and Taiwan diminished returns the most. |
| Q | | Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period? |
| A | | During the Reporting Period, the Fund was hampered by its exposure to Russian search engine and web portal Yandex as well as by overweight positions relative to the MSCI ACWI Index in Qualtrics International, a U.S. a cloud-based subscription software platform to help businesses design and improve their products and services, and UiPath, a Romania-based software company that makes robotic process automation software (0.00%,1 1.51% and 1.29% of Fund net |
| | assets as of August 31, 2022, respectively). Trading in |
| | 1 | | This weight is 0.00% at August 31, 2022 because the position was not a component of the Index at the end of the Reporting Period. Given ongoing uncertainty at the end of the Reporting Period, Goldman Sachs Valuation Committee marked the Fund’s position in Yandex stock at zero. |
20
PORTFOLIO RESULTS
| | Yandex shares was suspended on February 25, 2022 amid Russia’s invasion of Ukraine. In March, in response to the invasion, a number of index providers, including MSCI, excluded Russian securities from their equity and fixed income indices. Qualtrics International and UiPath each generated a double-digit negative return within the MSCI ACWI Index during the Reporting Period. |
| Q | | Which individual stock positions contributed most positively to the Fund’s relative returns during the Reporting Period? |
| A | Relative to the Index, the Fund benefited most from overweight positions in ON Semiconductor, a U.S.-based semiconductor supplier; Palo Alto Networks, a U.S. multinational cybersecurity company; and Wolfspeed., a U.S. developer and manufacturer of wide bandgap semiconductors (2.58%, 3.54% and 1.47% of Fund net assets as of August 31, 2022, respectively). All three stocks recorded double-digit positive returns 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. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Sung Cho, Charles “Brook” Dane and Nathan Lin, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | | What was the Fund’s sector positioning relative to the MSCI ACWI Index at the end of the Reporting Period?2 |
| | | | | | | | | | |
| | | |
| | | Sector Name | | Fund | | | MSCI ACWI
Index | |
| | | |
| | Information Technology | | | 77.80 | % | | | 21.45 | % |
| | Communication Services | | | 10.50 | | | | 7.56 | |
| | Consumer Discretionary | | | 3.92 | | | | 11.59 | |
| | Real Estate | | | 2.47 | | | | 2.74 | |
| | Health Care | | | 1.93 | | | | 12.17 | |
| | Industrials | | | 1.88 | | | | 9.59 | |
| | Financials | | | 0.00 | | | | 14.34 | |
| | Consumer Staples | | | 0.00 | | | | 7.48 | |
| | Energy | | | 0.00 | | | | 5.23 | |
| | Materials | | | 0.00 | | | | 4.64 | |
| | | Utilities | | | 0.00 | | | | 3.20 | |
| Q | | What was the Fund’s country positioning relative to the MSCI AWCI Index at the end of the Reporting Period?2 |
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund | | | MSCI ACWI
Index | |
| | U.S. | | | 56.65 | % | | | 61.65 | % |
| | Taiwan | | | 10.50 | | | | 1.67 | |
| | China | | | 7.71 | | | | 3.35 | |
| | Japan | | | 5.69 | | | | 5.46 | |
| | Hong Kong | | | 3.64 | | | | 1.02 | |
| | Netherlands | | | 3.43 | | | | 1.04 | |
| | Australia | | | 2.41 | | | | 1.96 | |
| | Argentina | | | 1.92 | | | | 0.07 | |
| | Spain | | | 1.81 | | | | 0.56 | |
| | Germany | | | 1.65 | | | | 1.78 | |
| | Uruguay | | | 1.31 | | | | 0.00 | |
| | Singapore | | | 0.99 | | | | 0.35 | |
| | South Korea | | | 0.79 | | | | 1.31 | |
| | U.K. | | | 0.00 | | | | 3.68 | |
| | Canada | | | 0.00 | | | | 3.10 | |
| | France | | | 0.00 | | | | 2.66 | |
| | Switzerland | | | 0.00 | | | | 2.46 | |
| | India | | | 0.00 | | | | 1.64 | |
| | Sweden | | | 0.00 | | | | 0.80 | |
| | Denmark | | | 0.00 | | | | 0.65 | |
| | Brazil | | | 0.00 | | | | 0.60 | |
| | Italy | | | 0.00 | | | | 0.53 | |
| | Saudi Arabia | | | 0.00 | | | | 0.52 | |
| | South Africa | | | 0.00 | | | | 0.38 | |
| | Finland | | | 0.00 | | | | 0.24 | |
| | Mexico | | | 0.00 | | | | 0.23 | |
| | Belgium | | | 0.00 | | | | 0.22 | |
| | Indonesia | | | 0.00 | | | | 0.22 | |
| | Thailand | | | 0.00 | | | | 0.22 | |
| | | Norway | | | 0.00 | | | | 0.21 | |
21
PORTFOLIO RESULTS
| | | | | | | | | | |
| | | |
| | | Country Name | | Fund | | | MSCI ACWI
Index | |
| | Israel | | | 0.00 | % | | | 0.20 | % |
| | Ireland | | | 0.00 | | | | 0.19 | |
| | Malaysia | | | 0.00 | | | | 0.17 | |
| | United Arab Emirates | | | 0.00 | | | | 0.15 | |
| | Qatar | | | 0.00 | | | | 0.13 | |
| | Kuwait | | | 0.00 | | | | 0.10 | |
| | Philippines | | | 0.00 | | | | 0.09 | |
| | Chile | | | 0.00 | | | | 0.07 | |
| | Poland | | | 0.00 | | | | 0.06 | |
| | Portugal | | | 0.00 | | | | 0.06 | |
| | New Zealand | | | 0.00 | | | | 0.04 | |
| | Austria | | | 0.00 | | | | 0.04 | |
| | Turkey | | | 0.00 | | | | 0.04 | |
| | Peru | | | 0.00 | | | | 0.03 | |
| | Greece | | | 0.00 | | | | 0.03 | |
| | Hungary | | | 0.00 | | | | 0.02 | |
| | Colombia | | | 0.00 | | | | 0.02 | |
| | Czech Republic | | | 0.00 | | | | 0.02 | |
| | Egypt | | | 0.00 | | | | 0.01 | |
| | Pakistan | | | 0.00 | | | | 0.00 | |
| | | Russia | | | 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 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 0.3% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
22
FUND BASICS
Goldman Sachs Future Tech Leaders Equity ETF
as of August 31, 2022
| | | | | | |
| | FUND SNAPSHOT | |
| | |
| | | As of August 31, 2022 | | | |
| | |
| | Market Price1 | | $ | 24.08 | |
| | | Net Asset Value (NAV)1 | | $ | 24.12 | |
| 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 8/31/222 | | | | | |
| | | | |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | | | |
| | Palo Alto Networks, Inc. | | | 3.5 | % | | Information Technology | | United States |
| | Cadence Design Systems, Inc. | | | 3.0 | | | Information Technology | | United States |
| | ON Semiconductor Corp. | | | 2.6 | | | Information Technology | | United States |
| | Kingdee International Software Group Co. Ltd. | | | 2.6 | | | Information Technology | | China |
| | Motorola Solutions, Inc. | | | 2.5 | | | Information Technology | | United States |
| | SBA Communications Corp. REIT | | | 2.5 | | | Real Estate | | United States |
| | Atlassian Corp. PLC, Class A | | | 2.4 | | | Information Technology | | United States |
| | Bill.com Holdings, Inc. | | | 2.4 | | | Information Technology | | United States |
| | Marvell Technology, Inc. | | | 2.4 | | | Information Technology | | United States |
| | | KLA Corp. | | | 2.4 | | | 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.
23
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 14, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Index, and the Fund’s secondary custom benchmark, MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail (Excluding > $100bn Market Capitalization) Index, 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. 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 Future Tech Leaders Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 14, 2021 through August 31, 2022.
| | | | |
| Average Annual Total Return through August 31, 2022* | | | Since Inception | |
Shares based on NAV (Commenced September 14, 2021) | | | -40.03% | |
| | | | |
Shares based on Market Price (Commenced September 14, 2021) | | | -40.13% | |
| | | | |
MSCI ACWI Index | | | -15.25% | |
| | | | |
| * | | 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 calculation 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 year are not annualized. |
24
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.
MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 developed markets and 24 emerging markets countries.
MSCI ACWI Health Care Index includes large and mid cap securities across 23 developed markets and 24 emerging markets countries.
MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
FTSE Global Core Infrastructure 50/50 Index give participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors.
FTSE EPRA Nariet Developed Index is designed to represent general trends in eligible real estate equities worldwide.
MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail (Excluding >$100bn Market Capitalization) Index is comprised of those companies classified within the Information Technology sector, Communications Services sector and Internet and Direct Marketing Retail industry within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.
25
GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 97.7% | | | |
| Communication Services – 28.5% | | | |
| | 41,961 | | | Alphabet, Inc., Class C* | | $ | 4,580,043 | |
| | 58,908 | | | Baidu, Inc., Class A (China)* | | | 1,062,000 | |
| | 46,729 | | | Bumble, Inc., Class A* | | | 1,170,562 | |
| | 27,333 | | | CTS Eventim AG & Co. KGaA (Germany)* | | | 1,474,554 | |
| | 14,555 | | | Electronic Arts, Inc. | | | 1,846,593 | |
| | 25,358 | | | Live Nation Entertainment, Inc.* | | | 2,291,349 | |
| | 15,660 | | | Meta Platforms, Inc., Class A* | | | 2,551,484 | |
| | 3,422 | | | NAVER Corp. (South Korea) | | | 614,018 | |
| | 96,471 | | | NetEase, Inc. (China) | | | 1,742,878 | |
| | 11,383 | | | Sea Ltd. ADR (Singapore)* | | | 705,746 | |
| | 55,247 | | | Snap, Inc., Class A* | | | 601,087 | |
| | 34,703 | | | Tencent Holdings Ltd. (China) | | | 1,446,686 | |
| | 18,126 | | | T-Mobile US, Inc.* | | | 2,609,419 | |
| | 23,563 | | | Walt Disney Co. (The)* | | | 2,640,941 | |
| | | | | | | | |
| | | | | | | 25,337,360 | |
| | |
| Consumer Discretionary – 27.4% | | | |
| | 54,068 | | | Amazon.com, Inc.* | | | 6,854,200 | |
| | 13,569 | | | Basic-Fit NV (Netherlands)*(a) | | | 520,121 | |
| | 8,809 | | | Etsy, Inc.* | | | 930,319 | |
| | 90,102 | | | Farfetch Ltd., Class A (United Kingdom)* | | | 903,723 | |
| | 6,217 | | | LVMH Moet Hennessy Louis Vuitton SE (France) | | | 4,047,850 | |
| | 65,752 | | | Meituan, Class B (China)*(a) | | | 1,590,007 | |
| | 2,882 | | | MercadoLibre, Inc. (Brazil)* | | | 2,465,148 | |
| | 50,335 | | | Moncler SpA (Italy) | | | 2,259,425 | |
| | 24,904 | | | NIKE, Inc., Class B | | | 2,651,031 | |
| | 5,130 | | | Ulta Beauty, Inc.* | | | 2,153,933 | |
| | | | | | | | |
| | | | | | | 24,375,757 | |
| | |
| Consumer Staples – 5.0% | | | |
| | 423,737 | | | Budweiser Brewing Co. APAC Ltd. (China)(a) | | | 1,249,803 | |
| | 211,652 | | | Davide Campari-Milano NV (Italy) | | | 2,087,404 | |
| | 46,740 | | | Proya Cosmetics Co. Ltd., Class A (China) | | | 1,084,840 | |
| | | | | | | | |
| | | | | | | 4,422,047 | |
| | |
| Health Care – 2.4% | | | |
| | 14,736 | | | Guardant Health, Inc.* | | | 737,684 | |
| | 7,087 | | | Illumina, Inc.* | | | 1,429,023 | |
| | | | | | | | |
| | | | | | | 2,166,707 | |
| | |
| Industrials – 2.2% | | | |
| | 63,983 | | | Experian PLC (United Kingdom) | | | 1,952,840 | |
| | |
| Information Technology – 16.9% | | | |
| | 870 | | | Adyen NV (Netherlands)*(a) | | | 1,351,610 | |
| | 409,637 | | | Locaweb Servicos de Internet SA (Brazil)*(a) | | | 739,260 | |
| | 12,434 | | | Mastercard, Inc., Class A | | | 4,033,217 | |
| | 90,628 | | | MediaTek, Inc. (Taiwan) | | | 1,986,000 | |
| | 16,349 | | | NVIDIA Corp. | | | 2,467,718 | |
| | 87,003 | | | Sunny Optical Technology Group Co. Ltd. (China) | | | 1,196,051 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 199,381 | | | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 3,308,005 | |
| | | | | | | | |
| | | | | | | 15,081,861 | |
| | |
| Materials – 4.1% | | | |
| | 35,979 | | | Ball Corp. | | | 2,007,988 | |
| | 12,797 | | | Koninklijke DSM NV (Netherlands) | | | 1,638,743 | |
| | | | | | | | |
| | | | | | | 3,646,731 | |
| | |
| Real Estate – 4.2% | | | |
| | 14,736 | | | American Tower Corp. REIT | | | 3,743,681 | |
| | |
| Utilities – 7.0% | | | |
| | 103,642 | | | EDP Renovaveis SA (Spain) | | | 2,518,930 | |
| | 43,247 | | | NextEra Energy, Inc. | | | 3,678,590 | |
| | | | | | | | |
| | | | | | | 6,197,520 | |
| | |
| | TOTAL INVESTMENTS – 97.7% | | | | |
| | (Cost $105,342,132) | | $ | 86,924,504 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 2.3% | | | 2,076,029 | |
| | |
| | NET ASSETS – 100.0% | | $ | 89,000,533 | |
| | |
| | |
|
| 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. |
| | | | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 98.0% | | | |
| Australia – 3.1% | | | |
| | 15,574 | | | CSL Ltd. (Health Care) | | $ | 3,134,055 | |
| | |
| Denmark – 2.4% | | | |
| | 67,592 | | | Genmab A/S ADR (Health Care)* | | | 2,398,840 | |
| | |
| France – 1.1% | | | |
| | 3,115 | | | Sartorius Stedim Biotech (Health Care) | | | 1,145,478 | |
| | |
| Italy – 0.4% | | | |
| | 25,754 | | | Stevanato Group SpA (Health Care) | | | 427,516 | |
| | |
| Japan – 5.1% | | | |
| | 79,027 | | | Chugai Pharmaceutical Co. Ltd. (Health Care) | | | 2,057,410 | |
| | 18,595 | | | Hoya Corp. (Health Care) | | | 1,911,479 | |
| | 55,784 | | | Kyowa Kirin Co. Ltd. (Health Care) | | | 1,261,553 | |
| | | | | | | | |
| | | | | | | 5,230,442 | |
| | |
| Netherlands – 2.8% | | | |
| | 7,066 | | | Argenx SE ADR (Health Care)* | | | 2,670,030 | |
| | 21,570 | | | Pharvaris NV (Health Care)* | | | 196,071 | |
| | | | | | | | |
| | | | | | | 2,866,101 | |
| | |
| Switzerland – 1.1% | | | |
| | 2,045 | | | Lonza Group AG (Health Care) | | | 1,096,729 | |
| | |
| United Kingdom – 4.9% | | | |
| | 37,653 | | | AstraZeneca PLC (Health Care) | | | 4,663,461 | |
| | 95,576 | | | Oxford Nanopore Technologies PLC (Health Care)* | | | 304,722 | |
| | | | | | | | |
| | | | | | | 4,968,183 | |
| | |
| United States – 77.1% | | | |
| | 42,210 | | | 2seventy bio, Inc. (Health Care)* | | | 621,753 | |
| | 36,256 | | | Agios Pharmaceuticals, Inc. (Health Care)* | | | 924,528 | |
| | 14,689 | | | Alexandria Real Estate Equities, Inc. REIT (Real Estate) | | | 2,253,293 | |
| | 3,997 | | | Align Technology, Inc. (Health Care)* | | | 974,069 | |
| | 34,865 | | | Allogene Therapeutics, Inc. (Health Care)* | | | 477,999 | |
| | 5,857 | | | Alnylam Pharmaceuticals, Inc. (Health Care)* | | | 1,210,466 | |
| | 14,644 | | | Axonics, Inc. (Health Care)* | | | 1,058,029 | |
| | 14,877 | | | Beam Therapeutics, Inc. (Health Care)* | | | 812,284 | |
| | 12,971 | | | Biogen, Inc. (Health Care)* | | | 2,534,274 | |
| | 101,061 | | | Boston Scientific Corp. (Health Care)* | | | 4,073,769 | |
| | 38,629 | | | Bristol-Myers Squibb Co. (Health Care) | | | 2,603,981 | |
| | 24,342 | | | Catalent, Inc. (Health Care)* | | | 2,142,096 | |
| | 25,009 | | | Certara, Inc. (Health Care)* | | | 391,891 | |
| | 6,369 | | | Cooper Cos., Inc. (The) (Health Care) | | | 1,830,705 | |
| | 6,508 | | | Danaher Corp. (Health Care) | | | 1,756,574 | |
| | 30,587 | | | Dexcom, Inc. (Health Care)* | | | 2,514,557 | |
| | 39,792 | | | Edwards Lifesciences Corp. (Health Care)* | | | 3,585,259 | |
| | 19,337 | | | Eli Lilly & Co. (Health Care) | | | 5,824,885 | |
| | 43,265 | | | Exelixis, Inc. (Health Care)* | | | 767,521 | |
| | 33,967 | | | Gilead Sciences, Inc. (Health Care) | | | 2,155,885 | |
| | 14,644 | | | Guardant Health, Inc. (Health Care)* | | | 733,079 | |
| | 68,962 | | | Halozyme Therapeutics, Inc. (Health Care)* | | | 2,808,822 | |
| | |
| |
| Common Stocks – (continued) | | | |
| United States – (continued) | | | |
| | 3,718 | | | IDEXX Laboratories, Inc. (Health Care)* | | | 1,292,451 | |
| | 9,995 | | | Illumina, Inc. (Health Care)* | | | 2,015,392 | |
| | 9,856 | | | Inari Medical, Inc. (Health Care)* | | | 683,514 | |
| | 13,620 | | | Insulet Corp. (Health Care)* | | | 3,479,501 | |
| | 17,804 | | | Intuitive Surgical, Inc. (Health Care)* | | | 3,662,995 | |
| | 3,627 | | | iRhythm Technologies, Inc. (Health Care)* | | | 534,801 | |
| | 49,045 | | | MaxCyte, Inc. (Health Care)* | | | 255,034 | |
| | 2,278 | | | Mettler-Toledo International, Inc. (Health Care)* | | | 2,761,984 | |
| | 41,302 | | | Neurocrine Biosciences, Inc. (Health Care)* | | | 4,321,428 | |
| | 12,829 | | | Novanta, Inc. (Information Technology)* | | | 1,715,109 | |
| | 24,314 | | | Pacific Biosciences of California, Inc. (Health Care)* | | | 142,480 | |
| | 6,926 | | | PerkinElmer, Inc. (Health Care) | | | 935,426 | |
| | 11,204 | | | Sarepta Therapeutics, Inc. (Health Care)* | | | 1,225,494 | |
| | 18,455 | | | Seagen, Inc. (Health Care)* | | | 2,847,422 | |
| | 6,184 | | | Shockwave Medical, Inc. (Health Care)* | | | 1,835,782 | |
| | 6,693 | | | Tandem Diabetes Care, Inc. (Health Care)* | | | 306,138 | |
| | 14,317 | | | Ultragenyx Pharmaceutical, Inc. (Health Care)* | | | 682,778 | |
| | 17,153 | | | Veeva Systems, Inc., Class A (Health Care)* | | | 3,418,936 | |
| | 11,017 | | | West Pharmaceutical Services, Inc. (Health Care) | | | 3,268,634 | |
| | 9,808 | | | Zimmer Biomet Holdings, Inc. (Health Care) | | | 1,042,787 | |
| | | | | | | | |
| | | | | | | 78,483,805 | |
| | |
| | TOTAL INVESTMENTS – 98.0% | |
| | (Cost $114,433,612) | | $ | 99,751,149 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 2.0% | | | 2,029,860 | |
| | |
| | NET ASSETS – 100.0% | | $ | 101,781,009 | |
| | |
| | |
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
* | | Non-income producing security. |
| | | | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
|
| The below table represents the sector breakdown of investments as a percentage of total market value of the Fund: |
| | | | |
| |
| Sector Name | | % of
Market Value | |
Health Care | | | 96.0 | % |
Real Estate | | | 2.3 | |
Information Technology | | | 1.7 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 98.0% | | | |
| Australia – 0.1% | | | |
| | 633,070 | | | Carbon Revolution Ltd. (Consumer Discretionary)* | | $ | 115,010 | |
| | |
| Belgium – 1.3% | | | |
| | 68,234 | | | Umicore SA (Materials) | | | 2,178,453 | |
| | |
| China – 3.9% | | | |
| | 53,572 | | | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | | | 3,753,549 | |
| | 2,220,481 | | | Xinyi Solar Holdings Ltd. (Information Technology) | | | 3,066,693 | |
| | | | | | | | |
| | | | | | | 6,820,242 | |
| | |
| Denmark – 5.4% | | | |
| | 47,439 | | | Chr Hansen Holding A/S (Materials) | | | 2,772,080 | |
| | 62,292 | | | Novozymes A/S, Class B (Materials) | | | 3,584,424 | |
| | 30,884 | | | Orsted AS (Utilities)(a) | | | 3,035,245 | |
| | | | | | | | |
| | | | | | | 9,391,749 | |
| | |
| Finland – 4.4% | | | |
| | 154,004 | | | Neste OYJ (Energy) | | | 7,626,793 | |
| | |
| France – 0.8% | | | |
| | 49,528 | | | Imerys SA (Materials) | | | 1,439,303 | |
| | |
| Germany – 2.3% | | | |
| | 165,923 | | | Infineon Technologies AG (Information Technology) | | | 4,054,307 | |
| | |
| Ireland – 0.7% | | | |
| | 20,716 | | | Kingspan Group PLC (Industrials) | | | 1,179,866 | |
| | |
| Italy – 3.1% | | | |
| | 1,144,815 | | | Enel SpA (Utilities) | | | 5,405,313 | |
| | |
| Japan – 10.3% | | | |
| | 29,980 | | | Daikin Industries Ltd. (Industrials) | | | 5,295,295 | |
| | 62,960 | | | Horiba Ltd. (Information Technology) | | | 2,902,178 | |
| | 8,994 | | | Keyence Corp. (Information Technology) | | | 3,428,263 | |
| | 89,977 | | | Kurita Water Industries Ltd. (Industrials) | | | 3,543,909 | |
| | 41,972 | | | Nidec Corp. (Industrials) | | | 2,823,062 | |
| | | | | | | | |
| | | | | | | 17,992,707 | |
| | |
| Netherlands – 3.9% | | | |
| | 71,205 | | | Aalberts NV (Industrials) | | | 2,617,703 | |
| | 32,760 | | | Koninklijke DSM NV (Materials) | | | 4,195,141 | |
| | 13,237 | | | Pryme NV (Industrials)*(a) | | | 12,005 | |
| | | | | | | | |
| | | | | | | 6,824,849 | |
| | |
| Norway – 2.0% | | | |
| | 1,201,234 | | | Aker Carbon Capture ASA (Industrials)* | | | 2,599,971 | |
| | 384,033 | | | Aker Horizons ASA (Industrials)*(b) | | | 694,995 | |
| | 178,697 | | | Circa Group AS (Materials)* | | | 142,790 | |
| | | | | | | | |
| | | | | | | 3,437,756 | |
| | |
| Spain – 3.8% | | | |
| | 638,214 | | | Iberdrola SA (Utilities) | | | 6,664,638 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Sweden – 0.4% | | | |
| | 75,785 | | | Re:NewCell AB (Materials)*(b) | | | 656,413 | |
| | |
| Switzerland – 3.5% | | | |
| | 122,208 | | | ABB Ltd. (Industrials) | | | 3,377,171 | |
| | 12,211 | | | Sika AG (Materials) | | | 2,757,625 | |
| | | | | | | | |
| | | | | | | 6,134,796 | |
| | |
| Taiwan – 2.1% | | | |
| | 419,875 | | | Delta Electronics, Inc. (Information Technology) | | | 3,627,996 | |
| | |
| United Kingdom – 1.9% | | | |
| | 1,043,435 | | | DS Smith PLC (Materials) | | | 3,250,257 | |
| | |
| United States – 48.1% | | | |
| | 20,025 | | | Albemarle Corp. (Materials) | | | 5,365,899 | |
| | 41,006 | | | Aptiv PLC (Consumer Discretionary)* | | | 3,831,191 | |
| | 43,751 | | | Ball Corp. (Materials) | | | 2,441,743 | |
| | 116,388 | | | Bloom Energy Corp., Class A (Industrials)* | | | 2,957,419 | |
| | 24,257 | | | Danaher Corp. (Health Care) | | | 6,547,207 | |
| | 65,042 | | | Danimer Scientific, Inc. (Materials)*(b) | | | 289,437 | |
| | 33,705 | | | Darling Ingredients, Inc. (Consumer Staples)* | | | 2,563,602 | |
| | 35,683 | | | DocuSign, Inc. (Information Technology)* | | | 2,077,464 | |
| | 40,079 | | | Ecolab, Inc. (Materials) | | | 6,566,143 | |
| | 48,147 | | | Itron, Inc. (Information Technology)* | | | 2,290,834 | |
| | 82,305 | | | NextEra Energy, Inc. (Utilities) | | | 7,000,863 | |
| | 131,633 | | | Nuvve Holding Corp. (Industrials)*(b) | | | 377,787 | |
| | 465,162 | | | Oatly Group AB ADR (Consumer Staples)*(b) | | | 1,502,473 | |
| | 37,104 | | | Schneider Electric SE (Industrials) | | | 4,431,674 | |
| | 182,211 | | | Shoals Technologies Group, Inc., Class A (Industrials)* | | | 4,804,904 | |
| | 210,289 | | | Smart Wires Technology Ltd. SDR (Industrials)* | | | 116,484 | |
| | 12,431 | | | SolarEdge Technologies, Inc. (Information Technology)* | | | 3,430,583 | |
| | 95,435 | | | Tattooed Chef, Inc. (Consumer Staples)*(b) | | | 635,597 | |
| | 23,944 | | | Trane Technologies PLC (Industrials) | | | 3,689,052 | |
| | 32,030 | | | Waste Connections, Inc. (Industrials) | | | 4,457,935 | |
| | 27,397 | | | Waste Management, Inc. (Industrials) | | | 4,630,915 | |
| | 87,319 | | | Westrock Co. (Materials) | | | 3,544,278 | |
| | 41,265 | | | Wolfspeed, Inc. (Information Technology)* | | | 4,682,340 | |
| | 58,286 | | | Xylem, Inc. (Industrials) | | | 5,309,855 | |
| | | | | | | | |
| | | | | | | 83,545,679 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $210,222,187) | | $ | 170,346,127 | |
| | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 1.1%(c) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 1,990,428 | | | 2.154 | % | | $ | 1,990,428 | |
| (Cost $1,990,428) | | | | | |
| |
| TOTAL INVESTMENTS – 99.1% | |
| (Cost $212,212,615) | | | $ | 172,336,555 | |
| |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | | | | 1,487,586 | |
| |
| NET ASSETS – 100.0% | | | $ | 173,824,141 | |
| |
| | |
|
| 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) | | 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 |
|
| | | | |
| |
| Sector | | % of
Market Value | |
Industrials | | | 32.9 | % |
Materials | | | 22.7 | |
Information Technology | | | 17.2 | |
Utilities | | | 12.8 | |
Energy | | | 4.4 | |
Health Care | | | 3.8 | |
Consumer Staples | | | 2.7 | |
Consumer Discretionary | | | 2.3 | |
Securities Lending Reinvestment Vehicle | | | 1.2 | |
| |
| |
| TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 97.9% | | | |
| Communication Services – 2.7% | | | |
| | 16,880 | | | Cellnex Telecom SA (Spain)*(a) | | $ | 658,070 | |
| | |
| Energy – 1.4% | | | |
| | 2,133 | | | Cheniere Energy, Inc. | | | 341,664 | |
| | |
| Health Care – 1.1% | | | |
| | 31,680 | | | Chartwell Retirement Residences (Canada) | | | 251,340 | |
| | |
| Industrials – 11.5% | | | |
| | 79,798 | | | Enav SpA (Italy)*(a) | | | 331,234 | |
| | 13,961 | | | Ferrovial SA (Spain) | | | 350,681 | |
| | 1,576 | | | Norfolk Southern Corp. | | | 383,173 | |
| | 92,134 | | | Transurban Group (Australia) | | | 881,748 | |
| | 8,695 | | | Vinci SA (France) | | | 806,566 | |
| | | | | | | | |
| | | | | | | 2,753,402 | |
| | |
| Materials – 2.8% | | | |
| | 1,288 | | | Linde PLC (United Kingdom) | | | 364,324 | |
| | 911 | | | Martin Marietta Materials, Inc. | | | 316,764 | |
| | | | | | | | |
| | | | | | | 681,088 | |
| | |
| Real Estate – 52.5% | | | |
| | 4,064 | | | Alexandria Real Estate Equities, Inc. REIT | | | 623,418 | |
| | 4,180 | | | American Tower Corp. REIT | | | 1,061,929 | |
| | 8,603 | | | Americold Realty Trust, Inc. REIT | | | 253,100 | |
| | 2,651 | | | AvalonBay Communities, Inc. REIT | | | 532,612 | |
| | 26,615 | | | Big Yellow Group PLC REIT (United Kingdom) | | | 411,891 | |
| | 16,860 | | | CTP NV (Netherlands)(a) | | | 229,890 | |
| | 4,595 | | | Digital Realty Trust, Inc. REIT | | | 568,080 | |
| | 12,953 | | | DigitalBridge Group, Inc.* | | | 230,563 | |
| | 8,041 | | | Duke Realty Corp. REIT | | | 473,213 | |
| | 905 | | | Equinix, Inc. REIT | | | 594,920 | |
| | 9,120 | | | Equity LifeStyle Properties, Inc. REIT | | | 639,312 | |
| | 6,034 | | | Equity Residential REIT | | | 441,568 | |
| | 278 | | | GLP J REIT (Japan) | | | 340,719 | |
| | 22,976 | | | Goodman Group REIT (Australia) | | | 309,826 | |
| | 114,441 | | | Ingenia Communities Group REIT (Australia) | | | 334,218 | |
| | 16,674 | | | Invitation Homes, Inc. REIT | | | 604,933 | |
| | 7,735 | | | Prologis, Inc. REIT | | | 963,085 | |
| | 1,902 | | | Public Storage REIT | | | 629,239 | |
| | 1,954 | | | SBA Communications Corp. REIT | | | 635,539 | |
| | 30,365 | | | Segro PLC REIT (United Kingdom) | | | 333,188 | |
| | 17,997 | | | Summit Industrial Income REIT (Canada) | | | 253,134 | |
| | 4,685 | | | Terreno Realty Corp. REIT | | | 285,738 | |
| | 35,812 | | | UNITE Group PLC (The) REIT (United Kingdom) | | | 437,961 | |
| | 8,357 | | | Ventas, Inc. REIT | | | 399,966 | |
| | 18,171 | | | Vonovia SE (Germany) | | | 493,340 | |
| | 6,557 | | | Welltower, Inc. REIT | | | 502,594 | |
| | | | | | | | |
| | | | | | | 12,583,976 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Utilities – 25.9% | | | |
| | 11,155 | | | AES Corp. (The) | | | 283,895 | |
| | 3,251 | | | American Water Works Co., Inc. | | | 482,611 | |
| | 6,726 | | | CMS Energy Corp. | | | 454,274 | |
| | 50,985 | | | Enel SpA (Italy) | | | 240,729 | |
| | 32,283 | | | Engie SA (France) | | | 385,261 | |
| | 5,701 | | | Eversource Energy | | | 511,322 | |
| | 89,159 | | | National Grid PLC (United Kingdom) | | | 1,118,376 | |
| | 13,022 | | | NextEra Energy, Inc. | | | 1,107,651 | |
| | 2,144 | | | Orsted AS (Denmark)(a) | | | 210,710 | |
| | 16,408 | | | Veolia Environnement SA (France) | | | 367,599 | |
| | 5,057 | | | WEC Energy Group, Inc. | | | 521,579 | |
| | 7,131 | | | Xcel Energy, Inc. | | | 529,477 | |
| | | | | | | | |
| | | | | | | 6,213,484 | |
| | |
| | TOTAL INVESTMENTS – 97.9% | | | | |
| | (Cost $26,123,260) | | $ | 23,483,024 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 2.1% | | | 492,305 | |
| | |
| | NET ASSETS – 100.0% | | $ | 23,975,329 | |
| | |
| | |
|
| 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. |
| | | | |
|
Investment Abbreviations: |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
Schedule of Investments
August 31, 2022
| | | | | | | | |
| Shares | | |
Description | | Value | |
| |
| Common Stocks – 98.5% | | | |
| Communication Services – 10.5% | | | |
| | 200,150 | | | Baidu, Inc., Class A (China)* | | $ | 3,608,328 | |
| | 112,322 | | | Cellnex Telecom SA (Spain)*(a) | | | 4,378,893 | |
| | 228,383 | | | Kuaishou Technology (China)*(a) | | | 2,001,918 | |
| | 40,124 | | | Match Group, Inc.* | | | 2,268,210 | |
| | 10,660 | | | NAVER Corp. (South Korea) | | | 1,912,751 | |
| | 288,862 | | | NetEase, Inc. (China) | | | 5,218,679 | |
| | 38,881 | | | Sea Ltd. ADR (Singapore)* | | | 2,410,622 | |
| | 336,889 | | | Snap, Inc., Class A* | | | 3,665,352 | |
| | 71,449 | | | Yandex NV, Class A (Russia)*(b) | | | — | |
| | | | | | | | |
| | | | | | | 25,464,753 | |
| | |
| Consumer Discretionary – 3.9% | | | |
| | 46,029 | | | Etsy, Inc.* | | | 4,861,123 | |
| | 5,439 | | | MercadoLibre, Inc. (Brazil)* | | | 4,652,303 | |
| | | | | | | | |
| | | | | | | 9,513,426 | |
| | |
| Health Care – 1.9% | | | |
| | 45,460 | | | Hoya Corp. (Japan) | | | 4,673,075 | |
| | |
| Industrials – 1.9% | | | |
| | 67,810 | | | Nidec Corp. (Japan) | | | 4,560,941 | |
| | |
| Information Technology – 77.8% | | | |
| | 3,157 | | | Adyen NV (Netherlands)*(a) | | | 4,904,636 | |
| | 110,067 | | | AppLovin Corp., Class A* | | | 2,710,950 | |
| | 71,280 | | | ASMedia Technology, Inc. (Taiwan) | | | 2,189,628 | |
| | 19,901 | | | Aspen Technology, Inc.* | | | 4,191,151 | |
| | 23,616 | | | Atlassian Corp. PLC, Class A* | | | 5,848,739 | |
| | 36,015 | | | Bill.com Holdings, Inc.* | | | 5,830,108 | |
| | 42,274 | | | Cadence Design Systems, Inc.* | | | 7,345,953 | |
| | 35,656 | | | Cognizant Technology Solutions Corp., Class A | | | 2,252,389 | |
| | 46,839 | | | Datadog, Inc., Class A* | | | 4,915,753 | |
| | 491,222 | | | Delta Electronics, Inc. (Taiwan) | | | 4,244,481 | |
| | 127,878 | | | Dlocal Ltd. (Uruguay)* | | | 3,180,326 | |
| | 121,197 | | | Dynatrace, Inc.* | | | 4,627,301 | |
| | 38,042 | | | Entegris, Inc. | | | 3,609,425 | |
| | 62,441 | | | Fidelity National Information Services, Inc. | | | 5,705,234 | |
| | 13,963 | | | HubSpot, Inc.* | | | 4,706,090 | |
| | 163,813 | | | Infineon Technologies AG (Germany) | | | 4,002,749 | |
| | 3,200,295 | | | Kingdee International Software Group Co. Ltd. (China)* | | | 6,246,586 | |
| | 16,843 | | | KLA Corp. | | | 5,796,182 | |
| | 512,042 | | | Luxshare Precision Industry Co. Ltd., Class A (China) | | | 2,786,926 | |
| | 124,450 | | | Marvell Technology, Inc. | | | 5,826,749 | |
| | 204,925 | | | MediaTek, Inc. (Taiwan) | | | 4,490,677 | |
| | 40,040 | | | MKS Instruments, Inc. | | | 3,988,384 | |
| | 24,795 | | | Motorola Solutions, Inc. | | | 6,035,351 | |
| | 20,795 | | | NXP Semiconductors NV (China) | | | 3,422,441 | |
| | 25,129 | | | Okta, Inc.* | | | 2,296,791 | |
| | 90,984 | | | ON Semiconductor Corp.* | | | 6,256,970 | |
| | 15,420 | | | Palo Alto Networks, Inc.* | | | 8,586,010 | |
| | 49,017 | | | Procore Technologies, Inc.* | | | 2,676,328 | |
| | 299,358 | | | Qualtrics International, Inc., Class A* | | | 3,667,135 | |
| | 68,191 | | | RingCentral, Inc., Class A* | | | 2,934,941 | |
| | 174,287 | | | Sangfor Technologies, Inc., Class A (China) | | | 2,441,543 | |
| | 283,868 | | | Silergy Corp. (China) | | | 4,970,896 | |
| | |
| |
| Common Stocks – (continued) | | | |
| Information Technology – (continued) | | | |
| | 27,840 | | | Snowflake, Inc., Class A* | | | 5,037,648 | |
| | 14,283 | | | Tokyo Electron Ltd. (Japan) | | | 4,549,953 | |
| | 190,012 | | | UiPath, Inc., Class A* | | | 3,125,697 | |
| | 520,545 | | | Unimicron Technology Corp. (Taiwan) | | | 2,590,967 | |
| | 3,203,961 | | | United Microelectronics Corp. (Taiwan)* | | | 4,326,334 | |
| | 1,077,764 | | | Vanguard International Semiconductor Corp. (Taiwan) | | | 2,634,436 | |
| | 1,219,741 | | | Venustech Group, Inc., Class A (China) | | | 3,328,231 | |
| | 388,785 | | | Viavi Solutions, Inc.* | | | 5,474,093 | |
| | 4,072,752 | | | Weimob, Inc. (China)*(a)(c) | | | 1,899,166 | |
| | 31,376 | | | Wolfspeed, Inc.* | | | 3,560,235 | |
| | 28,928 | | | Workday, Inc., Class A* | | | 4,760,392 | |
| | 29,165 | | | Zscaler, Inc.* | | | 4,644,235 | |
| | | | | | | | |
| | | | | | | 188,620,210 | |
| | |
| Real Estate – 2.5% | | | |
| | 18,377 | | | SBA Communications Corp. REIT | | | 5,977,119 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $337,854,263) | | $ | 238,809,524 | |
| | |
| | | | | | | | |
| Shares | | Dividend
Rate | | | Value | |
|
| Securities Lending Reinvestment Vehicle – 0.3%(d) | |
Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| 706,501 | | | 2.154 | % | | $ | 706,501 | |
| (Cost $706,501) | | | | | |
| |
| TOTAL INVESTMENTS – 98.8% | |
| (Cost $338,560,764) | | | $ | 239,516,025 | |
| |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% | | | | 2,891,407 | |
| |
| NET ASSETS – 100.0% | | | $ | 242,407,432 | |
| |
| | |
|
| 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. |
| | | | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
PLC | | —Public Limited Company |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS FUTURE ETFS
Statements of Assets and Liabilities
August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Future
Consumer
Equity ETF | | | Future
Health Care
Equity ETF | | | Future
Planet
Equity ETF | | | Future Real
Estate and
Infrastructure
Equity ETF | |
| | Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments at value (cost $105,342,132, $114,433,612, $210,222,187 and $26,123,260, respectively)(a) | | $ | 86,924,504 | | | $ | 99,751,149 | | | $ | 170,346,127 | | | $ | 23,483,024 | |
| | | | | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | — | | | | — | | | | 1,990,428 | | | | — | |
| | | | | |
| | Cash | | | 1,795,583 | | | | 2,000,362 | | | | 3,416,558 | | | | 294,219 | |
| | | | | |
| | Foreign currency, at value (cost $302,776, $36,822, $— and $180,457, respectively) | | | 300,634 | | | | 36,406 | | | | — | | | | 177,349 | |
| | | | | |
| | Receivables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends | | | 35,287 | | | | 62,099 | | | | 121,961 | | | | 33,462 | |
| | | | | |
| | Foreign tax reclaims | | | 4,390 | | | | — | | | | 47,439 | | | | 3,372 | |
| | | | | |
| | Securities lending income | | | 258 | | | | 111 | | | | 9,579 | | | | — | |
| | | | | |
| | Total assets | | | 89,060,656 | | | | 101,850,127 | | | | 175,932,092 | | | | 23,991,426 | |
| | | | | | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 60,123 | | | | 69,118 | | | | 117,510 | | | | 16,097 | |
| | | | | |
| | Upon return of securities loaned | | | — | | | | — | | | | 1,990,428 | | | | — | |
| | | | | |
| | Foreign bank overdraft (cost $11 for Future Planet Equity ETF) | | | — | | | | — | | | | 13 | | | | — | |
| | | | | |
| | Total liabilities | | | 60,123 | | | | 69,118 | | | | 2,107,951 | | | | 16,097 | |
| | | | | | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 110,869,295 | | | | 119,696,983 | | | | 215,711,393 | | | | 27,100,977 | |
| | | | | |
| | Total distributable loss | | | (21,868,762 | ) | | | (17,915,974 | ) | | | (41,887,252 | ) | | | (3,125,648 | ) |
| | | | | |
| | NET ASSETS | | $ | 89,000,533 | | | $ | 101,781,009 | | | $ | 173,824,141 | | | $ | 23,975,329 | |
| | SHARES ISSUED AND OUTSTANDING | | | | | | | | | | | | | | | | |
| | | | | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 3,500,000 | | | | 3,400,000 | | | | 5,750,000 | | | | 700,000 | |
| | | | | |
| | Net asset value per share: | | | $25.43 | | | | $29.94 | | | | $30.23 | | | | $34.25 | |
| | (a) | | Includes loaned securities having a market value of $1,923,031 for Future Planet Equity ETF. |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Assets and Liabilities (continued)
August 31, 2022
| | | | | | |
| | | | |
Future
Tech Leaders
Equity ETF | |
| | Assets: | | | | |
| | |
| | Investments at value (cost $337,854,263)(a) | | $ | 238,809,524 | |
| | |
| | Investments in securities lending reinvestment vehicle, at value which equals cost | | | 706,501 | |
| | |
| | Cash | | | 3,632,656 | |
| | |
| | Receivables: | | | | |
| | |
| | Dividends | | | 112,808 | |
| | |
| | Foreign tax reclaims | | | 13,629 | |
| | |
| | Securities lending income | | | 2,859 | |
| | |
| | Total assets | | | 243,277,977 | |
| | | | | | |
| | Liabilities: | | | | |
| | |
| | Payables: | | | | |
| | |
| | Upon return of securities loaned | | | 706,501 | |
| | |
| | Management fees | | | 163,872 | |
| | |
| | Foreign bank overdraft (cost $176) | | | 172 | |
| | |
| | Total liabilities | | | 870,545 | |
| | | | | | |
| | Net Assets: | | | | |
| | |
| | Paid-in capital | | | 376,287,884 | |
| | |
| | Total distributable loss | | | (133,880,452 | ) |
| | |
| | NET ASSETS | | $ | 242,407,432 | |
| | SHARES ISSUED AND OUTSTANDING | | | | |
| | |
| | Shares outstanding no par value (unlimited shares authorized): | | | 10,050,000 | |
| | |
| | Net asset value per share: | | | $24.12 | |
| | (a) | | Includes loaned securities having a market value of $658,897 for Future Tech Leaders Equity ETF. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| | | | | | | | | | | | | | | | | | |
| | | | | Future
Consumer
Equity ETF* | | | Future
Health Care
Equity ETF* | | | Future
Planet
Equity ETF | | | Future Real
Estate and
Infrastructure
Equity ETF* | |
| | Investment income: | | | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $68,828, $6,553, $294,526 and $25,512, respectively) | | $ | 519,594 | | | $ | 199,200 | | | $ | 1,893,817 | | | $ | 387,670 | |
| | | | | |
| | Securities lending income — unaffiliated issuer | | | 312 | | | | 2,211 | | | | 152,868 | | | | 1,149 | |
| | | | | |
| | Total investment income | | | 519,906 | | | | 201,411 | | | | 2,046,685 | | | | 388,819 | |
| | | | | | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 312,727 | | | | 355,010 | | | | 972,370 | | | | 104,534 | |
| | | | | |
| | Trustee fees | | | 8,368 | | | | 8,451 | | | | 12,323 | | | | 7,624 | |
| | | | | |
| | Total expenses | | | 321,095 | | | | 363,461 | | | | 984,693 | | | | 112,158 | |
| | | | | |
| | NET INVESTMENT INCOME (LOSS) | | | 198,811 | | | | (162,050 | ) | | | 1,061,992 | | | | 276,661 | |
| | | | | | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (3,635,961 | ) | | | (3,301,533 | ) | | | (2,716,240 | ) | | | (537,606 | ) |
| | | | | |
| | In-kind redemptions | | | (474,763 | ) | | | 889,334 | | | | (140,799 | ) | | | — | |
| | | | | |
| | Foreign currency transactions | | | 3,867 | | | | (3,869 | ) | | | (21,179 | ) | | | (9,679 | ) |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (18,417,628 | ) | | | (14,682,463 | ) | | | (42,808,550 | ) | | | (2,640,236 | ) |
| | | | | |
| | Foreign currency translations | | | (2,344 | ) | | | (523 | ) | | | (4,026 | ) | | | (3,525 | ) |
| | | | | |
| | Net realized and unrealized loss | | | (22,526,829 | ) | | | (17,099,054 | ) | | | (45,690,794 | ) | | | (3,191,046 | ) |
| | | | | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (22,328,018 | ) | | $ | (17,261,104 | ) | | $ | (44,628,802 | ) | | $ | (2,914,385 | ) |
| | * | | For the period November 9, 2021 (commencement of operations) through August 31, 2022. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations (continued)
For the Period Ended August 31, 2022
| | | | | | |
| | | | |
Future
Tech Leaders
Equity ETF* | |
| | Investment income: | | | | |
| | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $213,722) | | $ | 1,839,086 | |
| | |
| | Securities lending income — unaffiliated issuer | | | 32,907 | |
| | |
| | Total investment income | | | 1,871,993 | |
| | | | | | |
| | Expenses: | | | | |
| | |
| | Management fees | | | 1,782,631 | |
| | |
| | Trustee fees | | | 15,148 | |
| | |
| | Total expenses | | | 1,797,779 | |
| | |
| | NET INVESTMENT INCOME | | | 74,214 | |
| | | | | | |
| | Realized and unrealized gain (loss): | |
| | |
| | Net realized gain (loss) from: | | | | |
| | |
| | Investments — unaffiliated issuers | | | (37,673,044 | ) |
| | |
| | In-kind redemptions | | | (677,277 | ) |
| | |
| | Foreign currency transactions | | | (33,013 | ) |
| | |
| | Net change in unrealized gain (loss) on: | | | | |
| | |
| | Investments — unaffiliated issuers | | | (99,044,739 | ) |
| | |
| | Foreign currency translations | | | (1,939 | ) |
| | |
| | Net realized and unrealized loss | | | (137,430,012 | ) |
| | |
| | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (137,355,798 | ) |
| | * | | For the period September 14, 2021 (commencement of operations) through August 31, 2022. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | |
| | | | | Future Consumer
Equity ETF | | | | | | Future Health Care
Equity ETF | |
| | | | | For the Period
November 9, 2021*
to
August 31, 2022 | | | | | | For the Period
November 9, 2021*
to
August 31, 2022 | |
| | From operations: | |
| | | | |
| | Net investment income (loss) | | $ | 198,811 | | | | | | | $ | (162,050 | ) |
| | | | |
| | Net realized loss | | | (4,106,857 | ) | | | | | | | (2,416,068 | ) |
| | | | |
| | Net change in unrealized loss | | | (18,419,972 | ) | | | | | | | (14,682,986 | ) |
| | | | |
| | Net decrease in net assets resulting from operations | | | (22,328,018 | ) | �� | | | | | | (17,261,104 | ) |
| | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | |
| | | | |
| | From distributable earnings | | | (202,678 | ) | | | | | | | — | |
| | | | |
| | From return of capital | | | (74,347 | ) | | | | | | | — | |
| | | | |
| | Total distributions to shareholders | | | (277,025 | ) | | | | | | | — | |
| | | | | | | | | | | | | | |
| | From share transactions: | | | | | | | | | | | | |
| | | | |
| | Proceeds from sales of shares | | | 120,508,199 | | | | | | | | 129,642,436 | |
| | | | |
| | Cost of shares redeemed | | | (8,902,623 | ) | | | | | | | (10,600,323 | ) |
| | | | |
| | Net increase in net assets resulting from share transactions | | | 111,605,576 | | | | | | | | 119,042,113 | |
| | | | |
| | TOTAL INCREASE | | | 89,000,533 | | | | | | | | 101,781,009 | |
| | | | | | | | | | | | | | |
| | Net assets: | | | | | | | | | | | | |
| | | | |
| | Beginning of period | | $ | — | | | | | | | $ | — | |
| | | | |
| | End of period | | $ | 89,000,533 | | | | | | | $ | 101,781,009 | |
| | * | | Commencement of operations. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | |
| | | | | Future Planet Equity ETF | | | | | | Future Real Estate and
Infrastructure Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
July 13, 2021*
to
August 31, 2021 | | | | | | For the Period
November 9, 2021*
to
August 31, 2022 | |
| | From operations: | | | | | | | | | | | | | | | | |
| | | | | |
| | Net investment income | | $ | 1,061,992 | | | $ | 24,822 | | | | | | | $ | 276,661 | |
| | | | | |
| | Net realized gain (loss) | | | (2,878,218 | ) | | | 37,501 | | | | | | | | (547,285 | ) |
| | | | | |
| | Net change in unrealized gain (loss) | | | (42,812,576 | ) | | | 2,932,519 | | | | | | | | (2,643,761 | ) |
| | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | (44,628,802 | ) | | | 2,994,842 | | | | | | | | (2,914,385 | ) |
| | | | | | | | | | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | |
| | | | | |
| | From distributable earnings | | | (755,496 | ) | | | — | | | | | | | | (211,263 | ) |
| | | | | | | | | | | | | | | | | | |
| | From share transactions: | |
| | | | | |
| | Proceeds from sales of shares | | | 191,443,464 | | | | 57,110,086 | | | | | | | | 27,100,977 | |
| | | | | |
| | Cost of shares redeemed | | | (32,339,953 | ) | | | — | | | | | | | | — | |
| | | | | |
| | Net increase in net assets resulting from share transactions | | | 159,103,511 | | | | 57,110,086 | | | | | | | | 27,100,977 | |
| | | | | |
| | TOTAL INCREASE | | | 113,719,213 | | | | 60,104,928 | | | | | | | | 23,975,329 | |
| | | | | | | | | | | | | | | | | | |
| | Net assets: | |
| | | | | |
| | Beginning of period | | $ | 60,104,928 | | | $ | — | | | | | | | $ | — | |
| | | | | |
| | End of period | | $ | 173,824,141 | | | $ | 60,104,928 | | | | | | | $ | 23,975,329 | |
| | * | | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
| | | | | | |
| | | | | Future Tech Leaders
Equity ETF | |
| | | | | For the Period
September 14, 2021*
to
August 31, 2022 | |
| | From operations: | | | | |
| | |
| | Net investment income | | $ | 74,214 | |
| | |
| | Net realized loss | | | (38,383,334 | ) |
| | |
| | Net change in unrealized loss | | | (99,046,678 | ) |
| | |
| | Net decrease in net assets resulting from operations | | | (137,355,798 | ) |
| | | | | | |
| | Distributions to shareholders: | | | | |
| | |
| | From distributable earnings | | | (9,965 | ) |
| | | | | | |
| | From share transactions: | | | | |
| | |
| | Proceeds from sales of shares | | | 422,677,334 | |
| | |
| | Cost of shares redeemed | | | (42,904,139 | ) |
| | |
| | Net increase in net assets resulting from share transactions | | | 379,773,195 | |
| | |
| | TOTAL INCREASE | | | 242,407,432 | |
| | | | | | |
| | Net assets: | | | | |
| | |
| | Beginning of period | | $ | — | |
| | |
| | End of period | | $ | 242,407,432 | |
| | * | | Commencement of operations. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | |
| | | | | Future Consumer
Equity ETF | |
| | | | | For the Period
November 9, 2021*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 40.03 | |
| | |
| | Net investment income(a) | | | 0.10 | |
| | |
| | Net realized and unrealized loss | | | (14.62 | ) |
| | |
| | Total loss from investment operations | | | (14.52 | ) |
| | |
| | Distributions to shareholders from net investment income | | | (0.06 | ) |
| | |
| | Distributions to shareholders from return of capital | | | (0.02 | ) |
| | |
| | Total distributions | | | (0.08 | ) |
| | |
| | Net asset value, end of period | | $ | 25.43 | |
| | |
| | Market price, end of period | | $ | 25.30 | |
| | |
| | Total Return at Net Asset Value(b) | | | (36.28 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 89,001 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.75 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 0.46 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 24 | % |
| | * | | 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. |
| | (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. | | 39 |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | |
| | | | | Future Health
Care Equity ETF | |
| | | | | For the Period
November 9, 2021*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 39.68 | |
| | |
| | Net investment loss(a) | | | (0.08 | ) |
| | |
| | Net realized and unrealized loss | | | (9.66 | ) |
| | |
| | Total loss from investment operations | | | (9.74 | ) |
| | |
| | Net asset value, end of period | | $ | 29.94 | |
| | |
| | Market price, end of period | | $ | 30.00 | |
| | |
| | Total Return at Net Asset Value(b) | | | (24.55 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 101,781 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.75 | %(c) |
| | |
| | Ratio of net investment loss to average net assets | | | (0.33 | )%(c) |
| | |
| | Portfolio turnover rate(d) | | | 24 | % |
| | * | | 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. |
| | (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. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | |
| | | | |
Future Planet Equity ETF | |
| | | | | For the Fiscal
Year Ended
August 31, 2022 | | | For the Period
July 13, 2021*
to
August 31, 2021 | |
| | Per Share Operating Performance: | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 42.18 | | | $ | 39.89 | |
| | | |
| | Net investment income(a) | | | 0.27 | | | | 0.02 | |
| | | |
| | Net realized and unrealized gain (loss) | | | (12.05 | ) | | | 2.27 | |
| | | |
| | Total gain (loss) from investment operations | | | (11.78 | ) | | | 2.29 | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.17 | ) | | | — | |
| | | |
| | Net asset value, end of period | | $ | 30.23 | | | $ | 42.18 | |
| | | |
| | Market price, end of period | | $ | 30.15 | | | $ | 42.25 | |
| | | |
| | Total Return at Net Asset Value(b) | | | (27.97 | )% | | | 5.74 | % |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 173,824 | | | $ | 60,104 | |
| | | |
| | Ratio of total expenses to average net assets | | | 0.75 | % | | | 0.75 | %(c) |
| | | |
| | Ratio of net investment income to average net assets | | | 0.81 | % | | | 0.42 | %(c) |
| | | |
| | Portfolio turnover rate(d) | | | 15 | % | | | 2 | % |
| | * | | Commencement of operations. |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (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. | | 41 |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | |
| | | | | Future Real Estate and
Infrastructure Equity ETF | |
| | | | | For the Period
November 9, 2021*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 40.05 | |
| | |
| | Net investment income(a) | | | 0.56 | |
| | |
| | Net realized and unrealized loss | | | (5.95 | ) |
| | |
| | Total loss from investment operations | | | (5.39 | ) |
| | |
| | Distributions to shareholders from net investment income | | | (0.41 | ) |
| | |
| | Net asset value, end of period | | $ | 34.25 | |
| | |
| | Market price, end of period | | $ | 34.25 | |
| | |
| | Total Return at Net Asset Value(b) | | | (13.52 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 23,975 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.75 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 1.85 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 40 | % |
| | * | | 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. |
| | (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. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | |
| | | | | Future Tech Leaders
Equity ETF | |
| | | | | For the Period
September 14, 2021*
to
August 31, 2022 | |
| | Per Share Operating Performance: | | | | |
| | |
| | Net asset value, beginning of period | | $ | 40.22 | |
| | |
| | Net investment income(a) | | | 0.01 | |
| | |
| | Net realized and unrealized loss | | | (16.11 | ) |
| | |
| | Total loss from investment operations | | | (16.10 | ) |
| | |
| | Net asset value, end of period | | $ | 24.12 | |
| | |
| | Market price, end of period | | $ | 24.08 | |
| | |
| | Total Return at Net Asset Value(b) | | | (40.03 | )% |
| | |
| | Net assets, end of period (in 000’s) | | $ | 242,407 | |
| | |
| | Ratio of total expenses to average net assets | | | 0.75 | %(c) |
| | |
| | Ratio of net investment income to average net assets | | | 0.03 | %(c) |
| | |
| | Portfolio turnover rate(d) | | | 55 | % |
| | * | | 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. |
| | (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. | | 43 |
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements
August 31, 2022
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 Future Consumer Equity ETF* | | Non-Diversified |
Goldman Sachs Future Health Care Equity ETF* | | Non-Diversified |
Goldman Sachs Future Planet Equity ETF | | Non-Diversified |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF* | | Non-Diversified |
Goldman Sachs Future Tech Leaders Equity ETF** | | Non-Diversified |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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.
44
GOLDMAN SACHS FUTURE ETFS
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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. With respect to the Funds’ investments
45
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (“Valuation Designee”). GSAM has 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 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.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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.
46
GOLDMAN SACHS FUTURE ETFS
|
| 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, 2022:
| | | | | | | | | | | | |
| FUTURE CONSUMER EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 15,986,034 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 18,755,200 | | | | — | | | | — | |
| | | |
North America | | | 48,978,862 | | | | — | | | | — | |
| | | |
South America | | | 3,204,408 | | | | — | | | | — | |
| | | |
| Total | | $ | 86,924,504 | | | $ | — | | | $ | — | |
|
| FUTURE HEALTH CARE EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 5,230,442 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 12,902,847 | | | | — | | | | — | |
| | | |
North America | | | 78,483,805 | | | | — | | | | — | |
| | | |
Oceania | | | 3,134,055 | | | | — | | | | — | |
| | | |
| Total | | $ | 99,751,149 | | | $ | — | | | $ | — | |
|
| FUTURE PLANET EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 28,440,945 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 58,244,493 | | | | — | | | | — | |
| | | |
North America | | | 83,429,195 | | | | 116,484 | | | | — | |
| | | |
Oceania | | | 115,010 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 1,990,428 | | | | — | | | | — | |
| | | |
| Total | | $ | 172,220,071 | | | $ | 116,484 | | | $ | — | |
|
| FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 340,719 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 6,739,819 | | | | — | | | | — | |
| | | |
North America | | | 14,876,693 | | | | — | | | | — | |
| | | |
Oceania | | | 1,525,793 | | | | — | | | | — | |
| | | |
| Total | | $ | 23,483,024 | | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
47
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
|
| FUTURE TECH LEADERS EQUITY ETF | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| | | |
| Assets | | | | | | | | | | | | |
|
Common Stock and/or Other Equity Investments(a) | |
| | | |
Asia | | $ | 74,508,579 | | | $ | — | | | $ | — | (b) |
| | | |
Europe | | | 13,286,278 | | | | — | | | | — | |
| | | |
North America | | | 143,182,038 | | | | — | | | | — | |
| | | |
South America | | | 7,832,629 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 706,501 | | | | — | | | | — | |
| | | |
| Total | | $ | 239,516,025 | | | $ | — | | | $ | — | |
| (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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | | Amount represents valuations of Russian Positions for which GSAM has determined include significant unobservable inputs as of August 31, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, August 31, 2021, they were classified as Level 1. |
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, and, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the period ended August 31, 2022, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:
| | | | | | |
| Fund | �� | | | Unitary
Management Fee | |
Future Consumer Equity ETF | | | | | 0.75 | % |
Future Health Care Equity ETF | | | | | 0.75 | % |
Future Planet Equity ETF | | | | | 0.75 | % |
Future Real Estate and Infrastructure Equity ETF | | | | | 0.75 | % |
Future Tech Leaders Equity ETF | | | | | 0.75 | % |
|
| 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
48
GOLDMAN SACHS FUTURE ETFS
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the 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 Future
Consumer Equity ETF | |
| | | For the Period November 9,
2021* to August 31, 2022
(Unaudited) | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 3,800,001 | | | $ | 120,483,990 | |
Shares Redeemed | | | (300,001 | ) | | | (8,899,985 | ) |
| | |
NET INCREASE IN SHARES | | | 3,500,000 | | | $ | 111,584,005 | |
| | | | | | | | |
| | | Goldman Sachs Future
Health Care Equity ETF | |
| | | For the Period
November 9, 2021* to
August 31, 2022
(Unaudited) | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 3,725,001 | | | $ | 129,641,934 | |
Shares Redeemed | | | (325,001 | ) | | | (10,600,323 | ) |
| | |
NET INCREASE IN SHARES | | | 3,400,000 | | | $ | 119,041,611 | |
| | | | | | | | | | | | | | | | |
| | | Goldman Sachs Future Planet Equity ETF | |
| | | For the Fiscal Year Ended
31-Aug-22 (Unaudited) | | | For the Period July 13, 2021*
to August 31, 2021 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | | | | | | | | | |
Shares Sold | | | 5,375,000 | | | $ | 191,424,437 | | | | 1,425,000 | | | $ | 57,104,470 | |
Shares Redeemed | | | (1,050,000 | ) | | | (32,343,100 | ) | | | — | | | | — | |
| | | | |
NET INCREASE IN SHARES | | | 4,325,000 | | | $ | 159,081,337 | | | | 1,425,000 | | | $ | 57,104,470 | |
| * | | Commencement of operations |
49
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| | | | | | | | |
| | | Goldman Sachs Future Real Estate
and Infrastructure Equity ETF | |
| | | For the Period
November 9, 2021* to
August 31, 2022
(Unaudited) | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 700,001 | | | $ | 27,101,017 | |
Shares Redeemed | | | (1 | ) | | | (40 | ) |
| | |
NET INCREASE IN SHARES | | | 700,000 | | | $ | 27,100,977 | |
| | | | | | | | |
| | | Goldman Sachs Future
Tech Leaders Equity ETF | |
| | | For the Period
September 14, 2021* to
August 31, 2022
(Unaudited) | |
| | | Shares | | | Dollars | |
| | | | |
| Fund Share Activity | | | | | | | | |
Shares Sold | | | 11,700,000 | | | $ | 422,462,591 | |
Shares Redeemed | | | (1,650,000 | ) | | | (42,748,691 | ) |
| | |
NET INCREASE IN SHARES | | | 10,050,000 | | | $ | 379,713,900 | |
| * | | Commencement of operations |
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
Goldman Sachs Future Consumer Equity ETF* | | | | $ | 28,845,831 | | | $ | 11,709,146 | |
Goldman Sachs Future Health Care Equity ETF* | | | | | 13,104,861 | | | | 14,076,248 | |
Goldman Sachs Future Planet Equity ETF | | | | | 28,266,743 | | | | 18,711,250 | |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF* | | | | | 6,776,500 | | | | 7,019,657 | |
Goldman Sachs Future Tech Leaders Equity ETF** | | | | | 202,670,084 | | | | 126,487,483 | |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
50
GOLDMAN SACHS FUTURE ETFS
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2022, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales | |
Goldman Sachs Future Consumer Equity ETF* | | | | $ | 100,042,962 | | | $ | 7,726,873 | |
Goldman Sachs Future Health Care Equity ETF* | | | | | 128,320,898 | | | | 10,492,371 | |
Goldman Sachs Future Planet Equity ETF | | | | | 176,618,319 | | | | 30,234,813 | |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF* | | | | | 26,962,548 | | | | — | |
Goldman Sachs Future Tech Leaders Equity ETF** | | | | | 335,086,603 | | | | 35,064,618 | |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
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, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Goldman Sachs Future Real Estate and Infrastructure Equity ETF did not have securities on loan as of August 31, 2022.
51
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
August 31, 2022
|
| 7. SECURITIES LENDING (continued) |
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 period ended August 31, 2022, 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 period ended August 31, 2022:
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
value as of
August 31, 2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending
value as of
August 31, 2022 | |
Goldman Sachs Future Consumer Equity ETF* | | | | $ | — | | | $ | 3,748,005 | | | $ | (3,748,005 | ) | | $ | — | |
Goldman Sachs Future Health Care Equity ETF * | | | | | — | | | | 5,634,078 | | | | (5,634,078 | ) | | | — | |
Goldman Sachs Future Planet Equity ETF | | | | | 1,099,446 | | | | 44,816,985 | | | | (43,926,003 | ) | | | 1,990,428 | |
Goldman Sachs Future Tech Leaders Equity ETF** | | | | | — | | | | 36,541,086 | | | | (35,834,585 | ) | | | 706,501 | |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
The tax character of distributions paid during the period ended August 31, 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Future Consumer
Equity ETF* | | | Future Health
Care Equity
ETF* | | | Future Planet
Equity ETF | | | Future Real Estate
& Infrastructure
Equity ETF* | | | Future Tech Leaders
Equity ETF** | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
Ordinary Income | | $ | 202,678 | | | $ | — | | | $ | 755,496 | | | $ | 211,263 | | | $ | 9,965 | |
Capital Gains | | | — | | | | — | | | | — | | | | — | | | | — | |
Total taxable distributions | | $ | 202,678 | | | $ | — | | | $ | 755,496 | | | $ | 211,263 | | | $ | 9,965 | |
Return of Capital | | $ | 74,347 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
There were no distributions from the Funds for the period ended August 31, 2021.
52
GOLDMAN SACHS FUTURE ETFS
|
| 8. TAX INFORMATION (continued) |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs
Future
Consumer
Equity ETF* | | | Goldman Sachs
Future Health
Care Equity
ETF* | | | Goldman Sachs
Future Planet
Equity ETF | | | Goldman Sachs
Future Real
Estate and
Infrastructure
Equity ETF* | | | Goldman Sachs
Future Tech
Leaders Equity
ETF** | |
Undistributed ordinary income — net | | $ | — | | | $ | — | | | $ | 373,385 | | | $ | 61,532 | | | $ | 48,238 | |
Total undistributed earnings | | $ | — | | | $ | — | | | $ | 373,385 | | | $ | 61,532 | | | $ | 48,238 | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | |
Perpetual Short-Term | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (567,945 | ) |
Timing differences (Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral) | | | (3,085,569 | ) | | | (2,799,158 | ) | | | (1,262,304 | ) | | | (247,446 | ) | | | (25,265,983 | ) |
Unrealized losses — net | | | (18,783,193 | ) | | | (15,116,816 | ) | | | (40,998,333 | ) | | | (2,939,734 | ) | | | (108,094,762 | ) |
Total accumulated losses net | | $ | (21,868,762 | ) | | $ | (17,915,974 | ) | | $ | (41,887,252 | ) | | $ | (3,125,648 | ) | | $ | (133,880,452 | ) |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
As of August 31, 2022, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs
Future
Consumer
Equity ETF* | | | Goldman Sachs
Future Health
Care Equity
ETF* | | | Goldman Sachs
Future Planet
Equity ETF | | | Goldman Sachs
Future Real
Estate and
Infrastructure
Equity ETF* | | | Goldman Sachs
Future Tech
Leaders Equity
ETF** | |
Tax Cost | | $ | 105,705,353 | | | $ | 114,867,442 | | | $ | 213,330,891 | | | $ | 26,419,233 | | | $ | 347,608,848 | |
Gross unrealized gain | | | 739,718 | | | | 2,516,558 | | | | 5,784,461 | | | | 439,535 | | | | 6,897,656 | |
Gross unrealized loss | | | (19,522,911 | ) | | | (17,633,374 | ) | | | (46,782,794 | ) | | | (3,379,269 | ) | | | (114,992,418 | ) |
Net unrealized losses | | $ | (18,783,193 | ) | | $ | (15,116,816 | ) | | $ | (40,998,333 | ) | | $ | (2,939,734 | ) | | $ | (108,094,762 | ) |
| * | | Commenced operations on November 9, 2021 |
| ** | | Commenced operations on September 14, 2021 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of partnership investments, and passive foreign investment company investments.
In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses and redemption in-kind transactions.
| | | | | | | | | | |
| Fund | | | | Paid-in
Capital | | | Total
Distributable
Earnings | |
Goldman Sachs Future Consumer Equity ETF | | | | $ | (661,934 | ) | | $ | 661,934 | |
Goldman Sachs Future Health Care Equity ETF | | | | | 654,870 | | | | (654,870 | ) |
Goldman Sachs Future Planet Equity ETF | | | | | (502,204 | ) | | | 502,204 | |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | | | | | — | | | | — | |
Goldman Sachs Future Tech Leaders Equity ETF | | | | | (3,485,311 | ) | | | 3,485,311 | |
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.
53
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
August 31, 2022
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 sanctions, 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 from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.
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 trading individually or in the aggregate at any point in time.
54
GOLDMAN SACHS FUTURE ETFS
|
| 9. OTHER RISKS (continued) |
Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
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.
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.
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.
55
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF, and Goldman Sachs Future Tech Leaders 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, 2022, 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, 2022, 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 Future Planet Equity ETF | | For the year ended August 31, 2022 | | For the year ended August 31, 2022 and for the period July 13, 2021 (commencement of operations) through August 31, 2021 For each of the periods indicated therein |
| Goldman Sachs Future Tech Leaders Equity ETF | | For the period September 14, 2021 (commencement of operations) through August 31, 2022 |
| Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, and Goldman Sachs Future Real Estate and Infrastructure Equity ETF | | For the period November 9, 2021 (commencement of operations) through August 31, 2022 |
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, 2022 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 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
56
GOLDMAN SACHS FUTURE ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
| | | | | | | | | | | | |
Proposal 1. Election of Trustees | | For | | | Against/Withheld | | | Abstain | |
| | | |
Cheryl K. Beebe | | | 264,924,160 | | | | 15,294,512 | | | | 0 | |
| | | |
Lawrence Hughes | | | 279,548,931 | | | | 669,741 | | | | 0 | |
| | | |
John F. Killian | | | 264,883,857 | | | | 15,334,814 | | | | 0 | |
| | | |
Steven D. Krichmar | | | 279,552,751 | | | | 665,920 | | | | 0 | |
| | | |
Linda A. Lang | | | 279,620,511 | | | | 598,160 | | | | 0 | |
| | | | | | | | | | | | |
57
GOLDMAN SACHS FUTURE ETFS
Fund Expenses — Six Month Period ended 08/31/2022 (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, 2022 and held for the entire six months ended August 31, 2022, 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Goldman Sachs Future Consumer Equity ETF | | | Goldman Sachs Future Health Care Equity ETF | | | Goldman Sachs Future Planet Equity ETF | | | Goldman Sachs Future Real Estate and
Infrastructure Equity ETF | | | Goldman Sachs Future Tech Leaders Equity ETF | |
| | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | | | Beginning
Account
Value
3/1/22 | | | Ending
Account
Value
8/31/22 | | | Expenses
Paid* | |
Actual based on NAV | | $ | 1,000 | | | $ | 795.87 | | | $ | 3.39 | | | $ | 1,000 | | | $ | 910.03 | | | $ | 3.61 | | | $ | 1,000 | | | $ | 880.71 | | | $ | 3.56 | | | $ | 1,000 | | | $ | 914.38 | | | $ | 3.62 | | | $ | 1,000 | | | $ | 746.32 | | | $ | 3.30 | |
Hypothetical 5% return | | $ | 1,000 | | | $ | 1,021.42 | | | $ | 3.82 | | | $ | 1,000 | | | $ | 1,021.42 | | | $ | 3.82 | | | $ | 1,000 | | | $ | 1,021.42 | | | $ | 3.82 | | | $ | 1,000 | | | $ | 1,021.42 | | | $ | 3.82 | | | $ | 1,000 | | | $ | 1,021.42 | | | $ | 3.82 | |
| + | | 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 is 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, 2022. 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 | | | |
Goldman Sachs Future Consumer Equity ETF | | | 0.75 | % |
Goldman Sachs Future Health Care Equity ETF | | | 0.75 | |
Goldman Sachs Future Planet Equity ETF | | | 0.75 | |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | | | 0.75 | |
Goldman Sachs Future Tech Leaders Equity ETF | | | 0.75 | |
58
GOLDMAN SACHS FUTURE 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 |
| | | | | |
Cheryl K. Beebe Age: 66 | | Chair of the Board of Trustees | | Since 2021 | | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) |
| | | | | |
Lawrence Hughes Age: 64 | | Trustee | | Since 2021 | | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | |
John F. Killian Age: 67 | | Trustee | | Since 2021 | | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | Consolidated Edison, Inc. (a utility holding company) |
| | | | | |
Steven D. Krichmar Age: 64 | | Trustee | | Since 2021 | | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 68 | | None |
| | | | | | | | | | |
59
GOLDMAN SACHS FUTURE ETFS
Trustees and Officers (Unaudited) (continued)
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 |
| | | | | |
Linda A. Lang Age: 64 | | 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | None |
| | | | | |
Michael Latham Age: 56 | | 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 owned by BlackRock, Inc., 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 ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | | 69 | | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
| | | | | |
Lawrence W. Stranghoener Age: 68 | | Trustee | | Since 2015 | | 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). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund | | 69 | | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) |
| | | | | | | | | | |
60
GOLDMAN SACHS FUTURE 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: 59 | | 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 ETF Trust II; 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. | | 172 | | 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 Kraus. Information is provided as of August 31, 2022. |
| 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, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 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.
61
GOLDMAN SACHS FUTURE 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: 59 | | 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 ETF 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: 45 | | 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 ETF 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: 54 | | 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 ETF Trust II; 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, 2022. |
| 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 – Future Thematic Equity ETFs - Tax Information (Unaudited)
For the fiscal year ended August 31, 2022, 39.42%, 33.68%, 24.46%, and 100% of the dividends paid from net investment company taxable income by the Future Consumer Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders Equity ETF, respectively, qualify for the dividends received deduction available to corporations.
For the fiscal year ended August 31, 2022, 83.63%, 100%, 89.14%, and 100% of the dividends paid from net investment company taxable income by the Future Consumer Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders 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, 2022, the Future Health Care Equity ETF did not have any dividends paid from net investment company taxable income.
62
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 $2.27 trillion in assets under supervision as of June 30, 2022, 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 ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| 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 Ultra Short Bond ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
| Goldman Sachs MarketBeta® International Equity ETF |
| Goldman Sachs MarketBeta® U.S. Equity ETF |
| Goldman Sachs MarketBeta U.S.1000 Equity ETF |
| Goldman Sachs Future Planet Equity ETF |
| Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
| | |
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener | | 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 the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds 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 February 28, 2022 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.
© 2022 Goldman Sachs. All rights reserved. 294238-OTU-10/2022 FTRETFAR-22
(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. Michael Latham 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.
| | | | | | | | | | | | |
| | | 2022 | | 2021 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit Fees: | | | | | | | | | | | | |
| | | |
• PricewaterhouseCoopers LLP
(“PwC”) | | | | $531,450 | | | | | $606,900 | | | Financial Statement audits. |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | | $112,000 | | | | | $ 59,558 | | | Other attest services. |
| | | |
Tax Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | | $ 0 | | | | | $ 0 | | | 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. |
| | | 2022 | | 2021 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | | $1,906,448 | | | | | $1,906,448 | | | 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, 2022 and August 31, 2021 were approximately $112,000 and $59,558, 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, 2021 and December 31, 2020 were approximately $14.4 million and $14.5 million, respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2021 and 2020 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, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Linda A. Lang, and Lawrence W. Stranghoener, 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. |
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
| 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. |
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 3, 2022 |
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 3, 2022 |
| |
| By: | | /s/ Joseph F. DiMaria |
| |
| | |
| | Joseph F. DiMaria |
| | Principal Financial Officer |
| | Goldman Sachs ETF Trust |
| |
| Date: | | November 3, 2022 |
