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: February 28, 2023
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | February 28, 2023 | |||
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 |
1 | ||||
3 | ||||
19 | ||||
91 | ||||
99 | ||||
99 | ||||
100 | ||||
101 | ||||
102 | ||||
103 | ||||
104 | ||||
105 | ||||
106 | ||||
107 | ||||
127 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Access Fixed Income ETFs
The following are highlights both of key factors affecting the fixed income market and of any key changes made to the Goldman Sachs Access Fixed Income ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.
• | During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, inflationary trends and higher interest rates. |
• | The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (gross, USD, hedged), returned -1.59%. |
• | The Bloomberg U.S. Aggregate Bond Index, representing the broad U.S. fixed income market, returned -2.13%. |
• | Inflation eased across most developed economies during the Reporting Period, though it remained at stubbornly high levels. |
• | In September 2022, when the Reporting Period began, inflationary pressures increased, with U.S. food and energy prices reaching a four-decade high amid ongoing supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 outbreaks in China. |
• | Inflation moderated during the last months of 2022, as U.S. consumer price data surprised with lower than consensus anticipated levels and Europe benefited from falling energy prices. |
• | In early 2023, inflation continued to decline, but concerns reemerged in the wake of unexpectedly strong economic data — especially in the U.S. labor market. |
• | Many central banks around the world tightened monetary policy during the Reporting Period in an effort to contain inflation. |
• | The People’s Bank of China was a notable exception, as its policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and COVID-19 restrictions in the country. In December, the Chinese government began to unwind its zero-COVID policies and finally lifted its stringent zero-COVID policy in January 2023. |
• | The U.S. Federal Reserve (the “Fed”) continued its aggressive interest rate hikes but tempered its pace of tightening toward the end of the Reporting Period. |
• | In September 2022, the Fed raised the targeted federal funds (“fed funds”) rate 75 basis points to a range of 3.00% to 3.25%. (A basis point is 1/100th of a percentage point.) |
• | In October, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. However, they also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected. |
• | In early November, the Fed raised the fed funds rate by another 75 basis points. |
• | Policymakers stepped down the pace of their rate hikes in mid-December, lifting the fed funds rate by 50 basis points, but emphasized they were not stepping back from their efforts to tame inflation. |
• | On February 1, 2023, the Fed noted the improving inflation picture when it announced its comparatively smaller interest rate hike of 25 basis points but indicated that ongoing rate hikes would likely be “appropriate.” |
• | For the Reporting Period overall, U.S. Treasury yields rose across the yield curve, or spectrum of maturities, with shorter-term U.S. Treasury yields rising significantly more than intermediate- and longer-term U.S. Treasury yields. |
• | The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. When the yield curve is inverted, two-year yields are higher than 10-year yields. (Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) |
1
MARKET REVIEW
• | Most non-government bond sectors outperformed U.S. Treasuries during the Reporting Period, led by U.S. high yield corporate bonds and emerging markets debt, each sector posting positive absolute returns overall. U.S. investment grade corporate bonds and securitized bonds, including mortgage-backed securities, posted negative absolute returns during the Reporting Period but still outperformed U.S. Treasuries. Treasury inflation protected securities underperformed U.S. Treasuries during the Reporting Period, as inflation levels, though persistently high, declined. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
2
Access Emerging Markets USD Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 39.97 | ||||
Net Asset Value (NAV)1 | $ | 40.04 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Emerging Markets USD Bond Index | |||||||||||
Shares | 1.79 | % | 2.72 | % | 2.21 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
3
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Country | ||||||
Pertamina Persero PT, 3.10%, 08/27/30 | 1.4 | % | Indonesia | |||||
Chile Government International Bond, 3.13%, 01/21/26 | 1.2 | Chile | ||||||
Mexico Government International Bond, 4.88%, 05/19/33 | 1.2 | Mexico | ||||||
Chile Government International Bond, 3.50%, 01/31/34 | 1.1 | Chile | ||||||
Turkey Government International Bond, 5.60%, 11/14/24 | 1.0 | Turkey | ||||||
Turkey Government International Bond, 4.88%, 10/09/26 | 1.0 | Turkey | ||||||
Hungary Government International Bond, 7.63%, 03/29/41 | 0.9 | Hungary | ||||||
Romanian Government International Bond, 5.25%, 11/25/27 | 0.9 | Romania | ||||||
Peruvian Government International Bond, 5.63%, 11/18/50 | 0.9 | Peru | ||||||
Uruguay Government International Bond, 5.10%, 06/18/50 | 0.9 | Uruguay |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/235 |
| |||||
Sector Name | Fund | |||||
Government | 88.5 | % | ||||
Energy | 6.3 | |||||
Materials | 2.1 | |||||
Industrials | 1.0 | |||||
Investment Company | 0.9 | |||||
Financials | 0.8 | |||||
Utilities | 0.4 |
5 | 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.
4
FUND BASICS
Access High Yield Corporate Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 42.42 | ||||
Net Asset Value (NAV)1 | $ | 42.56 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs High Yield Corporate Bond Index3 | Bloomberg High Yield Very Liquid Index4 | ||||||||||||||
Shares | 2.59 | % | 3.22 | % | 2.51 | % | 2.45 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
4 | The Bloomberg High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
TransDigm, Inc., 6.25%, 03/15/26 | 0.8 | % | Aerospace & Defense | |||||
Medline Borrower LP, 3.88%, 04/01/29 | 0.8 | Consumer Noncyclical | ||||||
Bausch Health Cos., Inc., 11.00%, 09/30/28 | 0.7 | Pharmaceuticals | ||||||
CommScope, Inc., 6.00%, 03/01/26 | 0.7 | Hardware | ||||||
Nexstar Media, Inc., 5.63%, 07/15/27 | 0.7 | Broadcasting | ||||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26 | 0.7 | Capital Goods | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31 | 0.7 | Communications | ||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29 | 0.6 | Software | ||||||
Bombardier, Inc., 7.13%, 06/15/26 | 0.6 | Aerospace & Defense | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/28 | 0.6 | Wirelines |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/236 |
| |||||
Sector Name | Fund | |||||
Consumer, Cyclical | 21.5 | % | ||||
Consumer, Non-cyclical | 16.6 | |||||
Energy | 13.9 | |||||
Telecommunication Services | 12.7 | |||||
Financials | 11.7 | |||||
Industrials | 10.8 | |||||
Materials | 4.2 | |||||
Utilities | 3.9 | |||||
Information Technology | 3.2 | |||||
Investment Company | 1.5 |
6 | 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.
6
FUND BASICS
Access Inflation Protected USD Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
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As of February 28, 2023 | ||||||
Market Price1 | $ | 48.78 | ||||
Net Asset Value (NAV)1 | $ | 48.80 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index3 | |||||||||||
Shares | -4.20 | % | -4.16 | % | -4.16 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets5 | Line of Business | ||||||
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 | 8.9 | % | Government | |||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25 | 8.6 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26 | 8.5 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30 | 7.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25 | 6.9 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40 | 6.3 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24 | 5.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 | 4.9 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42 | 4.3 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 07/15/30 | 4.1 | Government |
4 | The holdings may not be representative of the Fund’s future investments. |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
SECTOR ALLOCATION AS OF 2/28/236 |
| |||||
Sector Name | Fund | |||||
Government | 99.7 | % | ||||
Investment Company | 0.4 |
6 | 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.
8
FUND BASICS
Access Investment Grade Corporate 1-5 Year Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 45.76 | ||||
Net Asset Value (NAV)1 | $ | 45.74 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index3 | |||||||||||
Shares | -0.13 | % | 0.09 | % | 0.08 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Wells Fargo & Co., Series MTN, 2.16%, 02/11/26 | 1.0 | % | Banks | |||||
Sumitomo Mitsui Financial Group, Inc., 3.36%, 07/12/27 | 1.0 | Banks | ||||||
Citigroup, Inc., 2.01%, 01/25/26 | 1.0 | Banks | ||||||
Bank of America Corp., Series MTN, 2.55%, 02/04/28 | 1.0 | Banks | ||||||
JPMorgan Chase & Co., 4.32%, 04/26/28 | 1.0 | Banks | ||||||
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/24 | 0.8 | Banks | ||||||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/24 | 0.8 | Consumer Noncyclical | ||||||
General Motors Co., 6.80%, 10/01/27 | 0.8 | Consumer Cyclical | ||||||
Air Lease Corp., 3.63%, 04/01/27 | 0.8 | Financial Company | ||||||
Citigroup, Inc., 4.14%, 05/24/25 | 0.7 | Banks |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/235 |
| |||||
Sector Name | Fund | |||||
Financials | 43.8 | % | ||||
Consumer, Non-cyclical | 10.3 | |||||
Consumer, Cyclical | 9.7 | |||||
Energy | 8.7 | |||||
Industrials | 7.5 | |||||
Information Technology | 7.3 | |||||
Utilities | 6.2 | |||||
Telecommunication Services | 6.0 | |||||
Materials | 0.5 |
5 | 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.
10
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 44.45 | ||||
Net Asset Value (NAV)1 | $ | 44.48 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Investment Grade Corporate Bond Index3 | Bloomberg US Corporate Investment Grade Index4 | ||||||||||||||
Shares | -1.27 | % | -0.91 | % | -1.24 | % | -1.13 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
4 | The Bloomberg US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
11
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Oracle Corp., 6.90%, 11/09/52 | 0.5 | % | Software | United States | ||||||
American Express Co., 3.00%, 10/30/24 | 0.5 | Banks | United States | |||||||
Cigna Group (The), 4.13%, 11/15/25 | 0.4 | Healthcare | United States | |||||||
Verizon Communications, Inc., 0.85%, 11/20/25 | 0.4 | Wireless | United States | |||||||
Oracle Corp., 6.25%, 11/09/32 | 0.3 | Software | United States | |||||||
NVIDIA Corp., 0.58%, 06/14/24 | 0.3 | Technology | United States | |||||||
Starbucks Corp., 3.80%, 08/15/25 | 0.3 | Consumer Cyclical | United States | |||||||
Lloyds Banking Group PLC, 3.75%, 01/11/27 | 0.3 | Banks | United Kingdom | |||||||
Citigroup, Inc., 1.12%, 01/28/27 | 0.3 | Banks | United States | |||||||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 0.3 | Consumer Noncyclical | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/236 |
| |||||
Sector Name | Fund | |||||
Financials | 37.1 | % | ||||
Consumer, Non-cyclical | 18.4 | |||||
Telecommunication Services | 11.4 | |||||
Energy | 9.3 | |||||
Information Technology | 9.0 | |||||
Consumer, Cyclical | 5.2 | |||||
Industrials | 5.0 | |||||
Utilities | 2.8 | |||||
Materials | 1.4 | |||||
Investment Company | 0.4 |
6 | 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.
12
FUND BASICS
Access Treasury 0-1 Year ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 99.92 | ||||
Net Asset Value (NAV)1 | $ | 99.92 |
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. |
PERFORMANCE REVIEW | ||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE US Treasury 0-1 Year Composite Select Index3 | |||||||
Shares | 1.56 | % | 1.52% | 1.66% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index is 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. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
13
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 |
| |||||||||
Holding | Maturity Date | % of Net Assets5 | ||||||||
U.S. Treasury Bill, 4.79% | 05/18/23 | 7.8 | % | |||||||
U.S. Treasury Bill, 4.61% | 04/25/23 | 7.7 | ||||||||
U.S. Treasury Bill, 4.87% | 06/13/23 | 5.0 | ||||||||
U.S. Treasury Bill, 4.69% | 06/08/23 | 4.2 | ||||||||
U.S. Treasury Bill, 4.73% | 05/23/23 | 3.3 | ||||||||
U.S. Treasury Bill, 4.76% | 01/25/24 | 3.0 | ||||||||
U.S. Treasury Bill, 5.00% | 01/25/24 | 2.9 | ||||||||
U.S. Treasury Note, 4.76% | 10/15/23 | 2.8 | ||||||||
U.S. Treasury Bill, 4.68% | 06/15/23 | 2.8 | ||||||||
U.S. Treasury Bill, 4.63% | 05/11/23 | 2.8 |
4 | The holdings may not be representative of the Fund’s future investments. |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
SECTOR ALLOCATION AS OF 2/28/236 |
| |||||
Sector Name | Fund | |||||
Government | 100.0 | % |
6 | 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.
14
FUND BASICS
Access U.S. Aggregate Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 41.17 | ||||
Net Asset Value (NAV)1 | $ | 41.30 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs US Broad Bond Market Index3 | |||||||||||
Shares | -2.28 | % | -2.70 | % | -2.04 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
15
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 |
| |||||||
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Note, 0.25%, 05/15/24 | 7.5 | % | U.S. Treasury Notes | |||||
U.S. Treasury Note, 0.25%, 10/31/25 | 5.7 | U.S. Treasury Notes | ||||||
U.S. Treasury Note, 2.50%, 01/31/25 | 4.4 | U.S. Treasury Notes | ||||||
U.S. Treasury Note, 2.00%, 02/15/25 | 4.2 | U.S. Treasury Notes | ||||||
U.S. Treasury Bond, 2.75%, 08/15/42 | 3.0 | U.S. Treasury Notes | ||||||
U.S. Treasury Bond, 2.50%, 02/15/45 | 2.5 | U.S. Treasury Notes | ||||||
U.S. Treasury Note, 2.75%, 02/15/28 | 2.3 | U.S. Treasury Notes | ||||||
Federal Home Loan Mortgage Corporation, 2.00%, 03/01/52 | 2.1 | Mortgage-Backed Securities | ||||||
U.S. Treasury Note, 0.63%, 11/30/27 | 2.0 | U.S. Treasury Notes | ||||||
Federal Home Loan Mortgage Corporation, 2.00%, 05/01/52 | 1.9 | Mortgage-Backed Securities |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/235 |
Sector Name | Fund | |||||
U.S. Treasury Notes | 31.5 | % | ||||
Mortgage-Backed Securities | 29.6 | |||||
Corporate Obligations | 19.9 | |||||
Investment Company | 12.4 | |||||
U.S. Treasury Bonds | 7.7 | |||||
Foreign Corporate Debt | 5.2 | |||||
U.S. Treasury Obligations | 4.5 | |||||
Sovereign Debt Obligations | 2.1 |
5 | 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.
16
FUND BASICS
Access Ultra Short Bond ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 49.92 | ||||
Net Asset Value (NAV)1 | $ | 49.92 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Three-Month U.S. Treasury Bill Index3 | |||||||||||
Shares | 1.68 | % | 1.69 | % | 1.80 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of three-month U.S. Treasury bills. The index is designed to operate as a reference rate for a series of funds. The Fund does not attempt to track an index and takes a more active approach. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
17
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 |
| |||||||
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Floating Rate Note, 4.95%, 10/31/24 | 3.4 | % | NOTES | |||||
FNMA REMIC, Class BM, Series 2020-6347, 3.68%, 02/01/41 | 2.0 | ARM | ||||||
Suncor Energy, Inc., 04/18/23 | 1.6 | Energy | ||||||
FNMA REMIC, Class FC, Series 2005-103, 5.12%, 07/25/35 | 1.6 | CMO | ||||||
U.S. Treasury Floating Rate Note, 4.84%, 10/31/23 | 1.5 | NOTES | ||||||
FHLMC REMIC, 3.74%, 01/01/46 | 1.4 | ARM | ||||||
Capital One Financial Corp., 5.27%, 12/06/24 | 1.0 | Banks | ||||||
Federal Home Loan Banks, 5.17%, 03/08/24 | 1.0 | AGY GUARANTEE | ||||||
Thermo Fisher Scientific, Inc., 0.80%, 10/18/23 | 0.8 | Consumer Noncyclical | ||||||
GS Mortgage Securities Trust, Class A4, Series 2014-GC18, 4.07%, 01/10/47 | 0.8 | CMBS |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/28/235 |
| |||||
Sector Name | Fund | |||||
Corporate Obligations | 22.0 | % | ||||
Mortgage-Backed Securities | 19.4 | |||||
Asset- Backed Securities | 19.3 | |||||
Foreign Corporate Debt | 15.5 | |||||
Commercial Papers | 8.5 | |||||
Certificate of Deposits | 6.3 | |||||
U.S. Treasury Notes | 5.0 | |||||
U.S. Government Agency Obligations | 2.9 | |||||
Investment Company | 0.2 |
5 | 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.
18
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Sovereign Debt Obligations – 85.0% | ||||||||||||||
Angola – 1.5% | ||||||||||||||
Angolan Government International Bond (NR/B3) | ||||||||||||||
$ | 400,000 | 8.250 | % | 05/09/28 | $ | 369,933 | ||||||||
200,000 | 9.375 | 05/08/48 | 171,744 | |||||||||||
200,000 | 9.125 | 11/26/49 | 169,500 | |||||||||||
|
| |||||||||||||
711,177 | ||||||||||||||
|
| |||||||||||||
Bahamas – 0.4% | ||||||||||||||
Bahamas Government International Bond (B+/B1) | ||||||||||||||
200,000 | 8.950 | 10/15/32 | 177,500 | |||||||||||
|
| |||||||||||||
Bahrain – 3.3% | ||||||||||||||
Bahrain Government International Bond (B+/NR) | ||||||||||||||
350,000 | 7.000 | 01/26/26 | 361,205 | |||||||||||
225,000 | 7.375 | 05/14/30 | 233,002 | |||||||||||
200,000 | 5.625 | 09/30/31 | 186,171 | |||||||||||
225,000 | 5.625 | 05/18/34 | 197,918 | |||||||||||
325,000 | 6.000 | 09/19/44 | 258,791 | |||||||||||
200,000 | 7.500 | 09/20/47 | 186,120 | |||||||||||
200,000 | 6.250 | 01/25/51 | 162,249 | |||||||||||
|
| |||||||||||||
1,585,456 | ||||||||||||||
|
| |||||||||||||
Chile – 3.7% | ||||||||||||||
Chile Government International Bond (A/A2) | ||||||||||||||
610,000 | 3.125 | 01/21/26 | 583,384 | |||||||||||
400,000 | 3.240 | 02/06/28 | 372,056 | |||||||||||
600,000 | 3.500 | 01/31/34 | 517,258 | |||||||||||
200,000 | 4.000 | 01/31/52 | 158,916 | |||||||||||
225,000 | 3.250 | 09/21/71 | 141,558 | |||||||||||
|
| |||||||||||||
1,773,172 | ||||||||||||||
|
| |||||||||||||
China – 2.4% | ||||||||||||||
China Government International Bond (NR/NR) | ||||||||||||||
400,000 | 1.250 | 10/26/26 | 355,761 | |||||||||||
400,000 | 2.750 | 12/03/39 | 319,260 | |||||||||||
250,000 | 4.000 | 10/19/48 | 231,055 | |||||||||||
400,000 | 2.250 | 10/21/50 | 260,313 | |||||||||||
|
| |||||||||||||
1,166,389 | ||||||||||||||
|
| |||||||||||||
Colombia – 5.6% | ||||||||||||||
Colombia Government International Bond (BB+/Baa2) | ||||||||||||||
300,000 | 3.875 | 04/25/27 | 266,935 | |||||||||||
460,000 | 3.000 | 01/30/30 | 348,014 | |||||||||||
500,000 | 3.125 | 04/15/31 | 364,252 | |||||||||||
250,000 | 3.250 | 04/22/32 | 178,159 | |||||||||||
380,000 | 7.375 | 09/18/37 | 356,448 | |||||||||||
300,000 | 6.125 | 01/18/41 | 239,609 | |||||||||||
275,000 | 5.625 | 02/26/44 | 199,661 | |||||||||||
550,000 | 5.000 | 06/15/45 | 365,218 | |||||||||||
400,000 | 5.200 | 05/15/49 | 267,792 | |||||||||||
200,000 | 4.125 | 05/15/51 | 118,194 | |||||||||||
|
| |||||||||||||
2,704,282 | ||||||||||||||
|
| |||||||||||||
Costa Rica – 0.9% | ||||||||||||||
Costa Rica Government International Bond (B+/B2) | ||||||||||||||
250,000 | 6.125 | 02/19/31 | 242,812 | |||||||||||
200,000 | 7.158 | 03/12/45 | 194,500 | |||||||||||
|
| |||||||||||||
437,312 | ||||||||||||||
|
| |||||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Dominican Republic – 4.2% | ||||||||||||||
Dominican Republic International Bond (BB/Ba3) | ||||||||||||||
450,000 | 5.950 | 01/25/27 | 442,687 | |||||||||||
225,000 | 6.000 | 07/19/28 | 218,250 | |||||||||||
225,000 | 4.500 | 01/30/30 | 194,625 | |||||||||||
450,000 | 4.875 | 09/23/32 | 379,125 | |||||||||||
175,000 | 7.450 | 04/30/44 | 169,094 | |||||||||||
225,000 | 6.850 | 01/27/45 | 202,219 | |||||||||||
200,000 | 6.400 | 06/05/49 | 168,000 | |||||||||||
300,000 | 5.875 | 01/30/60 | 227,250 | |||||||||||
|
| |||||||||||||
2,001,250 | ||||||||||||||
|
| |||||||||||||
Ecuador – 1.4% | ||||||||||||||
Ecuador Government International Bond (B-/NR) | ||||||||||||||
450,000 | 5.500 | (a) | 07/31/30 | 222,750 | ||||||||||
850,000 | 2.500 | (a) | 07/31/35 | 303,875 | ||||||||||
450,000 | 1.500 | (a) | 07/31/40 | 142,875 | ||||||||||
|
| |||||||||||||
669,500 | ||||||||||||||
|
| |||||||||||||
Egypt – 5.1% | ||||||||||||||
Egypt Government International Bond (NR/B3) | ||||||||||||||
300,000 | 5.750 | 05/29/24 | 286,079 | |||||||||||
200,000 | 5.875 | 06/11/25 | 179,274 | |||||||||||
200,000 | 3.875 | 02/16/26 | 160,818 | |||||||||||
200,000 | 7.500 | 01/31/27 | 173,248 | |||||||||||
300,000 | 5.800 | 09/30/27 | 235,795 | |||||||||||
200,000 | 6.588 | 02/21/28 | 157,464 | |||||||||||
350,000 | 7.625 | 05/29/32 | 251,361 | |||||||||||
200,000 | 7.300 | 09/30/33 | 137,158 | |||||||||||
125,000 | 6.875 | 04/30/40 | 76,249 | |||||||||||
450,000 | 8.500 | 01/31/47 | 291,375 | |||||||||||
200,000 | 7.903 | 02/21/48 | 122,750 | |||||||||||
200,000 | 8.700 | 03/01/49 | 129,249 | |||||||||||
200,000 | 8.875 | 05/29/50 | 130,746 | |||||||||||
200,000 | 7.500 | 02/16/61 | 118,746 | |||||||||||
|
| |||||||||||||
2,450,312 | ||||||||||||||
|
| |||||||||||||
Guatemala – 1.3% | ||||||||||||||
Guatemala Government Bond (NR/NR) | ||||||||||||||
300,000 | 5.375 | 04/24/32 | 288,750 | |||||||||||
200,000 | 3.700 | 10/07/33 | 165,500 | |||||||||||
200,000 | 6.125 | 06/01/50 | 191,000 | |||||||||||
|
| |||||||||||||
645,250 | ||||||||||||||
|
| |||||||||||||
Hungary – 3.0% | ||||||||||||||
Hungary Government International Bond (BBB-/Baa2) | ||||||||||||||
200,000 | 5.750 | 11/22/23 | 200,423 | |||||||||||
400,000 | 5.375 | 03/25/24 | 399,941 | |||||||||||
200,000 | 5.250 | 06/16/29 | 195,250 | |||||||||||
200,000 | 5.500 | 06/16/34 | 192,483 | |||||||||||
400,000 | 7.625 | 03/29/41 | 450,728 | |||||||||||
|
| |||||||||||||
1,438,825 | ||||||||||||||
|
| |||||||||||||
Indonesia – 4.5% | ||||||||||||||
Indonesia Government International Bond (BBB/Baa2) | ||||||||||||||
330,000 | 4.125 | 01/15/25 | 324,540 | |||||||||||
350,000 | 2.850 | 02/14/30 | 309,541 | |||||||||||
400,000 | 4.650 | 09/20/32 | 390,129 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Indonesia – (continued) | ||||||||||||||
| Indonesia Government International Bond (BBB/Baa2) – | | ||||||||||||
$ | 125,000 | 8.500 | % | 10/12/35 | $ | 159,006 | ||||||||
325,000 | 7.750 | 01/17/38 | 398,505 | |||||||||||
225,000 | 4.200 | 10/15/50 | 191,400 | |||||||||||
275,000 | 3.050 | 03/12/51 | 200,677 | |||||||||||
200,000 | 4.300 | 03/31/52 | 172,131 | |||||||||||
|
| |||||||||||||
2,145,929 | ||||||||||||||
|
| |||||||||||||
Jamaica – 1.2% | ||||||||||||||
Jamaica Government International Bond (B+/B2) | ||||||||||||||
200,000 | 6.750 | 04/28/28 | 210,500 | |||||||||||
100,000 | 8.000 | 03/15/39 | 120,500 | |||||||||||
200,000 | 7.875 | 07/28/45 | 235,250 | |||||||||||
|
| |||||||||||||
566,250 | ||||||||||||||
|
| |||||||||||||
Jordan – 1.1% | ||||||||||||||
Jordan Government International Bond (B+/B1) | ||||||||||||||
200,000 | 6.125 | 01/29/26 | 197,636 | |||||||||||
350,000 | 5.850 | 07/07/30 | 317,257 | |||||||||||
|
| |||||||||||||
514,893 | ||||||||||||||
|
| |||||||||||||
Kazakhstan – 1.2% | ||||||||||||||
Kazakhstan Government International Bond (BBB-/Baa2) | ||||||||||||||
400,000 | 4.875 | 10/14/44 | 364,216 | |||||||||||
225,000 | 6.500 | 07/21/45 | 237,025 | |||||||||||
|
| |||||||||||||
601,241 | ||||||||||||||
|
| |||||||||||||
Kenya – 1.0% | ||||||||||||||
Republic of Kenya Government International Bond (B/NR) | ||||||||||||||
350,000 | 7.000 | 05/22/27 | 314,775 | |||||||||||
200,000 | 8.250 | 02/28/48 | 154,800 | |||||||||||
|
| |||||||||||||
469,575 | ||||||||||||||
|
| |||||||||||||
Kuwait – 0.4% | ||||||||||||||
Kuwait International Government Bond (A+/NR) | ||||||||||||||
200,000 | 3.500 | 03/20/27 | 192,859 | |||||||||||
|
| |||||||||||||
Mexico – 3.4% | ||||||||||||||
Mexico Government International Bond (BBB/Baa2) | ||||||||||||||
200,000 | 3.750 | 01/11/28 | 187,580 | |||||||||||
325,000 | 4.500 | 04/22/29 | 309,644 | |||||||||||
600,000 | 4.875 | 05/19/33 | 560,434 | |||||||||||
50,000 | 6.050 | 01/11/40 | 50,111 | |||||||||||
150,000 | 5.550 | 01/21/45 | 139,204 | |||||||||||
Mexico Government International Bond, MTN (BBB/Baa2) | ||||||||||||||
50,000 | 8.300 | 08/15/31 | 58,755 | |||||||||||
175,000 | 7.500 | 04/08/33 | 196,160 | |||||||||||
150,000 | 4.750 | 03/08/44 | 125,750 | |||||||||||
|
| |||||||||||||
1,627,638 | ||||||||||||||
|
| |||||||||||||
Mongolia – 0.4% | ||||||||||||||
Mongolia Government International Bond (B/B3) | ||||||||||||||
200,000 | 5.125 | 04/07/26 | 183,502 | |||||||||||
|
| |||||||||||||
Morocco – 0.5% | ||||||||||||||
Morocco Government International Bond (BB+/NR) | ||||||||||||||
350,000 | 4.000 | 12/15/50 | 225,325 | |||||||||||
|
| |||||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Nigeria – 1.9% | ||||||||||||||
Nigeria Government International Bond (B-/Caa1) | ||||||||||||||
200,000 | 6.500 | 11/28/27 | 166,748 | |||||||||||
275,000 | 7.875 | 02/16/32 | 212,732 | |||||||||||
200,000 | 7.375 | 09/28/33 | 147,042 | |||||||||||
200,000 | 7.696 | 02/23/38 | 140,528 | |||||||||||
200,000 | 7.625 | 11/28/47 | 135,000 | |||||||||||
200,000 | 8.250 | 09/28/51 | 140,468 | |||||||||||
|
| |||||||||||||
942,518 | ||||||||||||||
|
| |||||||||||||
Panama – 4.7% | ||||||||||||||
Panama Government International Bond (BBB/Baa2) | ||||||||||||||
225,000 | 3.750 | 03/16/25 | 218,250 | |||||||||||
260,000 | 8.875 | 09/30/27 | 299,650 | |||||||||||
200,000 | 3.875 | 03/17/28 | 188,250 | |||||||||||
50,000 | 9.375 | 04/01/29 | 60,187 | |||||||||||
410,000 | 3.160 | 01/23/30 | 354,138 | |||||||||||
400,000 | 2.252 | 09/29/32 | 299,000 | |||||||||||
150,000 | 6.700 | 01/26/36 | 159,187 | |||||||||||
250,000 | 4.500 | 04/16/50 | 188,750 | |||||||||||
200,000 | 4.300 | 04/29/53 | 144,750 | |||||||||||
275,000 | 4.500 | 04/01/56 | 202,813 | |||||||||||
245,000 | 3.870 | 07/23/60 | 158,025 | |||||||||||
|
| |||||||||||||
2,273,000 | ||||||||||||||
|
| |||||||||||||
Paraguay – 1.0% | ||||||||||||||
Paraguay Government International Bond (BB/Ba1) | ||||||||||||||
100,000 | 5.000 | 04/15/26 | 97,654 | |||||||||||
200,000 | 4.950 | 04/28/31 | 189,250 | |||||||||||
225,000 | 5.400 | 03/30/50 | 188,156 | |||||||||||
|
| |||||||||||||
475,060 | ||||||||||||||
|
| |||||||||||||
Peru – 4.5% | ||||||||||||||
Peruvian Government International Bond (BBB/Baa1) | ||||||||||||||
410,000 | 2.392 | 01/23/26 | 382,219 | |||||||||||
200,000 | 4.125 | 08/25/27 | 194,163 | |||||||||||
350,000 | 2.783 | 01/23/31 | 290,314 | |||||||||||
100,000 | 1.862 | 12/01/32 | 73,145 | |||||||||||
200,000 | 8.750 | 11/21/33 | 248,921 | |||||||||||
150,000 | 3.000 | 01/15/34 | 118,570 | |||||||||||
75,000 | 6.550 | 03/14/37 | 80,534 | |||||||||||
450,000 | 5.625 | 11/18/50 | 445,628 | |||||||||||
150,000 | 3.550 | 03/10/51 | 107,558 | |||||||||||
340,000 | 2.780 | 12/01/60 | 199,189 | |||||||||||
60,000 | 3.600 | 01/15/72 | 39,023 | |||||||||||
|
| |||||||||||||
2,179,264 | ||||||||||||||
|
| |||||||||||||
Poland – 0.9% | ||||||||||||||
Republic of Poland Government International Bond (A-/A2) | ||||||||||||||
200,000 | 5.500 | 11/16/27 | 204,557 | |||||||||||
200,000 | 5.750 | 11/16/32 | 210,034 | |||||||||||
|
| |||||||||||||
414,591 | ||||||||||||||
|
| |||||||||||||
Qatar – 3.4% | ||||||||||||||
Qatar Government International Bond (AA/Aa3) | ||||||||||||||
200,000 | 3.400 | 04/16/25 | 193,445 | |||||||||||
350,000 | 3.750 | 04/16/30 | 333,300 | |||||||||||
200,000 | 4.625 | 06/02/46 | 186,732 | |||||||||||
|
|
20 | 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) | ||||||||||||||
Qatar – (continued) | ||||||||||||||
Qatar Government International Bond (AA/Aa3) – (continued) | ||||||||||||||
$ | 220,000 | 5.103 | % | 04/23/48 | $ | 217,283 | ||||||||
350,000 | 4.817 | 03/14/49 | 332,857 | |||||||||||
400,000 | 4.400 | 04/16/50 | 359,033 | |||||||||||
|
| |||||||||||||
1,622,650 | ||||||||||||||
|
| |||||||||||||
Romania – 2.2% | ||||||||||||||
Romanian Government International Bond (BBB-/Baa3) | ||||||||||||||
170,000 | 4.875 | 01/22/24 | 169,374 | |||||||||||
460,000 | 5.250 | 11/25/27 | 447,346 | |||||||||||
170,000 | 3.000 | 02/14/31 | 138,395 | |||||||||||
180,000 | 6.125 | 01/22/44 | 171,559 | |||||||||||
180,000 | 5.125 | 06/15/48 | 150,607 | |||||||||||
|
| |||||||||||||
1,077,281 | ||||||||||||||
|
| |||||||||||||
Saudi Arabia – 3.8% | ||||||||||||||
Saudi Government International Bond (NR/A1) | ||||||||||||||
400,000 | 2.500 | 02/03/27 | 367,026 | |||||||||||
225,000 | 4.375 | 04/16/29 | 220,050 | |||||||||||
225,000 | 4.500 | 04/17/30 | 220,544 | |||||||||||
400,000 | 3.250 | 10/22/30 | 361,580 | |||||||||||
350,000 | 4.500 | 10/26/46 | 302,733 | |||||||||||
200,000 | 4.625 | 10/04/47 | 175,552 | |||||||||||
200,000 | 4.500 | 04/22/60 | 171,234 | |||||||||||
|
| |||||||||||||
1,818,719 | ||||||||||||||
|
| |||||||||||||
Senegal – 0.3% | ||||||||||||||
Senegal Government International Bond (B+/Ba3) | ||||||||||||||
200,000 | 6.750 | 03/13/48 | 143,000 | |||||||||||
|
| |||||||||||||
South Africa – 4.6% | ||||||||||||||
| Republic of South Africa Government International Bond | | ||||||||||||
350,000 | 5.875 | 09/16/25 | 348,422 | |||||||||||
335,000 | 4.850 | 09/27/27 | 316,693 | |||||||||||
350,000 | 4.300 | 10/12/28 | 311,317 | |||||||||||
350,000 | 5.875 | 06/22/30 | 324,718 | |||||||||||
200,000 | 5.375 | 07/24/44 | 148,656 | |||||||||||
600,000 | 5.750 | 09/30/49 | 440,760 | |||||||||||
400,000 | 7.300 | 04/20/52 | 347,517 | |||||||||||
|
| |||||||||||||
2,238,083 | ||||||||||||||
|
| |||||||||||||
Trinidad and Tobago – 0.5% | ||||||||||||||
Trinidad & Tobago Government International Bond (BBB-/Ba2) | ||||||||||||||
250,000 | 4.375 | 01/16/24 | 246,663 | |||||||||||
|
| |||||||||||||
Turkey – 5.6% | ||||||||||||||
Turkey Government International Bond (NR/B3) | ||||||||||||||
325,000 | 6.350 | 08/10/24 | 318,116 | |||||||||||
525,000 | 5.600 | 11/14/24 | 501,513 | |||||||||||
350,000 | 7.375 | 02/05/25 | 345,791 | |||||||||||
330,000 | 4.250 | 03/13/25 | 304,854 | |||||||||||
525,000 | 4.875 | 10/09/26 | 459,819 | |||||||||||
100,000 | 11.875 | 01/15/30 | 114,752 | |||||||||||
362,000 | 6.875 | 03/17/36 | 294,979 | |||||||||||
500,000 | 5.750 | 05/11/47 | 337,764 | |||||||||||
|
| |||||||||||||
2,677,588 | ||||||||||||||
|
| |||||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
United Arab Emirates – 1.5% | ||||||||||||||
UAE Government International Bond (NR/Aa2) | ||||||||||||||
350,000 | 2.000 | 10/19/31 | 290,862 | |||||||||||
200,000 | 2.875 | 10/19/41 | 152,344 | |||||||||||
375,000 | 3.250 | 10/19/61 | 271,676 | |||||||||||
|
| |||||||||||||
714,882 | ||||||||||||||
|
| |||||||||||||
Uruguay – 3.6% | ||||||||||||||
Uruguay Government International Bond (BBB/Baa2) | ||||||||||||||
150,000 | 4.375 | 10/27/27 | 149,813 | |||||||||||
408,000 | 4.375 | 01/23/31 | 399,330 | |||||||||||
50,000 | 7.875 | 01/15/33 | 61,750 | |||||||||||
200,000 | 7.625 | 03/21/36 | 250,000 | |||||||||||
200,000 | 4.125 | 11/20/45 | 181,500 | |||||||||||
450,000 | 5.100 | 06/18/50 | 443,531 | |||||||||||
240,000 | 4.975 | 04/20/55 | 232,800 | |||||||||||
|
| |||||||||||||
1,718,724 | ||||||||||||||
|
| |||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $43,714,545) | $ | 40,829,660 | ||||||||||||
|
| |||||||||||||
Corporate Obligations – 12.5% | ||||||||||||||
Chile – 2.1% | ||||||||||||||
Corp. Nacional del Cobre de Chile (A/A3) | ||||||||||||||
$ | 200,000 | 3.625 | % | 08/01/27 | $ | 186,878 | ||||||||
200,000 | 3.000 | 09/30/29 | 173,937 | |||||||||||
200,000 | 3.150 | 01/14/30 | 174,688 | |||||||||||
400,000 | 4.500 | 08/01/47 | 333,394 | |||||||||||
200,000 | 3.700 | 01/30/50 | 146,250 | |||||||||||
|
| |||||||||||||
1,015,147 | ||||||||||||||
|
| |||||||||||||
China – 1.5% | ||||||||||||||
China Development Bank, Series EMTN (A+/A1) | ||||||||||||||
200,000 | 3.000 | 06/01/26 | 188,056 | |||||||||||
| China Development Bank Financial Leasing Co. Ltd.(b) | | ||||||||||||
(US 5 Year CMT T-Note + 2.750%) | ||||||||||||||
200,000 | 2.875 | 09/28/30 | 185,857 | |||||||||||
Export-Import Bank of China (The) (A+/A1) | ||||||||||||||
350,000 | 3.625 | 07/31/24 | 342,284 | |||||||||||
|
| |||||||||||||
716,197 | ||||||||||||||
|
| |||||||||||||
India – 2.3% | ||||||||||||||
Export-Import Bank of India (BBB-/Baa3) | ||||||||||||||
200,000 | 3.875 | 02/01/28 | 185,131 | |||||||||||
250,000 | 3.250 | 01/15/30 | 217,311 | |||||||||||
Export-Import Bank of India, GMTN (NR/Baa3) | ||||||||||||||
275,000 | 3.875 | 03/12/24 | 270,024 | |||||||||||
Indian Railway Finance Corp Ltd. (BBB-/Baa3) | ||||||||||||||
350,000 | 2.800 | 02/10/31 | 284,216 | |||||||||||
200,000 | 3.570 | 01/21/32 | 170,015 | |||||||||||
|
| |||||||||||||
1,126,697 | ||||||||||||||
|
| |||||||||||||
Indonesia – 1.8% | ||||||||||||||
Pertamina Persero PT (NR/Baa2) | ||||||||||||||
757,000 | 3.100 | 08/27/30 | 650,074 | |||||||||||
200,000 | 6.450 | 05/30/44 | 208,750 | |||||||||||
|
| |||||||||||||
858,824 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Mexico – 2.6% | ||||||||||||||
Petroleos Mexicanos (BBB/B1) | ||||||||||||||
$ | 100,000 | 6.875 | % | 10/16/25 | $ | 99,700 | ||||||||
200,000 | 4.500 | 01/23/26 | 184,898 | |||||||||||
180,000 | 6.500 | 03/13/27 | 164,117 | |||||||||||
25,000 | 5.350 | 02/12/28 | 21,240 | |||||||||||
50,000 | 6.500 | 01/23/29 | 43,844 | |||||||||||
100,000 | 6.840 | 01/23/30 | 83,847 | |||||||||||
250,000 | 5.950 | 01/28/31 | 192,311 | |||||||||||
25,000 | 6.625 | 06/15/35 | 18,464 | |||||||||||
25,000 | 6.500 | 06/02/41 | 17,132 | |||||||||||
50,000 | 5.625 | 01/23/46 | 29,865 | |||||||||||
428,000 | 6.750 | 09/21/47 | 278,103 | |||||||||||
75,000 | 7.690 | 01/23/50 | 53,020 | |||||||||||
100,000 | 6.950 | 01/28/60 | 64,899 | |||||||||||
|
| |||||||||||||
1,251,440 | ||||||||||||||
|
| |||||||||||||
Peru – 0.3% | ||||||||||||||
Petroleos del Peru SA (BB/NR) | ||||||||||||||
200,000 | 5.625 | 06/19/47 | 134,250 | |||||||||||
|
| |||||||||||||
Qatar – 0.4% | ||||||||||||||
QatarEnergy (AA/Aa3) | ||||||||||||||
300,000 | 3.300 | 07/12/51 | 219,452 | |||||||||||
|
| |||||||||||||
Saudi Arabia – 1.1% | ||||||||||||||
Saudi Arabian Oil Co. (NR/A1) | ||||||||||||||
375,000 | 3.500 | 04/16/29 | 343,356 | |||||||||||
200,000 | 4.250 | 04/16/39 | 174,999 | |||||||||||
|
| |||||||||||||
518,355 | ||||||||||||||
|
| |||||||||||||
South Africa – 0.4% | ||||||||||||||
Eskom Holdings SOC Ltd. (BB-/Ba2) | ||||||||||||||
200,000 | 4.314 | 07/23/27 | 178,250 | |||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $6,404,224) | $ | 6,018,612 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.9%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
423,537 | 4.475% | $ | 423,537 | |||||
(Cost $423,537) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 98.4% | ||||||||
(Cost $50,542,306) | $ | 47,271,809 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6% | 770,259 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 48,042,068 | ||||||
|
|
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 February 28, 2023. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
GMTN | —Global Medium Term Note | |
MTN | —Medium Term Note | |
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 91.8% | ||||||||||||||
Advertising – 1.1% | ||||||||||||||
Clear Channel Outdoor Holdings, Inc. (B/B1) | ||||||||||||||
$ | 476,000 | 5.125 | %(a) | 08/15/27 | $ | 426,615 | ||||||||
346,000 | 7.500 | (a) | 06/01/29 | 281,557 | ||||||||||
Lamar Media Corp. (BB/Ba3) | ||||||||||||||
179,000 | 3.750 | 02/15/28 | 159,310 | |||||||||||
476,000 | 4.000 | 02/15/30 | 410,550 | |||||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp.(a) | | ||||||||||||
365,000 | 6.250 | 06/15/25 | 363,175 | |||||||||||
|
| |||||||||||||
1,641,207 | ||||||||||||||
|
| |||||||||||||
Aerospace – 0.1% | ||||||||||||||
Triumph Group, Inc.(a) (B/B1) | ||||||||||||||
194,000 | 8.875 | 06/01/24 | 202,730 | |||||||||||
|
| |||||||||||||
Aerospace & Defense – 2.8% | ||||||||||||||
Howmet Aerospace, Inc. (BB+/Ba1) | ||||||||||||||
590,000 | 6.875 | 05/01/25 | 602,538 | |||||||||||
Spirit AeroSystems, Inc.(a) (BB-/Ba2) | ||||||||||||||
550,000 | 9.375 | 11/30/29 | 584,375 | |||||||||||
TransDigm, Inc. (B+/Ba3) | ||||||||||||||
289,000 | 8.000 | (a) | 12/15/25 | 295,900 | ||||||||||
1,208,000 | 6.250 | (a) | 03/15/26 | 1,195,920 | ||||||||||
270,000 | 6.375 | 06/15/26 | 263,250 | |||||||||||
46,000 | 7.500 | 03/15/27 | 45,540 | |||||||||||
550,000 | 5.500 | 11/15/27 | 507,375 | |||||||||||
770,000 | 4.625 | 01/15/29 | 663,162 | |||||||||||
|
| |||||||||||||
4,158,060 | ||||||||||||||
|
| |||||||||||||
Banks – 0.7% | ||||||||||||||
Freedom Mortgage Corp. (B/B2) | ||||||||||||||
929,000 | 8.250 | (a) | 04/15/25 | 882,550 | ||||||||||
197,000 | 7.625 | (a) | 05/01/26 | 168,189 | ||||||||||
|
| |||||||||||||
1,050,739 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 1.6% | ||||||||||||||
Chemours Co. (The)(a) (BB/B1) | ||||||||||||||
417,000 | 5.750 | 11/15/28 | 368,524 | |||||||||||
Olin Corp. (BB+/Ba1) | ||||||||||||||
333,000 | 5.625 | 08/01/29 | 318,847 | |||||||||||
170,000 | 5.000 | 02/01/30 | 155,550 | |||||||||||
SCIH Salt Holdings, Inc.(a) (CCC+/Caa2) | ||||||||||||||
367,000 | 6.625 | 05/01/29 | 300,481 | |||||||||||
Tronox, Inc.(a) (BB-/B1) | ||||||||||||||
494,000 | 4.625 | 03/15/29 | 403,845 | |||||||||||
Valvoline, Inc.(a) (B+/Ba3) | ||||||||||||||
287,000 | 3.625 | 06/15/31 | 233,905 | |||||||||||
WR Grace Holdings LLC (B/B1) | ||||||||||||||
520,000 | 4.875 | (a) | 06/15/27 | 481,000 | ||||||||||
200,000 | 5.625 | (a) | 08/15/29 | 161,500 | ||||||||||
|
| |||||||||||||
2,423,652 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 4.0% | ||||||||||||||
CMG Media Corp.(a) (CCC+/Caa1) | ||||||||||||||
355,000 | 8.875 | 12/15/27 | 238,738 | |||||||||||
| Diamond Sports Group LLC / Diamond Sports Finance Co. | | ||||||||||||
974,000 | 5.375 | (a) | 08/15/26 | 112,010 | ||||||||||
310,000 | 6.625 | (a) | 08/15/27 | 8,912 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – (continued) | ||||||||||||||
Gray Escrow II, Inc.(a) (B/B3) | ||||||||||||||
225,000 | 5.375 | % | 11/15/31 | 167,062 | ||||||||||
Gray Television, Inc.(a) (B/B3) | ||||||||||||||
500,000 | 4.750 | 10/15/30 | 369,375 | |||||||||||
Nexstar Media, Inc.(a) (B+/B2) | ||||||||||||||
1,076,000 | 5.625 | 07/15/27 | 1,000,680 | |||||||||||
Scripps Escrow II, Inc.(a) (BB/Ba3) | ||||||||||||||
538,000 | 3.875 | 01/15/29 | 430,400 | |||||||||||
Scripps Escrow, Inc.(a) (B/B3) | ||||||||||||||
354,000 | 5.875 | 07/15/27 | 284,970 | |||||||||||
Sinclair Television Group, Inc.(a) (BB-/Ba2) | ||||||||||||||
289,000 | 4.125 | 12/01/30 | 225,420 | |||||||||||
Sirius XM Radio, Inc. (BB/Ba3) | ||||||||||||||
500,000 | 5.000 | (a) | 08/01/27 | 460,000 | ||||||||||
978,000 | 4.000 | (a) | 07/15/28 | 841,080 | ||||||||||
656,000 | 3.875 | (a) | 09/01/31 | 512,500 | ||||||||||
TEGNA, Inc. (BB/Ba3) | ||||||||||||||
126,000 | 4.625 | 03/15/28 | 112,770 | |||||||||||
361,000 | 5.000 | 09/15/29 | 323,095 | |||||||||||
Univision Communications, Inc. (B+/B1) | ||||||||||||||
144,000 | 5.125 | (a) | 02/15/25 | 140,760 | ||||||||||
254,000 | 6.625 | (a) | 06/01/27 | 243,205 | ||||||||||
493,000 | 4.500 | (a) | 05/01/29 | 415,353 | ||||||||||
|
| |||||||||||||
5,886,330 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.7% | ||||||||||||||
Coinbase Global, Inc.(a) (BB-/B1) | ||||||||||||||
428,000 | 3.375 | 10/01/28 | 280,875 | |||||||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1) | ||||||||||||||
470,000 | 5.000 | 08/15/28 | 398,692 | |||||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance | | ||||||||||||
347,000 | 4.750 | 06/15/29 | 283,672 | |||||||||||
|
| |||||||||||||
963,239 | ||||||||||||||
|
| |||||||||||||
Building Materials – 1.2% | ||||||||||||||
American Builders & Contractors Supply Co., Inc.(a) (BB+/Ba2) | ||||||||||||||
484,000 | 4.000 | 01/15/28 | 434,995 | |||||||||||
Builders FirstSource, Inc. (BB-/Ba2) | ||||||||||||||
248,000 | 5.000 | (a) | 03/01/30 | 223,510 | ||||||||||
341,000 | 4.250 | (a) | 02/01/32 | 287,292 | ||||||||||
Camelot Return Merger Sub, Inc.(a) (B/B2) | ||||||||||||||
303,000 | 8.750 | 08/01/28 | 288,608 | |||||||||||
Standard Industries, Inc. (BB/B1) | ||||||||||||||
329,000 | 4.375 | (a) | 07/15/30 | 274,727 | ||||||||||
387,000 | 3.375 | (a) | 01/15/31 | 298,496 | ||||||||||
|
| |||||||||||||
1,807,628 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 4.3% | ||||||||||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | | ||||||||||||
700,000 | 4.000 | 09/01/29 | 561,312 | |||||||||||
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | ||||||||||||
400,000 | 5.250 | (a) | 08/15/27 | 331,500 | ||||||||||
200,000 | 5.250 | (a) | 08/15/27 | 165,500 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
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 | $ | 139,740 | ||||||||
Ball Corp. (BB+/Ba1) | ||||||||||||||
323,000 | 4.875 | 03/15/26 | 314,521 | |||||||||||
399,000 | 3.125 | 09/15/31 | 321,195 | |||||||||||
Chart Industries, Inc.(a) (NR/Ba3) | ||||||||||||||
600,000 | 7.500 | 01/01/30 | 610,500 | |||||||||||
Clydesdale Acquisition Holdings, Inc. (CCC+/Caa2) | ||||||||||||||
143,000 | 6.625 | (a) | 04/15/29 | 137,280 | ||||||||||
265,000 | 8.750 | (a) | 04/15/30 | 239,825 | ||||||||||
Covanta Holding Corp.(a) (B/B2) | ||||||||||||||
377,000 | 4.875 | 12/01/29 | 319,890 | |||||||||||
| Crown Americas LLC / Crown Americas Capital Corp V | |||||||||||||
265,000 | 4.250 | 09/30/26 | 247,444 | |||||||||||
| Crown Americas LLC / Crown Americas Capital Corp. VI | |||||||||||||
148,000 | 4.750 | 02/01/26 | 141,710 | |||||||||||
Herc Holdings, Inc.(a) (B+/B1) | ||||||||||||||
450,000 | 5.500 | 07/15/27 | 424,688 | |||||||||||
LABL, Inc. (B-/B2) | ||||||||||||||
273,000 | 6.750 | (a) | 07/15/26 | 260,715 | ||||||||||
152,000 | 10.500 | (a) | 07/15/27 | 142,500 | ||||||||||
Mauser Packaging Solutions Holding Co.(a) (B/B2) | ||||||||||||||
1,000,000 | 7.875 | 08/15/26 | 997,500 | |||||||||||
Sealed Air Corp. (BB+/Ba2) | ||||||||||||||
91,000 | 5.125 | (a) | 12/01/24 | 89,749 | ||||||||||
120,000 | 5.500 | (a) | 09/15/25 | 118,500 | ||||||||||
167,000 | 6.875 | (a) | 07/15/33 | 170,757 | ||||||||||
Sensata Technologies, Inc.(a) (BB+/Ba3) | ||||||||||||||
500,000 | 3.750 | 02/15/31 | 418,125 | |||||||||||
Stericycle, Inc.(a) (BB-/NR) | ||||||||||||||
306,000 | 3.875 | 01/15/29 | 263,925 | |||||||||||
|
| |||||||||||||
6,416,876 | ||||||||||||||
|
| |||||||||||||
Communications – 4.5% | ||||||||||||||
AMC Networks, Inc. (BB-/Ba3) | ||||||||||||||
93,000 | 5.000 | 04/01/24 | 92,942 | |||||||||||
429,000 | 4.750 | 08/01/25 | 404,869 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (BB-/B1) | ||||||||||||||
300,000 | 5.125 | (a) | 05/01/27 | 279,375 | ||||||||||
450,000 | 4.750 | (a) | 03/01/30 | 379,687 | ||||||||||
350,000 | 4.250 | (a) | 02/01/31 | 281,750 | ||||||||||
1,000,000 | 7.375 | (a) | 03/01/31 | 970,000 | ||||||||||
350,000 | 4.500 | 05/01/32 | 278,250 | |||||||||||
CSC Holdings LLC (CCC+/Caa1) | ||||||||||||||
475,000 | 5.250 | 06/01/24 | 463,125 | |||||||||||
200,000 | 5.500 | (a) | 04/15/27 | 175,500 | ||||||||||
250,000 | 7.500 | (a) | 04/01/28 | 168,125 | ||||||||||
400,000 | 6.500 | (a) | 02/01/29 | 340,000 | ||||||||||
400,000 | 5.750 | (a) | 01/15/30 | 231,000 | ||||||||||
250,000 | 4.125 | (a) | 12/01/30 | 180,000 | ||||||||||
400,000 | 4.625 | (a) | 12/01/30 | 217,000 | ||||||||||
250,000 | 3.375 | (a) | 02/15/31 | 172,500 | ||||||||||
435,000 | 4.500 | (a) | 11/15/31 | 311,025 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a) | | ||||||||||||
870,000 | 5.875 | 08/15/27 | 783,000 | |||||||||||
Live Nation Entertainment, Inc.(a) (B/B3) | ||||||||||||||
482,000 | 4.750 | 10/15/27 | 435,607 | |||||||||||
WMG Acquisition Corp. (BB+/Ba3) | ||||||||||||||
232,000 | 3.875 | (a) | 07/15/30 | 196,620 | ||||||||||
333,000 | 3.000 | (a) | 02/15/31 | 265,568 | ||||||||||
|
| |||||||||||||
6,625,943 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 18.8% | ||||||||||||||
ADT Security Corp. (The) (BB-/Ba3) | ||||||||||||||
246,000 | 4.125 | (a) | 08/01/29 | 212,482 | ||||||||||
256,000 | 4.875 | (a) | 07/15/32 | 220,160 | ||||||||||
Allison Transmission, Inc.(a) (NR/Ba2) | ||||||||||||||
800,000 | 3.750 | 01/30/31 | 668,000 | |||||||||||
| AMC Entertainment Holdings, Inc.(a)(b) (PIK 12.000%, Cash | | ||||||||||||
730,000 | 10.000 | 06/15/26 | 379,600 | |||||||||||
American Axle & Manufacturing, Inc. (B+/B2) | ||||||||||||||
303,000 | 6.875 | 07/01/28 | 272,700 | |||||||||||
126,000 | 5.000 | 10/01/29 | 102,690 | |||||||||||
APX Group, Inc.(a) (B/B1) | ||||||||||||||
200,000 | 6.750 | 02/15/27 | 193,250 | |||||||||||
Boyd Gaming Corp. (BB/B1) | ||||||||||||||
108,000 | 4.750 | 12/01/27 | 101,790 | |||||||||||
384,000 | 4.750 | (a) | 06/15/31 | 339,840 | ||||||||||
Caesars Entertainment, Inc. (B/Ba3) | ||||||||||||||
680,000 | 6.250 | (a) | 07/01/25 | 675,750 | ||||||||||
491,000 | 8.125 | (a) | 07/01/27 | 496,690 | ||||||||||
175,000 | 4.625 | (a) | 10/15/29 | 150,063 | ||||||||||
Carnival Corp. (B/B3) | ||||||||||||||
500,000 | 10.500 | (a) | 02/01/26 | 520,000 | ||||||||||
883,000 | 7.625 | (a) | 03/01/26 | 796,907 | ||||||||||
550,000 | 5.750 | (a) | 03/01/27 | 453,750 | ||||||||||
976,000 | 6.000 | (a) | 05/01/29 | 761,280 | ||||||||||
Carnival Holdings Bermuda Ltd.(a) (B+/B2) | ||||||||||||||
585,000 | 10.375 | 05/01/28 | 625,950 | |||||||||||
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum | | ||||||||||||
229,000 | 5.500 | 05/01/25 | 226,996 | |||||||||||
Churchill Downs, Inc. (B+/B1) | ||||||||||||||
217,000 | 5.500 | (a) | 04/01/27 | 206,693 | ||||||||||
215,000 | 4.750 | (a) | 01/15/28 | 197,262 | ||||||||||
Clarios Global LP / Clarios US Finance Co.(a) (CCC+/Caa1) | ||||||||||||||
500,000 | 8.500 | 05/15/27 | 498,125 | |||||||||||
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., | | ||||||||||||
360,000 | 4.625 | (a) | 01/15/29 | 310,950 | ||||||||||
244,000 | 6.750 | (a) | 01/15/30 | 203,130 | ||||||||||
Ford Motor Co. (BB+/Ba2) | ||||||||||||||
368,000 | 4.346 | 12/08/26 | 350,431 | |||||||||||
293,000 | 6.625 | 10/01/28 | 295,040 | |||||||||||
241,000 | 7.450 | 07/16/31 | 250,524 | |||||||||||
250,000 | 3.250 | 02/12/32 | 191,048 | |||||||||||
250,000 | 6.100 | 08/19/32 | 235,352 | |||||||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Ford Motor Credit Co. LLC (BB+/Ba2) | ||||||||||||||
$ | 200,000 | 3.810 | % | 01/09/24 | $ | 195,672 | ||||||||
200,000 | 3.664 | 09/08/24 | 192,079 | |||||||||||
200,000 | 4.063 | 11/01/24 | 191,706 | |||||||||||
410,000 | 4.687 | 06/09/25 | 393,062 | |||||||||||
665,000 | 5.125 | 06/16/25 | 642,792 | |||||||||||
364,000 | 4.134 | 08/04/25 | 343,349 | |||||||||||
200,000 | 4.542 | 08/01/26 | 185,782 | |||||||||||
380,000 | 2.700 | 08/10/26 | 332,633 | |||||||||||
200,000 | 4.271 | 01/09/27 | 183,042 | |||||||||||
205,000 | 4.950 | 05/28/27 | 191,895 | |||||||||||
240,000 | 4.125 | 08/17/27 | 214,672 | |||||||||||
205,000 | 5.113 | 05/03/29 | 187,863 | |||||||||||
200,000 | 4.000 | 11/13/30 | 167,901 | |||||||||||
Ford Motor Credit Co. LLC, GMTN (BB+/Ba2) | ||||||||||||||
200,000 | 4.389 | 01/08/26 | 189,010 | |||||||||||
Gap, Inc. (The)(a) (BB/Ba3) | ||||||||||||||
420,000 | 3.875 | 10/01/31 | 302,400 | |||||||||||
Goodyear Tire & Rubber Co. (The) (BB-/B2) | ||||||||||||||
421,000 | 4.875 | 03/15/27 | 391,530 | |||||||||||
296,000 | 5.250 | 04/30/31 | 255,300 | |||||||||||
Hilton Domestic Operating Co., Inc. (BB+/Ba2) | ||||||||||||||
475,000 | 5.750 | (a) | 05/01/28 | 463,125 | ||||||||||
145,000 | 3.750 | (a) | 05/01/29 | 126,512 | ||||||||||
245,000 | 4.875 | 01/15/30 | 225,094 | |||||||||||
357,000 | 4.000 | (a) | 05/01/31 | 305,436 | ||||||||||
299,000 | 3.625 | (a) | 02/15/32 | 246,538 | ||||||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand | | ||||||||||||
501,000 | 5.000 | 06/01/29 | 442,759 | |||||||||||
Iron Mountain, Inc. (BB-/Ba3) | ||||||||||||||
200,000 | 4.875 | (a) | 09/15/27 | 185,500 | ||||||||||
484,000 | 5.250 | (a) | 03/15/28 | 447,095 | ||||||||||
621,000 | 5.250 | (a) | 07/15/30 | 544,151 | ||||||||||
479,000 | 4.500 | (a) | 02/15/31 | 397,271 | ||||||||||
Macy’s Retail Holdings LLC (BB+/Ba2) | ||||||||||||||
200,000 | 5.875 | (a) | 04/01/29 | 182,000 | ||||||||||
399,000 | 6.125 | (a) | 03/15/32 | 345,634 | ||||||||||
MGM Resorts International (B+/B1) | ||||||||||||||
311,000 | 5.750 | 06/15/25 | 306,335 | |||||||||||
173,000 | 4.625 | 09/01/26 | 161,755 | |||||||||||
190,000 | 5.500 | 04/15/27 | 181,450 | |||||||||||
160,000 | 4.750 | 10/15/28 | 144,200 | |||||||||||
Mohegan Tribal Gaming Authority(a) (B-/B3) | ||||||||||||||
695,000 | 8.000 | 02/01/26 | 646,350 | |||||||||||
NCL Corp Ltd.(a) (B-/Caa1) | ||||||||||||||
247,000 | 3.625 | 12/15/24 | 232,180 | |||||||||||
NCL Corp. Ltd. (B-/Caa1) | ||||||||||||||
330,000 | 5.875 | (a) | 03/15/26 | 287,100 | ||||||||||
327,000 | 7.750 | (a) | 02/15/29 | 285,307 | ||||||||||
Nordstrom, Inc. (BB+/Ba1) | ||||||||||||||
301,000 | 4.375 | 04/01/30 | 238,542 | |||||||||||
PetSmart, Inc. / PetSmart Finance Corp. (B-/B3) | ||||||||||||||
250,000 | 4.750 | (a) | 02/15/28 | 230,000 | ||||||||||
250,000 | 7.750 | (a) | 02/15/29 | 244,375 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | | ||||||||||||
258,000 | 3.375 | (a) | 08/31/27 | 224,460 | ||||||||||
857,000 | 6.250 | (a) | 01/15/28 | 798,081 | ||||||||||
RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1) | ||||||||||||||
365,000 | 4.500 | 02/15/29 | 318,006 | |||||||||||
Royal Caribbean Cruises Ltd. (B/B3) | ||||||||||||||
468,000 | 11.500 | (a) | 06/01/25 | 498,420 | ||||||||||
500,000 | 4.250 | (a) | 07/01/26 | 438,750 | ||||||||||
386,000 | 3.700 | 03/15/28 | 307,835 | |||||||||||
575,000 | 5.500 | (a) | 04/01/28 | 503,125 | ||||||||||
Scientific Games International, Inc. (B+/B3) | ||||||||||||||
145,000 | 7.000 | (a) | 05/15/28 | 142,100 | ||||||||||
246,000 | 7.250 | (a) | 11/15/29 | 243,848 | ||||||||||
Six Flags Entertainment Corp.(a) (B/B3) | ||||||||||||||
150,000 | 5.500 | 04/15/27 | 141,750 | |||||||||||
Staples, Inc. (B/B3) | ||||||||||||||
442,000 | 7.500 | (a) | 04/15/26 | 395,038 | ||||||||||
176,000 | 10.750 | (a) | 04/15/27 | 134,640 | ||||||||||
Taylor Morrison Communities, Inc.(a) (BB/Ba3) | ||||||||||||||
143,000 | 5.125 | 08/01/30 | 126,555 | |||||||||||
Travel + Leisure Co.(a) (BB-/Ba3) | ||||||||||||||
540,000 | 6.625 | 07/31/26 | 531,900 | |||||||||||
Williams Scotsman International, Inc.(a) (B+/B2) | ||||||||||||||
223,000 | 6.125 | 06/15/25 | 220,213 | |||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (B+/B2) | ||||||||||||||
470,000 | 5.500 | (a) | 03/01/25 | 457,663 | ||||||||||
100,000 | 5.250 | (a) | 05/15/27 | 94,250 | ||||||||||
Yum! Brands, Inc. (BB/Ba3) | ||||||||||||||
397,000 | 4.750 | (a) | 01/15/30 | 363,255 | ||||||||||
334,000 | 3.625 | 03/15/31 | 280,978 | |||||||||||
390,000 | 5.375 | 04/01/32 | 363,675 | |||||||||||
|
| |||||||||||||
27,950,392 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 4.2% | ||||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / | | ||||||||||||
516,000 | 4.625 | (a) | 01/15/27 | 486,975 | ||||||||||
420,000 | 3.500 | (a) | 03/15/29 | 357,525 | ||||||||||
593,000 | 4.875 | (a) | 02/15/30 | 535,182 | ||||||||||
| Allied Universal Holdco LLC / Allied Universal Finance Corp. | | ||||||||||||
382,000 | 6.625 | (a) | 07/15/26 | 362,900 | ||||||||||
680,000 | 6.000 | (a) | 06/01/29 | 510,000 | ||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./ | |||||||||||||
200,000 | 4.625 | 06/01/28 | 166,250 | |||||||||||
Avantor Funding, Inc.(a) (BB-/B2) | ||||||||||||||
396,000 | 4.625 | 07/15/28 | 366,300 | |||||||||||
Hologic, Inc. (BB+/Ba2) | ||||||||||||||
104,000 | 4.625 | (a) | 02/01/28 | 97,500 | ||||||||||
239,000 | 3.250 | (a) | 02/15/29 | 206,436 | ||||||||||
Medline Borrower LP (B+/B1) | ||||||||||||||
1,349,000 | 3.875 | (a) | 04/01/29 | 1,126,415 | ||||||||||
121,000 | 5.250 | (a) | 10/01/29 | 100,430 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Molina Healthcare, Inc.(a) (BB-/Ba3) | ||||||||||||||
$ | 370,000 | 4.375 | % | 06/15/28 | $ | 334,850 | ||||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV (BB/Ba2) | ||||||||||||||
730,000 | 4.125 | (a) | 04/30/28 | 647,875 | ||||||||||
450,000 | 5.125 | (a) | 04/30/31 | 385,875 | ||||||||||
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, | | ||||||||||||
393,000 | 9.750 | 12/01/26 | 335,033 | |||||||||||
Vector Group Ltd.(a) (B-/Caa1) | ||||||||||||||
230,000 | 10.500 | 11/01/26 | 231,150 | |||||||||||
|
| |||||||||||||
6,250,696 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Coty, Inc.(a) (BB/Ba2) | ||||||||||||||
342,000 | 5.000 | 04/15/26 | 327,038 | |||||||||||
|
| |||||||||||||
Distribution & Logistics – 0.4% | ||||||||||||||
WESCO Distribution, Inc.(a) (BB/Ba3) | ||||||||||||||
567,000 | 7.250 | 06/15/28 | 576,923 | |||||||||||
|
| |||||||||||||
Electric – 3.5% | ||||||||||||||
Calpine Corp. (BB+/Ba2) | ||||||||||||||
768,000 | 5.250 | (a) | 06/01/26 | 737,280 | ||||||||||
462,000 | 4.625 | (a) | 02/01/29 | 390,967 | ||||||||||
268,000 | 5.000 | (a) | 02/01/31 | 221,770 | ||||||||||
291,000 | 3.750 | (a) | 03/01/31 | 237,165 | ||||||||||
Clearway Energy Operating LLC(a) (BB/Ba2) | ||||||||||||||
518,000 | 3.750 | 02/15/31 | 421,522 | |||||||||||
FirstEnergy Corp. (BB+/Ba1) | ||||||||||||||
616,000 | 2.650 | 03/01/30 | 512,892 | |||||||||||
FirstEnergy Corp., Series B (BB+/Ba1) | ||||||||||||||
414,000 | 4.150 | 07/15/27 | 387,192 | |||||||||||
NRG Energy, Inc. (BB/Ba2) | ||||||||||||||
258,000 | 5.250 | (a) | 06/15/29 | 230,265 | ||||||||||
467,000 | 3.625 | (a) | 02/15/31 | 363,719 | ||||||||||
322,000 | 3.875 | (a) | 02/15/32 | 250,355 | ||||||||||
PG&E Corp. (BB-/B1) | ||||||||||||||
570,000 | 5.250 | 07/01/30 | 513,133 | |||||||||||
Vistra Operations Co. LLC (BB/Ba2) | ||||||||||||||
187,000 | 5.625 | (a) | 02/15/27 | 177,650 | ||||||||||
403,000 | 5.000 | (a) | 07/31/27 | 374,790 | ||||||||||
418,000 | 4.375 | (a) | 05/01/29 | 362,615 | ||||||||||
|
| |||||||||||||
5,181,315 | ||||||||||||||
|
| |||||||||||||
Energy – 11.5% | ||||||||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | | ||||||||||||
478,000 | 5.750 | (a) | 03/01/27 | 454,100 | ||||||||||
377,000 | 5.750 | (a) | 01/15/28 | 355,322 | ||||||||||
Antero Resources Corp.(a) (BB+/Ba2) | ||||||||||||||
126,000 | 7.625 | 02/01/29 | 127,575 | |||||||||||
Apache Corp. (BB+/Ba1) | ||||||||||||||
159,000 | 6.000 | 01/15/37 | 147,472 | |||||||||||
| Archrock Partners LP / Archrock Partners Finance Corp.(a) | | ||||||||||||
337,000 | 6.875 | 04/01/27 | 326,890 | |||||||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a) | | ||||||||||||
159,000 | 5.875 | 06/30/29 | 139,324 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Buckeye Partners LP (BB/B1) | ||||||||||||||
363,000 | 3.950 | 12/01/26 | 322,071 | |||||||||||
144,000 | 4.125 | 12/01/27 | 124,951 | |||||||||||
152,000 | 4.500 | (a) | 03/01/28 | 134,140 | ||||||||||
Callon Petroleum Co.(a) (B+/B3) | ||||||||||||||
251,000 | 8.000 | 08/01/28 | 247,235 | |||||||||||
Comstock Resources, Inc. (B+/B2) | ||||||||||||||
327,000 | 6.750 | (a) | 03/01/29 | 302,475 | ||||||||||
302,000 | 5.875 | (a) | 01/15/30 | 261,230 | ||||||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (BB/B1) | ||||||||||||||
500,000 | 5.500 | 06/15/31 | 438,750 | |||||||||||
CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1) | ||||||||||||||
619,000 | 5.625 | 10/15/25 | 603,525 | |||||||||||
DT Midstream, Inc.(a) (BB+/Ba2) | ||||||||||||||
772,000 | 4.375 | 06/15/31 | 647,515 | |||||||||||
Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2) | ||||||||||||||
193,000 | 5.750 | 01/30/28 | 185,763 | |||||||||||
EnLink Midstream LLC (BB+/Ba1) | ||||||||||||||
143,000 | 5.375 | 06/01/29 | 132,431 | |||||||||||
EnLink Midstream Partners LP (BB+/Ba1) | ||||||||||||||
391,000 | 4.850 | 07/15/26 | 369,850 | |||||||||||
EQM Midstream Partners LP (BB-/Ba3) | ||||||||||||||
365,000 | 6.000 | (a) | 07/01/25 | 354,050 | ||||||||||
210,000 | 6.500 | (a) | 07/01/27 | 198,712 | ||||||||||
275,000 | 5.500 | 07/15/28 | 246,125 | |||||||||||
260,000 | 4.500 | (a) | 01/15/29 | 218,400 | ||||||||||
296,000 | 4.750 | (a) | 01/15/31 | 241,240 | ||||||||||
Hess Midstream Operations LP (BB+/Ba2) | ||||||||||||||
399,000 | 5.125 | (a) | 06/15/28 | 368,078 | ||||||||||
300,000 | 4.250 | (a) | 02/15/30 | 252,750 | ||||||||||
100,000 | 5.500 | (a) | 10/15/30 | 90,250 | ||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co. (BB+/Ba3) | ||||||||||||||
371,000 | 6.250 | (a) | 11/01/28 | 346,885 | ||||||||||
277,000 | 5.750 | (a) | 02/01/29 | 252,070 | ||||||||||
ITT Holdings LLC(a) (B/B2) | ||||||||||||||
300,000 | 6.500 | 08/01/29 | 247,500 | |||||||||||
Moss Creek Resources Holdings, Inc. (B/B3) | ||||||||||||||
139,000 | 7.500 | (a) | 01/15/26 | 125,795 | ||||||||||
325,000 | 10.500 | (a) | 05/15/27 | 312,000 | ||||||||||
Nabors Industries Ltd.(a) (CCC/B3) | ||||||||||||||
209,000 | 7.250 | 01/15/26 | 199,595 | |||||||||||
Nabors Industries, Inc. (CCC/Caa1) | ||||||||||||||
281,000 | 5.750 | 02/01/25 | 269,058 | |||||||||||
New Fortress Energy, Inc.(a) (BB/B1) | ||||||||||||||
618,000 | 6.500 | 09/30/26 | 568,560 | |||||||||||
Occidental Petroleum Corp. (BB+/Ba1) | ||||||||||||||
170,000 | 6.375 | 09/01/28 | 172,125 | |||||||||||
83,000 | 8.875 | 07/15/30 | 94,577 | |||||||||||
419,000 | 6.625 | 09/01/30 | 432,617 | |||||||||||
467,000 | 6.125 | 01/01/31 | 471,086 | |||||||||||
271,000 | 7.500 | 05/01/31 | 290,629 | |||||||||||
157,000 | 7.875 | 09/15/31 | 170,953 | |||||||||||
508,000 | 6.450 | 09/15/36 | 512,718 | |||||||||||
363,000 | 0.000 | (c) | 10/10/36 | 184,241 | ||||||||||
PBF Holding Co. LLC / PBF Finance Corp. (BB/B1) | ||||||||||||||
331,000 | 7.250 | 06/15/25 | 331,000 | |||||||||||
380,000 | 6.000 | 02/15/28 | 355,300 | |||||||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Range Resources Corp. (BB/Ba3) | ||||||||||||||
$ | 199,000 | 4.875 | % | 05/15/25 | $ | 194,523 | ||||||||
164,000 | 8.250 | 01/15/29 | 168,920 | |||||||||||
SM Energy Co. (BB-/B2) | ||||||||||||||
90,000 | 6.750 | 09/15/26 | 87,075 | |||||||||||
239,000 | 6.625 | 01/15/27 | 227,050 | |||||||||||
Southwestern Energy Co. (BB+/Ba2) | ||||||||||||||
333,000 | 5.375 | 03/15/30 | 304,695 | |||||||||||
332,000 | 4.750 | 02/01/32 | 284,690 | |||||||||||
Sunoco LP / Sunoco Finance Corp. (BB/Ba3) | ||||||||||||||
130,000 | 6.000 | 04/15/27 | 128,050 | |||||||||||
200,000 | 4.500 | 05/15/29 | 177,000 | |||||||||||
Transocean Titan Financing Ltd.(a) (B-/B2) | ||||||||||||||
100,000 | 8.375 | 02/01/28 | 102,000 | |||||||||||
Transocean, Inc. (B-/B2) | ||||||||||||||
297,000 | 11.500 | (a) | 01/30/27 | 306,281 | ||||||||||
620,000 | 8.750 | (a) | 02/15/30 | 633,175 | ||||||||||
| USA Compression Partners LP / USA Compression Finance | | ||||||||||||
380,000 | 6.875 | 04/01/26 | 367,650 | |||||||||||
Venture Global Calcasieu Pass LLC (BB+/Ba2) | ||||||||||||||
588,000 | 3.875 | (a) | 08/15/29 | 509,355 | ||||||||||
440,000 | 3.875 | (a) | 11/01/33 | 360,250 | ||||||||||
Weatherford International Ltd.(a) (BB-/Ba3) | ||||||||||||||
689,000 | 6.500 | 09/15/28 | 676,943 | |||||||||||
|
| |||||||||||||
17,154,590 | ||||||||||||||
|
| |||||||||||||
Financial Company – 4.8% | ||||||||||||||
Coinbase Global, Inc.(a) (BB-/B1) | ||||||||||||||
250,000 | 3.625 | 10/01/31 | 150,625 | |||||||||||
Curo Group Holdings Corp.(a) (CCC+/Caa1) | ||||||||||||||
380,000 | 7.500 | 08/01/28 | 161,500 | |||||||||||
HUB International Ltd.(a) (CCC+/Caa2) | ||||||||||||||
500,000 | 7.000 | 05/01/26 | 495,000 | |||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3) | ||||||||||||||
777,000 | 6.375 | 12/15/25 | 767,264 | |||||||||||
845,000 | 5.250 | 05/15/27 | 790,075 | |||||||||||
LD Holdings Group LLC(a) (CCC+/Caa1) | ||||||||||||||
289,000 | 6.125 | 04/01/28 | 171,955 | |||||||||||
Midcap Financial Issuer Trust(a) (B+/B1) | ||||||||||||||
500,000 | 6.500 | 05/01/28 | 432,500 | |||||||||||
Nationstar Mortgage Holdings, Inc. (B/B1) | ||||||||||||||
290,000 | 6.000 | (a) | 01/15/27 | 268,250 | ||||||||||
529,000 | 5.500 | (a) | 08/15/28 | 451,798 | ||||||||||
Navient Corp. (B+/Ba3) | ||||||||||||||
108,000 | 5.875 | 10/25/24 | 105,502 | |||||||||||
336,000 | 6.750 | 06/25/25 | 333,060 | |||||||||||
567,000 | 6.750 | 06/15/26 | 545,499 | |||||||||||
Navient Corp., MTN (B+/Ba3) | ||||||||||||||
126,000 | 6.125 | 03/25/24 | 125,370 | |||||||||||
237,000 | 5.625 | 08/01/33 | 178,639 | |||||||||||
NFP Corp.(a) (CCC+/Caa2) | ||||||||||||||
655,000 | 6.875 | 08/15/28 | 560,025 | |||||||||||
PennyMac Financial Services, Inc.(a) (B+/Ba3) | ||||||||||||||
638,000 | 5.375 | 10/15/25 | 582,175 | |||||||||||
Rocket Mortgage LLC(a) (BB/Ba1) | ||||||||||||||
244,000 | 5.250 | 01/15/28 | 220,272 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Financial Company – (continued) | ||||||||||||||
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a) | | ||||||||||||
685,000 | 3.875 | 03/01/31 | 537,475 | |||||||||||
United Wholesale Mortgage LLC(a) (NR/Ba3) | ||||||||||||||
321,000 | 5.500 | 04/15/29 | 266,831 | |||||||||||
|
| |||||||||||||
7,143,815 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.6% | ||||||||||||||
Aramark Services, Inc.(a) (B+/B1) | ||||||||||||||
453,000 | 5.000 | 02/01/28 | 418,459 | |||||||||||
Darling Ingredients, Inc.(a) (BB+/Ba2) | ||||||||||||||
564,000 | 5.250 | 04/15/27 | 543,907 | |||||||||||
HLF Financing Sarl LLC / Herbalife International, Inc.(a) (B+/B1) | ||||||||||||||
50,000 | 4.875 | 06/01/29 | 38,750 | |||||||||||
Lamb Weston Holdings, Inc.(a) (BB+/Ba3) | ||||||||||||||
615,000 | 4.125 | 01/31/30 | 544,275 | |||||||||||
Performance Food Group, Inc.(a) (BB-/B2) | ||||||||||||||
668,000 | 5.500 | 10/15/27 | 636,270 | |||||||||||
Post Holdings, Inc. (B+/B2) | ||||||||||||||
462,000 | 5.750 | (a) | 03/01/27 | 452,760 | ||||||||||
180,000 | 5.625 | (a) | 01/15/28 | 172,800 | ||||||||||
630,000 | 5.500 | (a) | 12/15/29 | 579,600 | ||||||||||
430,000 | 4.500 | (a) | 09/15/31 | 363,888 | ||||||||||
US Foods, Inc.(a) (B+/B3) | ||||||||||||||
200,000 | 4.750 | 02/15/29 | 180,750 | |||||||||||
|
| |||||||||||||
3,931,459 | ||||||||||||||
|
| |||||||||||||
Hardware – 1.8% | ||||||||||||||
CommScope Technologies LLC(a) (CCC+/Caa1) | ||||||||||||||
620,000 | 5.000 | 03/15/27 | 477,400 | |||||||||||
CommScope, Inc. (B/B1) | ||||||||||||||
1,100,000 | 6.000 | (a) | 03/01/26 | 1,060,837 | ||||||||||
250,000 | 7.125 | (a) | 07/01/28 | 197,500 | ||||||||||
NCR Corp. (B/B3) | ||||||||||||||
358,000 | 5.750 | (a) | 09/01/27 | 349,945 | ||||||||||
230,000 | 5.000 | (a) | 10/01/28 | 200,100 | ||||||||||
250,000 | 6.125 | (a) | 09/01/29 | 243,750 | ||||||||||
230,000 | 5.250 | (a) | 10/01/30 | 191,762 | ||||||||||
|
| |||||||||||||
2,721,294 | ||||||||||||||
|
| |||||||||||||
Healthcare – 4.7% | ||||||||||||||
CHS/Community Health Systems, Inc. (CCC/Caa2) | ||||||||||||||
466,000 | 6.000 | (a) | 01/15/29 | 407,750 | ||||||||||
700,000 | 6.875 | (a) | 04/15/29 | 495,250 | ||||||||||
477,000 | 5.250 | (a) | 05/15/30 | 386,370 | ||||||||||
473,000 | 4.750 | (a) | 02/15/31 | 367,757 | ||||||||||
DaVita, Inc. (B+/B1) | ||||||||||||||
640,000 | 4.625 | (a) | 06/01/30 | 531,200 | ||||||||||
340,000 | 3.750 | (a) | 02/15/31 | 258,400 | ||||||||||
Encompass Health Corp. (B+/B1) | ||||||||||||||
421,000 | 4.750 | 02/01/30 | 378,900 | |||||||||||
IQVIA, Inc.(a) (BB/Ba3) | ||||||||||||||
600,000 | 5.000 | 05/15/27 | 573,000 | |||||||||||
Legacy LifePoint Health LLC(a) (B/B1) | ||||||||||||||
340,000 | 4.375 | 02/15/27 | 287,300 | |||||||||||
MPH Acquisition Holdings LLC(a) (B-/B3) | ||||||||||||||
615,000 | 5.750 | 11/01/28 | 405,900 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
Service Corp. International (BB/Ba3) | ||||||||||||||
$ | 115,000 | 4.625 | % | 12/15/27 | $ | 107,669 | ||||||||
468,000 | 5.125 | 06/01/29 | 440,505 | |||||||||||
Tenet Healthcare Corp. (B-/B3) | ||||||||||||||
94,000 | 4.625 | 07/15/24 | 93,060 | |||||||||||
122,000 | 4.625 | 09/01/24 | 120,322 | |||||||||||
397,000 | 4.875 | 01/01/26 | 379,135 | |||||||||||
290,000 | 6.250 | 02/01/27 | 283,113 | |||||||||||
365,000 | 5.125 | 11/01/27 | 344,925 | |||||||||||
397,000 | 4.625 | 06/15/28 | 361,766 | |||||||||||
628,000 | 6.125 | 10/01/28 | 580,115 | |||||||||||
220,000 | 4.250 | 06/01/29 | 192,500 | |||||||||||
|
| |||||||||||||
6,994,937 | ||||||||||||||
|
| |||||||||||||
Insurance – 1.0% | ||||||||||||||
Acrisure LLC / Acrisure Finance, Inc. (CCC+/Caa2) | ||||||||||||||
290,000 | 7.000 | (a) | 11/15/25 | 273,911 | ||||||||||
163,000 | 10.125 | (a) | 08/01/26 | 163,408 | ||||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.- | |||||||||||||
949,000 | 4.250 | 10/15/27 | 844,610 | |||||||||||
AssuredPartners, Inc.(a) (CCC+/Caa2) | ||||||||||||||
250,000 | 5.625 | 01/15/29 | 213,750 | |||||||||||
|
| |||||||||||||
1,495,679 | ||||||||||||||
|
| |||||||||||||
Metals – 0.4% | ||||||||||||||
Novelis Corp. (BB/Ba3) | ||||||||||||||
523,000 | 4.750 | (a) | 01/30/30 | 460,240 | ||||||||||
200,000 | 3.875 | (a) | 08/15/31 | 162,750 | ||||||||||
|
| |||||||||||||
622,990 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.3% | ||||||||||||||
Cleveland-Cliffs, Inc.(a) (BB/Ba2) | ||||||||||||||
478,000 | 6.750 | 03/15/26 | 482,183 | |||||||||||
|
| |||||||||||||
Natural Gas – 2.5% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1) | ||||||||||||||
310,000 | 5.500 | 05/20/25 | 296,825 | |||||||||||
347,000 | 5.750 | 05/20/27 | 322,710 | |||||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream | | ||||||||||||
69,000 | 5.625 | (a) | 05/01/27 | 63,911 | ||||||||||
382,000 | 6.000 | (a) | 02/01/29 | 349,530 | ||||||||||
Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2) | ||||||||||||||
416,000 | 5.375 | 04/01/26 | 376,480 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. (B/B2) | ||||||||||||||
641,000 | 8.000 | 01/15/27 | 621,770 | |||||||||||
| NGL Energy Operating LLC / NGL Energy Finance Corp.(a) | | ||||||||||||
660,000 | 7.500 | 02/01/26 | 631,950 | |||||||||||
NuStar Logistics LP (BB-/Ba3) | ||||||||||||||
100,000 | 6.000 | 06/01/26 | 96,000 | |||||||||||
100,000 | 5.625 | 04/28/27 | 93,500 | |||||||||||
Rockies Express Pipeline LLC(a) (BB+/Ba2) | ||||||||||||||
308,000 | 4.950 | 07/15/29 | 269,115 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Natural Gas – (continued) | ||||||||||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | | ||||||||||||
153,000 | 6.000 | (a) | 03/01/27 | 142,673 | ||||||||||
549,000 | 5.500 | (a) | 01/15/28 | 496,845 | ||||||||||
|
| |||||||||||||
3,761,309 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 1.5% | ||||||||||||||
Bausch Health Americas, Inc.(a) (CCC-/Ca) | ||||||||||||||
528,000 | 9.250 | 04/01/26 | 401,280 | |||||||||||
Bausch Health Cos., Inc. (CCC+/Caa1) | ||||||||||||||
715,000 | 5.500 | (a) | 11/01/25 | 622,050 | ||||||||||
288,000 | 5.750 | (a) | 08/15/27 | 192,240 | ||||||||||
1,361,000 | 11.000 | (a) | 09/30/28 | 1,078,592 | ||||||||||
|
| |||||||||||||
2,294,162 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 2.4% | ||||||||||||||
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR | | ||||||||||||
420,000 | 5.750 | 05/15/26 | 387,225 | |||||||||||
Diversified Healthcare Trust (B/Caa3) | ||||||||||||||
318,000 | 4.375 | 03/01/31 | 222,849 | |||||||||||
Howard Hughes Corp. (The)(a) (BB-/Ba3) | ||||||||||||||
378,000 | 4.375 | 02/01/31 | 307,597 | |||||||||||
iStar, Inc. (BB/Ba2) | ||||||||||||||
596,000 | 4.750 | 10/01/24 | 594,660 | |||||||||||
Kennedy-Wilson, Inc. (BB-/B1) | ||||||||||||||
521,000 | 5.000 | 03/01/31 | 401,170 | |||||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / | | ||||||||||||
356,000 | 4.875 | 05/15/29 | 299,040 | |||||||||||
Service Properties Trust (B+/B2) | ||||||||||||||
250,000 | 7.500 | 09/15/25 | 247,922 | |||||||||||
321,000 | 4.950 | 10/01/29 | 255,997 | |||||||||||
278,000 | 4.375 | 02/15/30 | 214,060 | |||||||||||
Starwood Property Trust, Inc. (BB-/Ba3) | ||||||||||||||
450,000 | 3.750 | (a) | 12/31/24 | 423,729 | ||||||||||
220,000 | 4.750 | 03/15/25 | 209,550 | |||||||||||
|
| |||||||||||||
3,563,799 | ||||||||||||||
|
| |||||||||||||
Rental Equipment – 1.5% | ||||||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a) | |||||||||||||
642,000 | 5.375 | 03/01/29 | 582,615 | |||||||||||
H&E Equipment Services, Inc.(a) (BB-/B2) | ||||||||||||||
545,000 | 3.875 | 12/15/28 | 469,381 | |||||||||||
United Rentals North America, Inc. (BB+/Ba2) | ||||||||||||||
178,000 | 5.500 | 05/15/27 | 174,478 | |||||||||||
252,000 | 4.875 | 01/15/28 | 240,975 | |||||||||||
372,000 | 5.250 | 01/15/30 | 353,400 | |||||||||||
441,000 | 3.875 | 02/15/31 | 380,363 | |||||||||||
|
| |||||||||||||
2,201,212 | ||||||||||||||
|
| |||||||||||||
Software – 2.3% | ||||||||||||||
Cloud Software Group Holdings, Inc.(a) (B/B2) | ||||||||||||||
1,100,000 | 6.500 | 03/31/29 | 959,750 | |||||||||||
Gartner, Inc.(a) (BB+/Ba1) | ||||||||||||||
662,000 | 4.500 | 07/01/28 | 610,695 | |||||||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Software – (continued) | ||||||||||||||
MSCI, Inc. (BBB-/Ba1) | ||||||||||||||
$ | 175,000 | 3.625 | % (a) | 09/01/30 | $ | 149,187 | ||||||||
830,000 | 3.875 | (a) | 02/15/31 | 716,913 | ||||||||||
465,000 | 3.250 | (a) | 08/15/33 | 369,094 | ||||||||||
SS&C Technologies, Inc.(a) (B+/B2) | ||||||||||||||
704,000 | 5.500 | 09/30/27 | 661,533 | |||||||||||
|
| |||||||||||||
3,467,172 | ||||||||||||||
|
| |||||||||||||
Technology – 1.7% | ||||||||||||||
Arches Buyer, Inc. (CCC+/Caa1) | ||||||||||||||
152,000 | 4.250 | (a) | 06/01/28 | 125,400 | ||||||||||
287,000 | 6.125 | (a) | 12/01/28 | 236,416 | ||||||||||
Imola Merger Corp.(a) (BB-/B1) | ||||||||||||||
733,000 | 4.750 | 05/15/29 | 619,385 | |||||||||||
McAfee Corp.(a) (CCC+/Caa2) | ||||||||||||||
542,000 | 7.375 | 02/15/30 | 430,212 | |||||||||||
Uber Technologies, Inc.(a) (B/B1) | ||||||||||||||
500,000 | 4.500 | 08/15/29 | 445,625 | |||||||||||
Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3) | ||||||||||||||
600,000 | 7.500 | 09/01/25 | 462,242 | |||||||||||
Verscend Escrow Corp.(a) (CCC+/Caa2) | ||||||||||||||
215,000 | 9.750 | 08/15/26 | 216,231 | |||||||||||
|
| |||||||||||||
2,535,511 | ||||||||||||||
|
| |||||||||||||
Transportation – 2.2% | ||||||||||||||
American Airlines, Inc.(a) (B/Ba3) | ||||||||||||||
563,000 | 11.750 | 07/15/25 | 618,596 | |||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2) | ||||||||||||||
605,000 | 5.500 | (a) | 04/20/26 | 592,900 | ||||||||||
873,000 | 5.750 | (a) | 04/20/29 | 831,857 | ||||||||||
| Fortress Transportation and Infrastructure Investors LLC(a) | | ||||||||||||
255,000 | 6.500 | 10/01/25 | 250,856 | |||||||||||
United Airlines, Inc. (BB-/Ba1) | ||||||||||||||
474,000 | 4.375 | (a) | 04/15/26 | 447,109 | ||||||||||
600,000 | 4.625 | (a) | 04/15/29 | 534,574 | ||||||||||
|
| |||||||||||||
3,275,892 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.2% | ||||||||||||||
SBA Communications Corp. (BB/B1) | ||||||||||||||
300,000 | 3.875 | 02/15/27 | 271,853 | |||||||||||
|
| |||||||||||||
Wirelines – 2.3% | ||||||||||||||
Consolidated Communications, Inc.(a) (B-/B3) | ||||||||||||||
562,000 | 6.500 | 10/01/28 | 413,070 | |||||||||||
Level 3 Financing, Inc. (B+/B1) | ||||||||||||||
345,000 | 4.625 | (a) | 09/15/27 | 259,612 | ||||||||||
600,000 | 3.625 | (a) | 01/15/29 | 387,750 | ||||||||||
Lumen Technologies, Inc. (B/Caa1) | ||||||||||||||
400,000 | 5.125 | (a) | 12/15/26 | 291,500 | ||||||||||
640,000 | 4.500 | (a) | 01/15/29 | 341,600 | ||||||||||
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) | | ||||||||||||
930,000 | 10.500 | 02/15/28 | 930,000 | |||||||||||
| Windstream Escrow LLC / Windstream Escrow Finance Corp.(a) | | ||||||||||||
352,000 | 7.750 | 08/15/28 | 289,520 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wirelines – (continued) | ||||||||||||||
Zayo Group Holdings, Inc.(a) (B-/B2) | ||||||||||||||
596,000 | 4.000 | 03/01/27 | 460,410 | |||||||||||
|
| |||||||||||||
3,373,462 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $147,710,477) | $ | 136,754,087 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 6.0% | ||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||
Bombardier, Inc. (Canada) (B-/B3) | ||||||||||||||
$ | 272,000 | 7.500 | %(a) | 03/15/25 | $ | 272,340 | ||||||||
947,000 | 7.125 | (a) | 06/15/26 | 932,795 | ||||||||||
753,000 | 7.875 | (a) | 04/15/27 | 751,117 | ||||||||||
|
| |||||||||||||
1,956,252 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.7% | ||||||||||||||
Methanex Corp. (Canada) (BB/Ba1) | ||||||||||||||
200,000 | 5.125 | 10/15/27 | 188,500 | |||||||||||
376,000 | 5.250 | 12/15/29 | 345,481 | |||||||||||
NOVA Chemicals Corp. (Canada) (BB/Ba3) | ||||||||||||||
249,000 | 5.000 | (a) | 05/01/25 | 238,106 | ||||||||||
323,000 | 5.250 | (a) | 06/01/27 | 292,315 | ||||||||||
|
| |||||||||||||
1,064,402 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.7% | ||||||||||||||
| ARD Finance SA(a)(b) (Luxembourg) (PIK 7.250%, Cash 6.500%) | | ||||||||||||
200,000 | 6.500 | 06/30/27 | 164,250 | |||||||||||
GFL Environmental, Inc. (Canada) (B-/B3) | ||||||||||||||
285,000 | 4.250 | (a) | 06/01/25 | 272,175 | ||||||||||
666,000 | 4.750 | (a) | 06/15/29 | 596,902 | ||||||||||
|
| |||||||||||||
1,033,327 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.5% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (Canada) (B+/B2) | ||||||||||||||
412,000 | 3.875 | (a) | 01/15/28 | 369,770 | ||||||||||
262,000 | 4.375 | (a) | 01/15/28 | 235,800 | ||||||||||
117,000 | 3.500 | (a) | 02/15/29 | 99,743 | ||||||||||
778,000 | 4.000 | (a) | 10/15/30 | 646,712 | ||||||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential | | ||||||||||||
250,000 | 4.875 | 02/15/30 | 189,062 | |||||||||||
Garda World Security Corp. (Canada) (B/B2) | ||||||||||||||
167,000 | 4.625 | (a) | 02/15/27 | 148,630 | ||||||||||
135,000 | 9.500 | (a) | 11/01/27 | 129,938 | ||||||||||
Mattamy Group Corp. (Canada) (BB/Ba3) | ||||||||||||||
197,000 | 5.250 | (a) | 12/15/27 | 176,118 | ||||||||||
299,000 | 4.625 | (a) | 03/01/30 | 247,422 | ||||||||||
|
| |||||||||||||
2,243,195 | ||||||||||||||
|
| |||||||||||||
Energy – 0.2% | ||||||||||||||
MEG Energy Corp.(a) (Canada) (BB-/B2) | ||||||||||||||
300,000 | 7.125 | 02/01/27 | 305,250 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Mining – 1.0% | ||||||||||||||
First Quantum Minerals Ltd. (Zambia) (B+/NR) | ||||||||||||||
$ | 200,000 | 6.500 | (a) | 03/01/24 | $ | 198,047 | ||||||||
376,000 | 7.500 | (a) | 04/01/25 | 364,891 | ||||||||||
410,000 | 6.875 | (a) | 03/01/26 | 390,270 | ||||||||||
Hudbay Minerals, Inc.(a) (Canada) (B/B2) | ||||||||||||||
501,000 | 4.500 | 04/01/26 | 449,648 | |||||||||||
|
| |||||||||||||
1,402,856 | ||||||||||||||
|
| |||||||||||||
Natural Gas – 0.2% | ||||||||||||||
Parkland Corp.(a) (Canada) (BB/Ba3) | ||||||||||||||
416,000 | 4.625 | 05/01/30 | 348,920 | |||||||||||
|
| |||||||||||||
Wireless – 0.4% | ||||||||||||||
Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3) | ||||||||||||||
594,000 | 6.500 | 03/15/30 | 519,008 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $9,272,460) | $ | 8,873,210 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||
Investment Company – 1.5%(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||
2,193,329 | 4.475% | $ | 2,193,329 | |||
(Cost $2,193,329) | ||||||
| ||||||
TOTAL INVESTMENTS – 99.3% | ||||||
(Cost $159,176,266) | $ | 147,820,626 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | 1,148,005 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 148,968,631 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(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 | |
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
U.S. Treasury Inflation Indexed Bonds – 99.7% | ||||||||||||||
U.S. Treasury Inflation Indexed Bonds | ||||||||||||||
$ | 2,103,888 | 0.625 | % | 01/15/24 | $ | 2,083,539 | ||||||||
1,014,393 | 0.500 | 04/15/24 | 997,235 | |||||||||||
6,760,398 | 0.125 | 10/15/24 | 6,579,244 | |||||||||||
4,828,117 | 0.250 | 01/15/25 | 4,672,615 | |||||||||||
8,655,720 | 0.375 | 07/15/25 | 8,381,048 | |||||||||||
10,898,698 | 0.125 | 10/15/25 | 10,446,039 | |||||||||||
10,705,950 | 0.625 | 01/15/26 | 10,335,414 | |||||||||||
5,092,785 | 0.125 | 04/15/26 | 4,818,046 | |||||||||||
6,344,398 | 0.375 | 07/15/27 | 6,006,276 | |||||||||||
11,481,316 | 0.500 | 01/15/28 | 10,841,472 | |||||||||||
4,625,471 | 0.750 | 07/15/28 | 4,425,859 | |||||||||||
2,968,094 | 3.875 | 04/15/29 | 3,346,972 | |||||||||||
5,138,969 | 0.250 | 07/15/29 | 4,740,345 | |||||||||||
9,655,465 | 0.125 | 01/15/30 | 8,751,640 | |||||||||||
5,506,656 | 0.125 | 07/15/30 | 4,974,333 | |||||||||||
3,709,690 | 0.125 | 07/15/31 | 3,310,948 | |||||||||||
4,507,605 | 0.125 | 01/15/32 | 3,984,605 | |||||||||||
7,117,140 | 2.125 | 02/15/40 | 7,676,328 | |||||||||||
6,181,284 | 0.750 | 02/15/42 | 5,294,983 | |||||||||||
4,154,548 | 0.875 | 02/15/47 | 3,502,359 | |||||||||||
3,070,307 | 1.000 | 02/15/48 | 2,656,786 | |||||||||||
1,442,492 | 1.000 | 02/15/49 | 1,246,068 | |||||||||||
3,619,138 | 0.250 | 02/15/50 | 2,548,355 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | ||||||||||||||
(Cost $140,959,922) | $ | 121,620,509 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.4%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
483,302 | 4.475% | $ | 483,302 | |||||
(Cost $483,302) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $141,443,224) | $ | 122,103,811 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF ASSETS – (0.1)% | (114,560 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 121,989,251 | ||||||
|
|
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. | 31 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 86.4% | ||||||||||||||
Aerospace & Defense – 1.4% | ||||||||||||||
General Dynamics Corp. | ||||||||||||||
$ | 16,000 | 1.150 | % | 06/01/26 | $ | 14,175 | ||||||||
L3Harris Technologies, Inc. | ||||||||||||||
16,000 | 3.850 | 12/15/26 | 15,294 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
8,000 | 3.200 | 02/01/27 | 7,513 | |||||||||||
Raytheon Technologies Corp. | ||||||||||||||
16,000 | 3.500 | 03/15/27 | 15,121 | |||||||||||
Textron, Inc. | ||||||||||||||
13,000 | 3.650 | 03/15/27 | 12,196 | |||||||||||
|
| |||||||||||||
64,299 | ||||||||||||||
|
| |||||||||||||
Banks – 28.0% | ||||||||||||||
American Express Co. | ||||||||||||||
29,000 | 3.125 | 05/20/26 | 27,236 | |||||||||||
20,000 | 5.850 | 11/05/27 | 20,580 | |||||||||||
Bank of America Corp. | ||||||||||||||
(SOFR + 0.960%) | ||||||||||||||
32,000 | 1.734 | (a) | 07/22/27 | 28,223 | ||||||||||
(SOFR + 1.580%) | ||||||||||||||
32,000 | 4.376 | (a) | 04/27/28 | 30,579 | ||||||||||
Bank of America Corp., MTN | ||||||||||||||
27,000 | 4.200 | 08/26/24 | 26,445 | |||||||||||
41,000 | 4.000 | 01/22/25 | 20,467 | |||||||||||
(SOFR + 1.010%) | ||||||||||||||
21,000 | 1.197 | (a) | 10/24/26 | 18,730 | ||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
25,000 | 3.559 | (a) | 04/23/27 | 23,464 | ||||||||||
(SOFR + 1.050%) | ||||||||||||||
51,000 | 2.551 | (a) | 02/04/28 | 45,654 | ||||||||||
Bank of America Corp.(a), Series N | ||||||||||||||
(SOFR + 0.910%) | ||||||||||||||
17,000 | 1.658 | 03/11/27 | 15,159 | |||||||||||
Bank of New York Mellon Corp. (The)(a), MTN | ||||||||||||||
(3M USD LIBOR + 1.069%) | ||||||||||||||
34,000 | 3.442 | 02/07/28 | 31,991 | |||||||||||
Charles Schwab Corp. (The) | ||||||||||||||
13,000 | 3.000 | 03/10/25 | 12,444 | |||||||||||
10,000 | 3.850 | 05/21/25 | 9,724 | |||||||||||
Citigroup, Inc. | ||||||||||||||
(3M USD LIBOR + 0.897%) | ||||||||||||||
34,000 | 3.352 | (a) | 04/24/25 | 33,160 | ||||||||||
(SOFR + 1.372%) | ||||||||||||||
34,000 | 4.140 | (a) | 05/24/25 | 33,332 | ||||||||||
(SOFR + 0.694%) | ||||||||||||||
50,000 | 2.014 | (a) | 01/25/26 | 46,581 | ||||||||||
34,000 | 4.450 | 09/29/27 | 32,494 | |||||||||||
(3M USD LIBOR + 1.563%) | ||||||||||||||
24,000 | 3.887 | (a) | 01/10/28 | 22,569 | ||||||||||
Comerica, Inc. | ||||||||||||||
13,000 | 3.800 | 07/22/26 | 12,322 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
18,000 | 4.000 | 05/15/25 | 17,508 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
34,000 | 3.875 | 09/10/24 | 33,131 | |||||||||||
(3M U.S. T-Bill MMY + 1.585%) | ||||||||||||||
28,000 | 2.005 | (a) | 03/13/26 | 26,013 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) | ||||||||||||||
(SOFR + 1.850%) | ||||||||||||||
21,000 | 2.083 | (a) | 04/22/26 | 19,514 | ||||||||||
27,000 | 3.200 | 06/15/26 | 25,377 | |||||||||||
30,000 | 2.950 | 10/01/26 | 27,928 | |||||||||||
(SOFR + 0.800%) | ||||||||||||||
17,000 | 1.045 | (a) | 11/19/26 | 15,082 | ||||||||||
(SOFR + 0.885%) | ||||||||||||||
25,000 | 1.578 | (a) | 04/22/27 | 22,098 | ||||||||||
(SOFR + 1.560%) | ||||||||||||||
47,000 | 4.323 | (a) | 04/26/28 | 44,856 | ||||||||||
KeyCorp, MTN | ||||||||||||||
15,000 | 2.250 | 04/06/27 | 13,379 | |||||||||||
Morgan Stanley | ||||||||||||||
(SOFR + 1.990%) | ||||||||||||||
20,000 | 2.188 | (a) | 04/28/26 | 18,674 | ||||||||||
(SOFR + 0.879%) | ||||||||||||||
19,000 | 1.593 | (a) | 05/04/27 | 16,778 | ||||||||||
(SOFR + 1.610%) | ||||||||||||||
34,000 | 4.210 | (a) | 04/20/28 | 32,284 | ||||||||||
(3M USD LIBOR + 1.340%) | ||||||||||||||
34,000 | 3.591 | (a) | 07/22/28 | 31,461 | ||||||||||
Morgan Stanley, GMTN | ||||||||||||||
34,000 | 3.875 | 01/27/26 | 32,777 | |||||||||||
27,000 | 4.350 | 09/08/26 | 25,916 | |||||||||||
(SOFR + 0.858%) | ||||||||||||||
21,000 | 1.512 | (a) | 07/20/27 | 18,361 | ||||||||||
Morgan Stanley, MTN | ||||||||||||||
31,000 | 3.125 | 07/27/26 | 28,848 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
37,000 | 3.900 | 04/29/24 | 36,427 | |||||||||||
(SOFR + 1.620%) | ||||||||||||||
20,000 | 5.354 | (a) | 12/02/28 | 20,078 | ||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
13,000 | 3.450 | 06/02/25 | 12,361 | |||||||||||
State Street Corp. | ||||||||||||||
20,000 | 3.300 | 12/16/24 | 19,362 | |||||||||||
(SOFR + 2.600%) | ||||||||||||||
13,000 | 2.901 | (a) | 03/30/26 | 12,400 | ||||||||||
Synchrony Financial | ||||||||||||||
31,000 | 4.250 | 08/15/24 | 30,271 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
30,000 | 2.850 | 10/26/24 | 28,975 | |||||||||||
US Bancorp(a), MTN | ||||||||||||||
(SOFR + 0.730%) | ||||||||||||||
10,000 | 2.215 | 01/27/28 | 8,997 | |||||||||||
US Bancorp, Series X | ||||||||||||||
21,000 | 3.150 | 04/27/27 | 19,544 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
6,000 | 3.000 | 04/22/26 | 5,602 | |||||||||||
(SOFR + 2.000%) | ||||||||||||||
26,000 | 2.188 | (a) | 04/30/26 | 24,178 | ||||||||||
23,000 | 3.000 | 10/23/26 | 21,258 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
(3M USD LIBOR + 0.750%) | ||||||||||||||
51,000 | 2.164 | (a) | 02/11/26 | 47,716 | ||||||||||
|
|
32 | 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., MTN – (continued) | ||||||||||||||
(3M USD LIBOR + 1.170%) | ||||||||||||||
$ | 11,000 | 3.196 | % (a) | 06/17/27 | $ | 10,227 | ||||||||
(SOFR + 1.510%) | ||||||||||||||
16,000 | 3.526 | (a) | 03/24/28 | 14,841 | ||||||||||
(SOFR + 2.100%) | ||||||||||||||
15,000 | 2.393 | (a) | 06/02/28 | 13,248 | ||||||||||
(SOFR + 1.980%) | ||||||||||||||
16,000 | 4.808 | (a) | 07/25/28 | 15,574 | ||||||||||
|
| |||||||||||||
1,282,198 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.5% | ||||||||||||||
Linde, Inc. | ||||||||||||||
24,000 | 3.200 | 01/30/26 | 23,004 | |||||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
BlackRock, Inc. | ||||||||||||||
13,000 | 3.500 | 03/18/24 | 12,760 | |||||||||||
|
| |||||||||||||
Building Materials – 0.3% | ||||||||||||||
Owens Corning | ||||||||||||||
16,000 | 4.200 | 12/01/24 | 15,659 | |||||||||||
|
| |||||||||||||
Capital Goods – 5.0% | ||||||||||||||
3M Co., MTN | ||||||||||||||
20,000 | 3.000 | 08/07/25 | 18,999 | |||||||||||
Berry Global, Inc. | ||||||||||||||
20,000 | 1.650 | 01/15/27 | 17,125 | |||||||||||
Carrier Global Corp. | ||||||||||||||
12,000 | 2.242 | 02/15/25 | 11,260 | |||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
17,000 | 0.900 | 03/02/26 | 15,076 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
20,000 | 3.600 | 08/12/27 | 19,079 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
17,000 | 2.350 | 03/08/27 | 15,494 | |||||||||||
20,000 | 4.750 | 01/20/28 | 19,871 | |||||||||||
Johnson Controls International PLC | ||||||||||||||
24,000 | 3.900 | 02/14/26 | 23,126 | |||||||||||
Republic Services, Inc. | ||||||||||||||
7,000 | 2.500 | 08/15/24 | 6,724 | |||||||||||
9,000 | 2.900 | 07/01/26 | 8,373 | |||||||||||
Roper Technologies, Inc. | ||||||||||||||
16,000 | 1.000 | 09/15/25 | 14,413 | |||||||||||
16,000 | 3.850 | 12/15/25 | 15,410 | |||||||||||
Sonoco Products Co. | ||||||||||||||
16,000 | 2.250 | 02/01/27 | 14,364 | |||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||
16,000 | 4.400 | 03/15/24 | 15,761 | |||||||||||
16,000 | 3.200 | 06/15/25 | 15,069 | |||||||||||
|
| |||||||||||||
230,144 | ||||||||||||||
|
| |||||||||||||
Communications – 2.1% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
17,000 | 4.908 | 07/23/25 | 16,639 | |||||||||||
Netflix, Inc. | ||||||||||||||
16,000 | 5.750 | 03/01/24 | 16,060 | |||||||||||
16,000 | 5.875 | 02/15/25 | 16,160 | |||||||||||
16,000 | 4.375 | 11/15/26 | 15,480 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
TWDC Enterprises 18 Corp., MTN | ||||||||||||||
8,000 | 1.850 | 07/30/26 | 7,201 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
24,000 | 3.350 | 03/24/25 | 23,159 | |||||||||||
|
| |||||||||||||
94,699 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 7.8% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
33,000 | 1.000 | 05/12/26 | 29,231 | |||||||||||
15,000 | 4.550 | 12/01/27 | 14,830 | |||||||||||
American Honda Finance Corp., MTN | ||||||||||||||
13,000 | 1.200 | 07/08/25 | 11,866 | |||||||||||
13,000 | 1.300 | 09/09/26 | 11,410 | |||||||||||
AutoNation, Inc. | ||||||||||||||
18,000 | 3.500 | 11/15/24 | 17,365 | |||||||||||
Booking Holdings, Inc. | ||||||||||||||
13,000 | 3.600 | 06/01/26 | 12,407 | |||||||||||
DR Horton, Inc. | ||||||||||||||
13,000 | 2.500 | 10/15/24 | 12,412 | |||||||||||
10,000 | 1.300 | 10/15/26 | 8,649 | |||||||||||
General Motors Co. | ||||||||||||||
34,000 | 6.800 | 10/01/27 | 35,584 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
21,000 | 1.250 | 01/08/26 | 18,596 | |||||||||||
Home Depot, Inc. (The) | ||||||||||||||
21,000 | 2.800 | 09/14/27 | 19,335 | |||||||||||
Las Vegas Sands Corp. | ||||||||||||||
16,000 | 3.200 | 08/08/24 | 15,399 | |||||||||||
10,000 | 3.500 | 08/18/26 | 9,108 | |||||||||||
Lennar Corp. | ||||||||||||||
12,000 | 4.750 | 05/30/25 | 11,755 | |||||||||||
Marriott International, Inc., Series EE | ||||||||||||||
8,000 | 5.750 | 05/01/25 | 8,074 | |||||||||||
Ross Stores, Inc. | ||||||||||||||
13,000 | 4.600 | 04/15/25 | 12,801 | |||||||||||
Starbucks Corp. | ||||||||||||||
16,000 | 2.000 | 03/12/27 | 14,240 | |||||||||||
Toll Brothers Finance Corp. | ||||||||||||||
16,000 | 4.875 | 11/15/25 | 15,780 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
16,000 | 0.800 | 01/09/26 | 14,267 | |||||||||||
30,000 | 3.050 | 03/22/27 | 27,961 | |||||||||||
Visa, Inc. | ||||||||||||||
16,000 | 1.900 | 04/15/27 | 14,383 | |||||||||||
Walmart, Inc. | ||||||||||||||
24,000 | 1.050 | 09/17/26 | 21,083 | |||||||||||
|
| |||||||||||||
356,536 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 4.2% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
25,000 | 2.600 | 11/21/24 | 23,875 | |||||||||||
31,000 | 3.600 | 05/14/25 | 29,855 | |||||||||||
Becton Dickinson and Co. | ||||||||||||||
18,000 | 3.734 | 12/15/24 | 17,516 | |||||||||||
Equifax, Inc. | ||||||||||||||
19,000 | 2.600 | 12/01/24 | 18,074 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Gilead Sciences, Inc. | ||||||||||||||
$ | 20,000 | 1.200 | % | 10/01/27 | $ | 16,916 | ||||||||
Merck & Co., Inc. | ||||||||||||||
16,000 | 0.750 | 02/24/26 | 14,163 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
22,000 | 2.875 | 05/01/24 | 21,370 | |||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||
13,000 | 3.950 | 06/15/26 | 12,162 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
37,000 | 3.800 | 11/18/24 | 36,008 | |||||||||||
|
| |||||||||||||
189,939 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
8,000 | 1.900 | 02/01/27 | 7,282 | |||||||||||
|
| |||||||||||||
Electric – 5.7% | ||||||||||||||
AEP Transmission Co. LLC | ||||||||||||||
17,000 | 3.100 | 12/01/26 | 15,745 | |||||||||||
AES Corp. (The) | ||||||||||||||
17,000 | 1.375 | 01/15/26 | 15,071 | |||||||||||
CenterPoint Energy, Inc. | ||||||||||||||
17,000 | 1.450 | 06/01/26 | 15,070 | |||||||||||
CMS Energy Corp. | ||||||||||||||
17,000 | 3.000 | 05/15/26 | 15,856 | |||||||||||
Dominion Energy, Inc., Series A | ||||||||||||||
17,000 | 1.450 | 04/15/26 | 15,087 | |||||||||||
DTE Energy Co., Series F | ||||||||||||||
24,000 | 1.050 | 06/01/25 | 21,718 | |||||||||||
Duke Energy Corp. | ||||||||||||||
16,000 | 2.650 | 09/01/26 | 14,642 | |||||||||||
Exelon Corp. | ||||||||||||||
11,000 | 3.400 | 04/15/26 | 10,359 | |||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||
13,000 | 1.875 | 01/15/27 | 11,447 | |||||||||||
27,000 | 3.550 | 05/01/27 | 25,277 | |||||||||||
Pacific Gas and Electric Co. | ||||||||||||||
7,000 | 3.450 | 07/01/25 | 6,614 | |||||||||||
8,000 | 3.300 | 03/15/27 | 7,289 | |||||||||||
Sempra Energy | ||||||||||||||
34,000 | 3.250 | 06/15/27 | 31,250 | |||||||||||
Southern California Edison Co. | ||||||||||||||
15,000 | 5.850 | 11/01/27 | 15,358 | |||||||||||
Southern Co. (The) | ||||||||||||||
16,000 | 3.250 | 07/01/26 | 15,047 | |||||||||||
Southern Co. Gas Capital Corp. | ||||||||||||||
16,000 | 3.875 | 11/15/25 | 15,377 | |||||||||||
Southwestern Electric Power Co., Series N | ||||||||||||||
13,000 | 1.650 | 03/15/26 | 11,613 | |||||||||||
|
| |||||||||||||
262,820 | ||||||||||||||
|
| |||||||||||||
Energy – 7.3% | ||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
15,000 | 3.337 | 12/15/27 | 13,852 | |||||||||||
Chevron Corp. | ||||||||||||||
25,000 | 3.326 | 11/17/25 | 24,176 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Enterprise Products Operating LLC | ||||||||||||||
16,000 | 3.750 | 02/15/25 | 15,525 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
10,000 | 3.176 | 03/15/24 | 9,800 | |||||||||||
24,000 | 3.043 | 03/01/26 | 22,740 | |||||||||||
13,000 | 2.275 | 08/16/26 | 11,954 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
16,000 | 4.300 | 06/01/25 | 15,637 | |||||||||||
Magellan Midstream Partners LP | ||||||||||||||
24,000 | 5.000 | 03/01/26 | 23,617 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
11,000 | 4.700 | 05/01/25 | 10,838 | |||||||||||
MPLX LP | ||||||||||||||
24,000 | 4.875 | 12/01/24 | 23,690 | |||||||||||
12,000 | 1.750 | 03/01/26 | 10,750 | |||||||||||
National Fuel Gas Co. | ||||||||||||||
16,000 | 5.500 | 01/15/26 | 15,824 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
16,000 | 4.650 | 10/15/25 | 15,637 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
10,000 | 5.625 | 03/01/25 | 9,976 | |||||||||||
31,000 | 5.000 | 03/15/27 | 30,264 | |||||||||||
Spectra Energy Partners LP | ||||||||||||||
17,000 | 4.750 | 03/15/24 | 16,881 | |||||||||||
Western Midstream Operating LP | ||||||||||||||
16,000 | 3.350 | 02/01/25 | 15,240 | |||||||||||
16,000 | 3.950 | 06/01/25 | 15,320 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
34,000 | 4.000 | 09/15/25 | 32,721 | |||||||||||
|
| |||||||||||||
334,442 | ||||||||||||||
|
| |||||||||||||
Financial Company – 3.0% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
37,000 | 3.625 | 04/01/27 | 34,106 | |||||||||||
Ally Financial, Inc. | ||||||||||||||
15,000 | 7.100 | 11/15/27 | 15,605 | |||||||||||
Ares Capital Corp. | ||||||||||||||
17,000 | 2.875 | 06/15/27 | 14,779 | |||||||||||
Bain Capital Specialty Finance, Inc. | ||||||||||||||
20,000 | 2.550 | 10/13/26 | 17,326 | |||||||||||
FS KKR Capital Corp. | ||||||||||||||
13,000 | 4.625 | 07/15/24 | 12,706 | |||||||||||
16,000 | 3.250 | 07/15/27 | 13,696 | |||||||||||
GATX Corp. | ||||||||||||||
16,000 | 3.250 | 09/15/26 | 14,874 | |||||||||||
Sixth Street Specialty Lending, Inc. | ||||||||||||||
16,000 | 3.875 | 11/01/24 | 15,433 | |||||||||||
|
| |||||||||||||
138,525 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.1% | ||||||||||||||
McCormick & Co., Inc. | ||||||||||||||
16,000 | 0.900 | 02/15/26 | 14,089 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
26,000 | 2.250 | 03/19/25 | 24,642 | |||||||||||
11,000 | 2.850 | 02/24/26 | 10,400 | |||||||||||
|
| |||||||||||||
49,131 | ||||||||||||||
|
|
34 | 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) | ||||||||||||||
Hardware – 0.3% | ||||||||||||||
Micron Technology, Inc. | ||||||||||||||
$ | 16,000 | 4.185 | % | 02/15/27 | $ | 15,140 | ||||||||
|
| |||||||||||||
Healthcare – 3.5% | ||||||||||||||
CVS Health Corp. | ||||||||||||||
25,000 | 2.625 | 08/15/24 | 24,101 | |||||||||||
13,000 | 3.000 | 08/15/26 | 12,079 | |||||||||||
Evernorth Health, Inc. | ||||||||||||||
33,000 | 3.500 | 06/15/24 | 32,226 | |||||||||||
HCA, Inc. | ||||||||||||||
24,000 | 5.000 | 03/15/24 | 23,865 | |||||||||||
10,000 | 5.375 | 02/01/25 | 9,913 | |||||||||||
16,000 | 4.500 | 02/15/27 | 15,330 | |||||||||||
McKesson Corp. | ||||||||||||||
10,000 | 3.796 | 03/15/24 | 9,847 | |||||||||||
Quest Diagnostics, Inc. | ||||||||||||||
16,000 | 3.450 | 06/01/26 | 15,123 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
16,000 | 3.375 | 04/15/27 | 15,152 | |||||||||||
|
| |||||||||||||
157,636 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.3% | ||||||||||||||
CNA Financial Corp. | ||||||||||||||
13,000 | 3.950 | 05/15/24 | 12,763 | |||||||||||
|
| |||||||||||||
Pharmaceuticals – 0.3% | ||||||||||||||
Viatris, Inc. | ||||||||||||||
16,000 | 2.300 | 06/22/27 | 13,838 | |||||||||||
|
| |||||||||||||
REITs and Real Estate – 3.5% | ||||||||||||||
Boston Properties LP | ||||||||||||||
20,000 | 3.200 | 01/15/25 | 19,101 | |||||||||||
Brixmor Operating Partnership LP | ||||||||||||||
20,000 | 3.900 | 03/15/27 | 18,558 | |||||||||||
Equinix, Inc. | ||||||||||||||
23,000 | 1.800 | 07/15/27 | 19,744 | |||||||||||
ERP Operating LP | ||||||||||||||
16,000 | 3.375 | 06/01/25 | 15,301 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
9,000 | 5.375 | 04/15/26 | 8,823 | |||||||||||
Healthpeak Properties Interim, Inc. | ||||||||||||||
16,000 | 3.250 | 07/15/26 | 15,007 | |||||||||||
Public Storage | ||||||||||||||
13,000 | 1.500 | 11/09/26 | 11,407 | |||||||||||
Simon Property Group LP | ||||||||||||||
16,000 | 3.500 | 09/01/25 | 15,250 | |||||||||||
16,000 | 3.300 | 01/15/26 | 15,191 | |||||||||||
Spirit Realty LP | ||||||||||||||
7,000 | 3.200 | 01/15/27 | 6,302 | |||||||||||
Welltower OP LLC | ||||||||||||||
16,000 | 4.000 | 06/01/25 | 15,453 | |||||||||||
|
| |||||||||||||
160,137 | ||||||||||||||
|
| |||||||||||||
Technology – 6.5% | ||||||||||||||
Alphabet, Inc. | ||||||||||||||
16,000 | 1.998 | 08/15/26 | 14,620 | |||||||||||
Apple, Inc. | ||||||||||||||
20,000 | 1.800 | 09/11/24 | 19,047 | |||||||||||
25,000 | 2.450 | 08/04/26 | 23,159 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Apple, Inc. – (continued) | ||||||||||||||
17,000 | 2.050 | 09/11/26 | 15,479 | |||||||||||
32,000 | 3.350 | 02/09/27 | 30,511 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
17,000 | 3.875 | 01/15/27 | 16,046 | |||||||||||
Fiserv, Inc. | ||||||||||||||
12,000 | 3.850 | 06/01/25 | 11,581 | |||||||||||
24,000 | 3.200 | 07/01/26 | 22,411 | |||||||||||
Genpact Luxembourg Sarl | ||||||||||||||
16,000 | 3.375 | 12/01/24 | 15,240 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
15,000 | 4.900 | 10/15/25 | 14,890 | |||||||||||
Intuit, Inc. | ||||||||||||||
16,000 | 1.350 | 07/15/27 | 13,822 | |||||||||||
Microchip Technology, Inc. | ||||||||||||||
16,000 | 4.250 | 09/01/25 | 15,473 | |||||||||||
Microsoft Corp. | ||||||||||||||
31,000 | 3.300 | 02/06/27 | 29,610 | |||||||||||
Motorola Solutions, Inc. | ||||||||||||||
13,000 | 7.500 | 05/15/25 | 13,478 | |||||||||||
NetApp, Inc. | ||||||||||||||
13,000 | 3.300 | 09/29/24 | 12,578 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
25,000 | 2.900 | 05/20/24 | 24,319 | |||||||||||
7,000 | 3.450 | 05/20/25 | 6,759 | |||||||||||
|
| |||||||||||||
299,023 | ||||||||||||||
|
| |||||||||||||
Transportation – 2.9% | ||||||||||||||
CSX Corp. | ||||||||||||||
17,000 | 3.250 | 06/01/27 | 15,846 | |||||||||||
Delta Air Lines, Inc. | ||||||||||||||
20,000 | 2.900 | 10/28/24 | 19,000 | |||||||||||
Ryder System, Inc., MTN | ||||||||||||||
5,000 | 1.750 | 09/01/26 | 4,431 | |||||||||||
8,000 | 2.900 | 12/01/26 | 7,302 | |||||||||||
Southwest Airlines Co. | ||||||||||||||
16,000 | 5.250 | 05/04/25 | 15,900 | |||||||||||
Union Pacific Corp. | ||||||||||||||
17,000 | 3.250 | 08/15/25 | 16,257 | |||||||||||
United Airlines Pass Through Trust, Series A | ||||||||||||||
21,829 | 4.150 | 04/11/24 | 21,400 | |||||||||||
United Airlines Pass Through Trust, Class A, Series 20-1 | ||||||||||||||
15,845 | 5.875 | 10/15/27 | 15,726 | |||||||||||
United Airlines Pass-Through Trust, Series A | ||||||||||||||
16,189 | 4.300 | 08/15/25 | 15,545 | |||||||||||
|
| |||||||||||||
131,407 | ||||||||||||||
|
| |||||||||||||
Wireless – 2.2% | ||||||||||||||
American Tower Corp. | ||||||||||||||
13,000 | 3.375 | 10/15/26 | 12,081 | |||||||||||
AT&T, Inc. | ||||||||||||||
7,000 | 0.900 | 03/25/24 | 6,674 | |||||||||||
21,000 | 1.700 | 03/25/26 | 18,901 | |||||||||||
Crown Castle, Inc. | ||||||||||||||
33,000 | 3.200 | 09/01/24 | 31,860 | |||||||||||
Sprint LLC | ||||||||||||||
16,000 | 7.625 | 03/01/26 | 16,602 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
T-Mobile USA, Inc. | ||||||||||||||
$ | 16,000 | 3.750 | % | 04/15/27 | $ | 15,050 | ||||||||
|
| |||||||||||||
101,168 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $4,199,602) | $ | 3,952,550 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 11.7% | ||||||||||||||
Banks – 6.7% | ||||||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
$ | 30,000 | 2.650 | % | 03/08/27 | $ | 27,308 | ||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
17,000 | 1.050 | 03/02/26 | 14,985 | |||||||||||
17,000 | 2.700 | 08/03/26 | 15,612 | |||||||||||
21,000 | 1.300 | 09/15/26 | 18,270 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||||||||
17,000 | 1.250 | 06/22/26 | 14,913 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
20,000 | 3.287 | 07/25/27 | 18,436 | |||||||||||
Royal Bank of Canada (Canada) | ||||||||||||||
21,000 | 3.625 | 05/04/27 | 19,798 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
20,000 | 4.240 | 08/03/27 | 19,206 | |||||||||||
Royal Bank of Canada, MTN (Canada) | ||||||||||||||
23,000 | 1.150 | 06/10/25 | 21,006 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
51,000 | 3.364 | 07/12/27 | 47,353 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
34,000 | 0.750 | 01/06/26 | 29,954 | |||||||||||
16,000 | 1.250 | 09/10/26 | 13,918 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
28,000 | 3.250 | 03/11/24 | 27,397 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
23,000 | 1.150 | 06/03/26 | 20,275 | |||||||||||
|
| |||||||||||||
308,431 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.2% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
9,000 | 4.000 | 04/01/24 | 8,857 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.6% | ||||||||||||||
Toyota Motor Corp. (Japan) | ||||||||||||||
28,000 | 1.339 | 03/25/26 | 25,134 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.7% | ||||||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
20,000 | 2.789 | 09/06/24 | 19,208 | |||||||||||
BAT International Finance PLC (United Kingdom) | ||||||||||||||
17,000 | 1.668 | 03/25/26 | 15,097 | |||||||||||
Bayer US Finance II LLC(b) (Germany) | ||||||||||||||
18,000 | 3.375 | 07/15/24 | 17,476 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) | ||||||||||||||
28,000 | 3.000 | 06/01/24 | 27,231 | |||||||||||
|
| |||||||||||||
79,012 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – 0.9% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
21,000 | 3.279 | 09/19/27 | 19,551 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
7,000 | 3.500 | 06/10/24 | 6,822 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
16,000 | 3.250 | 05/11/25 | 15,391 | |||||||||||
|
| |||||||||||||
41,764 | ||||||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.7% | ||||||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
31,000 | 4.125 | 01/16/25 | 29,915 | |||||||||||
|
| |||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) | ||||||||||||||
10,000 | 4.875 | 03/01/24 | 9,929 | |||||||||||
|
| |||||||||||||
Wireless – 0.7% | ||||||||||||||
Rogers Communications, Inc.(b) (Canada) | ||||||||||||||
34,000 | 3.200 | 03/15/27 | 31,262 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $566,208) | $ | 534,304 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 98.1% | ||||||||||||||
(Cost $4,765,810) | $ | 4,486,854 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9% | | 87,026 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 4,573,880 | ||||||||||||
|
|
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 February 28, 2023. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| ||
Investment Abbreviations: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 78.5% | ||||||||||||||
Aerospace & Defense – 1.9% | ||||||||||||||
Boeing Co. (The) | ||||||||||||||
$ | 300,000 | 2.196 | % | 02/04/26 | $ | 272,574 | ||||||||
290,000 | 2.700 | 02/01/27 | 263,026 | |||||||||||
290,000 | 2.950 | 02/01/30 | 246,354 | |||||||||||
500,000 | 5.150 | 05/01/30 | 482,176 | |||||||||||
500,000 | 3.600 | 05/01/34 | 403,860 | |||||||||||
300,000 | 3.250 | 02/01/35 | 233,197 | |||||||||||
300,000 | 5.705 | 05/01/40 | 286,872 | |||||||||||
300,000 | 3.750 | 02/01/50 | 212,353 | |||||||||||
500,000 | 5.930 | 05/01/60 | 465,253 | |||||||||||
General Dynamics Corp. | ||||||||||||||
50,000 | 3.250 | 04/01/25 | 48,196 | |||||||||||
300,000 | 3.500 | 04/01/27 | 284,733 | |||||||||||
384,000 | 4.250 | 04/01/50 | 345,025 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
781,000 | 4.070 | 12/15/42 | 683,632 | |||||||||||
380,000 | 3.800 | 03/01/45 | 313,627 | |||||||||||
100,000 | 4.700 | 05/15/46 | 94,138 | |||||||||||
168,000 | 4.090 | 09/15/52 | 144,322 | |||||||||||
100,000 | 4.150 | 06/15/53 | 86,347 | |||||||||||
620,000 | 5.900 | 11/15/63 | 684,823 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
476,000 | 2.930 | 01/15/25 | 456,120 | |||||||||||
290,000 | 3.200 | 02/01/27 | 272,344 | |||||||||||
738,000 | 3.250 | 01/15/28 | 681,764 | |||||||||||
400,000 | 4.400 | 05/01/30 | 382,583 | |||||||||||
406,000 | 4.030 | 10/15/47 | 335,481 | |||||||||||
267,000 | 5.250 | 05/01/50 | 264,032 | |||||||||||
Raytheon Technologies Corp. | ||||||||||||||
275,000 | 3.200 | 03/15/24 | 269,425 | |||||||||||
1,080,000 | 3.950 | 08/16/25 | 1,049,545 | |||||||||||
100,000 | 3.125 | 05/04/27 | 93,368 | |||||||||||
300,000 | 4.125 | 11/16/28 | 286,159 | |||||||||||
243,000 | 4.450 | 11/16/38 | 220,696 | |||||||||||
500,000 | 4.500 | 06/01/42 | 450,158 | |||||||||||
100,000 | 4.150 | 05/15/45 | 83,684 | |||||||||||
208,000 | 3.750 | 11/01/46 | 164,308 | |||||||||||
304,000 | 4.350 | 04/15/47 | 265,757 | |||||||||||
292,000 | 4.625 | 11/16/48 | 265,401 | |||||||||||
406,000 | 3.125 | 07/01/50 | 286,854 | |||||||||||
260,000 | 2.820 | 09/01/51 | 172,276 | |||||||||||
|
| |||||||||||||
11,550,463 | ||||||||||||||
|
| |||||||||||||
Agriculture – 0.1% | ||||||||||||||
Archer-Daniels-Midland Co. | ||||||||||||||
162,000 | 3.250 | 03/27/30 | 145,842 | |||||||||||
500,000 | 2.900 | 03/01/32 | 430,216 | |||||||||||
|
| |||||||||||||
576,058 | ||||||||||||||
|
| |||||||||||||
Banks – 19.8% | ||||||||||||||
American Express Co. | ||||||||||||||
240,000 | 3.400 | 02/22/24 | 235,194 | |||||||||||
250,000 | 2.500 | 07/30/24 | 240,621 | |||||||||||
2,912,000 | 3.000 | 10/30/24 | 2,801,794 | |||||||||||
649,000 | 4.200 | 11/06/25 | 634,859 | |||||||||||
470,000 | 3.125 | 05/20/26 | 441,413 | |||||||||||
250,000 | 1.650 | 11/04/26 | 221,141 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
American Express Co. – (continued) | ||||||||||||||
(SOFR + 2.255%) | ||||||||||||||
192,000 | 4.989 | %(a) | 05/26/33 | 184,742 | ||||||||||
Bank of America Corp. | ||||||||||||||
(SOFR + 0.690%) | ||||||||||||||
220,000 | 0.976 | (a) | 04/22/25 | 207,556 | ||||||||||
(3M USD LIBOR + 0.810%) | ||||||||||||||
584,000 | 3.366 | (a) | 01/23/26 | 559,596 | ||||||||||
(SOFR + 0.960%) | ||||||||||||||
774,000 | 1.734 | (a) | 07/22/27 | 682,653 | ||||||||||
(3M USD LIBOR + 1.512%) | ||||||||||||||
548,000 | 3.705 | (a) | 04/24/28 | 510,349 | ||||||||||
(SOFR + 1.990%) | ||||||||||||||
800,000 | 6.204 | (a) | 11/10/28 | 825,105 | ||||||||||
(3M USD LIBOR + 1.040%) | ||||||||||||||
1,148,000 | 3.419 | (a) | 12/20/28 | 1,046,012 | ||||||||||
(SOFR + 2.150%) | ||||||||||||||
759,000 | 2.592 | (a) | 04/29/31 | 625,547 | ||||||||||
(SOFR + 1.320%) | ||||||||||||||
1,130,000 | 2.687 | (a) | 04/22/32 | 917,061 | ||||||||||
(SOFR + 1.220%) | ||||||||||||||
740,000 | 2.299 | (a) | 07/21/32 | 580,375 | ||||||||||
(SOFR + 1.210%) | ||||||||||||||
700,000 | 2.572 | (a) | 10/20/32 | 559,048 | ||||||||||
(US 5 Year CMT T-Note + 1.200%) | ||||||||||||||
406,000 | 2.482 | (a) | 09/21/36 | 304,747 | ||||||||||
860,000 | 6.110 | 01/29/37 | 888,267 | |||||||||||
(3M USD LIBOR + 1.814%) | ||||||||||||||
475,000 | 4.244 | (a) | 04/24/38 | 414,023 | ||||||||||
370,000 | 7.750 | 05/14/38 | 439,263 | |||||||||||
(SOFR + 1.580%) | ||||||||||||||
519,000 | 3.311 | (a) | 04/22/42 | 389,823 | ||||||||||
(SOFR + 1.560%) | ||||||||||||||
517,000 | 2.972 | (a) | 07/21/52 | 339,817 | ||||||||||
Bank of America Corp., GMTN | ||||||||||||||
220,000 | 3.500 | 04/19/26 | 209,447 | |||||||||||
(3M USD LIBOR + 1.370%) | ||||||||||||||
588,000 | 3.593 | (a) | 07/21/28 | 542,201 | ||||||||||
Bank of America Corp., Series L | ||||||||||||||
110,000 | 3.950 | 04/21/25 | 106,679 | |||||||||||
658,000 | 4.183 | 11/25/27 | 628,271 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
380,000 | 4.000 | 04/01/24 | 374,442 | |||||||||||
836,000 | 4.200 | 08/26/24 | 818,807 | |||||||||||
340,000 | 4.000 | 01/22/25 | 331,368 | |||||||||||
(3M USD LIBOR + 0.970%) | ||||||||||||||
420,000 | 3.458 | (a) | 03/15/25 | 410,365 | ||||||||||
215,000 | 3.875 | 08/01/25 | 208,650 | |||||||||||
(3M USD LIBOR + 1.090%) | ||||||||||||||
820,000 | 3.093 | (a) | 10/01/25 | 788,118 | ||||||||||
(3M USD LIBOR + 0.870%) | ||||||||||||||
1,000,000 | 2.456 | (a) | 10/22/25 | 949,738 | ||||||||||
(3M USD LIBOR + 0.640%) | ||||||||||||||
700,000 | 2.015 | (a) | 02/13/26 | 652,756 | ||||||||||
180,000 | 4.450 | 03/03/26 | 175,125 | |||||||||||
(SOFR + 1.150%) | ||||||||||||||
1,718,000 | 1.319 | (a) | 06/19/26 | 1,559,861 | ||||||||||
686,000 | 4.250 | 10/22/26 | 660,556 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of America Corp., MTN – (continued) | ||||||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
$ | 790,000 | 3.559 | %(a) | 04/23/27 | $ | 741,481 | ||||||||
760,000 | 3.248 | 10/21/27 | 700,162 | |||||||||||
(3M USD LIBOR + 1.575%) | ||||||||||||||
712,000 | 3.824 | (a) | 01/20/28 | 669,219 | ||||||||||
(3M USD LIBOR + 1.070%) | ||||||||||||||
150,000 | 3.970 | (a) | 03/05/29 | 139,580 | ||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
710,000 | 4.271 | (a) | 07/23/29 | 667,977 | ||||||||||
(3M USD LIBOR + 1.210%) | ||||||||||||||
504,000 | 3.974 | (a) | 02/07/30 | 462,390 | ||||||||||
(3M USD LIBOR + 1.180%) | ||||||||||||||
200,000 | 3.194 | (a) | 07/23/30 | 174,115 | ||||||||||
(3M USD LIBOR + 1.190%) | ||||||||||||||
281,000 | 2.884 | (a) | 10/22/30 | 237,797 | ||||||||||
(3M USD LIBOR + 0.990%) | ||||||||||||||
345,000 | 2.496 | (a) | 02/13/31 | 284,777 | ||||||||||
(SOFR + 1.530%) | ||||||||||||||
830,000 | 1.898 | (a) | 07/23/31 | 648,754 | ||||||||||
(SOFR + 1.370%) | ||||||||||||||
500,000 | 1.922 | (a) | 10/24/31 | 388,631 | ||||||||||
(3M USD LIBOR + 1.320%) | ||||||||||||||
296,000 | 4.078 | (a) | 04/23/40 | 249,901 | ||||||||||
(SOFR + 1.930%) | ||||||||||||||
800,000 | 2.676 | (a) | 06/19/41 | 552,668 | ||||||||||
248,000 | 5.875 | 02/07/42 | 259,796 | |||||||||||
334,000 | 5.000 | 01/21/44 | 318,178 | |||||||||||
(3M USD LIBOR + 1.990%) | ||||||||||||||
354,000 | 4.443 | (a) | 01/20/48 | 307,196 | ||||||||||
(3M USD LIBOR + 1.520%) | ||||||||||||||
540,000 | 4.330 | (a) | 03/15/50 | 457,777 | ||||||||||
(3M USD LIBOR + 3.150%) | ||||||||||||||
910,000 | 4.083 | (a) | 03/20/51 | 738,318 | ||||||||||
Bank of America Corp.(a), Series N | ||||||||||||||
(SOFR + 1.220%) | ||||||||||||||
500,000 | 2.651 | 03/11/32 | 406,141 | |||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
100,000 | 2.100 | 10/24/24 | 95,203 | |||||||||||
50,000 | 2.800 | 05/04/26 | 46,680 | |||||||||||
290,000 | 3.250 | 05/16/27 | 271,946 | |||||||||||
636,000 | 3.400 | 01/29/28 | 589,471 | |||||||||||
(3M USD LIBOR + 1.069%) | ||||||||||||||
998,000 | 3.442 | (a) | 02/07/28 | 939,032 | ||||||||||
400,000 | 3.850 | 04/28/28 | 380,145 | |||||||||||
144,000 | 3.300 | 08/23/29 | 128,623 | |||||||||||
Capital One Financial Corp. | ||||||||||||||
(SOFR + 1.290%) | ||||||||||||||
300,000 | 2.636 | (a) | 03/03/26 | 281,872 | ||||||||||
490,000 | 3.800 | 01/31/28 | 453,328 | |||||||||||
Charles Schwab Corp. (The) | ||||||||||||||
244,000 | 0.750 | 03/18/24 | 232,847 | |||||||||||
500,000 | 2.300 | 05/13/31 | 414,418 | |||||||||||
300,000 | 1.950 | 12/01/31 | 234,792 | |||||||||||
Citigroup, Inc. | ||||||||||||||
250,000 | 4.000 | 08/05/24 | 245,831 | |||||||||||
500,000 | 3.875 | 03/26/25 | 484,361 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Citigroup, Inc. – (continued) | ||||||||||||||
(3M USD LIBOR + 0.897%) | ||||||||||||||
500,000 | 3.352 | %(a) | 04/24/25 | 487,650 | ||||||||||
(SOFR + 0.669%) | ||||||||||||||
100,000 | 0.981 | (a) | 05/01/25 | 94,308 | ||||||||||
100,000 | 3.700 | 01/12/26 | 95,934 | |||||||||||
(SOFR + 0.694%) | ||||||||||||||
1,018,000 | 2.014 | (a) | 01/25/26 | 948,392 | ||||||||||
(SOFR + 2.842%) | ||||||||||||||
640,000 | 3.106 | (a) | 04/08/26 | 608,270 | ||||||||||
(SOFR + 0.765%) | ||||||||||||||
1,977,000 | 1.122 | (a) | 01/28/27 | 1,752,154 | ||||||||||
(SOFR + 0.770%) | ||||||||||||||
275,000 | 1.462 | (a) | 06/09/27 | 240,710 | ||||||||||
700,000 | 4.450 | 09/29/27 | 668,984 | |||||||||||
(3M USD LIBOR + 1.563%) | ||||||||||||||
100,000 | 3.887 | (a) | 01/10/28 | 94,038 | ||||||||||
(SOFR + 1.280%) | ||||||||||||||
1,650,000 | 3.070 | (a) | 02/24/28 | 1,499,761 | ||||||||||
(SOFR + 1.887%) | ||||||||||||||
300,000 | 4.658 | (a) | 05/24/28 | 290,058 | ||||||||||
(3M USD LIBOR + 1.390%) | ||||||||||||||
700,000 | 3.668 | (a) | 07/24/28 | 650,657 | ||||||||||
(3M USD LIBOR + 1.151%) | ||||||||||||||
500,000 | 3.520 | (a) | 10/27/28 | 458,204 | ||||||||||
(3M USD LIBOR + 1.338%) | ||||||||||||||
200,000 | 3.980 | (a) | 03/20/30 | 182,763 | ||||||||||
(SOFR + 1.422%) | ||||||||||||||
800,000 | 2.976 | (a) | 11/05/30 | 682,914 | ||||||||||
(SOFR + 2.107%) | ||||||||||||||
1,000,000 | 2.572 | (a) | 06/03/31 | 822,728 | ||||||||||
(SOFR + 1.167%) | ||||||||||||||
800,000 | 2.561 | (a) | 05/01/32 | 644,116 | ||||||||||
800,000 | 6.625 | 06/15/32 | 845,312 | |||||||||||
(SOFR + 1.939%) | ||||||||||||||
600,000 | 3.785 | (a) | 03/17/33 | 524,484 | ||||||||||
(SOFR + 2.086%) | ||||||||||||||
500,000 | 4.910 | (a) | 05/24/33 | 477,023 | ||||||||||
(SOFR + 2.338%) | ||||||||||||||
1,000,000 | 6.270 | (a) | 11/17/33 | 1,052,392 | ||||||||||
(3M USD LIBOR + 1.168%) | ||||||||||||||
300,000 | 3.878 | (a) | 01/24/39 | 247,266 | ||||||||||
500,000 | 4.750 | 05/18/46 | 432,049 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
572,000 | 2.550 | 05/05/27 | 517,839 | |||||||||||
190,000 | 8.250 | 03/01/38 | 235,222 | |||||||||||
Fifth Third Bank NA | ||||||||||||||
560,000 | 3.850 | 03/15/26 | 530,677 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
870,000 | 2.625 | 08/06/24 | 837,153 | |||||||||||
328,000 | 2.550 | 02/04/30 | 274,495 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
150,000 | 3.875 | 02/01/24 | 147,672 | |||||||||||
150,000 | 3.625 | 05/13/24 | 147,160 | |||||||||||
325,000 | 3.875 | 09/10/24 | 316,690 | |||||||||||
240,000 | 3.125 | 01/23/25 | 230,841 | |||||||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) | ||||||||||||||
(3M USD LIBOR + 1.155%) | ||||||||||||||
$ | 204,000 | 3.220 | %(a) | 03/01/25 | $ | 199,188 | ||||||||
(3M U.S. T-Bill MMY + 0.580%) | ||||||||||||||
250,000 | 0.969 | (a) | 06/23/25 | 234,207 | ||||||||||
378,000 | 3.900 | 07/15/25 | 367,368 | |||||||||||
(SOFR + 1.160%) | ||||||||||||||
630,000 | 2.301 | (a) | 10/15/25 | 595,657 | ||||||||||
(SOFR + 0.915%) | ||||||||||||||
250,000 | 2.595 | (a) | 02/24/26 | 235,918 | ||||||||||
(3M U.S. T-Bill MMY + 1.585%) | ||||||||||||||
170,000 | 2.005 | (a) | 03/13/26 | 157,937 | ||||||||||
760,000 | 3.300 | 04/01/26 | 719,014 | |||||||||||
(SOFR + 1.850%) | ||||||||||||||
840,000 | 2.083 | (a) | 04/22/26 | 780,547 | ||||||||||
720,000 | 3.200 | 06/15/26 | 676,713 | |||||||||||
290,000 | 4.125 | 12/15/26 | 279,682 | |||||||||||
(3M USD LIBOR + 1.245%) | ||||||||||||||
300,000 | 3.960 | (a) | 01/29/27 | 286,837 | ||||||||||
(SOFR + 0.885%) | ||||||||||||||
600,000 | 1.578 | (a) | 04/22/27 | 530,361 | ||||||||||
293,000 | 4.250 | 10/01/27 | 282,139 | |||||||||||
184,000 | 3.625 | 12/01/27 | 171,564 | |||||||||||
(3M USD LIBOR + 1.337%) | ||||||||||||||
213,000 | 3.782 | (a) | 02/01/28 | 200,496 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
1,064,000 | 3.540 | (a) | 05/01/28 | 984,477 | ||||||||||
(SOFR + 1.890%) | ||||||||||||||
1,050,000 | 2.182 | (a) | 06/01/28 | 918,347 | ||||||||||
(3M USD LIBOR + 0.945%) | ||||||||||||||
1,492,000 | 3.509 | (a) | 01/23/29 | 1,364,947 | ||||||||||
(3M USD LIBOR + 1.120%) | ||||||||||||||
518,000 | 4.005 | (a) | 04/23/29 | 481,855 | ||||||||||
(3M USD LIBOR + 1.330%) | ||||||||||||||
450,000 | 4.452 | (a) | 12/05/29 | 427,080 | ||||||||||
(3M USD LIBOR + 1.160%) | ||||||||||||||
114,000 | 3.702 | (a) | 05/06/30 | 103,129 | ||||||||||
(SOFR + 1.510%) | ||||||||||||||
692,000 | 2.739 | (a) | 10/15/30 | 583,077 | ||||||||||
(3M U.S. T-Bill MMY + 3.790%) | ||||||||||||||
400,000 | 4.493 | (a) | 03/24/31 | 377,782 | ||||||||||
(SOFR + 2.040%) | ||||||||||||||
1,130,000 | 2.522 | (a) | 04/22/31 | 937,021 | ||||||||||
(SOFR + 2.515%) | ||||||||||||||
422,000 | 2.956 | (a) | 05/13/31 | 354,984 | ||||||||||
(3M U.S. T-Bill MMY + 1.105%) | ||||||||||||||
80,000 | 1.764 | (a) | 11/19/31 | 61,653 | ||||||||||
(SOFR + 1.065%) | ||||||||||||||
752,000 | 1.953 | (a) | 02/04/32 | 584,189 | ||||||||||
(SOFR + 1.250%) | ||||||||||||||
1,104,000 | 2.580 | (a) | 04/22/32 | 898,466 | ||||||||||
(SOFR + 1.180%) | ||||||||||||||
1,067,000 | 2.545 | (a) | 11/08/32 | 855,202 | ||||||||||
(SOFR + 1.260%) | ||||||||||||||
600,000 | 2.963 | (a) | 01/25/33 | 496,665 | ||||||||||
582,000 | 6.400 | 05/15/38 | 638,132 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) | ||||||||||||||
(3M USD LIBOR + 1.360%) | ||||||||||||||
485,000 | 3.882 | %(a) | 07/24/38 | 404,519 | ||||||||||
147,000 | 5.500 | 10/15/40 | 148,929 | |||||||||||
(SOFR + 2.460%) | ||||||||||||||
80,000 | 3.109 | (a) | 04/22/41 | 59,153 | ||||||||||
126,000 | 5.600 | 07/15/41 | 128,794 | |||||||||||
370,000 | 5.400 | 01/06/42 | 367,961 | |||||||||||
(SOFR + 1.460%) | ||||||||||||||
100,000 | 3.157 | (a) | 04/22/42 | 73,913 | ||||||||||
10,000 | 5.625 | 08/16/43 | 9,984 | |||||||||||
480,000 | 4.850 | 02/01/44 | 450,026 | |||||||||||
680,000 | 4.950 | 06/01/45 | 628,396 | |||||||||||
(3M USD LIBOR + 1.580%) | ||||||||||||||
534,000 | 4.260 | (a) | 02/22/48 | 456,363 | ||||||||||
(3M USD LIBOR + 1.460%) | ||||||||||||||
304,000 | 4.032 | (a) | 07/24/48 | 249,190 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
706,000 | 3.964 | (a) | 11/15/48 | 573,258 | ||||||||||
(3M USD LIBOR + 1.220%) | ||||||||||||||
140,000 | 3.897 | (a) | 01/23/49 | 111,800 | ||||||||||
(SOFR + 2.440%) | ||||||||||||||
368,000 | 3.109 | (a) | 04/22/51 | 251,881 | ||||||||||
(SOFR + 1.580%) | ||||||||||||||
570,000 | 3.328 | (a) | 04/22/52 | 405,498 | ||||||||||
KeyBank NA | ||||||||||||||
300,000 | 4.900 | 08/08/32 | 282,418 | |||||||||||
KeyCorp, MTN | ||||||||||||||
530,000 | 2.250 | 04/06/27 | 472,740 | |||||||||||
516,000 | 4.100 | 04/30/28 | 490,673 | |||||||||||
274,000 | 2.550 | 10/01/29 | 232,282 | |||||||||||
Morgan Stanley | ||||||||||||||
(SOFR + 0.525%) | ||||||||||||||
150,000 | 0.790 | (a) | 05/30/25 | 140,244 | ||||||||||
640,000 | 5.000 | 11/24/25 | 632,942 | |||||||||||
(SOFR + 0.720%) | ||||||||||||||
500,000 | 0.985 | (a) | 12/10/26 | 439,558 | ||||||||||
328,000 | 3.625 | 01/20/27 | 309,879 | |||||||||||
862,000 | 3.950 | 04/23/27 | 815,169 | |||||||||||
(SOFR + 1.000%) | ||||||||||||||
1,500,000 | 2.475 | (a) | 01/21/28 | 1,337,223 | ||||||||||
(3M USD LIBOR + 1.340%) | ||||||||||||||
85,000 | 3.591 | (a) | 07/22/28 | 78,652 | ||||||||||
(SOFR + 2.240%) | ||||||||||||||
300,000 | 6.296 | (a) | 10/18/28 | 308,665 | ||||||||||
120,000 | 7.250 | 04/01/32 | 136,256 | |||||||||||
(US 5 Year CMT T-Note + 2.430%) | ||||||||||||||
200,000 | 5.948 | (a) | 01/19/38 | 195,648 | ||||||||||
(3M USD LIBOR + 1.455%) | ||||||||||||||
68,000 | 3.971 | (a) | 07/22/38 | 57,541 | ||||||||||
(SOFR + 1.485%) | ||||||||||||||
290,000 | 3.217 | (a) | 04/22/42 | 217,190 | ||||||||||
758,000 | 6.375 | 07/24/42 | 837,690 | |||||||||||
528,000 | 4.300 | 01/27/45 | 455,726 | |||||||||||
690,000 | 4.375 | 01/22/47 | 605,643 | |||||||||||
Morgan Stanley, Series F | ||||||||||||||
885,000 | 3.875 | 04/29/24 | 869,786 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Morgan Stanley, GMTN | ||||||||||||||
$ | 125,000 | 3.700 | % | 10/23/24 | $ | 121,823 | ||||||||
427,000 | 4.000 | 07/23/25 | 417,020 | |||||||||||
610,000 | 3.875 | 01/27/26 | 588,064 | |||||||||||
854,000 | 4.350 | 09/08/26 | 819,697 | |||||||||||
(3M USD LIBOR + 1.628%) | ||||||||||||||
960,000 | 4.431 | (a) | 01/23/30 | 904,513 | ||||||||||
(SOFR + 1.143%) | ||||||||||||||
1,613,000 | 2.699 | (a) | 01/22/31 | 1,350,976 | ||||||||||
(SOFR + 1.178%) | ||||||||||||||
350,000 | 2.239 | (a) | 07/21/32 | 272,814 | ||||||||||
(SOFR + 4.840%) | ||||||||||||||
629,000 | 5.597 | (a) | 03/24/51 | 653,551 | ||||||||||
Morgan Stanley(a), Series I | ||||||||||||||
(SOFR + 0.745%) | ||||||||||||||
770,000 | 0.864 | 10/21/25 | 710,872 | |||||||||||
Morgan Stanley, MTN | ||||||||||||||
(SOFR + 1.152%) | ||||||||||||||
850,000 | 2.720 | (a) | 07/22/25 | 815,760 | ||||||||||
(SOFR + 0.560%) | ||||||||||||||
576,000 | 1.164 | (a) | 10/21/25 | 534,138 | ||||||||||
(SOFR + 0.940%) | ||||||||||||||
200,000 | 2.630 | (a) | 02/18/26 | 188,772 | ||||||||||
950,000 | 3.125 | 07/27/26 | 884,066 | |||||||||||
(SOFR + 3.120%) | ||||||||||||||
380,000 | 3.622 | (a) | 04/01/31 | 336,771 | ||||||||||
(SOFR + 1.034%) | ||||||||||||||
841,000 | 1.794 | (a) | 02/13/32 | 640,814 | ||||||||||
(SOFR + 1.020%) | ||||||||||||||
425,000 | 1.928 | (a) | 04/28/32 | 326,119 | ||||||||||
(SOFR + 1.200%) | ||||||||||||||
1,000,000 | 2.511 | (a) | 10/20/32 | 795,098 | ||||||||||
(SOFR + 1.430%) | ||||||||||||||
500,000 | 2.802 | (a) | 01/25/52 | 323,013 | ||||||||||
Northern Trust Corp. | ||||||||||||||
300,000 | 6.125 | 11/02/32 | 317,138 | |||||||||||
PNC Bank NA | ||||||||||||||
1,150,000 | 3.100 | 10/25/27 | 1,071,282 | |||||||||||
260,000 | 2.700 | 10/22/29 | 221,498 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
600,000 | 3.900 | 04/29/24 | 590,707 | |||||||||||
568,000 | 2.600 | 07/23/26 | 524,013 | |||||||||||
290,000 | 3.150 | 05/19/27 | 270,780 | |||||||||||
(SOFR + 1.620%) | ||||||||||||||
300,000 | 5.354 | (a) | 12/02/28 | 301,175 | ||||||||||
100,000 | 3.450 | 04/23/29 | 91,916 | |||||||||||
410,000 | 2.550 | 01/22/30 | 348,873 | |||||||||||
(SOFR + 0.979%) | ||||||||||||||
500,000 | 2.307 | (a) | 04/23/32 | 407,653 | ||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
1,310,000 | 3.500 | 06/07/24 | 1,273,814 | |||||||||||
500,000 | 3.450 | 06/02/25 | 475,408 | |||||||||||
(SOFR + 1.249%) | ||||||||||||||
504,000 | 2.490 | (a) | 01/06/28 | 438,514 | ||||||||||
State Street Corp. | ||||||||||||||
40,000 | 3.550 | 08/18/25 | 38,558 | |||||||||||
160,000 | 2.650 | 05/19/26 | 149,636 | |||||||||||
100,000 | 2.200 | 03/03/31 | 80,356 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Synchrony Financial | ||||||||||||||
$ | 770,000 | 4.250 | % | 08/15/24 | $ | 751,901 | ||||||||
392,000 | 4.500 | 07/23/25 | 377,728 | |||||||||||
724,000 | 3.950 | 12/01/27 | 657,257 | |||||||||||
Truist Bank | ||||||||||||||
594,000 | 3.200 | 04/01/24 | 580,695 | |||||||||||
500,000 | 1.500 | 03/10/25 | 464,660 | |||||||||||
550,000 | 2.250 | 03/11/30 | 453,786 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
250,000 | 2.500 | 08/01/24 | 239,811 | |||||||||||
605,000 | 2.850 | 10/26/24 | 584,330 | |||||||||||
280,000 | 3.700 | 06/05/25 | 271,005 | |||||||||||
150,000 | 1.200 | 08/05/25 | 136,340 | |||||||||||
(SOFR + 0.609%) | ||||||||||||||
550,000 | 1.267 | (a) | 03/02/27 | 489,201 | ||||||||||
750,000 | 1.950 | 06/05/30 | 605,844 | |||||||||||
US Bancorp | ||||||||||||||
80,000 | 2.400 | 07/30/24 | 76,868 | |||||||||||
250,000 | 1.450 | 05/12/25 | 230,461 | |||||||||||
(US 5 Year CMT T-Note + 0.950%) | ||||||||||||||
300,000 | 2.491 | (a) | 11/03/36 | 231,586 | ||||||||||
US Bancorp, MTN | ||||||||||||||
290,000 | 3.600 | 09/11/24 | 283,454 | |||||||||||
325,000 | 3.100 | 04/27/26 | 305,340 | |||||||||||
(SOFR + 0.730%) | ||||||||||||||
300,000 | 2.215 | (a) | 01/27/28 | 269,894 | ||||||||||
755,000 | 3.900 | 04/26/28 | 720,571 | |||||||||||
387,000 | 3.000 | 07/30/29 | 340,865 | |||||||||||
300,000 | 1.375 | 07/22/30 | 232,378 | |||||||||||
US Bancorp, Series V | ||||||||||||||
100,000 | 2.375 | 07/22/26 | 91,598 | |||||||||||
US Bancorp, Series X | ||||||||||||||
535,000 | 3.150 | 04/27/27 | 497,909 | |||||||||||
US Bank NA | ||||||||||||||
550,000 | 2.050 | 01/21/25 | 518,485 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
926,000 | 3.000 | 04/22/26 | 864,681 | |||||||||||
(SOFR + 2.000%) | ||||||||||||||
600,000 | 2.188 | (a) | 04/30/26 | 557,946 | ||||||||||
1,234,000 | 3.000 | 10/23/26 | 1,140,535 | |||||||||||
(SOFR + 2.530%) | ||||||||||||||
1,119,000 | 3.068 | (a) | 04/30/41 | 814,373 | ||||||||||
550,000 | 5.375 | 11/02/43 | 520,675 | |||||||||||
492,000 | 3.900 | 05/01/45 | 391,042 | |||||||||||
Wells Fargo & Co., GMTN | ||||||||||||||
250,000 | 4.300 | 07/22/27 | 241,449 | |||||||||||
404,000 | 4.900 | 11/17/45 | 358,188 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
50,000 | 3.300 | 09/09/24 | 48,585 | |||||||||||
460,000 | 3.000 | 02/19/25 | 440,561 | |||||||||||
272,000 | 3.550 | 09/29/25 | 259,964 | |||||||||||
(SOFR + 1.087%) | ||||||||||||||
500,000 | 2.406 | (a) | 10/30/25 | 474,740 | ||||||||||
(3M USD LIBOR + 0.750%) | ||||||||||||||
530,000 | 2.164 | (a) | 02/11/26 | 495,872 | ||||||||||
(SOFR + 1.320%) | ||||||||||||||
150,000 | 3.908 | (a) | 04/25/26 | 144,507 | ||||||||||
250,000 | 4.100 | 06/03/26 | 239,771 | |||||||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo & Co., MTN – (continued) | ||||||||||||||
(SOFR + 1.560%) | ||||||||||||||
$ | 200,000 | 4.540 | %(a) | 08/15/26 | $ | 195,498 | ||||||||
(3M USD LIBOR + 1.170%) | ||||||||||||||
320,000 | 3.196 | (a) | 06/17/27 | 297,520 | ||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
168,000 | 3.584 | (a) | 05/22/28 | 155,477 | ||||||||||
(SOFR + 2.100%) | ||||||||||||||
955,000 | 2.393 | (a) | 06/02/28 | 843,480 | ||||||||||
775,000 | 4.150 | 01/24/29 | 725,279 | |||||||||||
(3M U.S. T-Bill MMY + 1.432%) | ||||||||||||||
1,296,000 | 2.879 | (a) | 10/30/30 | 1,106,003 | ||||||||||
(SOFR + 1.262%) | ||||||||||||||
600,000 | 2.572 | (a) | 02/11/31 | 500,383 | ||||||||||
(SOFR + 4.032%) | ||||||||||||||
200,000 | 4.478 | (a) | 04/04/31 | 188,368 | ||||||||||
(SOFR + 1.500%) | ||||||||||||||
750,000 | 3.350 | (a) | 03/02/33 | 634,499 | ||||||||||
(SOFR + 2.100%) | ||||||||||||||
100,000 | 4.897 | (a) | 07/25/33 | 95,691 | ||||||||||
293,000 | 4.400 | 06/14/46 | 239,864 | |||||||||||
400,000 | 4.750 | 12/07/46 | 344,147 | |||||||||||
(SOFR + 4.502%) | ||||||||||||||
1,192,000 | 5.013 | (a) | 04/04/51 | 1,099,709 | ||||||||||
Wells Fargo Bank NA | ||||||||||||||
400,000 | 6.600 | 01/15/38 | 436,968 | |||||||||||
|
| |||||||||||||
122,279,881 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.8% | ||||||||||||||
Air Products and Chemicals, Inc. | ||||||||||||||
300,000 | 2.700 | 05/15/40 | 221,275 | |||||||||||
Celanese US Holdings LLC | ||||||||||||||
390,000 | 5.900 | 07/05/24 | 389,817 | |||||||||||
CF Industries, Inc. | ||||||||||||||
220,000 | 4.950 | 06/01/43 | 184,800 | |||||||||||
375,000 | 5.375 | 03/15/44 | 330,985 | |||||||||||
Dow Chemical Co. (The) | ||||||||||||||
440,000 | 7.375 | 11/01/29 | 489,130 | |||||||||||
200,000 | 4.375 | 11/15/42 | 168,795 | |||||||||||
450,000 | 5.550 | 11/30/48 | 429,858 | |||||||||||
200,000 | 3.600 | 11/15/50 | 144,361 | |||||||||||
DuPont de Nemours, Inc. | ||||||||||||||
500,000 | 4.493 | 11/15/25 | 492,171 | |||||||||||
400,000 | 5.319 | 11/15/38 | 389,275 | |||||||||||
LYB International Finance BV | ||||||||||||||
753,000 | 4.875 | 03/15/44 | 637,808 | |||||||||||
LYB International Finance III LLC | ||||||||||||||
240,000 | 4.200 | 10/15/49 | 181,032 | |||||||||||
350,000 | 4.200 | 05/01/50 | 265,189 | |||||||||||
200,000 | 3.625 | 04/01/51 | 137,779 | |||||||||||
LyondellBasell Industries NV | ||||||||||||||
200,000 | 4.625 | 02/26/55 | 159,593 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
288,000 | 3.450 | 06/01/27 | 270,215 | |||||||||||
300,000 | 4.500 | 06/01/47 | 251,007 | |||||||||||
|
| |||||||||||||
5,143,090 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – 0.1% | ||||||||||||||
Fox Corp. | ||||||||||||||
690,000 | 4.709 | 01/25/29 | 657,859 | |||||||||||
280,000 | 5.476 | 01/25/39 | 258,330 | |||||||||||
|
| |||||||||||||
916,189 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.5% | ||||||||||||||
BlackRock, Inc. | ||||||||||||||
70,000 | 3.500 | 03/18/24 | 68,710 | |||||||||||
200,000 | 2.400 | 04/30/30 | 169,957 | |||||||||||
200,000 | 1.900 | 01/28/31 | 161,960 | |||||||||||
150,000 | 2.100 | 02/25/32 | 120,045 | |||||||||||
CME Group, Inc. | ||||||||||||||
100,000 | 5.300 | 09/15/43 | 102,311 | |||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
500,000 | 2.100 | 06/15/30 | 406,812 | |||||||||||
830,000 | 1.850 | 09/15/32 | 622,429 | |||||||||||
360,000 | 4.600 | 03/15/33 | 343,841 | |||||||||||
566,000 | 3.000 | 06/15/50 | 386,466 | |||||||||||
392,000 | 4.950 | 06/15/52 | 371,908 | |||||||||||
416,000 | 3.000 | 09/15/60 | 264,034 | |||||||||||
Jefferies Financial Group, Inc. | ||||||||||||||
125,000 | 4.150 | 01/23/30 | 113,298 | |||||||||||
|
| |||||||||||||
3,131,771 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.0% | ||||||||||||||
Stanley Black & Decker, Inc. | ||||||||||||||
100,000 | 2.750 | 11/15/50 | 60,291 | |||||||||||
|
| |||||||||||||
Capital Goods – 1.5% | ||||||||||||||
3M Co. | ||||||||||||||
500,000 | 2.375 | 08/26/29 | 418,987 | |||||||||||
Berry Global, Inc. | ||||||||||||||
900,000 | 0.950 | 02/15/24 | 859,932 | |||||||||||
430,000 | 1.570 | 01/15/26 | 383,237 | |||||||||||
Carrier Global Corp. | ||||||||||||||
40,000 | 2.493 | 02/15/27 | 36,060 | |||||||||||
565,000 | 2.722 | 02/15/30 | 478,115 | |||||||||||
307,000 | 2.700 | 02/15/31 | 254,050 | |||||||||||
438,000 | 3.377 | 04/05/40 | 329,248 | |||||||||||
250,000 | 3.577 | 04/05/50 | 180,489 | |||||||||||
Caterpillar, Inc. | ||||||||||||||
155,000 | 3.400 | 05/15/24 | 151,935 | |||||||||||
40,000 | 2.600 | 04/09/30 | 34,785 | |||||||||||
80,000 | 5.200 | 05/27/41 | 81,846 | |||||||||||
88,000 | 3.803 | 08/15/42 | 75,208 | |||||||||||
246,000 | 3.250 | 09/19/49 | 187,298 | |||||||||||
Deere & Co. | ||||||||||||||
266,000 | 3.900 | 06/09/42 | 235,260 | |||||||||||
190,000 | 3.750 | 04/15/50 | 162,658 | |||||||||||
Emerson Electric Co. | ||||||||||||||
180,000 | 2.800 | 12/21/51 | 115,864 | |||||||||||
General Electric Co., MTN | ||||||||||||||
135,000 | 6.750 | 03/15/32 | 150,066 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
112,000 | 2.300 | 08/15/24 | 107,470 | |||||||||||
865,000 | 2.500 | 11/01/26 | 799,822 | |||||||||||
80,000 | 2.700 | 08/15/29 | 70,205 | |||||||||||
290,000 | 1.750 | 09/01/31 | 229,106 | |||||||||||
300,000 | 5.000 | 02/15/33 | 303,041 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Illinois Tool Works, Inc. | ||||||||||||||
$ | 321,000 | 2.650 | % | 11/15/26 | $ | 297,589 | ||||||||
290,000 | 3.900 | 09/01/42 | 251,573 | |||||||||||
Otis Worldwide Corp. | ||||||||||||||
904,000 | 2.565 | 02/15/30 | 761,921 | |||||||||||
Parker-Hannifin Corp. | ||||||||||||||
300,000 | 3.650 | 06/15/24 | 293,337 | |||||||||||
Regal Rexnord Corp. | ||||||||||||||
350,000 | 6.050 | (b) | 02/15/26 | 347,210 | ||||||||||
350,000 | 6.050 | (b) | 04/15/28 | 342,904 | ||||||||||
100,000 | 6.300 | (b) | 02/15/30 | 98,637 | ||||||||||
200,000 | 6.400 | (b) | 04/15/33 | 196,705 | ||||||||||
Republic Services, Inc. | ||||||||||||||
390,000 | 3.950 | 05/15/28 | 369,547 | |||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||
326,000 | 3.450 | 11/15/26 | 302,182 | |||||||||||
340,000 | 4.950 | 09/15/28 | 328,559 | |||||||||||
|
| |||||||||||||
9,234,846 | ||||||||||||||
|
| |||||||||||||
Communications – 2.9% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
798,000 | 4.908 | 07/23/25 | 781,056 | |||||||||||
261,000 | 3.750 | 02/15/28 | 235,354 | |||||||||||
414,000 | 4.200 | 03/15/28 | 380,028 | |||||||||||
250,000 | 2.250 | 01/15/29 | 201,218 | |||||||||||
128,000 | 5.050 | 03/30/29 | 119,609 | |||||||||||
370,000 | 2.800 | 04/01/31 | 290,565 | |||||||||||
425,000 | 6.384 | 10/23/35 | 408,087 | |||||||||||
490,000 | 5.375 | 04/01/38 | 411,495 | |||||||||||
300,000 | 3.500 | 06/01/41 | 196,418 | |||||||||||
590,000 | 6.484 | 10/23/45 | 539,679 | |||||||||||
502,000 | 5.375 | 05/01/47 | 400,830 | |||||||||||
462,000 | 5.750 | 04/01/48 | 385,590 | |||||||||||
430,000 | 5.125 | 07/01/49 | 333,442 | |||||||||||
350,000 | 4.800 | 03/01/50 | 257,144 | |||||||||||
820,000 | 3.700 | 04/01/51 | 501,228 | |||||||||||
250,000 | 3.900 | 06/01/52 | 157,983 | |||||||||||
354,000 | 3.850 | 04/01/61 | 208,935 | |||||||||||
254,000 | 4.400 | 12/01/61 | 166,130 | |||||||||||
282,000 | 3.950 | 06/30/62 | 169,716 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
548,000 | 4.500 | 02/01/24 | 541,593 | |||||||||||
Comcast Corp. | ||||||||||||||
500,000 | 4.650 | 02/15/33 | 482,853 | |||||||||||
300,000 | 7.050 | 03/15/33 | 341,731 | |||||||||||
300,000 | 4.000 | 03/01/48 | 241,885 | |||||||||||
Netflix, Inc. | ||||||||||||||
400,000 | 5.875 | 02/15/25 | 404,000 | |||||||||||
325,000 | 4.375 | 11/15/26 | 314,437 | |||||||||||
690,000 | 5.875 | 11/15/28 | 701,213 | |||||||||||
227,000 | 6.375 | 05/15/29 | 236,080 | |||||||||||
Omnicom Group, Inc. | ||||||||||||||
125,000 | 2.600 | 08/01/31 | 102,740 | |||||||||||
Omnicom Group, Inc. / Omnicom Capital, Inc. | ||||||||||||||
362,000 | 3.650 | 11/01/24 | 351,667 | |||||||||||
850,000 | 3.600 | 04/15/26 | 809,494 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Paramount Global | ||||||||||||||
120,000 | 7.875 | 07/30/30 | 128,835 | |||||||||||
251,000 | 4.950 | 01/15/31 | 224,681 | |||||||||||
360,000 | 4.200 | 05/19/32 | 296,244 | |||||||||||
250,000 | 6.875 | 04/30/36 | 247,660 | |||||||||||
441,000 | 5.850 | 09/01/43 | 371,599 | |||||||||||
200,000 | 4.950 | 05/19/50 | 147,926 | |||||||||||
Time Warner Cable Enterprises LLC | ||||||||||||||
216,000 | 8.375 | 07/15/33 | 244,553 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
70,000 | 6.550 | 05/01/37 | 67,114 | |||||||||||
304,000 | 7.300 | 07/01/38 | 305,359 | |||||||||||
322,000 | 6.750 | 06/15/39 | 309,862 | |||||||||||
180,000 | 5.875 | 11/15/40 | 160,885 | |||||||||||
381,000 | 5.500 | 09/01/41 | 321,076 | |||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
190,000 | 4.125 | 06/01/44 | 163,777 | |||||||||||
TWDC Enterprises 18 Corp., MTN | ||||||||||||||
705,000 | 1.850 | 07/30/26 | 634,548 | |||||||||||
202,000 | 2.950 | 06/15/27 | 187,180 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
632,000 | 1.750 | 08/30/24 | 600,800 | |||||||||||
202,000 | 2.200 | 01/13/28 | 179,447 | |||||||||||
330,000 | 2.000 | 09/01/29 | 276,044 | |||||||||||
498,000 | 3.800 | 03/22/30 | 463,133 | |||||||||||
1,180,000 | 2.650 | 01/13/31 | 1,004,375 | |||||||||||
75,000 | 6.400 | 12/15/35 | 82,303 | |||||||||||
100,000 | 6.650 | 11/15/37 | 113,023 | |||||||||||
250,000 | 4.625 | 03/23/40 | 234,551 | |||||||||||
300,000 | 2.750 | 09/01/49 | 200,362 | |||||||||||
270,000 | 4.700 | 03/23/50 | 253,128 | |||||||||||
383,000 | 3.800 | 05/13/60 | 299,680 | |||||||||||
|
| |||||||||||||
18,190,345 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 6.9% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
250,000 | 2.730 | 04/13/24 | 243,645 | |||||||||||
732,000 | 0.450 | 05/12/24 | 692,978 | |||||||||||
212,000 | 2.800 | 08/22/24 | 205,274 | |||||||||||
379,000 | 3.800 | 12/05/24 | 371,072 | |||||||||||
70,000 | 0.800 | 06/03/25 | 63,866 | |||||||||||
18,000 | 5.200 | 12/03/25 | 18,137 | |||||||||||
200,000 | 1.200 | 06/03/27 | 172,647 | |||||||||||
780,000 | 3.150 | 08/22/27 | 728,690 | |||||||||||
575,000 | 1.500 | 06/03/30 | 461,208 | |||||||||||
600,000 | 3.600 | 04/13/32 | 549,138 | |||||||||||
420,000 | 4.800 | 12/05/34 | 418,974 | |||||||||||
715,000 | 3.875 | 08/22/37 | 632,608 | |||||||||||
400,000 | 2.875 | 05/12/41 | 297,657 | |||||||||||
284,000 | 4.950 | 12/05/44 | 279,412 | |||||||||||
731,000 | 4.050 | 08/22/47 | 632,655 | |||||||||||
444,000 | 2.500 | 06/03/50 | 285,605 | |||||||||||
836,000 | 3.100 | 05/12/51 | 600,991 | |||||||||||
482,000 | 4.250 | 08/22/57 | 416,536 | |||||||||||
400,000 | 2.700 | 06/03/60 | 244,620 | |||||||||||
400,000 | 3.250 | 05/12/61 | 278,081 | |||||||||||
500,000 | 4.100 | 04/13/62 | 414,689 | |||||||||||
|
|
42 | 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) | ||||||||||||||
American Honda Finance Corp., MTN | ||||||||||||||
$ | 430,000 | 2.150 | % | 09/10/24 | $ | 409,650 | ||||||||
40,000 | 1.200 | 07/08/25 | 36,513 | |||||||||||
Aptiv PLC | ||||||||||||||
300,000 | 3.100 | 12/01/51 | 180,000 | |||||||||||
Aptiv PLC / Aptiv Corp. | ||||||||||||||
216,000 | 4.150 | 05/01/52 | 157,686 | |||||||||||
Costco Wholesale Corp. | ||||||||||||||
232,000 | 3.000 | 05/18/27 | 217,506 | |||||||||||
200,000 | 1.375 | 06/20/27 | 174,859 | |||||||||||
100,000 | 1.600 | 04/20/30 | 81,713 | |||||||||||
876,000 | 1.750 | 04/20/32 | 691,020 | |||||||||||
Dollar Tree, Inc. | ||||||||||||||
236,000 | 4.200 | 05/15/28 | 224,858 | |||||||||||
eBay, Inc. | ||||||||||||||
500,000 | 3.450 | 08/01/24 | 487,167 | |||||||||||
100,000 | 4.000 | 07/15/42 | 79,417 | |||||||||||
General Motors Co. | ||||||||||||||
500,000 | 6.125 | 10/01/25 | 505,885 | |||||||||||
500,000 | 5.600 | 10/15/32 | 477,893 | |||||||||||
300,000 | 6.600 | 04/01/36 | 301,629 | |||||||||||
300,000 | 5.150 | 04/01/38 | 260,255 | |||||||||||
500,000 | 6.750 | 04/01/46 | 494,091 | |||||||||||
200,000 | 5.400 | 04/01/48 | 167,724 | |||||||||||
550,000 | 5.950 | 04/01/49 | 496,411 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
100,000 | 5.250 | 03/01/26 | 99,033 | |||||||||||
100,000 | 5.000 | 04/09/27 | 97,821 | |||||||||||
600,000 | 2.700 | 08/20/27 | 529,491 | |||||||||||
200,000 | 6.000 | 01/09/28 | 201,546 | |||||||||||
Global Payments, Inc. | ||||||||||||||
500,000 | 2.900 | 11/15/31 | 397,477 | |||||||||||
Home Depot, Inc. (The) | ||||||||||||||
220,000 | 3.350 | 09/15/25 | 211,478 | |||||||||||
556,000 | 3.000 | 04/01/26 | 525,119 | |||||||||||
244,000 | 3.900 | 12/06/28 | 233,447 | |||||||||||
390,000 | 2.950 | 06/15/29 | 348,622 | |||||||||||
400,000 | 1.375 | 03/15/31 | 306,711 | |||||||||||
400,000 | 1.875 | 09/15/31 | 316,176 | |||||||||||
680,000 | 5.875 | 12/16/36 | 729,555 | |||||||||||
460,000 | 3.300 | 04/15/40 | 366,017 | |||||||||||
150,000 | 4.875 | 02/15/44 | 143,073 | |||||||||||
130,000 | 4.400 | 03/15/45 | 115,087 | |||||||||||
300,000 | 4.250 | 04/01/46 | 260,015 | |||||||||||
300,000 | 4.500 | 12/06/48 | 269,777 | |||||||||||
300,000 | 3.125 | 12/15/49 | 212,829 | |||||||||||
300,000 | 3.350 | 04/15/50 | 221,955 | |||||||||||
406,000 | 2.375 | 03/15/51 | 243,745 | |||||||||||
300,000 | 3.500 | 09/15/56 | 223,161 | |||||||||||
Las Vegas Sands Corp. | ||||||||||||||
116,000 | 3.200 | 08/08/24 | 111,644 | |||||||||||
190,000 | 3.500 | 08/18/26 | 173,044 | |||||||||||
170,000 | 3.900 | 08/08/29 | 148,442 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
300,000 | 3.375 | 09/15/25 | 286,045 | |||||||||||
300,000 | 3.650 | 04/05/29 | 274,032 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Lowe’s Cos., Inc. – (continued) | ||||||||||||||
1,678,000 | 4.500 | 04/15/30 | 1,602,467 | |||||||||||
1,026,000 | 1.700 | 10/15/30 | 801,389 | |||||||||||
768,000 | 4.050 | 05/03/47 | 599,767 | |||||||||||
150,000 | 5.625 | 04/15/53 | 143,319 | |||||||||||
150,000 | 5.800 | 09/15/62 | 145,201 | |||||||||||
Marriott International, Inc., Series FF | ||||||||||||||
340,000 | 4.625 | 06/15/30 | 320,442 | |||||||||||
Marriott International, Inc., Series GG | ||||||||||||||
300,000 | 3.500 | 10/15/32 | 254,090 | |||||||||||
Marriott International, Inc., Series R | ||||||||||||||
200,000 | 3.125 | 06/15/26 | 187,127 | |||||||||||
Mastercard, Inc. | ||||||||||||||
90,000 | 2.000 | 03/03/25 | 84,849 | |||||||||||
143,000 | 2.950 | 11/21/26 | 133,899 | |||||||||||
144,000 | 3.300 | 03/26/27 | 136,092 | |||||||||||
132,000 | 2.950 | 06/01/29 | 118,923 | |||||||||||
740,000 | 3.350 | 03/26/30 | 677,219 | |||||||||||
162,000 | 3.650 | 06/01/49 | 133,611 | |||||||||||
400,000 | 3.850 | 03/26/50 | 336,487 | |||||||||||
McDonald’s Corp., MTN | ||||||||||||||
370,000 | 3.700 | 01/30/26 | 357,812 | |||||||||||
304,000 | 3.500 | 03/01/27 | 287,505 | |||||||||||
350,000 | 3.800 | 04/01/28 | 332,179 | |||||||||||
100,000 | 2.625 | 09/01/29 | 86,971 | |||||||||||
282,000 | 2.125 | 03/01/30 | 234,338 | |||||||||||
150,000 | 3.600 | 07/01/30 | 137,160 | |||||||||||
941,000 | 4.700 | 12/09/35 | 888,442 | |||||||||||
150,000 | 4.875 | 12/09/45 | 136,971 | |||||||||||
500,000 | 4.450 | 03/01/47 | 431,568 | |||||||||||
296,000 | 4.450 | 09/01/48 | 257,497 | |||||||||||
122,000 | 4.200 | 04/01/50 | 101,213 | |||||||||||
NIKE, Inc. | ||||||||||||||
80,000 | 2.400 | 03/27/25 | 76,311 | |||||||||||
115,000 | 2.375 | 11/01/26 | 105,872 | |||||||||||
290,000 | 2.750 | 03/27/27 | 268,740 | |||||||||||
300,000 | 2.850 | 03/27/30 | 266,549 | |||||||||||
250,000 | 3.250 | 03/27/40 | 201,133 | |||||||||||
140,000 | 3.875 | 11/01/45 | 119,538 | |||||||||||
340,000 | 3.375 | 03/27/50 | 264,027 | |||||||||||
Starbucks Corp. | ||||||||||||||
2,012,000 | 3.800 | 08/15/25 | 1,952,838 | |||||||||||
100,000 | 4.000 | 11/15/28 | 95,013 | |||||||||||
300,000 | 3.000 | 02/14/32 | 254,607 | |||||||||||
358,000 | 4.450 | 08/15/49 | 305,817 | |||||||||||
290,000 | 3.500 | 11/15/50 | 210,838 | |||||||||||
Target Corp. | ||||||||||||||
700,000 | 2.350 | 02/15/30 | 592,747 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
20,000 | 1.800 | 02/13/25 | 18,725 | |||||||||||
500,000 | 3.000 | 04/01/25 | 478,739 | |||||||||||
1,428,000 | 1.900 | 01/13/27 | 1,276,629 | |||||||||||
200,000 | 3.050 | 03/22/27 | 186,402 | |||||||||||
535,000 | 2.150 | 02/13/30 | 454,507 | |||||||||||
487,000 | 3.375 | 04/01/30 | 445,918 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Visa, Inc. | ||||||||||||||
$ | 536,000 | 3.150 | % | 12/14/25 | $ | 511,983 | ||||||||
100,000 | 1.900 | 04/15/27 | 89,894 | |||||||||||
55,000 | 2.750 | 09/15/27 | 50,900 | |||||||||||
289,000 | 2.050 | 04/15/30 | 244,121 | |||||||||||
980,000 | 4.150 | 12/14/35 | 923,080 | |||||||||||
300,000 | 2.700 | 04/15/40 | 225,154 | |||||||||||
729,000 | 4.300 | 12/14/45 | 659,757 | |||||||||||
40,000 | 3.650 | 09/15/47 | 33,214 | |||||||||||
200,000 | 2.000 | 08/15/50 | 118,380 | |||||||||||
Walmart, Inc. | ||||||||||||||
150,000 | 2.850 | 07/08/24 | 145,609 | |||||||||||
526,000 | 3.700 | 06/26/28 | 503,157 | |||||||||||
250,000 | 1.800 | 09/22/31 | 201,433 | |||||||||||
515,000 | 5.250 | 09/01/35 | 540,702 | |||||||||||
375,000 | 6.500 | 08/15/37 | 437,331 | |||||||||||
528,000 | 4.050 | 06/29/48 | 463,726 | |||||||||||
400,000 | 2.650 | 09/22/51 | 271,189 | |||||||||||
|
| |||||||||||||
42,419,220 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 7.3% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
363,000 | 2.950 | 03/15/25 | 348,754 | |||||||||||
68,000 | 3.750 | 11/30/26 | 65,843 | |||||||||||
138,000 | 4.750 | 11/30/36 | 137,089 | |||||||||||
540,000 | 4.900 | 11/30/46 | 534,049 | |||||||||||
AbbVie, Inc. | ||||||||||||||
100,000 | 2.600 | 11/21/24 | 95,500 | |||||||||||
1,452,000 | 3.800 | 03/15/25 | 1,410,885 | |||||||||||
1,732,000 | 3.600 | 05/14/25 | 1,668,033 | |||||||||||
330,000 | 3.200 | 05/14/26 | 310,645 | |||||||||||
625,000 | 3.200 | 11/21/29 | 553,998 | |||||||||||
425,000 | 4.550 | 03/15/35 | 396,626 | |||||||||||
1,006,000 | 4.050 | 11/21/39 | 854,059 | |||||||||||
300,000 | 4.850 | 06/15/44 | 273,028 | |||||||||||
379,000 | 4.750 | 03/15/45 | 341,039 | |||||||||||
500,000 | 4.700 | 05/14/45 | 443,870 | |||||||||||
304,000 | 4.450 | 05/14/46 | 260,761 | |||||||||||
320,000 | 4.875 | 11/14/48 | 294,200 | |||||||||||
950,000 | 4.250 | 11/21/49 | 794,460 | |||||||||||
Altria Group, Inc. | ||||||||||||||
80,000 | 4.000 | 01/31/24 | 79,034 | |||||||||||
800,000 | 2.350 | 05/06/25 | 750,220 | |||||||||||
780,000 | 4.800 | 02/14/29 | 748,042 | |||||||||||
370,000 | 2.450 | 02/04/32 | 279,072 | |||||||||||
100,000 | 5.800 | 02/14/39 | 92,035 | |||||||||||
270,000 | 3.400 | 02/04/41 | 180,204 | |||||||||||
220,000 | 4.250 | 08/09/42 | 165,252 | |||||||||||
310,000 | 5.375 | 01/31/44 | 270,063 | |||||||||||
393,000 | 3.875 | 09/16/46 | 262,548 | |||||||||||
360,000 | 5.950 | 02/14/49 | 321,281 | |||||||||||
70,000 | 3.700 | 02/04/51 | 44,439 | |||||||||||
150,000 | 4.000 | 02/04/61 | 99,182 | |||||||||||
Amgen, Inc. | ||||||||||||||
500,000 | 2.200 | 02/21/27 | 448,765 | |||||||||||
300,000 | 3.150 | 02/21/40 | 220,138 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Amgen, Inc. – (continued) | ||||||||||||||
610,000 | 4.563 | 06/15/48 | 523,546 | |||||||||||
712,000 | 3.375 | 02/21/50 | 496,009 | |||||||||||
900,000 | 4.663 | 06/15/51 | 775,164 | |||||||||||
334,000 | 2.770 | 09/01/53 | 201,912 | |||||||||||
480,000 | 4.400 | 02/22/62 | 385,740 | |||||||||||
Biogen, Inc. | ||||||||||||||
372,000 | 5.200 | 09/15/45 | 364,131 | |||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
1,922,000 | 0.750 | 11/13/25 | 1,728,788 | |||||||||||
430,000 | 4.550 | 02/20/48 | 392,695 | |||||||||||
810,000 | 4.250 | 10/26/49 | 699,920 | |||||||||||
600,000 | 2.550 | 11/13/50 | 381,711 | |||||||||||
500,000 | 3.700 | 03/15/52 | 393,217 | |||||||||||
Centene Corp. | ||||||||||||||
1,180,000 | 4.250 | 12/15/27 | 1,098,816 | |||||||||||
1,000,000 | 4.625 | 12/15/29 | 920,000 | |||||||||||
550,000 | 3.000 | 10/15/30 | 449,625 | |||||||||||
698,000 | 2.500 | 03/01/31 | 548,176 | |||||||||||
Eli Lilly & Co. | ||||||||||||||
190,000 | 3.950 | 03/15/49 | 167,983 | |||||||||||
300,000 | 2.250 | 05/15/50 | 189,612 | |||||||||||
292,000 | 2.500 | 09/15/60 | 178,440 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
420,000 | 3.700 | 04/01/24 | 412,681 | |||||||||||
500,000 | 2.950 | 03/01/27 | 461,738 | |||||||||||
700,000 | 4.000 | 09/01/36 | 618,766 | |||||||||||
300,000 | 4.800 | 04/01/44 | 274,947 | |||||||||||
300,000 | 4.750 | 03/01/46 | 272,265 | |||||||||||
600,000 | 4.150 | 03/01/47 | 500,898 | |||||||||||
500,000 | 2.800 | 10/01/50 | 325,277 | |||||||||||
Johnson & Johnson | ||||||||||||||
110,200 | 2.625 | 01/15/25 | 105,885 | |||||||||||
100,000 | 0.550 | 09/01/25 | 90,727 | |||||||||||
98,000 | 2.450 | 03/01/26 | 91,813 | |||||||||||
83,000 | 2.950 | 03/03/27 | 78,144 | |||||||||||
212,000 | 0.950 | 09/01/27 | 181,470 | |||||||||||
250,000 | 2.900 | 01/15/28 | 232,944 | |||||||||||
50,000 | 1.300 | 09/01/30 | 40,223 | |||||||||||
190,000 | 4.375 | 12/05/33 | 187,891 | |||||||||||
995,000 | 3.550 | 03/01/36 | 879,895 | |||||||||||
872,000 | 3.625 | 03/03/37 | 769,356 | |||||||||||
250,000 | 5.950 | 08/15/37 | 277,776 | |||||||||||
245,000 | 3.400 | 01/15/38 | 208,880 | |||||||||||
46,000 | 2.100 | 09/01/40 | 31,576 | |||||||||||
208,000 | 3.700 | 03/01/46 | 175,072 | |||||||||||
218,000 | 3.750 | 03/03/47 | 186,085 | |||||||||||
125,000 | 2.450 | 09/01/60 | 76,665 | |||||||||||
Medtronic, Inc. | ||||||||||||||
580,000 | 4.375 | 03/15/35 | 550,172 | |||||||||||
385,000 | 4.625 | 03/15/45 | 360,837 | |||||||||||
Merck & Co., Inc. | ||||||||||||||
1,300,000 | 2.900 | 03/07/24 | 1,270,293 | |||||||||||
128,000 | 2.750 | 02/10/25 | 122,786 | |||||||||||
102,000 | 0.750 | 02/24/26 | 90,289 | |||||||||||
240,000 | 3.400 | 03/07/29 | 222,924 | |||||||||||
|
|
44 | 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) | ||||||||||||||
Merck & Co., Inc. – (continued) | ||||||||||||||
$ | 500,000 | 2.150 | % | 12/10/31 | $ | 407,648 | ||||||||
100,000 | 3.900 | 03/07/39 | 87,798 | |||||||||||
250,000 | 4.150 | 05/18/43 | 223,147 | |||||||||||
540,000 | 3.700 | 02/10/45 | 442,945 | |||||||||||
300,000 | 4.000 | 03/07/49 | 257,196 | |||||||||||
960,000 | 2.450 | 06/24/50 | 613,841 | |||||||||||
Mylan, Inc. | ||||||||||||||
195,000 | 4.550 | 04/15/28 | 182,371 | |||||||||||
300,000 | 5.200 | 04/15/48 | 231,302 | |||||||||||
Pfizer, Inc. | ||||||||||||||
100,000 | 2.950 | 03/15/24 | 97,745 | |||||||||||
50,000 | 3.400 | 05/15/24 | 48,994 | |||||||||||
92,000 | 0.800 | 05/28/25 | 84,074 | |||||||||||
276,000 | 3.450 | 03/15/29 | 258,201 | |||||||||||
898,000 | 2.625 | 04/01/30 | 783,995 | |||||||||||
400,000 | 3.900 | 03/15/39 | 350,565 | |||||||||||
425,000 | 7.200 | 03/15/39 | 517,208 | |||||||||||
260,000 | 2.550 | 05/28/40 | 187,434 | |||||||||||
100,000 | 4.300 | 06/15/43 | 91,330 | |||||||||||
110,000 | 4.400 | 05/15/44 | 101,458 | |||||||||||
300,000 | 4.125 | 12/15/46 | 264,302 | |||||||||||
352,000 | 4.200 | 09/15/48 | 315,412 | |||||||||||
100,000 | 4.000 | 03/15/49 | 86,490 | |||||||||||
594,000 | 2.700 | 05/28/50 | 407,183 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
50,000 | 3.250 | 11/10/24 | 48,415 | |||||||||||
1,190,000 | 3.375 | 08/11/25 | 1,141,171 | |||||||||||
500,000 | 5.000 | 11/17/25 | 497,378 | |||||||||||
394,000 | 2.750 | 02/25/26 | 367,616 | |||||||||||
500,000 | 5.625 | 11/17/29 | 506,384 | |||||||||||
200,000 | 2.100 | 05/01/30 | 161,492 | |||||||||||
274,000 | 6.375 | 05/16/38 | 289,197 | |||||||||||
200,000 | 4.375 | 11/15/41 | 165,243 | |||||||||||
110,000 | 3.875 | 08/21/42 | 84,009 | |||||||||||
241,000 | 4.125 | 03/04/43 | 190,262 | |||||||||||
150,000 | 4.875 | 11/15/43 | 131,383 | |||||||||||
145,000 | 4.250 | 11/10/44 | 115,563 | |||||||||||
Regeneron Pharmaceuticals, Inc. | ||||||||||||||
346,000 | 2.800 | 09/15/50 | 216,702 | |||||||||||
Stryker Corp. | ||||||||||||||
220,000 | 4.625 | 03/15/46 | 196,530 | |||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||
640,000 | 3.950 | 06/15/26 | 598,735 | |||||||||||
200,000 | 5.250 | 06/15/46 | 156,000 | |||||||||||
Viatris, Inc. | ||||||||||||||
423,000 | 4.000 | 06/22/50 | 272,194 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
574,000 | 3.800 | 11/18/24 | 558,606 | |||||||||||
450,000 | 3.450 | 06/01/26 | 422,228 | |||||||||||
106,000 | 4.800 | 11/18/44 | 88,482 | |||||||||||
50,000 | 4.100 | 04/15/50 | 36,564 | |||||||||||
Wyeth LLC | ||||||||||||||
388,000 | 6.500 | 02/01/34 | 432,305 | |||||||||||
300,000 | 5.950 | 04/01/37 | 321,698 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Zoetis, Inc. | ||||||||||||||
158,000 | 3.000 | 09/12/27 | 145,845 | |||||||||||
410,000 | 4.700 | 02/01/43 | 369,860 | |||||||||||
|
| |||||||||||||
45,291,375 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.4% | ||||||||||||||
GSK Consumer Healthcare Capital US LLC | ||||||||||||||
300,000 | 3.625 | 03/24/32 | 261,610 | |||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
80,000 | 0.550 | 10/29/25 | 71,760 | |||||||||||
50,000 | 2.450 | 11/03/26 | 46,195 | |||||||||||
214,000 | 1.900 | 02/01/27 | 194,789 | |||||||||||
250,000 | 2.850 | 08/11/27 | 232,845 | |||||||||||
1,000,000 | 3.000 | 03/25/30 | 907,882 | |||||||||||
500,000 | 1.200 | 10/29/30 | 393,663 | |||||||||||
300,000 | 1.950 | 04/23/31 | 250,324 | |||||||||||
110,000 | 2.300 | 02/01/32 | 92,886 | |||||||||||
|
| |||||||||||||
2,451,954 | ||||||||||||||
|
| |||||||||||||
Electric – 2.7% | ||||||||||||||
American Electric Power Co., Inc.(a) | ||||||||||||||
(US 5 Year CMT T-Note + 2.675%) | ||||||||||||||
300,000 | 3.875 | 02/15/62 | 250,125 | |||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
650,000 | 3.800 | 07/15/48 | 501,819 | |||||||||||
Consolidated Edison Co. of New York, Inc. | ||||||||||||||
250,000 | 4.625 | 12/01/54 | 213,577 | |||||||||||
134,000 | 3.600 | 06/15/61 | 96,768 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 20B | ||||||||||||||
400,000 | 3.950 | 04/01/50 | 317,824 | |||||||||||
Duke Energy Carolinas LLC | ||||||||||||||
345,000 | 3.200 | 08/15/49 | 244,125 | |||||||||||
Duke Energy Corp. | ||||||||||||||
372,000 | 3.750 | 04/15/24 | 365,343 | |||||||||||
390,000 | 2.650 | 09/01/26 | 356,901 | |||||||||||
100,000 | 2.450 | 06/01/30 | 82,086 | |||||||||||
504,000 | 3.750 | 09/01/46 | 372,098 | |||||||||||
350,000 | 3.500 | 06/15/51 | 245,653 | |||||||||||
Duke Energy Florida LLC | ||||||||||||||
300,000 | 6.400 | 06/15/38 | 330,632 | |||||||||||
Entergy Louisiana LLC | ||||||||||||||
250,000 | 0.950 | 10/01/24 | 232,624 | |||||||||||
530,000 | 4.000 | 03/15/33 | 476,170 | |||||||||||
242,000 | 4.200 | 09/01/48 | 200,299 | |||||||||||
Exelon Corp. | ||||||||||||||
92,000 | 4.050 | 04/15/30 | 84,492 | |||||||||||
288,000 | 4.700 | 04/15/50 | 251,496 | |||||||||||
Florida Power & Light Co. | ||||||||||||||
250,000 | 3.950 | 03/01/48 | 203,166 | |||||||||||
342,000 | 3.150 | 10/01/49 | 243,058 | |||||||||||
Georgia Power Co. | ||||||||||||||
100,000 | 5.125 | 05/15/52 | 93,846 | |||||||||||
Georgia Power Co., Series A | ||||||||||||||
436,000 | 3.250 | 03/15/51 | 294,229 | |||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||
1,000,000 | 6.051 | 03/01/25 | 1,006,519 | |||||||||||
1,060,000 | 2.250 | 06/01/30 | 858,683 | |||||||||||
500,000 | 2.440 | 01/15/32 | 395,326 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
NiSource, Inc. | ||||||||||||||
$ | 100,000 | 0.950 | % | 08/15/25 | $ | 90,269 | ||||||||
192,000 | 3.600 | 05/01/30 | 170,655 | |||||||||||
1,246,000 | 1.700 | 02/15/31 | 949,137 | |||||||||||
376,000 | 4.375 | 05/15/47 | 312,930 | |||||||||||
276,000 | 3.950 | 03/30/48 | 213,846 | |||||||||||
Pacific Gas and Electric Co. | ||||||||||||||
50,000 | 3.450 | 07/01/25 | 47,240 | |||||||||||
421,000 | 2.100 | 08/01/27 | 358,649 | |||||||||||
650,000 | 3.300 | 12/01/27 | 577,626 | |||||||||||
70,000 | 3.750 | 07/01/28 | 62,773 | |||||||||||
600,000 | 4.550 | 07/01/30 | 542,543 | |||||||||||
512,000 | 3.300 | 08/01/40 | 345,569 | |||||||||||
340,000 | 3.950 | 12/01/47 | 231,002 | |||||||||||
300,000 | 4.950 | 07/01/50 | 237,463 | |||||||||||
400,000 | 3.500 | 08/01/50 | 251,237 | |||||||||||
100,000 | 6.750 | 01/15/53 | 99,723 | |||||||||||
PacifiCorp | ||||||||||||||
500,000 | 2.900 | 06/15/52 | 329,351 | |||||||||||
Sempra Energy | ||||||||||||||
548,000 | 3.250 | 06/15/27 | 503,678 | |||||||||||
250,000 | 3.400 | 02/01/28 | 229,139 | |||||||||||
300,000 | 6.000 | 10/15/39 | 305,108 | |||||||||||
240,000 | 4.000 | 02/01/48 | 186,613 | |||||||||||
Southern California Edison Co. | ||||||||||||||
437,000 | 4.000 | 04/01/47 | 342,843 | |||||||||||
318,000 | 3.650 | 02/01/50 | 234,347 | |||||||||||
Southern California Edison Co., Series 20A | ||||||||||||||
220,000 | 2.950 | 02/01/51 | 141,510 | |||||||||||
Southern California Edison Co., Series C | ||||||||||||||
200,000 | 4.125 | 03/01/48 | 159,435 | |||||||||||
Southern Co. (The) | ||||||||||||||
970,000 | 3.250 | 07/01/26 | 912,215 | |||||||||||
430,000 | 4.400 | 07/01/46 | 355,812 | |||||||||||
Southern Co. (The)(a), Series B | ||||||||||||||
(US 5 Year CMT T-Note + 3.733%) | ||||||||||||||
300,000 | 4.000 | 01/15/51 | 279,185 | |||||||||||
Virginia Electric and Power Co. | ||||||||||||||
492,000 | 2.450 | 12/15/50 | 291,994 | |||||||||||
|
| |||||||||||||
16,478,751 | ||||||||||||||
|
| |||||||||||||
Energy – 6.8% | ||||||||||||||
Baker Hughes Holdings LLC | ||||||||||||||
50,000 | 5.125 | 09/15/40 | 47,052 | |||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
240,000 | 3.337 | 12/15/27 | 221,629 | |||||||||||
300,000 | 4.080 | 12/15/47 | 236,601 | |||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
150,000 | 3.119 | 05/04/26 | 141,678 | |||||||||||
1,842,000 | 3.017 | 01/16/27 | 1,713,290 | |||||||||||
230,000 | 1.749 | 08/10/30 | 184,040 | |||||||||||
700,000 | 2.721 | 01/12/32 | 589,653 | |||||||||||
804,000 | 2.772 | 11/10/50 | 518,553 | |||||||||||
762,000 | 2.939 | 06/04/51 | 505,615 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
617,000 | 5.875 | 03/31/25 | 619,314 | |||||||||||
1,196,000 | 5.125 | 06/30/27 | 1,179,555 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Chevron Corp. | ||||||||||||||
150,000 | 2.895 | 03/03/24 | 146,581 | |||||||||||
200,000 | 1.554 | 05/11/25 | 185,735 | |||||||||||
110,000 | 3.326 | 11/17/25 | 106,373 | |||||||||||
255,000 | 1.995 | 05/11/27 | 228,298 | |||||||||||
830,000 | 2.236 | 05/11/30 | 710,377 | |||||||||||
352,000 | 3.078 | 05/11/50 | 255,056 | |||||||||||
Chevron USA, Inc. | ||||||||||||||
174,000 | 0.687 | 08/12/25 | 157,147 | |||||||||||
ConocoPhillips | ||||||||||||||
410,000 | 6.500 | 02/01/39 | 463,722 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
100,000 | 6.950 | 04/15/29 | 110,373 | |||||||||||
100,000 | 3.758 | 03/15/42 | 81,494 | |||||||||||
300,000 | 4.300 | 11/15/44 | 262,123 | |||||||||||
Devon Energy Corp. | ||||||||||||||
170,000 | 5.600 | 07/15/41 | 157,515 | |||||||||||
205,000 | 4.750 | 05/15/42 | 171,071 | |||||||||||
100,000 | 5.000 | 06/15/45 | 84,555 | |||||||||||
Diamondback Energy, Inc. | ||||||||||||||
515,000 | 3.250 | 12/01/26 | 477,845 | |||||||||||
92,000 | 3.500 | 12/01/29 | 81,385 | |||||||||||
1,000,000 | 6.250 | 03/15/33 | 1,018,790 | |||||||||||
Energy Transfer LP | ||||||||||||||
200,000 | 4.500 | 04/15/24 | 197,453 | |||||||||||
608,000 | 4.050 | 03/15/25 | 589,720 | |||||||||||
668,000 | 2.900 | 05/15/25 | 631,136 | |||||||||||
200,000 | 4.750 | 01/15/26 | 195,814 | |||||||||||
200,000 | 5.500 | 06/01/27 | 199,037 | |||||||||||
100,000 | 4.000 | 10/01/27 | 93,360 | |||||||||||
230,000 | 4.950 | 06/15/28 | 222,251 | |||||||||||
151,000 | 5.250 | 04/15/29 | 147,363 | |||||||||||
100,000 | 3.750 | 05/15/30 | 88,961 | |||||||||||
100,000 | 6.500 | 02/01/42 | 99,746 | |||||||||||
201,000 | 5.300 | 04/15/47 | 170,993 | |||||||||||
283,000 | 5.400 | 10/01/47 | 243,895 | |||||||||||
277,000 | 6.000 | 06/15/48 | 254,311 | |||||||||||
431,000 | 6.250 | 04/15/49 | 411,074 | |||||||||||
480,000 | 5.000 | 05/15/50 | 394,589 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
686,000 | 3.900 | 02/15/24 | 675,922 | |||||||||||
207,000 | 3.750 | 02/15/25 | 200,850 | |||||||||||
326,000 | 3.125 | 07/31/29 | 288,050 | |||||||||||
150,000 | 2.800 | 01/31/30 | 128,415 | |||||||||||
150,000 | 5.950 | 02/01/41 | 152,313 | |||||||||||
207,000 | 4.850 | 08/15/42 | 186,138 | |||||||||||
250,000 | 4.450 | 02/15/43 | 214,078 | |||||||||||
304,000 | 4.850 | 03/15/44 | 271,996 | |||||||||||
176,000 | 5.100 | 02/15/45 | 161,195 | |||||||||||
220,000 | 4.900 | 05/15/46 | 193,324 | |||||||||||
414,000 | 4.800 | 02/01/49 | 364,317 | |||||||||||
368,000 | 4.200 | 01/31/50 | 295,089 | |||||||||||
538,000 | 3.950 | 01/31/60 | 399,270 | |||||||||||
Enterprise Products Operating LLC(a), Series E | ||||||||||||||
(3M USD LIBOR + 3.033%) | ||||||||||||||
164,000 | 5.250 | 08/16/77 | 150,623 | |||||||||||
|
|
46 | 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) | ||||||||||||||
EOG Resources, Inc. | ||||||||||||||
$ | 916,000 | 4.150 | % | 01/15/26 | $ | 893,765 | ||||||||
312,000 | 4.375 | 04/15/30 | 298,918 | |||||||||||
236,000 | 4.950 | 04/15/50 | 227,054 | |||||||||||
EQT Corp. | ||||||||||||||
200,000 | 3.900 | 10/01/27 | 182,500 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
302,000 | 2.019 | 08/16/24 | 289,022 | |||||||||||
742,000 | 2.992 | 03/19/25 | 712,237 | |||||||||||
310,000 | 3.043 | 03/01/26 | 293,727 | |||||||||||
130,000 | 2.275 | 08/16/26 | 119,539 | |||||||||||
100,000 | 3.294 | 03/19/27 | 95,220 | |||||||||||
700,000 | 3.482 | 03/19/30 | 649,560 | |||||||||||
100,000 | 4.227 | 03/19/40 | 90,036 | |||||||||||
430,000 | 3.567 | 03/06/45 | 341,502 | |||||||||||
100,000 | 4.114 | 03/01/46 | 85,737 | |||||||||||
600,000 | 3.095 | 08/16/49 | 432,011 | |||||||||||
628,000 | 4.327 | 03/19/50 | 559,070 | |||||||||||
260,000 | 3.452 | 04/15/51 | 198,288 | |||||||||||
Halliburton Co. | ||||||||||||||
488,000 | 2.920 | 03/01/30 | 422,824 | |||||||||||
725,000 | 4.850 | 11/15/35 | 677,198 | |||||||||||
250,000 | 7.450 | 09/15/39 | 284,368 | |||||||||||
200,000 | 5.000 | 11/15/45 | 177,112 | |||||||||||
Hess Corp. | ||||||||||||||
290,000 | 4.300 | 04/01/27 | 278,055 | |||||||||||
148,000 | 6.000 | 01/15/40 | 145,160 | |||||||||||
373,000 | 5.600 | 02/15/41 | 348,130 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
388,000 | 5.500 | 03/01/44 | 349,306 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
396,000 | 5.550 | 06/01/45 | 359,214 | |||||||||||
402,000 | 5.050 | 02/15/46 | 339,735 | |||||||||||
100,000 | 3.600 | 02/15/51 | 67,640 | |||||||||||
Kinder Morgan, Inc., GMTN | ||||||||||||||
300,000 | 7.750 | 01/15/32 | 336,009 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
250,000 | 3.625 | 09/15/24 | 243,530 | |||||||||||
200,000 | 4.750 | 09/15/44 | 167,522 | |||||||||||
MPLX LP | ||||||||||||||
136,000 | 4.125 | 03/01/27 | 129,770 | |||||||||||
100,000 | 4.800 | 02/15/29 | 96,392 | |||||||||||
914,000 | 2.650 | 08/15/30 | 749,121 | |||||||||||
350,000 | 4.500 | 04/15/38 | 298,661 | |||||||||||
310,000 | 5.200 | 03/01/47 | 270,118 | |||||||||||
520,000 | 5.500 | 02/15/49 | 467,398 | |||||||||||
ONEOK, Inc. | ||||||||||||||
200,000 | 4.550 | 07/15/28 | 187,357 | |||||||||||
546,000 | 3.100 | 03/15/30 | 462,881 | |||||||||||
1,000,000 | 6.100 | 11/15/32 | 1,006,527 | |||||||||||
100,000 | 5.200 | 07/15/48 | 84,787 | |||||||||||
Phillips 66 | ||||||||||||||
920,000 | 0.900 | 02/15/24 | 880,997 | |||||||||||
390,000 | 4.650 | 11/15/34 | 369,159 | |||||||||||
150,000 | 5.875 | 05/01/42 | 155,590 | |||||||||||
450,000 | 4.875 | 11/15/44 | 411,737 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
766,000 | 4.650 | 10/15/25 | 748,642 | |||||||||||
240,000 | 4.500 | 12/15/26 | 230,211 | |||||||||||
339,000 | 3.550 | 12/15/29 | 294,277 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
600,000 | 5.750 | 05/15/24 | 599,625 | |||||||||||
500,000 | 5.625 | 03/01/25 | 498,812 | |||||||||||
1,252,000 | 5.875 | 06/30/26 | 1,259,856 | |||||||||||
430,000 | 5.000 | 03/15/27 | 419,788 | |||||||||||
108,000 | 4.200 | 03/15/28 | 101,250 | |||||||||||
Spectra Energy Partners LP | ||||||||||||||
520,000 | 4.750 | 03/15/24 | 516,365 | |||||||||||
Targa Resources Corp. | ||||||||||||||
400,000 | 4.950 | 04/15/52 | 319,646 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||||||||
144,000 | 7.850 | 02/01/26 | 152,845 | |||||||||||
Valero Energy Corp. | ||||||||||||||
820,000 | 6.625 | 06/15/37 | 872,704 | |||||||||||
Western Midstream Operating LP | ||||||||||||||
550,000 | 5.500 | 02/01/50 | 452,375 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
280,000 | 4.000 | 09/15/25 | 269,469 | |||||||||||
318,000 | 3.750 | 06/15/27 | 299,427 | |||||||||||
384,000 | 3.500 | 11/15/30 | 336,557 | |||||||||||
432,000 | 6.300 | 04/15/40 | 441,355 | |||||||||||
200,000 | 5.100 | 09/15/45 | 176,392 | |||||||||||
240,000 | 4.850 | 03/01/48 | 204,533 | |||||||||||
|
| |||||||||||||
41,705,316 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.8% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
80,000 | 1.875 | 08/15/26 | 69,792 | |||||||||||
Air Lease Corp., MTN | ||||||||||||||
1,170,000 | 2.875 | 01/15/26 | 1,079,287 | |||||||||||
Ally Financial, Inc. | ||||||||||||||
770,000 | 3.875 | 05/21/24 | 754,638 | |||||||||||
469,000 | 8.000 | 11/01/31 | 509,504 | |||||||||||
Ares Capital Corp. | ||||||||||||||
475,000 | 2.150 | 07/15/26 | 409,408 | |||||||||||
Blackstone Private Credit Fund | ||||||||||||||
49,000 | 2.625 | 12/15/26 | 41,748 | |||||||||||
500,000 | 3.250 | 03/15/27 | 430,784 | |||||||||||
GE Capital International Funding Co. Unlimited | ||||||||||||||
1,772,000 | 4.418 | 11/15/35 | 1,633,873 | |||||||||||
|
| |||||||||||||
4,929,034 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.5% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
50,000 | 3.375 | 03/25/27 | 47,727 | |||||||||||
250,000 | 1.450 | 06/01/27 | 219,362 | |||||||||||
240,000 | 1.000 | 03/15/28 | 201,035 | |||||||||||
102,000 | 2.125 | 09/06/29 | 87,021 | |||||||||||
792,000 | 3.450 | 03/25/30 | 729,076 | |||||||||||
330,000 | 1.650 | 06/01/30 | 267,206 | |||||||||||
300,000 | 2.000 | 03/05/31 | 246,351 | |||||||||||
500,000 | 1.375 | 03/15/31 | 388,634 | |||||||||||
360,000 | 2.500 | 06/01/40 | 261,913 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Coca-Cola Co. (The) – (continued) | ||||||||||||||
$ | 110,000 | 2.875 | % | 05/05/41 | $ | 83,797 | ||||||||
430,000 | 2.600 | 06/01/50 | 287,727 | |||||||||||
100,000 | 3.000 | 03/05/51 | 72,544 | |||||||||||
250,000 | 2.500 | 03/15/51 | 163,032 | |||||||||||
220,000 | 2.750 | 06/01/60 | 146,073 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
220,000 | 0.750 | 03/15/24 | 209,319 | |||||||||||
1,019,000 | 3.200 | 05/01/30 | 887,441 | |||||||||||
100,000 | 3.800 | 05/01/50 | 74,837 | |||||||||||
Kraft Heinz Foods Co. | ||||||||||||||
640,000 | 3.000 | 06/01/26 | 595,422 | |||||||||||
250,000 | 6.875 | 01/26/39 | 274,266 | |||||||||||
507,000 | 5.000 | 06/04/42 | 459,829 | |||||||||||
552,000 | 4.375 | 06/01/46 | 451,093 | |||||||||||
410,000 | 4.875 | 10/01/49 | 362,749 | |||||||||||
Molson Coors Beverage Co. | ||||||||||||||
1,000,000 | 3.000 | 07/15/26 | 926,051 | |||||||||||
190,000 | 5.000 | 05/01/42 | 170,260 | |||||||||||
370,000 | 4.200 | 07/15/46 | 288,865 | |||||||||||
Mondelez International, Inc. | ||||||||||||||
635,000 | 2.750 | 04/13/30 | 545,933 | |||||||||||
490,000 | 2.625 | 09/04/50 | 306,287 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
925,000 | 3.600 | 03/01/24 | 913,285 | |||||||||||
56,000 | 2.250 | 03/19/25 | 53,074 | |||||||||||
112,000 | 2.750 | 04/30/25 | 106,923 | |||||||||||
160,000 | 2.850 | 02/24/26 | 151,268 | |||||||||||
166,000 | 2.375 | 10/06/26 | 152,894 | |||||||||||
68,000 | 3.000 | 10/15/27 | 63,320 | |||||||||||
96,000 | 2.625 | 07/29/29 | 84,690 | |||||||||||
210,000 | 2.750 | 03/19/30 | 184,785 | |||||||||||
210,000 | 1.625 | 05/01/30 | 170,639 | |||||||||||
100,000 | 1.400 | 02/25/31 | 78,435 | |||||||||||
400,000 | 1.950 | 10/21/31 | 322,118 | |||||||||||
290,000 | 2.625 | 10/21/41 | 211,925 | |||||||||||
300,000 | 4.450 | 04/14/46 | 283,684 | |||||||||||
280,000 | 3.450 | 10/06/46 | 225,025 | |||||||||||
200,000 | 2.875 | 10/15/49 | 144,204 | |||||||||||
130,000 | 3.625 | 03/19/50 | 106,834 | |||||||||||
Sysco Corp. | ||||||||||||||
604,000 | 3.300 | 07/15/26 | 567,341 | |||||||||||
547,000 | 3.250 | 07/15/27 | 505,777 | |||||||||||
329,000 | 5.950 | 04/01/30 | 341,145 | |||||||||||
270,000 | 6.600 | 04/01/50 | 296,863 | |||||||||||
Tyson Foods, Inc. | ||||||||||||||
120,000 | 3.950 | 08/15/24 | 117,754 | |||||||||||
472,000 | 4.000 | 03/01/26 | 455,755 | |||||||||||
340,000 | 3.550 | 06/02/27 | 318,265 | |||||||||||
110,000 | 4.550 | 06/02/47 | 92,019 | |||||||||||
486,000 | 5.100 | 09/28/48 | 440,409 | |||||||||||
|
| |||||||||||||
15,142,281 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.2% | ||||||||||||||
Micron Technology, Inc. | ||||||||||||||
543,000 | 4.185 | 02/15/27 | 513,814 | |||||||||||
170,000 | 4.663 | 02/15/30 | 156,825 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Hardware – (continued) | ||||||||||||||
Micron Technology, Inc. – (continued) | ||||||||||||||
728,000 | 2.703 | 04/15/32 | 552,896 | |||||||||||
|
| |||||||||||||
1,223,535 | ||||||||||||||
|
| |||||||||||||
Healthcare – 4.4% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
450,000 | 3.500 | 11/15/24 | 436,171 | |||||||||||
140,000 | 6.625 | 06/15/36 | 151,640 | |||||||||||
348,000 | 3.875 | 08/15/47 | 263,250 | |||||||||||
Cigna Group (The) | ||||||||||||||
2,482,000 | 4.125 | 11/15/25 | 2,414,640 | |||||||||||
500,000 | 2.400 | 03/15/30 | 417,583 | |||||||||||
300,000 | 4.800 | 08/15/38 | 276,791 | |||||||||||
130,000 | 4.800 | 07/15/46 | 115,732 | |||||||||||
674,000 | 4.900 | 12/15/48 | 605,384 | |||||||||||
290,000 | 3.400 | 03/15/50 | 204,493 | |||||||||||
472,000 | 3.400 | 03/15/51 | 334,280 | |||||||||||
CVS Health Corp. | ||||||||||||||
350,000 | 2.625 | 08/15/24 | 337,411 | |||||||||||
154,000 | 4.100 | 03/25/25 | 151,071 | |||||||||||
556,000 | 3.875 | 07/20/25 | 539,607 | |||||||||||
100,000 | 2.875 | 06/01/26 | 92,974 | |||||||||||
368,000 | 3.000 | 08/15/26 | 341,944 | |||||||||||
488,000 | 3.625 | 04/01/27 | 459,176 | |||||||||||
825,000 | 4.300 | 03/25/28 | 789,607 | |||||||||||
523,000 | 3.250 | 08/15/29 | 463,229 | |||||||||||
1,116,000 | 4.780 | 03/25/38 | 1,012,605 | |||||||||||
246,000 | 4.125 | 04/01/40 | 202,215 | |||||||||||
520,000 | 2.700 | 08/21/40 | 351,237 | |||||||||||
176,000 | 5.300 | 12/05/43 | 165,396 | |||||||||||
616,000 | 5.125 | 07/20/45 | 553,703 | |||||||||||
1,208,000 | 5.050 | 03/25/48 | 1,084,848 | |||||||||||
Danaher Corp. | ||||||||||||||
340,000 | 2.800 | 12/10/51 | 225,502 | |||||||||||
Elevance Health, Inc. | ||||||||||||||
506,000 | 3.500 | 08/15/24 | 492,425 | |||||||||||
50,000 | 3.350 | 12/01/24 | 48,374 | |||||||||||
552,000 | 3.650 | 12/01/27 | 518,803 | |||||||||||
300,000 | 2.550 | 03/15/31 | 248,541 | |||||||||||
84,000 | 4.625 | 05/15/42 | 75,962 | |||||||||||
309,000 | 4.650 | 01/15/43 | 277,547 | |||||||||||
174,000 | 4.650 | 08/15/44 | 154,442 | |||||||||||
340,000 | 4.375 | 12/01/47 | 289,714 | |||||||||||
318,000 | 4.550 | 03/01/48 | 277,667 | |||||||||||
300,000 | 3.125 | 05/15/50 | 208,157 | |||||||||||
HCA, Inc. | ||||||||||||||
476,000 | 5.000 | 03/15/24 | 473,322 | |||||||||||
820,000 | 5.250 | 04/15/25 | 812,825 | |||||||||||
600,000 | 5.250 | 06/15/26 | 591,150 | |||||||||||
350,000 | 5.375 | 09/01/26 | 345,275 | |||||||||||
555,000 | 4.500 | 02/15/27 | 531,759 | |||||||||||
300,000 | 5.625 | 09/01/28 | 296,625 | |||||||||||
404,000 | 4.125 | 06/15/29 | 368,650 | |||||||||||
500,000 | 3.500 | 09/01/30 | 430,625 | |||||||||||
100,000 | 5.125 | 06/15/39 | 89,500 | |||||||||||
315,000 | 5.500 | 06/15/47 | 283,106 | |||||||||||
410,000 | 5.250 | 06/15/49 | 355,163 | |||||||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
HCA, Inc. – (continued) | ||||||||||||||
$ | 220,000 | 3.500 | % | 07/15/51 | $ | 143,383 | ||||||||
415,000 | 4.625 | (b) | 03/15/52 | 327,433 | ||||||||||
Humana, Inc. | ||||||||||||||
1,000,000 | 5.875 | 03/01/33 | 1,029,701 | |||||||||||
MPT Operating Partnership LP / MPT Finance Corp. | ||||||||||||||
331,000 | 4.625 | 08/01/29 | 248,250 | |||||||||||
270,000 | 3.500 | 03/15/31 | 184,735 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
548,000 | 3.750 | 07/15/25 | 532,200 | |||||||||||
100,000 | 3.100 | 03/15/26 | 94,536 | |||||||||||
100,000 | 3.450 | 01/15/27 | 94,819 | |||||||||||
600,000 | 2.300 | 05/15/31 | 495,454 | |||||||||||
688,000 | 4.200 | 05/15/32 | 649,820 | |||||||||||
500,000 | 5.350 | 02/15/33 | 512,348 | |||||||||||
758,000 | 4.625 | 07/15/35 | 729,512 | |||||||||||
838,000 | 4.250 | 03/15/43 | 744,180 | |||||||||||
631,000 | 4.450 | 12/15/48 | 565,218 | |||||||||||
300,000 | 3.700 | 08/15/49 | 236,759 | |||||||||||
700,000 | 3.250 | 05/15/51 | 503,092 | |||||||||||
511,000 | 4.750 | 05/15/52 | 472,105 | |||||||||||
500,000 | 3.875 | 08/15/59 | 388,725 | |||||||||||
|
| |||||||||||||
27,112,391 | ||||||||||||||
|
| |||||||||||||
Insurance – 1.5% | ||||||||||||||
American International Group, Inc. | ||||||||||||||
386,000 | 2.500 | 06/30/25 | 363,356 | |||||||||||
50,000 | 3.900 | 04/01/26 | 47,975 | |||||||||||
204,000 | 4.800 | 07/10/45 | 182,314 | |||||||||||
340,000 | 4.750 | 04/01/48 | 303,898 | |||||||||||
100,000 | 4.375 | 06/30/50 | 84,392 | |||||||||||
American International Group, Inc.(a), Series A-9 | ||||||||||||||
(3M USD LIBOR + 2.868%) | ||||||||||||||
377,000 | 5.750 | 04/01/48 | 366,205 | |||||||||||
Aon Corp. / Aon Global Holdings PLC | ||||||||||||||
400,000 | 3.900 | 02/28/52 | 309,067 | |||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||
130,000 | 1.450 | 10/15/30 | 103,217 | |||||||||||
530,000 | 2.875 | 03/15/32 | 455,587 | |||||||||||
850,000 | 3.850 | 03/15/52 | 686,530 | |||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
100,000 | 4.500 | 02/11/43 | 93,405 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
472,000 | 4.350 | 11/03/45 | 423,256 | |||||||||||
Corebridge Financial, Inc.(b) | ||||||||||||||
444,000 | 3.650 | 04/05/27 | 414,108 | |||||||||||
Equitable Holdings, Inc. | ||||||||||||||
426,000 | 5.000 | 04/20/48 | 377,226 | |||||||||||
Everest Reinsurance Holdings, Inc. | ||||||||||||||
470,000 | 3.500 | 10/15/50 | 332,666 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
175,000 | 4.375 | 03/15/29 | 166,911 | |||||||||||
100,000 | 2.250 | 11/15/30 | 81,675 | |||||||||||
206,000 | 4.900 | 03/15/49 | 191,430 | |||||||||||
MetLife, Inc. | ||||||||||||||
390,000 | 3.600 | 04/10/24 | 381,925 | |||||||||||
796,000 | 6.400 | 12/15/36 | 804,320 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
MetLife, Inc. – (continued) | ||||||||||||||
440,000 | 4.125 | 08/13/42 | 381,772 | |||||||||||
250,000 | 4.875 | 11/13/43 | 235,688 | |||||||||||
200,000 | 4.600 | 05/13/46 | 179,532 | |||||||||||
Prudential Financial, Inc. | ||||||||||||||
(3M USD LIBOR + 3.031%) | ||||||||||||||
162,000 | 5.375 | (a) | 05/15/45 | 158,279 | ||||||||||
(3M USD LIBOR + 2.380%) | ||||||||||||||
228,000 | 4.500 | (a) | 09/15/47 | 210,858 | ||||||||||
210,000 | 3.905 | 12/07/47 | 167,286 | |||||||||||
246,000 | 3.935 | 12/07/49 | 195,893 | |||||||||||
(US 5 Year CMT T-Note + 3.035%) | ||||||||||||||
192,000 | 3.700 | (a) | 10/01/50 | 163,457 | ||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
300,000 | 5.700 | 12/14/36 | 313,093 | |||||||||||
346,000 | 4.350 | 02/25/50 | 295,528 | |||||||||||
350,000 | 3.700 | 03/13/51 | 270,392 | |||||||||||
Travelers Cos., Inc. (The) | ||||||||||||||
500,000 | 3.050 | 06/08/51 | 349,972 | |||||||||||
|
| |||||||||||||
9,091,213 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.0% | ||||||||||||||
Newmont Corp. | ||||||||||||||
300,000 | 2.250 | 10/01/30 | 241,762 | |||||||||||
|
| |||||||||||||
Mining – 0.1% | ||||||||||||||
Freeport-McMoRan, Inc. | ||||||||||||||
70,000 | 5.400 | 11/14/34 | 66,588 | |||||||||||
430,000 | 5.450 | 03/15/43 | 394,525 | |||||||||||
|
| |||||||||||||
461,113 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 0.1% | ||||||||||||||
Viatris, Inc. | ||||||||||||||
610,000 | 3.850 | 06/22/40 | 418,471 | |||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.8% | ||||||||||||||
Boston Properties LP | ||||||||||||||
726,000 | 2.550 | 04/01/32 | 556,344 | |||||||||||
390,000 | 2.450 | 10/01/33 | 285,729 | |||||||||||
Equinix, Inc. | ||||||||||||||
80,000 | 2.625 | 11/18/24 | 76,271 | |||||||||||
390,000 | 3.200 | 11/18/29 | 339,805 | |||||||||||
300,000 | 2.150 | 07/15/30 | 240,346 | |||||||||||
200,000 | 2.500 | 05/15/31 | 160,078 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
675,000 | 5.375 | 04/15/26 | 661,719 | |||||||||||
236,000 | 5.300 | 01/15/29 | 223,902 | |||||||||||
150,000 | 3.250 | 01/15/32 | 119,722 | |||||||||||
Simon Property Group LP | ||||||||||||||
500,000 | 3.300 | 01/15/26 | 474,730 | |||||||||||
68,000 | 3.250 | 11/30/26 | 63,128 | |||||||||||
500,000 | 2.450 | 09/13/29 | 419,356 | |||||||||||
300,000 | 2.650 | 07/15/30 | 252,146 | |||||||||||
284,000 | 3.250 | 09/13/49 | 195,364 | |||||||||||
220,000 | 3.800 | 07/15/50 | 165,286 | |||||||||||
Welltower OP LLC | ||||||||||||||
250,000 | 3.625 | 03/15/24 | 244,911 | |||||||||||
300,000 | 4.250 | 04/15/28 | 284,050 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Welltower OP LLC – (continued) | ||||||||||||||
$ | 404,000 | 3.100 | % | 01/15/30 | $ | 343,752 | ||||||||
|
| |||||||||||||
5,106,639 | ||||||||||||||
|
| |||||||||||||
Revenue – 0.3% | ||||||||||||||
Ascension Health | ||||||||||||||
200,000 | 3.945 | 11/15/46 | 171,129 | |||||||||||
Ascension Health, Series B | ||||||||||||||
440,000 | 2.532 | 11/15/29 | 378,630 | |||||||||||
CommonSpirit Health | ||||||||||||||
300,000 | 2.760 | 10/01/24 | 288,287 | |||||||||||
220,000 | 3.347 | 10/01/29 | 191,778 | |||||||||||
239,000 | 4.350 | 11/01/42 | 203,375 | |||||||||||
200,000 | 4.187 | 10/01/49 | 160,011 | |||||||||||
Kaiser Foundation Hospitals | ||||||||||||||
295,000 | 4.150 | 05/01/47 | 258,689 | |||||||||||
Kaiser Foundation Hospitals, Series 2019 | ||||||||||||||
286,000 | 3.266 | 11/01/49 | 210,761 | |||||||||||
Kaiser Foundation Hospitals, Series 2021 | ||||||||||||||
125,000 | 2.810 | 06/01/41 | 92,908 | |||||||||||
300,000 | 3.002 | 06/01/51 | 209,948 | |||||||||||
|
| |||||||||||||
2,165,516 | ||||||||||||||
|
| |||||||||||||
Software – 1.6% | ||||||||||||||
Oracle Corp. | ||||||||||||||
500,000 | 3.400 | 07/08/24 | 487,131 | |||||||||||
1,500,000 | 6.150 | 11/09/29 | 1,555,846 | |||||||||||
300,000 | 2.950 | 04/01/30 | 256,615 | |||||||||||
2,000,000 | 6.250 | 11/09/32 | 2,087,585 | |||||||||||
600,000 | 3.900 | 05/15/35 | 501,979 | |||||||||||
490,000 | 4.000 | 11/15/47 | 357,004 | |||||||||||
2,650,000 | 6.900 | 11/09/52 | 2,865,369 | |||||||||||
500,000 | 3.850 | 04/01/60 | 335,284 | |||||||||||
500,000 | 4.100 | 03/25/61 | 346,407 | |||||||||||
Salesforce, Inc. | ||||||||||||||
500,000 | 1.950 | 07/15/31 | 401,029 | |||||||||||
700,000 | 2.900 | 07/15/51 | 470,546 | |||||||||||
|
| |||||||||||||
9,664,795 | ||||||||||||||
|
| |||||||||||||
Technology – 7.3% | ||||||||||||||
Activision Blizzard, Inc. | ||||||||||||||
280,000 | 2.500 | 09/15/50 | 175,019 | |||||||||||
Adobe, Inc. | ||||||||||||||
192,000 | 3.250 | 02/01/25 | 186,008 | |||||||||||
82,000 | 2.150 | 02/01/27 | 74,496 | |||||||||||
500,000 | 2.300 | 02/01/30 | 427,890 | |||||||||||
Alphabet, Inc. | ||||||||||||||
182,000 | 1.998 | 08/15/26 | 166,306 | |||||||||||
50,000 | 0.800 | 08/15/27 | 42,670 | |||||||||||
132,000 | 1.100 | 08/15/30 | 103,921 | |||||||||||
500,000 | 1.900 | 08/15/40 | 333,231 | |||||||||||
823,000 | 2.050 | 08/15/50 | 498,242 | |||||||||||
497,000 | 2.250 | 08/15/60 | 287,964 | |||||||||||
Analog Devices, Inc. | ||||||||||||||
75,000 | 3.500 | 12/05/26 | 71,235 | |||||||||||
250,000 | 1.700 | 10/01/28 | 210,788 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Apple, Inc. | ||||||||||||||
75,000 | 3.000 | 02/09/24 | 73,489 | |||||||||||
448,000 | 3.450 | 05/06/24 | 439,961 | |||||||||||
138,000 | 2.850 | 05/11/24 | 134,534 | |||||||||||
184,000 | 2.750 | 01/13/25 | 176,727 | |||||||||||
112,000 | 2.500 | 02/09/25 | 107,132 | |||||||||||
91,000 | 1.125 | 05/11/25 | 84,018 | |||||||||||
40,000 | 3.200 | 05/13/25 | 38,652 | |||||||||||
50,000 | 0.550 | 08/20/25 | 45,115 | |||||||||||
129,000 | 0.700 | 02/08/26 | 114,509 | |||||||||||
361,000 | 3.250 | 02/23/26 | 346,890 | |||||||||||
144,000 | 2.450 | 08/04/26 | 133,395 | |||||||||||
150,000 | 2.050 | 09/11/26 | 136,575 | |||||||||||
100,000 | 3.000 | 06/20/27 | 94,040 | |||||||||||
692,000 | 2.900 | 09/12/27 | 643,366 | |||||||||||
218,000 | 3.000 | 11/13/27 | 203,283 | |||||||||||
88,000 | 1.200 | 02/08/28 | 74,752 | |||||||||||
330,000 | 1.400 | 08/05/28 | 279,215 | |||||||||||
400,000 | 1.650 | 05/11/30 | 326,372 | |||||||||||
250,000 | 1.250 | 08/20/30 | 196,495 | |||||||||||
850,000 | 1.650 | 02/08/31 | 681,088 | |||||||||||
625,000 | 4.500 | 02/23/36 | 613,314 | |||||||||||
102,000 | 2.375 | 02/08/41 | 71,975 | |||||||||||
617,000 | 3.850 | 05/04/43 | 529,304 | |||||||||||
310,000 | 4.450 | 05/06/44 | 294,579 | |||||||||||
305,000 | 3.450 | 02/09/45 | 246,890 | |||||||||||
350,000 | 4.375 | 05/13/45 | 321,101 | |||||||||||
729,000 | 4.650 | 02/23/46 | 695,409 | |||||||||||
306,000 | 3.850 | 08/04/46 | 259,160 | |||||||||||
208,000 | 4.250 | 02/09/47 | 189,328 | |||||||||||
270,000 | 3.750 | 09/12/47 | 226,303 | |||||||||||
506,000 | 3.750 | 11/13/47 | 420,886 | |||||||||||
898,000 | 2.950 | 09/11/49 | 643,844 | |||||||||||
672,000 | 2.650 | 05/11/50 | 450,908 | |||||||||||
239,000 | 2.400 | 08/20/50 | 151,802 | |||||||||||
680,000 | 2.650 | 02/08/51 | 454,669 | |||||||||||
325,000 | 2.800 | 02/08/61 | 207,005 | |||||||||||
Applied Materials, Inc. | ||||||||||||||
130,000 | 3.300 | 04/01/27 | 122,796 | |||||||||||
650,000 | 1.750 | 06/01/30 | 529,413 | |||||||||||
236,000 | 4.350 | 04/01/47 | 211,982 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
659,000 | 3.875 | 01/15/27 | 622,006 | |||||||||||
598,000 | 3.500 | 01/15/28 | 546,308 | |||||||||||
Broadcom, Inc. | ||||||||||||||
500,000 | 3.150 | 11/15/25 | 471,325 | |||||||||||
431,000 | 3.459 | 09/15/26 | 403,384 | |||||||||||
605,000 | 4.750 | 04/15/29 | 579,392 | |||||||||||
402,000 | 4.150 | 11/15/30 | 362,789 | |||||||||||
570,000 | 2.450 | (b) | 02/15/31 | 450,931 | ||||||||||
470,000 | 4.300 | 11/15/32 | 416,802 | |||||||||||
805,000 | 3.419 | (b) | 04/15/33 | 649,026 | ||||||||||
290,000 | 3.469 | (b) | 04/15/34 | 230,045 | ||||||||||
600,000 | 3.137 | (b) | 11/15/35 | 442,166 | ||||||||||
500,000 | 3.187 | (b) | 11/15/36 | 362,658 | ||||||||||
600,000 | 3.500 | (b) | 02/15/41 | 429,349 | ||||||||||
360,000 | 3.750 | (b) | 02/15/51 | 252,091 | ||||||||||
|
|
50 | 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) | ||||||||||||||
Fiserv, Inc. | ||||||||||||||
$ | 400,000 | 2.750 | % | 07/01/24 | $ | 385,150 | ||||||||
150,000 | 3.850 | 06/01/25 | 144,763 | |||||||||||
500,000 | 3.200 | 07/01/26 | 466,905 | |||||||||||
300,000 | 4.200 | 10/01/28 | 282,002 | |||||||||||
500,000 | 3.500 | 07/01/29 | 446,760 | |||||||||||
400,000 | 4.400 | 07/01/49 | 324,677 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
500,000 | 1.450 | 04/01/24 | 478,585 | |||||||||||
300,000 | 4.900 | 10/15/25 | 297,808 | |||||||||||
300,000 | 6.350 | 10/15/45 | 295,866 | |||||||||||
HP, Inc. | ||||||||||||||
300,000 | 3.400 | 06/17/30 | 256,923 | |||||||||||
540,000 | 2.650 | 06/17/31 | 422,835 | |||||||||||
368,000 | 6.000 | 09/15/41 | 360,316 | |||||||||||
International Business Machines Corp. | ||||||||||||||
445,000 | 3.625 | 02/12/24 | 437,354 | |||||||||||
250,000 | 3.450 | 02/19/26 | 238,488 | |||||||||||
1,510,000 | 3.300 | 05/15/26 | 1,428,767 | |||||||||||
300,000 | 1.700 | 05/15/27 | 263,153 | |||||||||||
1,086,000 | 1.950 | 05/15/30 | 875,033 | |||||||||||
540,000 | 4.150 | 05/15/39 | 458,447 | |||||||||||
288,000 | 4.000 | 06/20/42 | 234,767 | |||||||||||
300,000 | 4.250 | 05/15/49 | 247,310 | |||||||||||
300,000 | 2.950 | 05/15/50 | 194,979 | |||||||||||
500,000 | 4.900 | 07/27/52 | 448,099 | |||||||||||
KLA Corp. | ||||||||||||||
87,000 | 4.650 | 11/01/24 | 86,720 | |||||||||||
130,000 | 4.100 | 03/15/29 | 124,084 | |||||||||||
100,000 | 3.300 | 03/01/50 | 72,940 | |||||||||||
Lam Research Corp. | ||||||||||||||
238,000 | 4.000 | 03/15/29 | 225,954 | |||||||||||
228,000 | 1.900 | 06/15/30 | 185,496 | |||||||||||
220,000 | 4.875 | 03/15/49 | 207,779 | |||||||||||
352,000 | 2.875 | 06/15/50 | 233,959 | |||||||||||
Leidos, Inc. | ||||||||||||||
500,000 | 5.750 | 03/15/33 | 493,524 | |||||||||||
Microchip Technology, Inc. | ||||||||||||||
120,000 | 4.250 | 09/01/25 | 116,050 | |||||||||||
Microsoft Corp. | ||||||||||||||
656,000 | 2.875 | 02/06/24 | 642,108 | |||||||||||
548,000 | 2.700 | 02/12/25 | 527,511 | |||||||||||
154,000 | 3.125 | 11/03/25 | 147,622 | |||||||||||
80,000 | 2.400 | 08/08/26 | 74,168 | |||||||||||
87,000 | 3.300 | 02/06/27 | 83,098 | |||||||||||
960,000 | 3.500 | 02/12/35 | 865,804 | |||||||||||
470,000 | 3.450 | 08/08/36 | 412,280 | |||||||||||
81,000 | 4.100 | 02/06/37 | 76,009 | |||||||||||
300,000 | 4.450 | 11/03/45 | 284,971 | |||||||||||
300,000 | 3.700 | 08/08/46 | 256,425 | |||||||||||
250,000 | 4.250 | 02/06/47 | 232,216 | |||||||||||
1,047,000 | 2.525 | 06/01/50 | 698,867 | |||||||||||
1,160,000 | 2.921 | 03/17/52 | 839,120 | |||||||||||
632,000 | 2.675 | 06/01/60 | 408,364 | |||||||||||
451,000 | 3.041 | 03/17/62 | 316,236 | |||||||||||
Motorola Solutions, Inc. | ||||||||||||||
692,000 | 4.600 | 05/23/29 | 651,146 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
NVIDIA Corp. | ||||||||||||||
2,198,000 | 0.584 | 06/14/24 | 2,073,487 | |||||||||||
80,000 | 1.550 | 06/15/28 | 68,059 | |||||||||||
330,000 | 2.850 | 04/01/30 | 290,443 | |||||||||||
400,000 | 2.000 | 06/15/31 | 323,833 | |||||||||||
400,000 | 3.500 | 04/01/50 | 310,549 | |||||||||||
PayPal Holdings, Inc. | ||||||||||||||
150,000 | 1.650 | 06/01/25 | 138,889 | |||||||||||
1,060,000 | 4.400 | 06/01/32 | 998,504 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
152,000 | 2.900 | 05/20/24 | 147,860 | |||||||||||
135,000 | 3.450 | 05/20/25 | 130,352 | |||||||||||
304,000 | 3.250 | 05/20/27 | 286,317 | |||||||||||
126,000 | 2.150 | 05/20/30 | 105,643 | |||||||||||
320,000 | 4.650 | 05/20/35 | 309,534 | |||||||||||
396,000 | 4.800 | 05/20/45 | 378,572 | |||||||||||
250,000 | 4.300 | 05/20/47 | 219,669 | |||||||||||
470,000 | 4.500 | 05/20/52 | 419,439 | |||||||||||
Texas Instruments, Inc. | ||||||||||||||
232,000 | 2.250 | 09/04/29 | 199,098 | |||||||||||
669,000 | 4.150 | 05/15/48 | 593,277 | |||||||||||
Western Digital Corp. | ||||||||||||||
968,000 | 4.750 | 02/15/26 | 915,970 | |||||||||||
|
| |||||||||||||
44,927,251 | ||||||||||||||
|
| |||||||||||||
Transportation – 1.4% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
100,000 | 4.450 | 03/15/43 | 88,831 | |||||||||||
100,000 | 4.050 | 06/15/48 | 84,003 | |||||||||||
100,000 | 4.150 | 12/15/48 | 84,494 | |||||||||||
1,580,000 | 3.300 | 09/15/51 | 1,143,415 | |||||||||||
FedEx Corp. | ||||||||||||||
600,000 | 5.100 | 01/15/44 | 543,163 | |||||||||||
750,000 | 4.750 | 11/15/45 | 642,511 | |||||||||||
300,000 | 4.550 | 04/01/46 | 248,522 | |||||||||||
FedEx Corp. Pass Through Trust, Series 2020-1 | ||||||||||||||
43,316 | 1.875 | 02/20/34 | 35,332 | |||||||||||
Norfolk Southern Corp. | ||||||||||||||
450,000 | 3.155 | 05/15/55 | 296,905 | |||||||||||
Southwest Airlines Co. | ||||||||||||||
270,000 | 5.250 | 05/04/25 | 268,311 | |||||||||||
125,000 | 5.125 | 06/15/27 | 123,132 | |||||||||||
Union Pacific Corp. | ||||||||||||||
500,000 | 2.400 | 02/05/30 | 425,640 | |||||||||||
1,950,000 | 2.800 | 02/14/32 | 1,649,235 | |||||||||||
278,000 | 3.799 | 10/01/51 | 221,175 | |||||||||||
95,000 | 2.950 | 03/10/52 | 64,116 | |||||||||||
408,000 | 3.839 | 03/20/60 | 311,571 | |||||||||||
646,000 | 3.799 | 04/06/71 | 475,407 | |||||||||||
United Parcel Service, Inc. | ||||||||||||||
292,000 | 3.050 | 11/15/27 | 271,074 | |||||||||||
792,000 | 3.400 | 03/15/29 | 731,382 | |||||||||||
300,000 | 3.750 | 11/15/47 | 245,819 | |||||||||||
200,000 | 4.250 | 03/15/49 | 177,799 | |||||||||||
448,000 | 5.300 | 04/01/50 | 461,123 | |||||||||||
|
| |||||||||||||
8,592,960 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Water – 0.1% | ||||||||||||||
American Water Capital Corp. | ||||||||||||||
$ | 426,000 | 4.450 | % | 06/01/32 | $ | 405,842 | ||||||||
|
| |||||||||||||
Wireless – 5.7% | ||||||||||||||
American Tower Corp. | ||||||||||||||
500,000 | 5.000 | 02/15/24 | 496,941 | |||||||||||
250,000 | 4.000 | 06/01/25 | 241,747 | |||||||||||
556,000 | 3.375 | 10/15/26 | 516,682 | |||||||||||
200,000 | 2.750 | 01/15/27 | 180,653 | |||||||||||
521,000 | 3.800 | 08/15/29 | 470,134 | |||||||||||
80,000 | 2.900 | 01/15/30 | 67,895 | |||||||||||
300,000 | 1.875 | 10/15/30 | 231,040 | |||||||||||
251,000 | 3.100 | 06/15/50 | 155,878 | |||||||||||
AT&T, Inc. | ||||||||||||||
611,000 | 3.800 | 02/15/27 | 580,635 | |||||||||||
346,000 | 4.250 | 03/01/27 | 335,547 | |||||||||||
339,000 | 2.300 | 06/01/27 | 302,199 | |||||||||||
75,000 | 1.650 | 02/01/28 | 63,820 | |||||||||||
300,000 | 4.100 | 02/15/28 | 287,398 | |||||||||||
1,232,000 | 4.350 | 03/01/29 | 1,168,849 | |||||||||||
459,000 | 4.300 | 02/15/30 | 430,133 | |||||||||||
565,000 | 2.750 | 06/01/31 | 467,891 | |||||||||||
620,000 | 2.250 | 02/01/32 | 483,373 | |||||||||||
630,000 | 2.550 | 12/01/33 | 481,777 | |||||||||||
435,000 | 4.500 | 05/15/35 | 390,822 | |||||||||||
140,000 | 4.850 | 03/01/39 | 126,632 | |||||||||||
330,000 | 4.350 | 06/15/45 | 270,099 | |||||||||||
435,000 | 4.750 | 05/15/46 | 373,908 | |||||||||||
429,000 | 4.500 | 03/09/48 | 353,425 | |||||||||||
329,000 | 4.550 | 03/09/49 | 276,834 | |||||||||||
538,000 | 3.650 | 06/01/51 | 385,670 | |||||||||||
130,000 | 3.300 | 02/01/52 | 89,643 | |||||||||||
1,260,000 | 3.500 | 09/15/53 | 863,329 | |||||||||||
1,678,000 | 3.550 | 09/15/55 | 1,134,966 | |||||||||||
530,000 | 3.800 | 12/01/57 | 371,333 | |||||||||||
1,439,000 | 3.650 | 09/15/59 | 972,301 | |||||||||||
92,000 | 3.850 | 06/01/60 | 64,925 | |||||||||||
Crown Castle, Inc. | ||||||||||||||
530,000 | 4.450 | 02/15/26 | 515,947 | |||||||||||
572,000 | 3.700 | 06/15/26 | 542,783 | |||||||||||
736,000 | 1.050 | 07/15/26 | 638,082 | |||||||||||
98,000 | 3.650 | 09/01/27 | 91,240 | |||||||||||
200,000 | 3.800 | 02/15/28 | 185,949 | |||||||||||
220,000 | 3.300 | 07/01/30 | 192,426 | |||||||||||
180,000 | 2.250 | 01/15/31 | 144,256 | |||||||||||
301,000 | 2.100 | 04/01/31 | 236,097 | |||||||||||
300,000 | 2.900 | 04/01/41 | 203,683 | |||||||||||
100,000 | 3.250 | 01/15/51 | 65,849 | |||||||||||
Sprint Capital Corp. | ||||||||||||||
200,000 | 8.750 | 03/15/32 | 237,885 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
500,000 | 2.250 | 02/15/26 | 454,850 | |||||||||||
800,000 | 3.750 | 04/15/27 | 752,503 | |||||||||||
300,000 | 4.950 | 03/15/28 | 294,581 | |||||||||||
100,000 | 2.625 | 02/15/29 | 85,282 | |||||||||||
700,000 | 3.375 | 04/15/29 | 620,050 | |||||||||||
900,000 | 3.875 | 04/15/30 | 815,970 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
T-Mobile USA, Inc. – (continued) | ||||||||||||||
980,000 | 2.550 | 02/15/31 | 803,138 | |||||||||||
300,000 | 2.875 | 02/15/31 | 249,374 | |||||||||||
600,000 | 2.250 | 11/15/31 | 469,137 | |||||||||||
600,000 | 2.700 | 03/15/32 | 485,074 | |||||||||||
500,000 | 5.050 | 07/15/33 | 481,700 | |||||||||||
700,000 | 4.375 | 04/15/40 | 597,107 | |||||||||||
500,000 | 3.000 | 02/15/41 | 346,208 | |||||||||||
600,000 | 4.500 | 04/15/50 | 498,409 | |||||||||||
400,000 | 3.300 | 02/15/51 | 267,747 | |||||||||||
300,000 | 3.600 | 11/15/60 | 199,778 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
570,000 | 3.500 | 11/01/24 | 554,764 | |||||||||||
184,000 | 3.376 | 02/15/25 | 177,745 | |||||||||||
2,428,000 | 0.850 | 11/20/25 | 2,172,875 | |||||||||||
559,000 | 4.125 | 03/16/27 | 537,365 | |||||||||||
710,000 | 2.100 | 03/22/28 | 612,365 | |||||||||||
722,000 | 4.329 | 09/21/28 | 692,581 | |||||||||||
786,000 | 4.016 | 12/03/29 | 726,159 | |||||||||||
471,000 | 3.150 | 03/22/30 | 412,810 | |||||||||||
280,000 | 1.500 | 09/18/30 | 216,959 | |||||||||||
100,000 | 1.680 | 10/30/30 | 77,351 | |||||||||||
1,330,000 | 2.550 | 03/21/31 | 1,087,564 | |||||||||||
50,000 | 2.355 | 03/15/32 | 39,272 | |||||||||||
220,000 | 4.272 | 01/15/36 | 194,048 | |||||||||||
478,000 | 5.250 | 03/16/37 | 466,175 | |||||||||||
550,000 | 2.650 | 11/20/40 | 372,617 | |||||||||||
510,000 | 3.400 | 03/22/41 | 383,955 | |||||||||||
60,000 | 6.550 | 09/15/43 | 65,384 | |||||||||||
704,000 | 4.862 | 08/21/46 | 641,940 | |||||||||||
455,000 | 4.522 | 09/15/48 | 388,824 | |||||||||||
400,000 | 2.875 | 11/20/50 | 251,809 | |||||||||||
800,000 | 3.550 | 03/22/51 | 576,442 | |||||||||||
364,000 | 5.012 | 08/21/54 | 334,876 | |||||||||||
150,000 | 2.987 | 10/30/56 | 91,716 | |||||||||||
500,000 | 3.000 | 11/20/60 | 300,527 | |||||||||||
555,000 | 3.700 | 03/22/61 | 391,514 | |||||||||||
|
| |||||||||||||
34,879,221 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $558,814,981) | $ | 483,791,574 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 20.0% | ||||||||||||||
Banks – 11.0% | ||||||||||||||
Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||||||||
$ | 300,000 | 5.088 | % | 12/08/25 | $ | 298,621 | ||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||||
200,000 | 1.125 | 09/18/25 | 178,949 | |||||||||||
Banco Santander SA (Spain) | ||||||||||||||
200,000 | 2.706 | 06/27/24 | 192,787 | |||||||||||
1,432,000 | 2.746 | 05/28/25 | 1,340,661 | |||||||||||
600,000 | 1.849 | 03/25/26 | 532,308 | |||||||||||
600,000 | 4.250 | 04/11/27 | 569,004 | |||||||||||
(US 1 Year CMT T-Note + 0.900%) | ||||||||||||||
600,000 | 1.722 | (a) | 09/14/27 | 517,575 | ||||||||||
325,000 | 3.490 | 05/28/30 | 280,607 | |||||||||||
|
|
52 | 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) | ||||||||||||||
Banco Santander SA (Spain) – (continued) | ||||||||||||||
(US 1 Year CMT T-Note + 1.600%) | ||||||||||||||
$ | 336,000 | 3.225 | %(a) | 11/22/32 | $ | 263,490 | ||||||||
Bank of Montreal (Canada) | ||||||||||||||
(5 Year USD Swap + 1.432%) | ||||||||||||||
553,000 | 3.803 | (a) | 12/15/32 | 495,863 | ||||||||||
(US 5 Year CMT T-Note + 1.400%) | ||||||||||||||
204,000 | 3.088 | (a) | 01/10/37 | 159,821 | ||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
230,000 | 0.625 | 07/09/24 | 215,746 | |||||||||||
150,000 | 1.500 | 01/10/25 | 139,784 | |||||||||||
75,000 | 1.250 | 09/15/26 | 65,517 | |||||||||||
(SOFR + 0.603%) | ||||||||||||||
40,000 | 0.949 | (a) | 01/22/27 | 35,247 | ||||||||||
300,000 | 2.650 | 03/08/27 | 273,079 | |||||||||||
Bank of Montreal, Series E (Canada) | ||||||||||||||
50,000 | 3.300 | 02/05/24 | 49,013 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
520,000 | 3.400 | 02/11/24 | 509,804 | |||||||||||
320,000 | 0.700 | 04/15/24 | 303,309 | |||||||||||
75,000 | 0.650 | 07/31/24 | 70,062 | |||||||||||
198,000 | 1.300 | 06/11/25 | 180,811 | |||||||||||
710,000 | 4.500 | 12/16/25 | 688,902 | |||||||||||
220,000 | 2.700 | 08/03/26 | 202,036 | |||||||||||
80,000 | 1.950 | 02/02/27 | 71,316 | |||||||||||
770,000 | 2.450 | 02/02/32 | 619,674 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
1,140,000 | 3.650 | 03/16/25 | 1,093,995 | |||||||||||
1,035,000 | 4.375 | 01/12/26 | 1,000,991 | |||||||||||
(SOFR + 2.714%) | ||||||||||||||
200,000 | 2.852 | (a) | 05/07/26 | 187,640 | ||||||||||
210,000 | 5.200 | 05/12/26 | 204,612 | |||||||||||
600,000 | 4.836 | 05/09/28 | 562,349 | |||||||||||
(US 1 Year CMT T-Note + 1.200%) | ||||||||||||||
424,000 | 2.667 | (a) | 03/10/32 | 330,181 | ||||||||||
(US 5 Year CMT T-Note + 2.900%) | ||||||||||||||
960,000 | 3.564 | (a) | 09/23/35 | 772,521 | ||||||||||
(US 1 Year CMT T-Note + 1.700%) | ||||||||||||||
500,000 | 3.811 | (a) | 03/10/42 | 362,787 | ||||||||||
330,000 | 5.250 | 08/17/45 | 307,395 | |||||||||||
436,000 | 4.950 | 01/10/47 | 390,377 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||||||||
370,000 | 3.100 | 04/02/24 | 360,857 | |||||||||||
110,000 | 2.250 | 01/28/25 | 103,886 | |||||||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||||||||
1,105,000 | 3.750 | 07/21/26 | 1,036,492 | |||||||||||
186,000 | 5.250 | 05/24/41 | 194,123 | |||||||||||
485,000 | 5.250 | 08/04/45 | 457,977 | |||||||||||
Credit Suisse AG (Switzerland) | ||||||||||||||
1,210,000 | 2.950 | 04/09/25 | 1,102,272 | |||||||||||
950,000 | 1.250 | 08/07/26 | 775,066 | |||||||||||
Credit Suisse Group AG (Switzerland) | ||||||||||||||
660,000 | 3.750 | 03/26/25 | 602,255 | |||||||||||
250,000 | 4.550 | 04/17/26 | 223,057 | |||||||||||
(SOFR + 3.730%) | ||||||||||||||
621,000 | 4.194 | (a)(b) | 04/01/31 | 495,598 | ||||||||||
300,000 | 4.875 | 05/15/45 | 218,663 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Deutsche Bank AG (Germany) | ||||||||||||||
130,000 | 3.700 | 05/30/24 | 125,680 | |||||||||||
(SOFR + 1.131%) | ||||||||||||||
200,000 | 1.447 | (a) | 04/01/25 | 189,166 | ||||||||||
(SOFR + 2.581%) | ||||||||||||||
800,000 | 3.961 | (a) | 11/26/25 | 768,599 | ||||||||||
(SOFR + 1.219%) | ||||||||||||||
1,694,000 | 2.311 | (a) | 11/16/27 | 1,473,605 | ||||||||||
(SOFR + 1.318%) | ||||||||||||||
1,702,000 | 2.552 | (a) | 01/07/28 | 1,483,820 | ||||||||||
(SOFR + 3.043%) | ||||||||||||||
260,000 | 3.547 | (a) | 09/18/31 | 217,416 | ||||||||||
(SOFR + 1.718%) | ||||||||||||||
400,000 | 3.035 | (a) | 05/28/32 | 315,744 | ||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
540,000 | 4.250 | 03/14/24 | 532,166 | |||||||||||
(SOFR + 0.708%) | ||||||||||||||
500,000 | 0.976 | (a) | 05/24/25 | 470,479 | ||||||||||
400,000 | 4.250 | 08/18/25 | 387,541 | |||||||||||
(SOFR + 1.402%) | ||||||||||||||
800,000 | 2.633 | (a) | 11/07/25 | 757,557 | ||||||||||
750,000 | 4.300 | 03/08/26 | 725,956 | |||||||||||
(SOFR + 1.538%) | ||||||||||||||
250,000 | 1.645 | (a) | 04/18/26 | 229,312 | ||||||||||
936,000 | 3.900 | 05/25/26 | 892,654 | |||||||||||
(3M USD LIBOR + 1.348%) | ||||||||||||||
500,000 | 4.292 | (a) | 09/12/26 | 481,076 | ||||||||||
(SOFR + 1.100%) | ||||||||||||||
480,000 | 2.251 | (a) | 11/22/27 | 421,776 | ||||||||||
(SOFR + 1.732%) | ||||||||||||||
250,000 | 2.013 | (a) | 09/22/28 | 211,675 | ||||||||||
(3M USD LIBOR + 1.535%) | ||||||||||||||
960,000 | 4.583 | (a) | 06/19/29 | 904,813 | ||||||||||
(3M USD LIBOR + 1.610%) | ||||||||||||||
800,000 | 3.973 | (a) | 05/22/30 | 719,103 | ||||||||||
(SOFR + 2.387%) | ||||||||||||||
205,000 | 2.848 | (a) | 06/04/31 | 168,304 | ||||||||||
(SOFR + 1.947%) | ||||||||||||||
1,050,000 | 2.357 | (a) | 08/18/31 | 828,188 | ||||||||||
(SOFR + 1.187%) | ||||||||||||||
550,000 | 2.804 | (a) | 05/24/32 | 439,067 | ||||||||||
(SOFR + 1.410%) | ||||||||||||||
400,000 | 2.871 | (a) | 11/22/32 | 317,171 | ||||||||||
(SOFR + 4.250%) | ||||||||||||||
400,000 | 8.113 | (a) | 11/03/33 | 441,569 | ||||||||||
746,000 | 6.500 | 09/15/37 | 744,276 | |||||||||||
90,000 | 6.100 | 01/14/42 | 95,901 | |||||||||||
300,000 | 5.250 | 03/14/44 | 276,197 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
300,000 | 3.550 | 04/09/24 | 293,544 | |||||||||||
(SOFR + 1.640%) | ||||||||||||||
260,000 | 3.869 | (a) | 03/28/26 | 250,488 | ||||||||||
200,000 | 3.950 | 03/29/27 | 189,357 | |||||||||||
(SOFR + 1.830%) | ||||||||||||||
500,000 | 4.017 | (a) | 03/28/28 | 468,938 | ||||||||||
490,000 | 4.550 | 10/02/28 | 467,387 | |||||||||||
330,000 | 4.050 | 04/09/29 | 305,209 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
$ | 940,000 | 4.450 | % | 05/08/25 | $ | 915,374 | ||||||||
(US 1 Year CMT T-Note + 3.500%) | ||||||||||||||
300,000 | 3.870 | (a) | 07/09/25 | 292,306 | ||||||||||
400,000 | 4.582 | 12/10/25 | 384,999 | |||||||||||
1,880,000 | 3.750 | 01/11/27 | 1,757,738 | |||||||||||
940,000 | 4.375 | 03/22/28 | 888,435 | |||||||||||
(3M USD LIBOR + 1.205%) | ||||||||||||||
500,000 | 3.574 | (a) | 11/07/28 | 454,163 | ||||||||||
200,000 | 5.300 | 12/01/45 | 181,290 | |||||||||||
490,000 | 4.344 | 01/09/48 | 379,947 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
290,000 | 2.193 | 02/25/25 | 271,693 | |||||||||||
(US 1 Year CMT T-Note + 1.080%) | ||||||||||||||
260,000 | 5.719 | (a) | 02/20/26 | 259,653 | ||||||||||
(US 1 Year CMT T-Note + 0.830%) | ||||||||||||||
500,000 | 2.341 | (a) | 01/19/28 | 442,339 | ||||||||||
290,000 | 3.961 | 03/02/28 | 273,331 | |||||||||||
(US 1 Year CMT T-Note + 1.900%) | ||||||||||||||
300,000 | 5.354 | (a) | 09/13/28 | 296,555 | ||||||||||
(US 1 Year CMT T-Note + 1.380%) | ||||||||||||||
1,000,000 | 5.422 | (a) | 02/22/29 | 992,592 | ||||||||||
(US 1 Year CMT T-Note + 1.100%) | ||||||||||||||
300,000 | 2.852 | (a) | 01/19/33 | 243,058 | ||||||||||
(US 1 Year CMT T-Note + 1.630%) | ||||||||||||||
1,000,000 | 5.441 | (a) | 02/22/34 | 982,533 | ||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
490,000 | 2.839 | 09/13/26 | 447,831 | |||||||||||
(US 1 Year CMT T-Note + 0.670%) | ||||||||||||||
500,000 | 1.234 | (a) | 05/22/27 | 434,170 | ||||||||||
300,000 | 2.564 | 09/13/31 | 233,205 | |||||||||||
National Australia Bank Ltd. (Australia) | ||||||||||||||
940,000 | 2.500 | 07/12/26 | 864,261 | |||||||||||
NatWest Group PLC (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.762%) | ||||||||||||||
665,000 | 4.269 | (a) | 03/22/25 | 652,223 | ||||||||||
846,000 | 4.800 | 04/05/26 | 824,315 | |||||||||||
(US 1 Year CMT T-Note + 2.550%) | ||||||||||||||
355,000 | 3.073 | (a) | 05/22/28 | 320,056 | ||||||||||
(3M USD LIBOR + 1.754%) | ||||||||||||||
345,000 | 4.892 | (a) | 05/18/29 | 329,573 | ||||||||||
(US 5 Year CMT T-Note + 2.100%) | ||||||||||||||
208,000 | 3.754 | (a) | 11/01/29 | 195,497 | ||||||||||
(3M USD LIBOR + 1.905%) | ||||||||||||||
470,000 | 5.076 | (a) | 01/27/30 | 451,372 | ||||||||||
(3M USD LIBOR + 1.871%) | ||||||||||||||
370,000 | 4.445 | (a) | 05/08/30 | 342,281 | ||||||||||
(US 5 Year CMT T-Note + 2.350%) | ||||||||||||||
420,000 | 3.032 | (a) | 11/28/35 | 325,010 | ||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
500,000 | 2.250 | 11/01/24 | 475,850 | |||||||||||
50,000 | 0.875 | 01/20/26 | 44,228 | |||||||||||
350,000 | 4.650 | 01/27/26 | 342,057 | |||||||||||
300,000 | 1.400 | 11/02/26 | 261,742 | |||||||||||
500,000 | 4.240 | 08/03/27 | 480,141 | |||||||||||
250,000 | 2.300 | 11/03/31 | 199,921 | |||||||||||
300,000 | 5.000 | 02/01/33 | 293,096 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Royal Bank of Canada (Canada) | ||||||||||||||
130,000 | 1.200 | 04/27/26 | 115,004 | |||||||||||
Royal Bank of Canada, MTN (Canada) | ||||||||||||||
257,000 | 1.150 | 06/10/25 | 234,723 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||||
(SOFR + 0.787%) | ||||||||||||||
200,000 | 1.089 | (a) | 03/15/25 | 189,644 | ||||||||||
(SOFR + 2.749%) | ||||||||||||||
870,000 | 6.833 | (a) | 11/21/26 | 884,769 | ||||||||||
(SOFR + 0.989%) | ||||||||||||||
1,790,000 | 1.673 | (a) | 06/14/27 | 1,562,220 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
500,000 | 2.696 | 07/16/24 | 481,426 | |||||||||||
468,000 | 3.364 | 07/12/27 | 434,530 | |||||||||||
200,000 | 5.520 | 01/13/28 | 199,637 | |||||||||||
1,000,000 | 3.040 | 07/16/29 | 867,871 | |||||||||||
490,000 | 2.750 | 01/15/30 | 413,665 | |||||||||||
500,000 | 2.130 | 07/08/30 | 400,531 | |||||||||||
500,000 | 2.222 | 09/17/31 | 389,575 | |||||||||||
500,000 | 5.766 | 01/13/33 | 504,773 | |||||||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||||||||
50,000 | 1.950 | 01/12/27 | 44,433 | |||||||||||
290,000 | 4.108 | 06/08/27 | 277,785 | |||||||||||
(5 Year USD Swap + 2.205%) | ||||||||||||||
550,000 | 3.625 | (a) | 09/15/31 | 512,531 | ||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
830,000 | 2.650 | 06/12/24 | 802,294 | |||||||||||
270,000 | 1.150 | 06/12/25 | 246,217 | |||||||||||
630,000 | 0.750 | 01/06/26 | 555,033 | |||||||||||
375,000 | 1.250 | 09/10/26 | 326,192 | |||||||||||
500,000 | 2.800 | 03/10/27 | 457,612 | |||||||||||
500,000 | 2.000 | 09/10/31 | 393,420 | |||||||||||
697,000 | 3.200 | 03/10/32 | 598,640 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
40,000 | 3.300 | 02/26/24 | 39,187 | |||||||||||
1,000,000 | 5.350 | 10/18/24 | 1,000,464 | |||||||||||
112,000 | 1.019 | 11/18/24 | 104,384 | |||||||||||
40,000 | 2.350 | 02/19/25 | 37,902 | |||||||||||
200,000 | 2.850 | 05/13/26 | 186,604 | |||||||||||
625,000 | 1.150 | 06/03/26 | 550,949 | |||||||||||
40,000 | 3.350 | 03/08/27 | 37,590 | |||||||||||
350,000 | 5.457 | 11/18/27 | 355,883 | |||||||||||
40,000 | 3.400 | 01/25/28 | 37,144 | |||||||||||
247,000 | 2.650 | 01/16/30 | 215,868 | |||||||||||
(US 5 Year CMT T-Note + 1.350%) | ||||||||||||||
1,476,000 | 2.894 | (a) | 02/04/30 | 1,369,797 | ||||||||||
400,000 | 2.150 | 06/03/31 | 333,626 | |||||||||||
(US 5 Year CMT T-Note + 2.000%) | ||||||||||||||
100,000 | 4.110 | (a) | 07/24/34 | 88,744 | ||||||||||
(US 5 Year CMT T-Note + 1.750%) | ||||||||||||||
300,000 | 2.668 | (a) | 11/15/35 | 231,373 | ||||||||||
186,000 | 4.421 | 07/24/39 | 157,949 | |||||||||||
100,000 | 2.963 | 11/16/40 | 69,006 | |||||||||||
Westpac Banking Corp.(a), GMTN (Australia) | ||||||||||||||
(5 Year USD Swap + 2.236%) | ||||||||||||||
146,000 | 4.322 | 11/23/31 | 137,495 | |||||||||||
|
| |||||||||||||
68,010,139 | ||||||||||||||
|
|
54 | 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) | ||||||||||||||
Beverages – 0.0% | ||||||||||||||
Coca-Cola Femsa SAB de CV (Mexico) | ||||||||||||||
$ | 280,000 | 2.750 | % | 01/22/30 | $ | 241,520 | ||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
814,000 | 3.900 | 01/25/28 | 756,532 | |||||||||||
120,000 | 4.850 | 03/29/29 | 115,193 | |||||||||||
125,000 | 4.350 | 04/15/30 | 115,055 | |||||||||||
237,000 | 4.700 | 09/20/47 | 201,486 | |||||||||||
Nomura Holdings, Inc. (Japan) | ||||||||||||||
530,000 | 2.999 | 01/22/32 | 425,519 | |||||||||||
|
| |||||||||||||
1,613,785 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.0% | ||||||||||||||
Toyota Motor Corp. (Japan) | ||||||||||||||
80,000 | 1.339 | 03/25/26 | 71,811 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.3% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
250,000 | 6.450 | 09/15/37 | 282,101 | |||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
150,000 | 3.222 | 08/15/24 | 144,701 | |||||||||||
264,000 | 3.215 | 09/06/26 | 244,183 | |||||||||||
400,000 | 4.700 | 04/02/27 | 386,570 | |||||||||||
900,000 | 3.557 | 08/15/27 | 821,124 | |||||||||||
330,000 | 2.259 | 03/25/28 | 277,204 | |||||||||||
464,000 | 2.726 | 03/25/31 | 361,567 | |||||||||||
444,000 | 4.390 | 08/15/37 | 345,699 | |||||||||||
398,000 | 4.540 | 08/15/47 | 288,133 | |||||||||||
204,000 | 4.758 | 09/06/49 | 150,760 | |||||||||||
360,000 | 3.984 | 09/25/50 | 238,326 | |||||||||||
BAT International Finance PLC (United Kingdom) | ||||||||||||||
292,000 | 1.668 | 03/25/26 | 259,302 | |||||||||||
700,000 | 4.448 | 03/16/28 | 651,875 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
910,000 | 3.875 | 05/15/28 | 865,986 | |||||||||||
511,000 | 6.375 | 05/15/38 | 577,707 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
570,000 | 3.400 | 05/06/24 | 558,923 | |||||||||||
158,000 | 1.750 | 02/14/25 | 148,349 | |||||||||||
115,000 | 3.000 | 11/20/25 | 109,302 | |||||||||||
214,000 | 3.100 | 05/17/27 | 201,398 | |||||||||||
262,000 | 2.200 | 08/14/30 | 221,714 | |||||||||||
220,000 | 4.400 | 05/06/44 | 203,834 | |||||||||||
180,000 | 4.000 | 11/20/45 | 157,350 | |||||||||||
225,000 | 2.750 | 08/14/50 | 156,864 | |||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
468,000 | 5.850 | 08/15/45 | 404,505 | |||||||||||
|
| |||||||||||||
8,057,477 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Unilever Capital Corp. (United Kingdom) | ||||||||||||||
100,000 | 2.900 | 05/05/27 | 93,131 | |||||||||||
500,000 | 3.500 | 03/22/28 | 469,886 | |||||||||||
500,000 | 2.125 | 09/06/29 | 423,800 | |||||||||||
132,000 | 5.900 | 11/15/32 | 143,234 | |||||||||||
|
| |||||||||||||
1,130,051 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – 2.2% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
764,000 | 3.279 | 09/19/27 | 711,291 | |||||||||||
168,000 | 3.723 | 11/28/28 | 158,256 | |||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
513,000 | 3.850 | 06/01/27 | 481,523 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||||
214,000 | 4.950 | 06/01/47 | 186,244 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
172,000 | 6.750 | 11/15/39 | 179,710 | |||||||||||
322,000 | 5.400 | 06/15/47 | 291,253 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
708,000 | 3.125 | 11/15/29 | 618,545 | |||||||||||
(3M USD LIBOR + 3.641%) | ||||||||||||||
570,000 | 6.250 | (a) | 03/01/78 | 530,100 | ||||||||||
Equinor ASA (Norway) | ||||||||||||||
70,000 | 3.700 | 03/01/24 | 68,822 | |||||||||||
460,000 | 2.875 | 04/06/25 | 439,494 | |||||||||||
200,000 | 1.750 | 01/22/26 | 182,616 | |||||||||||
300,000 | 3.125 | 04/06/30 | 269,968 | |||||||||||
100,000 | 2.375 | 05/22/30 | 85,311 | |||||||||||
430,000 | 3.950 | 05/15/43 | 361,667 | |||||||||||
114,000 | 3.250 | 11/18/49 | 84,000 | |||||||||||
250,000 | 3.700 | 04/06/50 | 199,874 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
362,000 | 2.000 | 11/07/24 | 344,469 | |||||||||||
682,000 | 3.250 | 05/11/25 | 656,021 | |||||||||||
330,000 | 2.875 | 05/10/26 | 309,242 | |||||||||||
130,000 | 2.500 | 09/12/26 | 119,536 | |||||||||||
352,000 | 3.875 | 11/13/28 | 336,014 | |||||||||||
352,000 | 2.375 | 11/07/29 | 302,075 | |||||||||||
300,000 | 2.750 | 04/06/30 | 263,705 | |||||||||||
328,000 | 4.125 | 05/11/35 | 302,330 | |||||||||||
761,000 | 6.375 | 12/15/38 | 844,374 | |||||||||||
352,000 | 4.375 | 05/11/45 | 312,036 | |||||||||||
450,000 | 4.000 | 05/10/46 | 371,792 | |||||||||||
334,000 | 3.750 | 09/12/46 | 265,826 | |||||||||||
282,000 | 3.125 | 11/07/49 | 203,042 | |||||||||||
300,000 | 3.000 | 11/26/51 | 208,147 | |||||||||||
Suncor Energy, Inc. (Canada) | ||||||||||||||
80,000 | 6.800 | 05/15/38 | 85,125 | |||||||||||
384,000 | 4.000 | 11/15/47 | 301,203 | |||||||||||
100,000 | 3.750 | 03/04/51 | 73,292 | |||||||||||
TotalEnergies Capital International SA (France) | ||||||||||||||
184,000 | 3.750 | 04/10/24 | 181,274 | |||||||||||
280,000 | 2.829 | 01/10/30 | 247,207 | |||||||||||
335,000 | 2.986 | 06/29/41 | 251,800 | |||||||||||
370,000 | 3.461 | 07/12/49 | 282,910 | |||||||||||
220,000 | 3.386 | 06/29/60 | 157,269 | |||||||||||
TotalEnergies Capital SA (France) | ||||||||||||||
344,000 | 3.883 | 10/11/28 | 330,455 | |||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
433,000 | 2.500 | 10/12/31 | 343,098 | |||||||||||
400,000 | 4.625 | 03/01/34 | 365,308 | |||||||||||
420,000 | 7.625 | 01/15/39 | 487,177 | |||||||||||
120,000 | 4.875 | 05/15/48 | 105,589 | |||||||||||
150,000 | 5.100 | 03/15/49 | 136,027 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Transcanada Trust(a), Series 16-A (Canada) | ||||||||||||||
(3M USD LIBOR + 4.640%) | ||||||||||||||
$ | 198,000 | 5.875 | % | 08/15/76 | $ | 189,585 | ||||||||
|
| |||||||||||||
13,224,602 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.6% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
500,000 | 3.150 | 02/15/24 | 487,081 | |||||||||||
500,000 | 3.500 | 01/15/25 | 476,798 | |||||||||||
450,000 | 6.500 | 07/15/25 | 451,621 | |||||||||||
952,000 | 2.450 | 10/29/26 | 837,271 | |||||||||||
300,000 | 3.000 | 10/29/28 | 254,391 | |||||||||||
432,000 | 3.300 | 01/30/32 | 345,811 | |||||||||||
300,000 | 3.400 | 10/29/33 | 232,640 | |||||||||||
480,000 | 3.850 | 10/29/41 | 352,806 | |||||||||||
|
| |||||||||||||
3,438,419 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.5% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
518,000 | 3.650 | 02/01/26 | 496,658 | |||||||||||
1,450,000 | 4.700 | 02/01/36 | 1,362,773 | |||||||||||
1,466,000 | 4.900 | 02/01/46 | 1,350,284 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
226,000 | 4.625 | 02/01/44 | 201,870 | |||||||||||
300,000 | 4.900 | 02/01/46 | 276,137 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
536,000 | 4.000 | 04/13/28 | 511,688 | |||||||||||
628,000 | 4.750 | 01/23/29 | 617,658 | |||||||||||
281,000 | 4.900 | 01/23/31 | 280,758 | |||||||||||
429,000 | 4.375 | 04/15/38 | 383,701 | |||||||||||
500,000 | 5.450 | 01/23/39 | 499,161 | |||||||||||
100,000 | 4.350 | 06/01/40 | 87,946 | |||||||||||
356,000 | 4.950 | 01/15/42 | 333,207 | |||||||||||
435,000 | 4.600 | 04/15/48 | 384,908 | |||||||||||
146,000 | 4.439 | 10/06/48 | 126,055 | |||||||||||
632,000 | 5.550 | 01/23/49 | 636,720 | |||||||||||
280,000 | 4.500 | 06/01/50 | 247,298 | |||||||||||
310,000 | 4.750 | 04/15/58 | 278,739 | |||||||||||
382,000 | 5.800 | 01/23/59 | 396,241 | |||||||||||
Diageo Capital PLC (United Kingdom) | ||||||||||||||
200,000 | 1.375 | 09/29/25 | 181,981 | |||||||||||
700,000 | 2.375 | 10/24/29 | 591,861 | |||||||||||
|
| |||||||||||||
9,245,644 | ||||||||||||||
|
| |||||||||||||
Forest Products & Paper – 0.1% | ||||||||||||||
Suzano Austria GmbH (Brazil) | ||||||||||||||
350,000 | 3.750 | 01/15/31 | 296,418 | |||||||||||
|
| |||||||||||||
Insurance – 0.0% | ||||||||||||||
Manulife Financial Corp. (Canada) | ||||||||||||||
186,000 | 5.375 | 03/04/46 | 189,873 | |||||||||||
|
| |||||||||||||
Internet – 0.5% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
760,000 | 3.600 | 11/28/24 | 735,678 | |||||||||||
744,000 | 3.400 | 12/06/27 | 684,322 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Internet – (continued) | ||||||||||||||
Alibaba Group Holding Ltd. (China) – (continued) | ||||||||||||||
560,000 | 2.125 | 02/09/31 | 448,307 | |||||||||||
400,000 | 4.000 | 12/06/37 | 332,052 | |||||||||||
550,000 | 4.200 | 12/06/47 | 430,580 | |||||||||||
300,000 | 3.150 | 02/09/51 | 191,698 | |||||||||||
200,000 | 4.400 | 12/06/57 | 156,538 | |||||||||||
|
| |||||||||||||
2,979,175 | ||||||||||||||
|
| |||||||||||||
Lodging – 0.2% | ||||||||||||||
Sands China Ltd. (Macau) | ||||||||||||||
290,000 | 5.625 | 08/08/25 | 280,575 | |||||||||||
500,000 | 4.300 | 01/08/26 | 460,000 | |||||||||||
490,000 | 5.900 | 08/08/28 | 460,600 | |||||||||||
|
| |||||||||||||
1,201,175 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.2% | ||||||||||||||
BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||||
511,000 | 4.125 | 02/24/42 | 441,951 | |||||||||||
274,000 | 5.000 | 09/30/43 | 266,409 | |||||||||||
Rio Tinto Finance USA Ltd. (Australia) | ||||||||||||||
80,000 | 7.125 | 07/15/28 | 87,811 | |||||||||||
306,000 | 5.200 | 11/02/40 | 307,278 | |||||||||||
Rio Tinto Finance USA PLC (Australia) | ||||||||||||||
80,000 | 4.125 | 08/21/42 | 69,262 | |||||||||||
|
| |||||||||||||
1,172,711 | ||||||||||||||
|
| |||||||||||||
Mining – 0.2% | ||||||||||||||
Southern Copper Corp. (Mexico) | ||||||||||||||
341,000 | 7.500 | 07/27/35 | 389,007 | |||||||||||
242,000 | 6.750 | 04/16/40 | 264,960 | |||||||||||
166,000 | 5.250 | 11/08/42 | 155,343 | |||||||||||
491,000 | 5.875 | 04/23/45 | 497,647 | |||||||||||
|
| |||||||||||||
1,306,957 | ||||||||||||||
|
| |||||||||||||
Oil Company-Exploration & Production – 0.0% | ||||||||||||||
CNOOC Finance 2015 USA LLC (China) | ||||||||||||||
200,000 | 4.375 | 05/02/28 | 194,970 | |||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.2% | ||||||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
150,000 | 4.125 | 01/16/25 | 144,750 | |||||||||||
200,000 | 5.375 | 06/26/26 | 190,125 | |||||||||||
598,000 | 6.875 | 04/29/30 | 531,473 | |||||||||||
178,000 | 7.375 | 09/18/43 | 144,847 | |||||||||||
400,000 | 5.875 | 05/28/45 | 261,000 | |||||||||||
|
| |||||||||||||
1,272,195 | ||||||||||||||
|
| |||||||||||||
Semiconductors – 0.1% | ||||||||||||||
TSMC Arizona Corp. (Taiwan) | ||||||||||||||
260,000 | 1.750 | 10/25/26 | 231,478 | |||||||||||
720,000 | 3.250 | 10/25/51 | 541,044 | |||||||||||
|
| |||||||||||||
772,522 | ||||||||||||||
|
| |||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) | ||||||||||||||
280,000 | 4.875 | 03/01/24 | 278,030 | |||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | ||||||||||||||
226,000 | 3.400 | 05/01/30 | 195,552 | |||||||||||
263,000 | 2.500 | 05/11/31 | 207,362 | |||||||||||
|
|
56 | 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) | ||||||||||||||
Technology – (continued) | ||||||||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | | ||||||||||||
$ | 289,000 | 2.650 | % | 02/15/32 | $ | 226,852 | ||||||||
300,000 | 5.000 | 01/15/33 | 282,620 | |||||||||||
|
| |||||||||||||
1,190,416 | ||||||||||||||
|
| |||||||||||||
Telecommunications – 0.2% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
266,000 | 2.875 | 05/07/30 | 229,212 | |||||||||||
640,000 | 6.125 | 03/30/40 | 679,787 | |||||||||||
470,000 | 4.375 | 04/22/49 | 403,543 | |||||||||||
|
| |||||||||||||
1,312,542 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.4% | ||||||||||||||
Rogers Communications, Inc. (Canada) | ||||||||||||||
594,000 | 4.300 | 02/15/48 | 454,694 | |||||||||||
500,000 | 4.350 | 05/01/49 | 390,823 | |||||||||||
500,000 | 3.700 | 11/15/49 | 351,359 | |||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
150,000 | 4.125 | 05/30/25 | 145,949 | |||||||||||
419,000 | 6.150 | 02/27/37 | 433,158 | |||||||||||
450,000 | 4.875 | 06/19/49 | 391,742 | |||||||||||
330,000 | 4.250 | 09/17/50 | 260,068 | |||||||||||
|
| |||||||||||||
2,427,793 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.6% | ||||||||||||||
British Telecommunications PLC (United Kingdom) | ||||||||||||||
500,000 | 9.625 | 12/15/30 | 606,232 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
650,000 | 8.750 | 06/15/30 | 772,428 | |||||||||||
Orange SA (France) | ||||||||||||||
500,000 | 9.000 | 03/01/31 | 611,882 | |||||||||||
100,000 | 5.375 | 01/13/42 | 99,025 | |||||||||||
Telefonica Emisiones SA (Spain) | ||||||||||||||
1,380,000 | 4.665 | 03/06/38 | 1,147,371 | |||||||||||
300,000 | 5.213 | 03/08/47 | 255,043 | |||||||||||
|
| |||||||||||||
3,491,981 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $138,544,511) | $ | 122,842,176 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.4%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
2,701,652 | 4.475 | % | $ | 2,701,652 | ||||
(Cost $2,701,652) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 98.9% |
| |||||||
(Cost $700,061,144) |
| $ | 609,335,402 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% |
| 6,766,430 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 616,101,832 | |||||
|
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 February 28, 2023. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – 81.4% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
$ | 128,000 | 1.889 | % | 04/20/23 | $ | 127,183 | ||||||||
132,000 | 1.897 | 04/20/23 | 131,157 | |||||||||||
48,000 | 1.904 | 04/20/23 | 47,694 | |||||||||||
224,000 | 1.911 | 04/20/23 | 222,570 | |||||||||||
103,671,100 | 1.929 | 04/20/23 | 103,009,245 | |||||||||||
64,000 | 1.936 | 04/20/23 | 63,591 | |||||||||||
368,000 | 1.937 | 04/20/23 | 365,651 | |||||||||||
80,000 | 1.973 | 04/20/23 | 79,489 | |||||||||||
208,000 | 1.994 | 04/20/23 | 206,672 | |||||||||||
112,000 | 2.010 | 04/20/23 | 111,285 | |||||||||||
112,000 | 2.025 | 04/20/23 | 111,285 | |||||||||||
112,000 | 2.032 | 04/20/23 | 111,285 | |||||||||||
610,000 | 2.034 | 04/20/23 | 606,106 | |||||||||||
32,067,000 | 2.058 | 04/20/23 | 31,862,278 | |||||||||||
944,000 | 2.067 | 04/20/23 | 937,973 | |||||||||||
1,403,000 | 2.127 | 04/20/23 | 1,394,043 | |||||||||||
244,000 | 2.163 | 04/20/23 | 242,442 | |||||||||||
4,819,000 | 2.615 | 04/20/23 | 4,788,235 | |||||||||||
240,000 | 3.025 | 04/20/23 | 238,468 | |||||||||||
720,000 | 3.032 | 04/20/23 | 715,403 | |||||||||||
4,920,000 | 3.039 | 04/20/23 | 4,888,590 | |||||||||||
240,000 | 3.048 | 04/20/23 | 238,468 | |||||||||||
1,500,000 | 3.077 | 04/20/23 | 1,490,424 | |||||||||||
600,000 | 3.092 | 04/20/23 | 596,169 | |||||||||||
1,080,000 | 3.103 | 04/20/23 | 1,073,105 | |||||||||||
600,000 | 3.104 | 04/20/23 | 596,169 | |||||||||||
4,165,000 | 3.141 | 04/20/23 | 4,138,410 | |||||||||||
1,615,000 | 3.193 | 04/20/23 | 1,604,690 | |||||||||||
3,416,000 | 3.203 | 04/20/23 | 3,394,192 | |||||||||||
660,000 | 3.206 | 04/20/23 | 655,786 | |||||||||||
2,700,000 | 3.208 | 04/20/23 | 2,682,763 | |||||||||||
5,440,000 | 3.223 | 04/20/23 | 5,405,270 | |||||||||||
1,920,000 | 3.238 | 04/20/23 | 1,907,742 | |||||||||||
2,040,000 | 3.239 | 04/20/23 | 2,026,976 | |||||||||||
420,000 | 3.268 | 04/20/23 | 417,319 | |||||||||||
2,340,000 | 3.346 | 04/20/23 | 2,325,061 | |||||||||||
2,232,000 | 3.690 | 04/20/23 | 2,217,751 | |||||||||||
4,731,000 | 3.730 | 04/20/23 | 4,700,796 | |||||||||||
124,000 | 3.735 | 04/20/23 | 123,208 | |||||||||||
2,241,000 | 3.746 | 04/20/23 | 2,226,693 | |||||||||||
4,588,000 | 3.755 | 04/20/23 | 4,558,709 | |||||||||||
2,480,000 | 3.766 | 04/20/23 | 2,464,167 | |||||||||||
1,364,000 | 3.772 | 04/20/23 | 1,355,292 | |||||||||||
620,000 | 3.913 | 04/20/23 | 616,042 | |||||||||||
1,116,000 | 3.931 | 04/20/23 | 1,108,875 | |||||||||||
372,000 | 3.938 | 04/20/23 | 369,625 | |||||||||||
806,000 | 4.011 | 04/20/23 | 800,854 | |||||||||||
1,872,000 | 4.441 | 04/20/23 | 1,860,049 | |||||||||||
5,616,000 | 4.461 | 04/20/23 | 5,580,146 | |||||||||||
8,320,000 | 4.472 | 04/20/23 | 8,266,884 | |||||||||||
132,328,300 | 4.473 | 04/20/23 | 131,483,492 | |||||||||||
312,000 | 4.474 | 04/20/23 | 310,008 | |||||||||||
65,000,000 | 4.476 | 04/20/23 | 64,585,028 | |||||||||||
1,352,000 | 4.478 | 04/20/23 | 1,343,369 | |||||||||||
5,652,000 | 4.480 | 04/20/23 | 5,615,917 | |||||||||||
1,260,000 | 4.485 | 04/20/23 | 1,251,956 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
630,000 | 4.487 | 04/20/23 | 625,978 | |||||||||||
3,228,000 | 4.496 | 04/20/23 | 3,207,392 | |||||||||||
11,150,000 | 4.504 | 04/20/23 | 11,078,816 | |||||||||||
728,000 | 4.506 | 04/20/23 | 723,352 | |||||||||||
4,056,000 | 4.509 | 04/20/23 | 4,030,106 | |||||||||||
520,000 | 4.510 | 04/20/23 | 516,680 | |||||||||||
624,000 | 4.511 | 04/20/23 | 620,016 | |||||||||||
624,000 | 4.512 | 04/20/23 | 620,016 | |||||||||||
525,000 | 4.514 | 04/20/23 | 521,648 | |||||||||||
4,620,000 | 4.515 | 04/20/23 | 4,590,505 | |||||||||||
2,205,000 | 4.522 | 04/20/23 | 2,190,923 | |||||||||||
1,470,000 | 4.525 | 04/20/23 | 1,460,615 | |||||||||||
1,785,000 | 4.537 | 04/20/23 | 1,773,604 | |||||||||||
3,570,000 | 4.538 | 04/20/23 | 3,547,208 | |||||||||||
936,000 | 4.545 | 04/20/23 | 930,024 | |||||||||||
13,312,000 | 4.604 | 04/20/23 | 13,227,014 | |||||||||||
624,000 | 4.631 | 04/20/23 | 620,016 | |||||||||||
104,000 | 4.636 | 04/20/23 | 103,336 | |||||||||||
1,664,000 | 4.646 | 04/20/23 | 1,653,377 | |||||||||||
728,000 | 4.651 | 04/20/23 | 723,352 | |||||||||||
2,184,000 | 4.653 | 04/20/23 | 2,170,057 | |||||||||||
2,680,000 | 4.660 | 04/20/23 | 2,662,890 | |||||||||||
3,848,000 | 4.664 | 04/20/23 | 3,823,434 | |||||||||||
936,000 | 4.669 | 04/20/23 | 930,024 | |||||||||||
1,352,000 | 4.672 | 04/20/23 | 1,343,369 | |||||||||||
7,488,000 | 4.674 | 04/20/23 | 7,440,195 | |||||||||||
1,144,000 | 4.677 | 04/20/23 | 1,136,697 | |||||||||||
208,000 | 4.678 | 04/20/23 | 206,672 | |||||||||||
728,000 | 4.683 | 04/20/23 | 723,352 | |||||||||||
1,768,000 | 4.687 | 04/20/23 | 1,756,713 | |||||||||||
5,200,000 | 4.688 | 04/20/23 | 5,166,802 | |||||||||||
1,206,000 | 4.690 | 04/20/23 | 1,198,301 | |||||||||||
1,976,000 | 4.694 | 04/20/23 | 1,963,385 | |||||||||||
1,560,000 | 4.758 | 04/20/23 | 1,550,041 | |||||||||||
52,104,000 | 4.759 | 04/20/23 | 51,771,358 | |||||||||||
13,200,000 | 4.556 | 04/25/23 | 13,107,015 | |||||||||||
880,000 | 4.573 | 04/25/23 | 873,801 | |||||||||||
4,329,000 | 4.587 | 04/25/23 | 4,298,505 | |||||||||||
555,000 | 4.590 | 04/25/23 | 551,090 | |||||||||||
65,934,000 | 4.603 | 04/25/23 | 65,469,541 | |||||||||||
11,613,000 | 4.604 | 04/25/23 | 11,531,195 | |||||||||||
413,654,300 | 4.609 | 04/25/23 | 410,740,395 | |||||||||||
770,000 | 4.611 | 04/25/23 | 764,576 | |||||||||||
4,070,000 | 4.617 | 04/25/23 | 4,041,330 | |||||||||||
1,110,000 | 4.619 | 04/25/23 | 1,102,181 | |||||||||||
1,776,000 | 4.625 | 04/25/23 | 1,763,489 | |||||||||||
777,000 | 4.634 | �� | 04/25/23 | 771,527 | ||||||||||
1,430,000 | 4.640 | 04/25/23 | 1,419,927 | |||||||||||
10,251,000 | 4.646 | 04/25/23 | 10,178,789 | |||||||||||
770,000 | 4.650 | 04/25/23 | 764,576 | |||||||||||
1,870,000 | 4.655 | 04/25/23 | 1,856,827 | |||||||||||
5,500,000 | 4.676 | 04/25/23 | 5,461,256 | |||||||||||
222,000 | 4.680 | 04/25/23 | 220,436 | |||||||||||
2,090,000 | 4.681 | 04/25/23 | 2,075,277 | |||||||||||
990,000 | 4.693 | 04/25/23 | 983,026 | |||||||||||
1,305,000 | 4.708 | 04/25/23 | 1,295,807 | |||||||||||
|
|
58 | 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) | ||||||||||||||
$ | 1,210,000 | 4.710 | % | 04/25/23 | $ | 1,201,476 | ||||||||
55,110,000 | 4.723 | 04/25/23 | 54,721,789 | |||||||||||
2,900,000 | 4.728 | 04/25/23 | 2,879,572 | |||||||||||
1,650,000 | 4.736 | 04/25/23 | 1,638,377 | |||||||||||
572,000 | 4.567 | 05/11/23 | 566,765 | |||||||||||
132,000 | 4.568 | 05/11/23 | 130,792 | |||||||||||
1,936,000 | 4.572 | 05/11/23 | 1,918,282 | |||||||||||
1,364,000 | 4.577 | 05/11/23 | 1,351,517 | |||||||||||
3,520,000 | 4.579 | 05/11/23 | 3,487,786 | |||||||||||
1,144,000 | 4.583 | 05/11/23 | 1,133,530 | |||||||||||
792,000 | 4.592 | 05/11/23 | 784,752 | |||||||||||
1,760,000 | 4.610 | 05/11/23 | 1,743,893 | |||||||||||
836,000 | 4.613 | 05/11/23 | 828,349 | |||||||||||
264,000 | 4.614 | 05/11/23 | 261,584 | |||||||||||
792,000 | 4.615 | 05/11/23 | 784,752 | |||||||||||
440,000 | 4.616 | 05/11/23 | 435,973 | |||||||||||
1,188,000 | 4.617 | 05/11/23 | 1,177,128 | |||||||||||
308,000 | 4.624 | 05/11/23 | 305,181 | |||||||||||
150,322,000 | 4.628 | 05/11/23 | 148,946,285 | |||||||||||
220,000 | 4.631 | 05/11/23 | 217,987 | |||||||||||
264,000 | 4.639 | 05/11/23 | 261,584 | |||||||||||
836,000 | 4.645 | 05/11/23 | 828,349 | |||||||||||
26,136,000 | 4.658 | 05/11/23 | 25,896,809 | |||||||||||
44,000 | 4.664 | 05/11/23 | 43,597 | |||||||||||
352,000 | 4.675 | 05/11/23 | 348,779 | |||||||||||
264,000 | 4.676 | 05/11/23 | 261,584 | |||||||||||
704,000 | 4.677 | 05/11/23 | 697,557 | |||||||||||
5,280,000 | 4.678 | 05/11/23 | 5,231,679 | |||||||||||
924,000 | 4.688 | 05/11/23 | 915,544 | |||||||||||
88,000 | 4.708 | 05/11/23 | 87,195 | |||||||||||
308,000 | 4.719 | 05/11/23 | 305,181 | |||||||||||
1,628,000 | 4.725 | 05/11/23 | 1,613,101 | |||||||||||
572,000 | 4.738 | 05/11/23 | 566,765 | |||||||||||
2,200,000 | 4.742 | 05/11/23 | 2,179,866 | |||||||||||
821,000 | 4.748 | 05/11/23 | 813,486 | |||||||||||
1,140,000 | 4.750 | 05/11/23 | 1,129,567 | |||||||||||
748,000 | 4.755 | 05/11/23 | 741,154 | |||||||||||
3,168,000 | 4.758 | 05/11/23 | 3,139,007 | |||||||||||
484,000 | 4.762 | 05/11/23 | 479,571 | |||||||||||
396,000 | 4.769 | 05/11/23 | 392,376 | |||||||||||
836,000 | 4.774 | 05/11/23 | 828,349 | |||||||||||
660,000 | 4.792 | 05/11/23 | 653,960 | |||||||||||
22,044,000 | 4.821 | 05/11/23 | 21,842,258 | |||||||||||
18,664,000 | 2.043 | 05/18/23 | 18,476,492 | |||||||||||
184,000 | 2.199 | 05/18/23 | 182,151 | |||||||||||
32,000 | 2.246 | 05/18/23 | 31,679 | |||||||||||
632,000 | 2.623 | 05/18/23 | 625,651 | |||||||||||
40,000 | 3.076 | 05/18/23 | 39,598 | |||||||||||
120,000 | 3.084 | 05/18/23 | 118,794 | |||||||||||
280,000 | 3.137 | 05/18/23 | 277,187 | |||||||||||
786,000 | 3.147 | 05/18/23 | 778,103 | |||||||||||
250,000 | 3.164 | 05/18/23 | 247,488 | |||||||||||
110,000 | 3.167 | 05/18/23 | 108,895 | |||||||||||
266,000 | 3.191 | 05/18/23 | 263,328 | |||||||||||
560,000 | 3.210 | 05/18/23 | 554,374 | |||||||||||
450,000 | 3.211 | 05/18/23 | 445,479 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
272,000 | 3.220 | 05/18/23 | 269,267 | |||||||||||
896,000 | 3.221 | 05/18/23 | 886,998 | |||||||||||
256,000 | 3.236 | 05/18/23 | 253,428 | |||||||||||
56,000 | 3.239 | 05/18/23 | 55,437 | |||||||||||
312,000 | 3.324 | 05/18/23 | 308,865 | |||||||||||
761,000 | 3.652 | 05/18/23 | 753,355 | |||||||||||
90,000 | 3.664 | 05/18/23 | 89,096 | |||||||||||
666,000 | 3.666 | 05/18/23 | 659,309 | |||||||||||
198,000 | 3.671 | 05/18/23 | 196,011 | |||||||||||
18,000 | 3.676 | 05/18/23 | 17,819 | |||||||||||
324,000 | 3.688 | 05/18/23 | 320,745 | |||||||||||
360,000 | 3.692 | 05/18/23 | 356,383 | |||||||||||
54,000 | 3.722 | 05/18/23 | 53,457 | |||||||||||
162,000 | 3.725 | 05/18/23 | 160,372 | |||||||||||
117,000 | 3.737 | 05/18/23 | 115,825 | |||||||||||
90,000 | 3.853 | 05/18/23 | 89,096 | |||||||||||
522,000 | 3.915 | 05/18/23 | 516,756 | |||||||||||
36,000 | 4.352 | 05/18/23 | 35,638 | |||||||||||
180,000 | 4.368 | 05/18/23 | 178,192 | |||||||||||
54,000 | 4.369 | 05/18/23 | 53,457 | |||||||||||
189,000 | 4.390 | 05/18/23 | 187,101 | |||||||||||
54,000 | 4.517 | 05/18/23 | 53,457 | |||||||||||
324,000 | 4.538 | 05/18/23 | 320,745 | |||||||||||
117,000 | 4.572 | 05/18/23 | 115,825 | |||||||||||
108,000 | 4.574 | 05/18/23 | 106,915 | |||||||||||
27,000 | 4.589 | 05/18/23 | 26,729 | |||||||||||
396,000 | 4.590 | 05/18/23 | 392,022 | |||||||||||
279,000 | 4.591 | 05/18/23 | 276,197 | |||||||||||
882,000 | 4.592 | 05/18/23 | 873,139 | |||||||||||
234,000 | 4.598 | 05/18/23 | 231,649 | |||||||||||
171,000 | 4.606 | 05/18/23 | 169,282 | |||||||||||
126,000 | 4.608 | 05/18/23 | 124,734 | |||||||||||
360,000 | 4.609 | 05/18/23 | 356,383 | |||||||||||
414,000 | 4.615 | 05/18/23 | 409,841 | |||||||||||
72,000 | 4.618 | 05/18/23 | 71,277 | |||||||||||
45,000 | 4.619 | 05/18/23 | 44,548 | |||||||||||
272,000 | 4.620 | 05/18/23 | 269,267 | |||||||||||
162,000 | 4.625 | 05/18/23 | 160,372 | |||||||||||
90,000 | 4.626 | 05/18/23 | 89,096 | |||||||||||
243,000 | 4.627 | 05/18/23 | 240,559 | |||||||||||
117,000 | 4.628 | 05/18/23 | 115,825 | |||||||||||
153,000 | 4.636 | 05/18/23 | 151,463 | |||||||||||
90,000 | 4.638 | 05/18/23 | 89,096 | |||||||||||
432,000 | 4.642 | 05/18/23 | 427,660 | |||||||||||
45,000 | 4.643 | 05/18/23 | 44,548 | |||||||||||
5,346,000 | 4.648 | 05/18/23 | 5,292,291 | |||||||||||
54,000 | 4.661 | 05/18/23 | 53,457 | |||||||||||
1,200,000 | 4.672 | 05/18/23 | 1,187,944 | |||||||||||
243,000 | 4.680 | 05/18/23 | 240,559 | |||||||||||
9,000 | 4.683 | 05/18/23 | 8,910 | |||||||||||
80,000 | 4.694 | 05/18/23 | 79,196 | |||||||||||
144,000 | 4.696 | 05/18/23 | 142,553 | |||||||||||
388,000 | 4.721 | 05/18/23 | 384,102 | |||||||||||
130,000 | 4.733 | 05/18/23 | 128,694 | |||||||||||
117,000 | 4.749 | 05/18/23 | 115,825 | |||||||||||
70,000 | 4.751 | 05/18/23 | 69,297 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
$ | 500,000 | 4.753 | % | 05/18/23 | $ | 494,977 | ||||||||
70,000 | 4.757 | 05/18/23 | 69,297 | |||||||||||
260,000 | 4.765 | 05/18/23 | 257,388 | |||||||||||
110,000 | 4.772 | 05/18/23 | 108,895 | |||||||||||
170,000 | 4.776 | 05/18/23 | 168,292 | |||||||||||
720,000 | 4.779 | 05/18/23 | 712,767 | |||||||||||
90,000 | 4.783 | 05/18/23 | 89,096 | |||||||||||
190,000 | 4.785 | 05/18/23 | 188,091 | |||||||||||
419,160,600 | 4.789 | 05/18/23 | 414,949,493 | |||||||||||
150,000 | 4.796 | 05/18/23 | 148,493 | |||||||||||
5,010,000 | 4.836 | 05/18/23 | 4,959,667 | |||||||||||
320,000 | 4.683 | 05/23/23 | 316,565 | |||||||||||
4,800,000 | 4.685 | 05/23/23 | 4,748,480 | |||||||||||
179,122,900 | 4.727 | 05/23/23 | 177,200,306 | |||||||||||
520,000 | 4.741 | 05/23/23 | 514,419 | |||||||||||
280,000 | 4.743 | 05/23/23 | 276,995 | |||||||||||
1,040,000 | 4.752 | 05/23/23 | 1,028,837 | |||||||||||
280,000 | 4.755 | 05/23/23 | 276,995 | |||||||||||
2,880,000 | 4.760 | 05/23/23 | 2,849,088 | |||||||||||
360,000 | 4.767 | 05/23/23 | 356,136 | |||||||||||
2,000,000 | 4.770 | 05/23/23 | 1,978,533 | |||||||||||
468,000 | 4.771 | 05/23/23 | 462,977 | |||||||||||
600,000 | 4.774 | 05/23/23 | 593,560 | |||||||||||
440,000 | 4.775 | 05/23/23 | 435,277 | |||||||||||
760,000 | 4.783 | 05/23/23 | 751,843 | |||||||||||
680,000 | 4.790 | 05/23/23 | 672,701 | |||||||||||
20,040,000 | 4.814 | 05/23/23 | 19,824,903 | |||||||||||
225,859,000 | 4.689 | 06/08/23 | 222,964,611 | |||||||||||
6,120,000 | 4.732 | 06/08/23 | 6,041,572 | |||||||||||
408,000 | 4.743 | 06/08/23 | 402,771 | |||||||||||
867,000 | 4.759 | 06/08/23 | 855,889 | |||||||||||
1,887,000 | 4.762 | 06/08/23 | 1,862,818 | |||||||||||
1,320,000 | 4.767 | 06/08/23 | 1,303,084 | |||||||||||
357,000 | 4.768 | 06/08/23 | 352,425 | |||||||||||
765,000 | 4.777 | 06/08/23 | 755,197 | |||||||||||
357,000 | 4.785 | 06/08/23 | 352,425 | |||||||||||
594,000 | 4.786 | 06/08/23 | 586,388 | |||||||||||
663,000 | 4.787 | 06/08/23 | 654,504 | |||||||||||
561,000 | 4.790 | 06/08/23 | 553,811 | |||||||||||
2,550,000 | 4.801 | 06/08/23 | 2,517,322 | |||||||||||
459,000 | 4.804 | 06/08/23 | 453,118 | |||||||||||
969,000 | 4.819 | 06/08/23 | 956,582 | |||||||||||
3,672,000 | 4.822 | 06/08/23 | 3,624,943 | |||||||||||
25,551,000 | 4.868 | 06/08/23 | 25,223,563 | |||||||||||
271,098,800 | 4.867 | 06/13/23 | 267,381,984 | |||||||||||
1,760,000 | 4.556 | 06/15/23 | 1,735,747 | |||||||||||
1,677,000 | 4.564 | 06/15/23 | 1,653,891 | |||||||||||
25,542,000 | 4.575 | 06/15/23 | 25,190,032 | |||||||||||
1,364,000 | 4.580 | 06/15/23 | 1,345,204 | |||||||||||
1,936,000 | 4.581 | 06/15/23 | 1,909,322 | |||||||||||
132,000 | 4.583 | 06/15/23 | 130,181 | |||||||||||
396,000 | 4.584 | 06/15/23 | 390,543 | |||||||||||
430,000 | 4.589 | 06/15/23 | 424,075 | |||||||||||
215,000 | 4.602 | 06/15/23 | 212,037 | |||||||||||
792,000 | 4.605 | 06/15/23 | 781,086 | |||||||||||
43,000 | 4.638 | 06/15/23 | 42,407 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
3,520,000 | 4.640 | 06/15/23 | 3,471,495 | |||||||||||
1,144,000 | 4.641 | 06/15/23 | 1,128,236 | |||||||||||
572,000 | 4.642 | 06/15/23 | 564,118 | |||||||||||
258,000 | 4.649 | 06/15/23 | 254,445 | |||||||||||
152,285,500 | 4.677 | 06/15/23 | 150,187,011 | |||||||||||
903,000 | 4.692 | 06/15/23 | 890,557 | |||||||||||
352,000 | 4.701 | 06/15/23 | 347,149 | |||||||||||
308,000 | 4.708 | 06/15/23 | 303,756 | |||||||||||
688,000 | 4.718 | 06/15/23 | 678,519 | |||||||||||
5,280,000 | 4.722 | 06/15/23 | 5,207,242 | |||||||||||
86,000 | 4.744 | 06/15/23 | 84,815 | |||||||||||
572,000 | 4.755 | 06/15/23 | 564,118 | |||||||||||
1,628,000 | 4.759 | 06/15/23 | 1,605,566 | |||||||||||
4,004,000 | 4.765 | 06/15/23 | 3,948,825 | |||||||||||
308,000 | 4.775 | 06/15/23 | 303,756 | |||||||||||
484,000 | 4.779 | 06/15/23 | 477,331 | |||||||||||
396,000 | 4.792 | 06/15/23 | 390,543 | |||||||||||
2,200,000 | 4.794 | 06/15/23 | 2,169,684 | |||||||||||
1,140,000 | 4.799 | 06/15/23 | 1,124,291 | |||||||||||
660,000 | 4.803 | 06/15/23 | 650,905 | |||||||||||
748,000 | 4.805 | 06/15/23 | 737,693 | |||||||||||
22,044,000 | 4.808 | 06/15/23 | 21,740,234 | |||||||||||
513,000 | 4.811 | 06/15/23 | 505,931 | |||||||||||
137,392,200 | 3.340 | 07/13/23 | 134,972,444 | |||||||||||
495,000 | 3.411 | 07/13/23 | 486,282 | |||||||||||
2,576,000 | 3.466 | 07/13/23 | 2,530,631 | |||||||||||
1,440,000 | 3.486 | 07/13/23 | 1,414,639 | |||||||||||
2,025,000 | 3.487 | 07/13/23 | 1,989,336 | |||||||||||
315,000 | 3.508 | 07/13/23 | 309,452 | |||||||||||
1,530,000 | 3.518 | 07/13/23 | 1,503,054 | |||||||||||
1,755,000 | 3.577 | 07/13/23 | 1,724,091 | |||||||||||
2,625,400 | 3.843 | 07/13/23 | 2,579,161 | |||||||||||
92,000 | 3.897 | 07/13/23 | 90,380 | |||||||||||
460,000 | 3.968 | 07/13/23 | 451,898 | |||||||||||
276,000 | 4.480 | 07/13/23 | 271,139 | |||||||||||
1,656,000 | 4.505 | 07/13/23 | 1,626,834 | |||||||||||
2,068,000 | 4.507 | 07/13/23 | 2,031,578 | |||||||||||
1,457,000 | 4.524 | 07/13/23 | 1,431,339 | |||||||||||
141,000 | 4.527 | 07/13/23 | 138,517 | |||||||||||
552,000 | 4.532 | 07/13/23 | 542,278 | |||||||||||
2,116,000 | 4.534 | 07/13/23 | 2,078,733 | |||||||||||
644,000 | 4.544 | 07/13/23 | 632,658 | |||||||||||
368,000 | 4.571 | 07/13/23 | 361,519 | |||||||||||
1,504,000 | 4.579 | 07/13/23 | 1,477,512 | |||||||||||
329,000 | 4.580 | 07/13/23 | 323,206 | |||||||||||
230,000 | 4.583 | 07/13/23 | 225,949 | |||||||||||
470,000 | 4.588 | 07/13/23 | 461,722 | |||||||||||
470,000 | 4.589 | 07/13/23 | 461,722 | |||||||||||
782,000 | 4.590 | 07/13/23 | 768,227 | |||||||||||
2,115,000 | 4.592 | 07/13/23 | 2,077,751 | |||||||||||
3,760,000 | 4.593 | 07/13/23 | 3,693,779 | |||||||||||
1,880,000 | 4.594 | 07/13/23 | 1,846,889 | |||||||||||
976,000 | 4.595 | 07/13/23 | 958,811 | |||||||||||
282,000 | 4.596 | 07/13/23 | 277,033 | |||||||||||
1,222,000 | 4.600 | 07/13/23 | 1,200,478 | |||||||||||
423,000 | 4.617 | 07/13/23 | 415,550 | |||||||||||
|
|
60 | 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) | ||||||||||||||
$ | 27,918,000 | 4.623 | % | 07/13/23 | $ | 27,426,307 | ||||||||
846,000 | 4.628 | 07/13/23 | 831,100 | |||||||||||
235,000 | 4.643 | 07/13/23 | 230,861 | |||||||||||
282,000 | 4.651 | 07/13/23 | 277,033 | |||||||||||
1,833,000 | 4.687 | 07/13/23 | 1,800,717 | |||||||||||
376,000 | 4.714 | 07/13/23 | 369,378 | |||||||||||
47,000 | 4.729 | 07/13/23 | 46,172 | |||||||||||
987,000 | 4.741 | 07/13/23 | 969,617 | |||||||||||
5,640,000 | 4.774 | 07/13/23 | 5,540,668 | |||||||||||
329,000 | 4.780 | 07/13/23 | 323,206 | |||||||||||
1,739,000 | 4.791 | 07/13/23 | 1,708,373 | |||||||||||
282,000 | 4.806 | 07/13/23 | 277,033 | |||||||||||
752,000 | 4.841 | 07/13/23 | 738,756 | |||||||||||
611,000 | 4.842 | 07/13/23 | 600,239 | |||||||||||
94,000 | 4.853 | 07/13/23 | 92,344 | |||||||||||
517,000 | 4.859 | 07/13/23 | 507,895 | |||||||||||
329,000 | 4.861 | 07/13/23 | 323,206 | |||||||||||
2,350,000 | 4.866 | 07/13/23 | 2,308,612 | |||||||||||
1,220,000 | 4.873 | 07/13/23 | 1,198,513 | |||||||||||
705,000 | 4.874 | 07/13/23 | 692,584 | |||||||||||
893,000 | 4.879 | 07/13/23 | 877,272 | |||||||||||
799,000 | 4.881 | 07/13/23 | 784,928 | |||||||||||
549,000 | 4.883 | 07/13/23 | 539,331 | |||||||||||
423,000 | 4.889 | 07/13/23 | 415,550 | |||||||||||
3,384,000 | 4.892 | 07/13/23 | 3,324,401 | |||||||||||
23,547,000 | 4.927 | 07/13/23 | 23,132,289 | |||||||||||
50,203,400 | 3.442 | 08/10/23 | 49,121,132 | |||||||||||
198,000 | 3.485 | 08/10/23 | 193,732 | |||||||||||
126,000 | 3.516 | 08/10/23 | 123,284 | |||||||||||
576,000 | 3.522 | 08/10/23 | 563,583 | |||||||||||
702,000 | 3.560 | 08/10/23 | 686,867 | |||||||||||
95,220,200 | 3.778 | 08/10/23 | 93,167,476 | |||||||||||
129,000 | 4.514 | 08/10/23 | 126,219 | |||||||||||
1,892,000 | 4.527 | 08/10/23 | 1,851,213 | |||||||||||
774,000 | 4.538 | 08/10/23 | 757,314 | |||||||||||
430,000 | 4.555 | 08/10/23 | 420,730 | |||||||||||
1,677,000 | 4.559 | 08/10/23 | 1,640,848 | |||||||||||
817,000 | 4.562 | 08/10/23 | 799,387 | |||||||||||
559,000 | 4.568 | 08/10/23 | 546,949 | |||||||||||
1,333,000 | 4.571 | 08/10/23 | 1,304,264 | |||||||||||
3,440,000 | 4.582 | 08/10/23 | 3,365,842 | |||||||||||
25,542,000 | 4.586 | 08/10/23 | 24,991,374 | |||||||||||
1,720,000 | 4.594 | 08/10/23 | 1,682,921 | |||||||||||
1,161,000 | 4.601 | 08/10/23 | 1,135,972 | |||||||||||
215,000 | 4.606 | 08/10/23 | 210,365 | |||||||||||
774,000 | 4.611 | 08/10/23 | 757,314 | |||||||||||
387,000 | 4.615 | 08/10/23 | 378,657 | |||||||||||
1,118,000 | 4.616 | 08/10/23 | 1,093,899 | |||||||||||
430,000 | 4.617 | 08/10/23 | 420,730 | |||||||||||
896,000 | 4.622 | 08/10/23 | 876,684 | |||||||||||
301,000 | 4.624 | 08/10/23 | 294,511 | |||||||||||
258,000 | 4.637 | 08/10/23 | 252,438 | |||||||||||
903,000 | 4.640 | 08/10/23 | 883,533 | |||||||||||
43,000 | 4.644 | 08/10/23 | 42,073 | |||||||||||
946,000 | 4.661 | 08/10/23 | 925,606 | |||||||||||
258,000 | 4.672 | 08/10/23 | 252,438 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
86,000 | 4.721 | 08/10/23 | 84,146 | |||||||||||
344,000 | 4.790 | 08/10/23 | 336,584 | |||||||||||
301,000 | 4.893 | 08/10/23 | 294,511 | |||||||||||
559,000 | 4.896 | 08/10/23 | 546,949 | |||||||||||
5,160,000 | 4.904 | 08/10/23 | 5,048,763 | |||||||||||
301,000 | 4.917 | 08/10/23 | 294,511 | |||||||||||
1,591,000 | 4.922 | 08/10/23 | 1,556,702 | |||||||||||
2,881,000 | 4.927 | 08/10/23 | 2,818,892 | |||||||||||
473,000 | 4.947 | 08/10/23 | 462,803 | |||||||||||
1,487,000 | 4.950 | 08/10/23 | 1,454,944 | |||||||||||
495,000 | 4.964 | 08/10/23 | 484,329 | |||||||||||
3,913,000 | 4.975 | 08/10/23 | 3,828,645 | |||||||||||
645,000 | 4.981 | 08/10/23 | 631,095 | |||||||||||
21,543,000 | 5.005 | 08/10/23 | 21,078,583 | |||||||||||
680,000 | 3.996 | 09/07/23 | 663,337 | |||||||||||
1,258,000 | 4.017 | 09/07/23 | 1,227,173 | |||||||||||
34,000 | 4.018 | 09/07/23 | 33,167 | |||||||||||
52,806,000 | 4.031 | 09/07/23 | 51,512,021 | |||||||||||
374,000 | 4.049 | 09/07/23 | 364,835 | |||||||||||
170,000 | 4.119 | 09/07/23 | 165,834 | |||||||||||
221,000 | 4.130 | 09/07/23 | 215,585 | |||||||||||
85,000 | 4.418 | 09/07/23 | 82,917 | |||||||||||
663,000 | 4.461 | 09/07/23 | 646,754 | |||||||||||
748,000 | 4.469 | 09/07/23 | 729,671 | |||||||||||
51,000 | 4.481 | 09/07/23 | 49,750 | |||||||||||
170,000 | 4.488 | 09/07/23 | 165,834 | |||||||||||
527,000 | 4.494 | 09/07/23 | 514,086 | |||||||||||
102,000 | 4.507 | 09/07/23 | 99,501 | |||||||||||
680,000 | 4.508 | 09/07/23 | 663,337 | |||||||||||
153,000 | 4.526 | 09/07/23 | 149,251 | |||||||||||
221,000 | 4.534 | 09/07/23 | 215,585 | |||||||||||
10,098,000 | 4.536 | 09/07/23 | 9,850,555 | |||||||||||
102,000 | 4.538 | 09/07/23 | 99,501 | |||||||||||
272,000 | 4.554 | 09/07/23 | 265,335 | |||||||||||
612,000 | 4.558 | 09/07/23 | 597,003 | |||||||||||
357,000 | 4.560 | 09/07/23 | 348,252 | |||||||||||
442,000 | 4.578 | 09/07/23 | 431,169 | |||||||||||
34,000 | 4.580 | 09/07/23 | 33,167 | |||||||||||
1,666,000 | 4.582 | 09/07/23 | 1,625,176 | |||||||||||
629,000 | 4.590 | 09/07/23 | 613,587 | |||||||||||
238,000 | 4.606 | 09/07/23 | 232,168 | |||||||||||
136,000 | 4.609 | 09/07/23 | 132,667 | |||||||||||
459,000 | 4.612 | 09/07/23 | 447,752 | |||||||||||
204,000 | 4.614 | 09/07/23 | 199,001 | |||||||||||
170,000 | 4.622 | 09/07/23 | 165,834 | |||||||||||
102,000 | 4.632 | 09/07/23 | 99,501 | |||||||||||
782,000 | 4.634 | 09/07/23 | 762,838 | |||||||||||
289,000 | 4.641 | 09/07/23 | 281,918 | |||||||||||
119,000 | 4.646 | 09/07/23 | 116,084 | |||||||||||
85,000 | 4.647 | 09/07/23 | 82,917 | |||||||||||
352,000 | 4.654 | 09/07/23 | 343,374 | |||||||||||
17,000 | 4.672 | 09/07/23 | 16,583 | |||||||||||
102,000 | 4.690 | 09/07/23 | 99,501 | |||||||||||
2,040,000 | 4.704 | 09/07/23 | 1,990,011 | |||||||||||
629,000 | 4.705 | 09/07/23 | 613,587 | |||||||||||
221,000 | 4.787 | 09/07/23 | 215,585 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
$ | 119,000 | 4.793 | % | 09/07/23 | $ | 116,084 | ||||||||
187,000 | 4.805 | 09/07/23 | 182,418 | |||||||||||
119,000 | 4.817 | 09/07/23 | 116,084 | |||||||||||
198,000 | 4.826 | 09/07/23 | 193,148 | |||||||||||
850,000 | 4.844 | 09/07/23 | 829,171 | |||||||||||
440,000 | 4.846 | 09/07/23 | 429,218 | |||||||||||
136,000 | 4.849 | 09/07/23 | 132,667 | |||||||||||
1,224,000 | 4.856 | 09/07/23 | 1,194,007 | |||||||||||
289,000 | 4.858 | 09/07/23 | 281,918 | |||||||||||
153,000 | 4.863 | 09/07/23 | 149,251 | |||||||||||
8,517,000 | 4.881 | 09/07/23 | 8,308,296 | |||||||||||
323,000 | 4.898 | 09/07/23 | 315,085 | |||||||||||
255,000 | 4.902 | 09/07/23 | 248,751 | |||||||||||
558,000 | 4.544 | 10/05/23 | 542,197 | |||||||||||
720,000 | 4.568 | 10/05/23 | 699,609 | |||||||||||
648,000 | 4.575 | 10/05/23 | 629,648 | |||||||||||
162,000 | 4.584 | 10/05/23 | 157,412 | |||||||||||
108,000 | 4.587 | 10/05/23 | 104,941 | |||||||||||
180,000 | 4.589 | 10/05/23 | 174,902 | |||||||||||
90,000 | 4.595 | 10/05/23 | 87,451 | |||||||||||
1,080,000 | 4.597 | 10/05/23 | 1,049,413 | |||||||||||
702,000 | 4.601 | 10/05/23 | 682,118 | |||||||||||
234,000 | 4.605 | 10/05/23 | 227,373 | |||||||||||
10,692,000 | 4.620 | 10/05/23 | 10,389,186 | |||||||||||
1,440,000 | 4.626 | 10/05/23 | 1,399,217 | |||||||||||
54,000 | 4.628 | 10/05/23 | 52,471 | |||||||||||
324,000 | 4.630 | 10/05/23 | 314,824 | |||||||||||
108,000 | 4.631 | 10/05/23 | 104,941 | |||||||||||
72,000 | 4.634 | 10/05/23 | 69,961 | |||||||||||
18,000 | 4.635 | 10/05/23 | 17,490 | |||||||||||
324,000 | 4.645 | 10/05/23 | 314,824 | |||||||||||
468,000 | 4.648 | 10/05/23 | 454,746 | |||||||||||
216,000 | 4.652 | 10/05/23 | 209,883 | |||||||||||
378,000 | 4.653 | 10/05/23 | 367,294 | |||||||||||
378,000 | 4.658 | 10/05/23 | 367,294 | |||||||||||
56,791,800 | 4.660 | 10/05/23 | 55,183,369 | |||||||||||
36,000 | 4.662 | 10/05/23 | 34,980 | |||||||||||
342,000 | 4.668 | 10/05/23 | 332,314 | |||||||||||
252,000 | 4.675 | 10/05/23 | 244,863 | |||||||||||
180,000 | 4.683 | 10/05/23 | 174,902 | |||||||||||
468,000 | 4.690 | 10/05/23 | 454,746 | |||||||||||
486,000 | 4.694 | 10/05/23 | 472,236 | |||||||||||
126,000 | 4.696 | 10/05/23 | 122,431 | |||||||||||
108,000 | 4.713 | 10/05/23 | 104,941 | |||||||||||
378,000 | 4.717 | 10/05/23 | 367,294 | |||||||||||
368,000 | 4.721 | 10/05/23 | 357,578 | |||||||||||
90,000 | 4.724 | 10/05/23 | 87,451 | |||||||||||
306,000 | 4.728 | 10/05/23 | 297,334 | |||||||||||
144,000 | 4.729 | 10/05/23 | 139,922 | |||||||||||
828,000 | 4.731 | 10/05/23 | 804,550 | |||||||||||
108,000 | 4.744 | 10/05/23 | 104,941 | |||||||||||
144,000 | 4.756 | 10/05/23 | 139,922 | |||||||||||
2,160,000 | 4.801 | 10/05/23 | 2,098,825 | |||||||||||
666,000 | 4.811 | 10/05/23 | 647,138 | |||||||||||
460,000 | 4.837 | 10/05/23 | 446,972 | |||||||||||
234,000 | 4.838 | 10/05/23 | 227,373 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
$ | 126,000 | 4.850 | % | 10/05/23 | $ | 122,431 | ||||||||
207,000 | 4.880 | 10/05/23 | 201,137 | |||||||||||
126,000 | 4.900 | 10/05/23 | 122,431 | |||||||||||
198,000 | 4.905 | 10/05/23 | 192,392 | |||||||||||
900,000 | 4.927 | 10/05/23 | 874,511 | |||||||||||
1,296,000 | 4.938 | 10/05/23 | 1,259,295 | |||||||||||
270,000 | 4.942 | 10/05/23 | 262,353 | |||||||||||
306,000 | 4.943 | 10/05/23 | 297,334 | |||||||||||
9,018,000 | 4.961 | 10/05/23 | 8,762,596 | |||||||||||
162,000 | 4.967 | 10/05/23 | 157,412 | |||||||||||
342,000 | 4.988 | 10/05/23 | 332,314 | |||||||||||
260,000 | 4.615 | 11/02/23 | 251,636 | |||||||||||
620,000 | 4.619 | 11/02/23 | 600,054 | |||||||||||
360,000 | 4.647 | 11/02/23 | 348,419 | |||||||||||
880,000 | 4.652 | 11/02/23 | 851,690 | |||||||||||
60,000 | 4.662 | 11/02/23 | 58,070 | |||||||||||
2,120,000 | 4.665 | 11/02/23 | 2,051,799 | |||||||||||
152,732,800 | 4.668 | 11/02/23 | 147,819,324 | |||||||||||
380,000 | 4.684 | 11/02/23 | 367,775 | |||||||||||
140,000 | 4.692 | 11/02/23 | 135,496 | |||||||||||
1,000,000 | 4.693 | 11/02/23 | 967,830 | |||||||||||
180,000 | 4.709 | 11/02/23 | 174,209 | |||||||||||
20,476,000 | 4.711 | 11/02/23 | 19,817,279 | |||||||||||
360,000 | 4.728 | 11/02/23 | 348,419 | |||||||||||
540,000 | 4.740 | 11/02/23 | 522,628 | |||||||||||
120,000 | 4.746 | 11/02/23 | 116,140 | |||||||||||
120,000 | 4.762 | 11/02/23 | 116,140 | |||||||||||
432,000 | 4.766 | 11/02/23 | 418,102 | |||||||||||
41,181,100 | 4.802 | 11/02/23 | 39,856,287 | |||||||||||
1,998,000 | 4.837 | 11/02/23 | 1,933,724 | |||||||||||
6,480,000 | 4.842 | 11/02/23 | 6,271,536 | |||||||||||
702,000 | 4.849 | 11/02/23 | 679,416 | |||||||||||
378,000 | 4.880 | 11/02/23 | 365,840 | |||||||||||
138,092,800 | 4.891 | 11/02/23 | 133,650,299 | |||||||||||
378,000 | 4.914 | 11/02/23 | 365,840 | |||||||||||
630,000 | 4.932 | 11/02/23 | 609,733 | |||||||||||
2,700,000 | 4.942 | 11/02/23 | 2,613,140 | |||||||||||
1,400,000 | 4.948 | 11/02/23 | 1,354,961 | |||||||||||
594,000 | 4.952 | 11/02/23 | 574,891 | |||||||||||
810,000 | 4.954 | 11/02/23 | 783,942 | |||||||||||
918,000 | 4.966 | 11/02/23 | 888,468 | |||||||||||
486,000 | 4.980 | 11/02/23 | 470,365 | |||||||||||
1,026,000 | 5.007 | 11/02/23 | 992,993 | |||||||||||
3,888,000 | 5.022 | 11/02/23 | 3,762,921 | |||||||||||
27,054,000 | 5.042 | 11/02/23 | 26,183,662 | |||||||||||
165,286,300 | 4.755 | 01/25/24 | 158,209,009 | |||||||||||
296,000 | 4.819 | 01/25/24 | 283,326 | |||||||||||
3,219,000 | 4.900 | 01/25/24 | 3,081,168 | |||||||||||
259,000 | 4.908 | 01/25/24 | 247,910 | |||||||||||
481,000 | 4.916 | 01/25/24 | 460,404 | |||||||||||
691,000 | 4.948 | 01/25/24 | 661,413 | |||||||||||
960,000 | 4.976 | 01/25/24 | 918,894 | |||||||||||
555,000 | 5.000 | 01/25/24 | 531,236 | |||||||||||
159,569,400 | 5.003 | 01/25/24 | 152,736,898 | |||||||||||
1,850,000 | 5.004 | 01/25/24 | 1,770,786 | |||||||||||
1,036,000 | 5.014 | 01/25/24 | 991,640 | |||||||||||
|
|
62 | 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) | ||||||||||||||
$ | 333,000 | 5.032 | % | 01/25/24 | $ | 318,741 | ||||||||
2,664,000 | 5.052 | 01/25/24 | 2,549,932 | |||||||||||
703,000 | 5.064 | 01/25/24 | 672,899 | |||||||||||
18,537,000 | 5.067 | 01/25/24 | 17,743,276 | |||||||||||
135,856,600 | 5.107 | 02/22/24 | 129,428,883 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $4,360,874,285) | $ | 4,357,212,595 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 18.6% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 2,449,000 | 2.799 | % | 05/15/23 | $ | 2,425,419 | ||||||||
93,000 | 2.867 | 05/15/23 | 92,104 | |||||||||||
372,000 | 2.875 | 05/15/23 | 368,418 | |||||||||||
57,994,200 | 2.898 | 05/15/23 | 57,435,779 | |||||||||||
682,000 | 2.903 | 05/15/23 | 675,433 | |||||||||||
713,000 | 2.957 | 05/15/23 | 706,135 | |||||||||||
1,050,000 | 2.979 | 05/15/23 | 1,039,890 | |||||||||||
279,000 | 3.006 | 05/15/23 | 276,313 | |||||||||||
465,000 | 3.020 | 05/15/23 | 460,523 | |||||||||||
1,020,000 | 3.062 | 05/15/23 | 1,010,178 | |||||||||||
992,000 | 3.063 | 05/15/23 | 982,448 | |||||||||||
1,380,000 | 3.093 | 05/15/23 | 1,366,712 | |||||||||||
2,460,000 | 3.142 | 05/15/23 | 2,436,313 | |||||||||||
120,000 | 3.155 | 05/15/23 | 118,844 | |||||||||||
120,000 | 3.180 | 05/15/23 | 118,844 | |||||||||||
360,000 | 3.184 | 05/15/23 | 356,534 | |||||||||||
540,000 | 3.191 | 05/15/23 | 534,800 | |||||||||||
330,000 | 3.225 | 05/15/23 | 326,822 | |||||||||||
90,000 | 3.226 | 05/15/23 | 89,133 | |||||||||||
300,000 | 3.227 | 05/15/23 | 297,111 | |||||||||||
300,000 | 3.239 | 05/15/23 | 297,111 | |||||||||||
750,000 | 3.273 | 05/15/23 | 742,778 | |||||||||||
2,107,000 | 3.275 | 05/15/23 | 2,086,712 | |||||||||||
817,000 | 3.308 | 05/15/23 | 809,133 | |||||||||||
2,752,000 | 3.366 | 05/15/23 | 2,725,501 | |||||||||||
1,736,000 | 3.376 | 05/15/23 | 1,719,284 | |||||||||||
330,000 | 3.390 | 05/15/23 | 326,822 | |||||||||||
1,350,000 | 3.394 | 05/15/23 | 1,337,001 | |||||||||||
1,020,000 | 3.430 | 05/15/23 | 1,010,178 | |||||||||||
960,000 | 3.470 | 05/15/23 | 950,756 | |||||||||||
210,000 | 3.504 | 05/15/23 | 207,978 | |||||||||||
1,170,000 | 3.572 | 05/15/23 | 1,158,734 | |||||||||||
558,000 | 3.765 | 05/15/23 | 552,627 | |||||||||||
2,294,000 | 4.086 | 05/15/23 | 2,271,911 | |||||||||||
1,240,000 | 4.091 | 05/15/23 | 1,228,060 | |||||||||||
682,000 | 4.120 | 05/15/23 | 675,433 | |||||||||||
310,000 | 4.157 | 05/15/23 | 307,015 | |||||||||||
186,000 | 4.198 | 05/15/23 | 184,209 | |||||||||||
403,000 | 4.211 | 05/15/23 | 399,120 | |||||||||||
558,000 | 4.216 | 05/15/23 | 552,627 | |||||||||||
1,333,000 | 4.309 | 05/15/23 | 1,320,165 | |||||||||||
465,000 | 4.313 | 05/15/23 | 460,523 | |||||||||||
713,000 | 4.421 | 05/15/23 | 706,135 | |||||||||||
124,000 | 4.466 | 05/15/23 | 122,806 | |||||||||||
|
| |||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
$ | 403,000 | 4.488 | % | 05/15/23 | $ | 399,120 | ||||||||
124,000 | 4.489 | 05/15/23 | 122,806 | |||||||||||
496,000 | 4.496 | 05/15/23 | 491,224 | |||||||||||
186,000 | 4.503 | 05/15/23 | 184,209 | |||||||||||
1,116,000 | 4.507 | 05/15/23 | 1,105,254 | |||||||||||
806,000 | 4.523 | 05/15/23 | 798,239 | |||||||||||
806,000 | 4.537 | 05/15/23 | 798,239 | |||||||||||
558,000 | 4.541 | 05/15/23 | 552,627 | |||||||||||
651,000 | 4.546 | 05/15/23 | 644,732 | |||||||||||
372,000 | 4.548 | 05/15/23 | 368,418 | |||||||||||
434,000 | 4.549 | 05/15/23 | 429,821 | |||||||||||
6,380,000 | 4.554 | 05/15/23 | 6,318,568 | |||||||||||
1,426,000 | 4.557 | 05/15/23 | 1,412,269 | |||||||||||
1,364,000 | 4.561 | 05/15/23 | 1,350,866 | |||||||||||
651,000 | 4.569 | 05/15/23 | 644,732 | |||||||||||
155,000 | 4.575 | 05/15/23 | 153,507 | |||||||||||
961,000 | 4.585 | 05/15/23 | 951,747 | |||||||||||
589,000 | 4.591 | 05/15/23 | 583,329 | |||||||||||
248,000 | 4.593 | 05/15/23 | 245,612 | |||||||||||
527,000 | 4.603 | 05/15/23 | 521,926 | |||||||||||
186,000 | 4.613 | 05/15/23 | 184,209 | |||||||||||
1,364,000 | 4.616 | 05/15/23 | 1,350,866 | |||||||||||
713,000 | 4.617 | 05/15/23 | 706,135 | |||||||||||
93,000 | 4.620 | 05/15/23 | 92,104 | |||||||||||
558,000 | 4.621 | 05/15/23 | 552,627 | |||||||||||
640,000 | 4.622 | 05/15/23 | 633,837 | |||||||||||
186,000 | 4.628 | 05/15/23 | 184,209 | |||||||||||
310,000 | 4.629 | 05/15/23 | 307,015 | |||||||||||
837,000 | 4.646 | 05/15/23 | 828,941 | |||||||||||
1,240,000 | 4.649 | 05/15/23 | 1,228,060 | |||||||||||
1,209,000 | 4.669 | 05/15/23 | 1,197,359 | |||||||||||
651,000 | 4.677 | 05/15/23 | 644,732 | |||||||||||
248,000 | 4.679 | 05/15/23 | 245,612 | |||||||||||
279,000 | 4.682 | 05/15/23 | 276,313 | |||||||||||
310,000 | 4.693 | 05/15/23 | 307,015 | |||||||||||
3,782,000 | 4.701 | 05/15/23 | 3,745,583 | |||||||||||
31,000 | 4.712 | 05/15/23 | 30,701 | |||||||||||
186,000 | 4.721 | 05/15/23 | 184,209 | |||||||||||
155,000 | 4.723 | 05/15/23 | 153,507 | |||||||||||
217,000 | 4.750 | 05/15/23 | 214,911 | |||||||||||
1,147,000 | 4.755 | 05/15/23 | 1,135,956 | |||||||||||
217,000 | 4.762 | 05/15/23 | 214,911 | |||||||||||
403,000 | 4.775 | 05/15/23 | 399,120 | |||||||||||
18,414,000 | 4.777 | 05/15/23 | 18,236,693 | |||||||||||
589,000 | 4.801 | 05/15/23 | 583,329 | |||||||||||
527,000 | 4.806 | 05/15/23 | 521,926 | |||||||||||
279,000 | 4.814 | 05/15/23 | 276,314 | |||||||||||
1,550,000 | 4.815 | 05/15/23 | 1,535,075 | |||||||||||
341,000 | 4.846 | 05/15/23 | 337,717 | |||||||||||
2,232,000 | 4.850 | 05/15/23 | 2,210,508 | |||||||||||
360,000 | 4.852 | 05/15/23 | 356,534 | |||||||||||
800,000 | 4.866 | 05/15/23 | 792,297 | |||||||||||
465,000 | 4.889 | 05/15/23 | 460,523 | |||||||||||
15,531,000 | 4.910 | 05/15/23 | 15,381,453 | |||||||||||
51,001,000 | 2.924 | 07/15/23 | 50,073,618 | |||||||||||
216,000 | 3.230 | 07/15/23 | 212,072 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
$ | 324,000 | 3.286 | % | 07/15/23 | $ | 318,108 | ||||||||
180,000 | 3.299 | 07/15/23 | 176,727 | |||||||||||
180,000 | 3.323 | 07/15/23 | 176,727 | |||||||||||
450,000 | 3.334 | 07/15/23 | 441,817 | |||||||||||
1,225,000 | 3.372 | 07/15/23 | 1,202,725 | |||||||||||
475,000 | 3.403 | 07/15/23 | 466,363 | |||||||||||
1,600,000 | 3.430 | 07/15/23 | 1,570,906 | |||||||||||
198,000 | 3.474 | 07/15/23 | 194,400 | |||||||||||
1,008,000 | 3.516 | 07/15/23 | 989,671 | |||||||||||
576,000 | 3.539 | 07/15/23 | 565,526 | |||||||||||
810,000 | 3.545 | 07/15/23 | 795,271 | |||||||||||
612,000 | 3.547 | 07/15/23 | 600,872 | |||||||||||
126,000 | 3.589 | 07/15/23 | 123,709 | |||||||||||
702,000 | 3.637 | 07/15/23 | 689,235 | |||||||||||
589,000 | 4.596 | 07/15/23 | 578,290 | |||||||||||
247,000 | 4.614 | 07/15/23 | 242,509 | |||||||||||
342,000 | 4.628 | 07/15/23 | 335,781 | |||||||||||
1,520,000 | 4.632 | 07/15/23 | 1,492,361 | |||||||||||
494,000 | 4.643 | 07/15/23 | 485,017 | |||||||||||
57,000 | 4.644 | 07/15/23 | 55,964 | |||||||||||
108,000 | 4.648 | 07/15/23 | 106,036 | |||||||||||
648,000 | 4.651 | 07/15/23 | 636,217 | |||||||||||
277,000 | 4.674 | 07/15/23 | 271,963 | |||||||||||
342,000 | 4.675 | 07/15/23 | 335,781 | |||||||||||
836,000 | 4.676 | 07/15/23 | 820,798 | |||||||||||
114,000 | 4.678 | 07/15/23 | 111,927 | |||||||||||
252,000 | 4.684 | 07/15/23 | 247,418 | |||||||||||
216,000 | 4.686 | 07/15/23 | 212,072 | |||||||||||
72,000 | 4.687 | 07/15/23 | 70,691 | |||||||||||
133,000 | 4.691 | 07/15/23 | 130,582 | |||||||||||
551,000 | 4.692 | 07/15/23 | 540,981 | |||||||||||
760,000 | 4.701 | 07/15/23 | 746,180 | |||||||||||
513,000 | 4.702 | 07/15/23 | 503,672 | |||||||||||
180,000 | 4.707 | 07/15/23 | 176,727 | |||||||||||
702,000 | 4.709 | 07/15/23 | 689,235 | |||||||||||
114,000 | 4.715 | 07/15/23 | 111,927 | |||||||||||
368,000 | 4.716 | �� | 07/15/23 | 361,308 | ||||||||||
144,000 | 4.720 | 07/15/23 | 141,382 | |||||||||||
171,000 | 4.724 | 07/15/23 | 167,891 | |||||||||||
306,000 | 4.728 | 07/15/23 | 300,436 | |||||||||||
90,000 | 4.732 | 07/15/23 | 88,363 | |||||||||||
828,000 | 4.737 | 07/15/23 | 812,944 | |||||||||||
378,000 | 4.739 | 07/15/23 | 371,127 | |||||||||||
90,000 | 4.747 | 07/15/23 | 88,363 | |||||||||||
18,000 | 4.767 | 07/15/23 | 17,673 | |||||||||||
288,000 | 4.768 | 07/15/23 | 282,763 | |||||||||||
108,000 | 4.779 | 07/15/23 | 106,036 | |||||||||||
10,692,000 | 4.785 | 07/15/23 | 10,497,581 | |||||||||||
36,000 | 4.853 | 07/15/23 | 35,345 | |||||||||||
152,000 | 4.864 | 07/15/23 | 149,236 | |||||||||||
2,280,000 | 4.923 | 07/15/23 | 2,238,541 | |||||||||||
247,000 | 4.929 | 07/15/23 | 242,509 | |||||||||||
703,000 | 4.956 | 07/15/23 | 690,217 | |||||||||||
133,000 | 4.988 | 07/15/23 | 130,582 | |||||||||||
950,000 | 4.994 | 07/15/23 | 932,726 | |||||||||||
133,000 | 5.001 | 07/15/23 | 130,582 | |||||||||||
|
| |||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
209,000 | 5.015 | 07/15/23 | 205,200 | |||||||||||
323,000 | 5.021 | 07/15/23 | 317,127 | |||||||||||
1,368,000 | 5.022 | 07/15/23 | 1,343,125 | |||||||||||
500,000 | 5.030 | 07/15/23 | 490,908 | |||||||||||
171,000 | 5.035 | 07/15/23 | 167,891 | |||||||||||
9,519,000 | 5.057 | 07/15/23 | 9,345,910 | |||||||||||
361,000 | 5.070 | 07/15/23 | 354,436 | |||||||||||
225,000 | 5.072 | 07/15/23 | 220,909 | |||||||||||
285,000 | 5.080 | 07/15/23 | 279,818 | |||||||||||
868,000 | 4.544 | 09/15/23 | 845,351 | |||||||||||
91,065,900 | 4.546 | 09/15/23 | 88,689,649 | |||||||||||
2,240,000 | 4.549 | 09/15/23 | 2,181,550 | |||||||||||
1,092,000 | 4.580 | 09/15/23 | 1,063,506 | |||||||||||
1,232,000 | 4.581 | 09/15/23 | 1,199,852 | |||||||||||
504,000 | 4.591 | 09/15/23 | 490,849 | |||||||||||
84,000 | 4.604 | 09/15/23 | 81,808 | |||||||||||
280,000 | 4.623 | 09/15/23 | 272,694 | |||||||||||
1,120,000 | 4.625 | 09/15/23 | 1,090,775 | |||||||||||
1,044,000 | 4.629 | 09/15/23 | 1,016,758 | |||||||||||
252,000 | 4.642 | 09/15/23 | 245,424 | |||||||||||
504,000 | 4.650 | 09/15/23 | 490,849 | |||||||||||
588,000 | 4.678 | 09/15/23 | 572,657 | |||||||||||
168,000 | 4.679 | 09/15/23 | 163,616 | |||||||||||
280,000 | 4.682 | 09/15/23 | 272,694 | |||||||||||
532,000 | 4.685 | 09/15/23 | 518,118 | |||||||||||
174,000 | 4.689 | 09/15/23 | 169,460 | |||||||||||
348,000 | 4.695 | 09/15/23 | 338,919 | |||||||||||
756,000 | 4.711 | 09/15/23 | 736,273 | |||||||||||
28,000 | 4.717 | 09/15/23 | 27,269 | |||||||||||
196,000 | 4.723 | 09/15/23 | 190,886 | |||||||||||
1,092,000 | 4.725 | 09/15/23 | 1,063,506 | |||||||||||
168,000 | 4.728 | 09/15/23 | 163,616 | |||||||||||
16,772,000 | 4.736 | 09/15/23 | 16,334,356 | |||||||||||
168,000 | 4.740 | 09/15/23 | 163,616 | |||||||||||
448,000 | 4.747 | 09/15/23 | 436,310 | |||||||||||
406,000 | 4.753 | 09/15/23 | 395,406 | |||||||||||
1,334,000 | 4.757 | 09/15/23 | 1,299,191 | |||||||||||
56,000 | 4.766 | 09/15/23 | 54,539 | |||||||||||
493,000 | 4.775 | 09/15/23 | 480,136 | |||||||||||
145,000 | 4.779 | 09/15/23 | 141,216 | |||||||||||
232,000 | 4.785 | 09/15/23 | 225,946 | |||||||||||
576,000 | 4.789 | 09/15/23 | 560,970 | |||||||||||
224,000 | 4.861 | 09/15/23 | 218,155 | |||||||||||
3,360,000 | 4.882 | 09/15/23 | 3,272,325 | |||||||||||
196,000 | 4.898 | 09/15/23 | 190,886 | |||||||||||
1,036,000 | 4.903 | 09/15/23 | 1,008,967 | |||||||||||
196,000 | 4.965 | 09/15/23 | 190,886 | |||||||||||
364,000 | 4.970 | 09/15/23 | 354,502 | |||||||||||
1,400,000 | 4.988 | 09/15/23 | 1,363,469 | |||||||||||
476,000 | 5.014 | 09/15/23 | 463,579 | |||||||||||
252,000 | 5.046 | 09/15/23 | 245,424 | |||||||||||
308,000 | 5.065 | 09/15/23 | 299,963 | |||||||||||
2,016,000 | 5.066 | 09/15/23 | 1,963,395 | |||||||||||
532,000 | 5.070 | 09/15/23 | 518,118 | |||||||||||
720,000 | 5.072 | 09/15/23 | 701,212 | |||||||||||
14,028,000 | 5.091 | 09/15/23 | 13,661,957 | |||||||||||
|
|
64 | 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) | ||||||||||||||
$ | 324,000 | 5.097 | % | 09/15/23 | $ | 315,546 | ||||||||
420,000 | 5.137 | 09/15/23 | 409,041 | |||||||||||
2,024,000 | 4.589 | 10/15/23 | 1,962,687 | |||||||||||
138,000 | 4.604 | 10/15/23 | 133,820 | |||||||||||
598,000 | 4.609 | 10/15/23 | 579,885 | |||||||||||
5,106,000 | 4.614 | 10/15/23 | 4,951,324 | |||||||||||
1,196,000 | 4.622 | 10/15/23 | 1,159,770 | |||||||||||
828,000 | 4.631 | 10/15/23 | 802,917 | |||||||||||
828,000 | 4.664 | 10/15/23 | 802,917 | |||||||||||
1,840,000 | 4.695 | 10/15/23 | 1,784,261 | |||||||||||
874,000 | 4.697 | 10/15/23 | 847,524 | |||||||||||
414,000 | 4.711 | 10/15/23 | 401,459 | |||||||||||
460,000 | 4.714 | 10/15/23 | 446,065 | |||||||||||
460,000 | 4.715 | 10/15/23 | 446,065 | |||||||||||
966,000 | 4.736 | 10/15/23 | 936,737 | |||||||||||
46,000 | 4.743 | 10/15/23 | 44,606 | |||||||||||
276,000 | 4.750 | 10/15/23 | 267,639 | |||||||||||
1,012,000 | 4.751 | 10/15/23 | 981,343 | |||||||||||
27,324,000 | 4.756 | 10/15/23 | 26,496,275 | |||||||||||
155,025,100 | 4.761 | 10/15/23 | 150,328,929 | |||||||||||
1,242,000 | 4.762 | 10/15/23 | 1,204,376 | |||||||||||
322,000 | 4.766 | 10/15/23 | 312,246 | |||||||||||
1,794,000 | 4.773 | 10/15/23 | 1,739,654 | |||||||||||
230,000 | 4.775 | 10/15/23 | 223,033 | |||||||||||
276,000 | 4.786 | 10/15/23 | 267,639 | |||||||||||
92,000 | 4.807 | 10/15/23 | 89,213 | |||||||||||
368,000 | 4.895 | 10/15/23 | 356,852 | |||||||||||
7,222,000 | 4.935 | 10/15/23 | 7,003,224 | |||||||||||
322,000 | 4.949 | 10/15/23 | 312,246 | |||||||||||
322,000 | 5.005 | 10/15/23 | 312,246 | |||||||||||
598,000 | 5.012 | 10/15/23 | 579,885 | |||||||||||
782,000 | 5.039 | 10/15/23 | 758,311 | |||||||||||
2,300,000 | 5.054 | 10/15/23 | 2,230,326 | |||||||||||
414,000 | 5.078 | 10/15/23 | 401,459 | |||||||||||
506,000 | 5.091 | 10/15/23 | 490,672 | |||||||||||
3,312,000 | 5.096 | 10/15/23 | 3,211,670 | |||||||||||
874,000 | 5.103 | 10/15/23 | 847,524 | |||||||||||
23,046,000 | 5.117 | 10/15/23 | 22,347,868 | |||||||||||
531,000 | 5.122 | 10/15/23 | 514,914 | |||||||||||
1,180,000 | 5.127 | 10/15/23 | 1,144,254 | |||||||||||
690,000 | 5.131 | 10/15/23 | 669,098 | |||||||||||
37,427,800 | 4.584 | 12/15/23 | 35,997,210 | |||||||||||
390,000 | 4.641 | 12/15/23 | 375,093 | |||||||||||
160,000 | 4.673 | 12/15/23 | 153,884 | |||||||||||
10,000 | 4.681 | 12/15/23 | 9,618 | |||||||||||
210,000 | 4.692 | 12/15/23 | 201,973 | |||||||||||
60,000 | 4.695 | 12/15/23 | 57,707 | |||||||||||
20,000 | 4.722 | 12/15/23 | 19,236 | |||||||||||
146,597,800 | 4.761 | 12/15/23 | 140,994,442 | |||||||||||
336,000 | 4.872 | 12/15/23 | 323,157 | |||||||||||
5,040,000 | 4.928 | 12/15/23 | 4,847,358 | |||||||||||
1,554,000 | 4.943 | 12/15/23 | 1,494,602 | |||||||||||
294,000 | 4.954 | 12/15/23 | 282,763 | |||||||||||
546,000 | 4.967 | 12/15/23 | 525,130 | |||||||||||
294,000 | 4.984 | 12/15/23 | 282,763 | |||||||||||
2,100,000 | 5.040 | 12/15/23 | 2,019,732 | |||||||||||
|
| |||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
U.S. Treasury Notes – (continued) | ||||||||||||||
714,000 | 5.076 | 12/15/23 | 686,709 | |||||||||||
378,000 | 5.079 | 12/15/23 | 363,552 | |||||||||||
462,000 | 5.089 | 12/15/23 | 444,341 | |||||||||||
798,000 | 5.101 | 12/15/23 | 767,498 | |||||||||||
3,024,000 | 5.113 | 12/15/23 | 2,908,415 | |||||||||||
486,000 | 5.116 | 12/15/23 | 467,424 | |||||||||||
1,080,000 | 5.117 | 12/15/23 | 1,038,720 | |||||||||||
138,758,700 | 5.118 | 12/15/23 | 133,454,973 | |||||||||||
21,042,000 | 5.131 | 12/15/23 | 20,237,719 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $1,000,378,076) | $ | 998,368,865 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 100.0% | ||||||||||||||
(Cost $5,361,252,361) | $ | 5,355,581,460 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 52,319 | ||||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 5,355,633,779 | ||||||||||||
|
|
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. | 65 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
U.S. Treasury Notes – 31.5% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 33,757,000 | 0.250 | % | 05/15/24 | $ | 31,844,560 | ||||||||
5,766,000 | 1.500 | 10/31/24 | 5,450,627 | |||||||||||
19,564,000 | 2.500 | 01/31/25 | 18,742,491 | |||||||||||
18,869,000 | 2.000 | 02/15/25 | 17,888,077 | |||||||||||
26,873,000 | 0.250 | 10/31/25 | 23,996,448 | |||||||||||
9,856,000 | 0.625 | 11/30/27 | 8,351,411 | |||||||||||
10,347,000 | 2.750 | 02/15/28 | 9,681,063 | |||||||||||
1,803,000 | 2.875 | 08/15/28 | 1,689,816 | |||||||||||
1,630,000 | 2.875 | 04/30/29 | 1,519,782 | |||||||||||
1,981,000 | 2.375 | 05/15/29 | 1,792,567 | |||||||||||
4,928,000 | 2.750 | 05/31/29 | 4,559,365 | |||||||||||
2,360,000 | 3.250 | 06/30/29 | 2,246,163 | |||||||||||
6,377,000 | 1.625 | 08/15/29 | 5,512,365 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $137,085,886) | $ | 133,274,735 | ||||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – 29.6% | ||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||
$ | 265,993 | 4.500 | % | 07/01/48 | $ | 260,016 | ||||||||
244,614 | 2.500 | 11/01/50 | 210,391 | |||||||||||
1,977,212 | 2.000 | 05/01/51 | 1,612,662 | |||||||||||
2,850,879 | 2.500 | 05/01/51 | 2,429,993 | |||||||||||
11,021,669 | 2.000 | 03/01/52 | 8,999,967 | |||||||||||
7,928,722 | 2.000 | 03/01/52 | 6,465,257 | |||||||||||
1,261,029 | 2.000 | 03/01/52 | 1,028,332 | |||||||||||
9,928,036 | 2.000 | 05/01/52 | 8,095,387 | |||||||||||
210,255 | 4.500 | 05/01/52 | 202,586 | |||||||||||
511,417 | 2.000 | 07/01/52 | 416,969 | |||||||||||
3,953,717 | 3.000 | 08/01/52 | 3,526,467 | |||||||||||
Federal National Mortgage Association | ||||||||||||||
1,000,000 | 1.750 | 07/02/24 | 956,420 | |||||||||||
5,000,000 | 1.500 | TBA-15yr | (a) | 4,320,703 | ||||||||||
7,000,000 | 2.000 | TBA-15yr | (a) | 6,208,672 | ||||||||||
2,000,000 | 2.500 | TBA-15yr | (a) | 1,822,187 | ||||||||||
2,000,000 | 3.000 | TBA-15yr | (a) | 1,864,219 | ||||||||||
2,703,128 | 3.500 | 07/01/45 | 2,525,827 | |||||||||||
70,942 | 4.500 | 06/01/48 | 69,162 | |||||||||||
378,654 | 4.500 | 07/01/48 | 369,177 | |||||||||||
26,133 | 5.000 | 12/01/48 | 25,989 | |||||||||||
49,610 | 4.500 | 01/01/49 | 48,553 | |||||||||||
41,224 | 4.500 | 08/01/49 | 40,268 | |||||||||||
718,449 | 4.500 | 08/01/49 | 701,732 | |||||||||||
196,567 | 5.000 | 12/01/49 | 195,730 | |||||||||||
29,878 | 4.500 | 01/01/50 | 29,098 | |||||||||||
123,148 | 4.500 | 03/01/50 | 120,278 | |||||||||||
109,750 | 5.000 | 04/01/50 | 111,068 | |||||||||||
1,622,607 | 2.500 | 06/01/50 | 1,395,765 | |||||||||||
55,141 | 4.500 | 10/01/50 | 53,770 | |||||||||||
81,811 | 4.500 | 10/01/50 | 79,582 | |||||||||||
103,516 | 2.500 | 02/01/51 | 87,928 | |||||||||||
554,069 | 2.500 | 03/01/51 | 476,669 | |||||||||||
700,088 | 2.500 | 09/01/51 | 599,139 | |||||||||||
2,794,827 | 2.500 | 10/01/51 | 2,404,114 | |||||||||||
1,259,482 | 2.500 | 11/01/51 | 1,082,859 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
Federal National Mortgage Association – (continued) | ||||||||||||||
1,627,773 | 2.500 | 11/01/51 | 1,400,080 | |||||||||||
7,941,092 | 2.000 | 02/01/52 | 6,477,719 | |||||||||||
86,391 | 2.000 | 10/01/52 | 70,465 | |||||||||||
3,900,000 | 1.500 | TBA-30yr | (a) | 3,008,789 | ||||||||||
7,000,000 | 2.500 | TBA-30yr | (a) | 5,929,219 | ||||||||||
8,000,000 | 3.000 | TBA-30yr | (a) | 7,037,500 | ||||||||||
8,000,000 | 3.500 | TBA-30yr | (a) | 7,285,000 | ||||||||||
6,000,000 | 4.000 | TBA-30yr | (a) | 5,630,156 | ||||||||||
1,000,000 | 4.500 | TBA-30yr | (a) | 963,203 | ||||||||||
1,000,000 | 5.000 | TBA-30yr | (a) | 982,813 | ||||||||||
1,000,000 | 5.500 | TBA-30yr | (a) | 998,125 | ||||||||||
Government National Mortgage Association | ||||||||||||||
57,074 | 5.000 | 12/20/48 | 57,391 | |||||||||||
31,163 | 5.000 | 05/20/49 | 31,255 | |||||||||||
306,215 | 3.000 | 09/20/49 | 274,033 | |||||||||||
113,863 | 4.500 | 03/20/50 | 112,238 | |||||||||||
62,218 | 5.000 | 05/20/50 | 62,675 | |||||||||||
240,124 | 4.000 | 09/20/50 | 230,549 | |||||||||||
802,896 | 3.000 | 07/20/51 | 719,956 | |||||||||||
3,626,123 | 2.000 | 09/20/51 | 3,038,166 | |||||||||||
2,377,691 | 4.500 | 10/20/52 | 2,304,713 | |||||||||||
3,000,000 | 2.000 | TBA-30yr | (a) | 2,512,500 | ||||||||||
7,000,000 | 2.500 | TBA-30yr | (a) | 6,049,531 | ||||||||||
4,300,000 | 3.000 | TBA-30yr | (a) | 3,835,063 | ||||||||||
4,000,000 | 3.500 | TBA-30yr | (a) | 3,676,562 | ||||||||||
1,900,000 | 4.000 | TBA-30yr | (a) | 1,795,797 | ||||||||||
1,000,000 | 5.000 | TBA-30yr | (a) | 988,281 | ||||||||||
1,000,000 | 5.500 | TBA-30yr | (a) | 1,003,750 | ||||||||||
|
| |||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $132,191,044) | $ | 125,312,465 | ||||||||||||
|
| |||||||||||||
Corporate Obligations – 19.9% | ||||||||||||||
Aerospace & Defense – 0.3% | ||||||||||||||
General Dynamics Corp. | ||||||||||||||
$ | 215,000 | 3.625 | % | 04/01/30 | $ | 200,254 | ||||||||
Hexcel Corp. | ||||||||||||||
40,000 | 4.200 | 02/15/27 | 37,778 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
335,000 | 5.250 | 01/15/33 | 343,486 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
40,000 | 4.030 | 10/15/47 | 33,052 | |||||||||||
Raytheon Technologies Corp. | ||||||||||||||
200,000 | 3.950 | 08/16/25 | 194,360 | |||||||||||
100,000 | 2.375 | 03/15/32 | 80,599 | |||||||||||
30,000 | 4.450 | 11/16/38 | 27,246 | |||||||||||
60,000 | 4.875 | 10/15/40 | 56,372 | |||||||||||
400,000 | 2.820 | 09/01/51 | 265,041 | |||||||||||
Textron, Inc. | ||||||||||||||
80,000 | 3.000 | 06/01/30 | 69,631 | |||||||||||
|
| |||||||||||||
1,307,819 | ||||||||||||||
|
| |||||||||||||
Banks – 3.9% | ||||||||||||||
American Express Co. | ||||||||||||||
80,000 | 3.625 | 12/05/24 | 77,814 | |||||||||||
400,000 | 3.950 | 08/01/25 | 387,626 | |||||||||||
|
|
66 | 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. | ||||||||||||||
(SOFR + 0.690%) | ||||||||||||||
$ | 425,000 | 0.976 | %(b) | 04/22/25 | $ | 400,960 | ||||||||
�� | (SOFR + 0.960%) | |||||||||||||
300,000 | 1.734 | (b) | 07/22/27 | 264,594 | ||||||||||
(3M USD LIBOR + 1.040%) | ||||||||||||||
200,000 | 3.419 | (b) | 12/20/28 | 182,232 | ||||||||||
(SOFR + 2.150%) | ||||||||||||||
180,000 | 2.592 | (b) | 04/29/31 | 148,351 | ||||||||||
(US 5 Year CMT T-Note + 1.200%) | ||||||||||||||
200,000 | 2.482 | (b) | 09/21/36 | 150,122 | ||||||||||
(3M USD LIBOR + 1.814%) | ||||||||||||||
264,000 | 4.244 | (b) | 04/24/38 | 230,110 | ||||||||||
100,000 | 7.750 | 05/14/38 | 118,720 | |||||||||||
Bank of America Corp., Series L | ||||||||||||||
125,000 | 4.183 | 11/25/27 | 119,353 | |||||||||||
73,000 | 4.750 | 04/21/45 | 65,301 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
100,000 | 3.875 | 08/01/25 | 97,046 | |||||||||||
(SOFR + 1.010%) | ||||||||||||||
100,000 | 1.197 | (b) | 10/24/26 | 89,189 | ||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
80,000 | 3.559 | (b) | 04/23/27 | 75,087 | ||||||||||
75,000 | 3.248 | 10/21/27 | 69,095 | |||||||||||
(3M USD LIBOR + 1.210%) | ||||||||||||||
300,000 | 3.974 | (b) | 02/07/30 | 275,232 | ||||||||||
(3M USD LIBOR + 0.990%) | ||||||||||||||
200,000 | 2.496 | (b) | 02/13/31 | 165,088 | ||||||||||
(SOFR + 1.530%) | ||||||||||||||
40,000 | 1.898 | (b) | 07/23/31 | 31,265 | ||||||||||
(SOFR + 1.930%) | ||||||||||||||
300,000 | 2.676 | (b) | 06/19/41 | 207,251 | ||||||||||
(3M USD LIBOR + 3.150%) | ||||||||||||||
300,000 | 4.083 | (b) | 03/20/51 | 243,402 | ||||||||||
(SOFR + 1.880%) | ||||||||||||||
60,000 | 2.831 | (b) | 10/24/51 | 38,542 | ||||||||||
Bank of America Corp.(b), Series N | ||||||||||||||
(SOFR + 1.650%) | ||||||||||||||
100,000 | 3.483 | 03/13/52 | 73,598 | |||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
300,000 | 2.800 | 05/04/26 | 280,083 | |||||||||||
155,000 | 1.650 | 01/28/31 | 122,573 | |||||||||||
646,000 | 1.800 | 07/28/31 | 504,921 | |||||||||||
Charles Schwab Corp. (The) | ||||||||||||||
300,000 | 0.900 | 03/11/26 | 264,195 | |||||||||||
Citigroup, Inc. | ||||||||||||||
(SOFR + 1.372%) | ||||||||||||||
800,000 | 4.140 | (b) | 05/24/25 | 784,284 | ||||||||||
(SOFR + 0.765%) | ||||||||||||||
100,000 | 1.122 | (b) | 01/28/27 | 88,627 | ||||||||||
(3M USD LIBOR + 1.563%) | ||||||||||||||
100,000 | 3.887 | (b) | 01/10/28 | 94,038 | ||||||||||
(SOFR + 1.887%) | ||||||||||||||
300,000 | 4.658 | (b) | 05/24/28 | 290,059 | ||||||||||
(SOFR + 2.086%) | ||||||||||||||
700,000 | 4.910 | (b) | 05/24/33 | 667,832 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Comerica, Inc. | ||||||||||||||
25,000 | 4.000 | 02/01/29 | 23,338 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
40,000 | 8.250 | 03/01/38 | 49,520 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
40,000 | 3.875 | 02/01/24 | 39,379 | |||||||||||
(SOFR + 0.540%) | ||||||||||||||
300,000 | 0.824 | (b) | 06/01/25 | 280,921 | ||||||||||
(SOFR + 0.490%) | ||||||||||||||
300,000 | 0.768 | (b) | 08/09/25 | 278,436 | ||||||||||
(3M U.S. T-Bill MMY + 1.585%) | ||||||||||||||
165,000 | 2.005 | (b) | 03/13/26 | 153,292 | ||||||||||
40,000 | 7.625 | 10/15/26 | 43,424 | |||||||||||
(SOFR + 0.800%) | ||||||||||||||
100,000 | 1.045 | (b) | 11/19/26 | 88,718 | ||||||||||
300,000 | 8.000 | 04/29/27 | 335,792 | |||||||||||
80,000 | 4.250 | 10/01/27 | 77,034 | |||||||||||
(3M USD LIBOR + 1.337%) | ||||||||||||||
400,000 | 3.782 | (b) | 02/01/28 | 376,519 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
50,000 | 3.540 | (b) | 05/01/28 | 46,263 | ||||||||||
(3M USD LIBOR + 1.330%) | ||||||||||||||
40,000 | 4.452 | (b) | 12/05/29 | 37,963 | ||||||||||
(SOFR + 1.510%) | ||||||||||||||
90,000 | 2.739 | (b) | 10/15/30 | 75,834 | ||||||||||
(3M U.S. T-Bill MMY + 3.790%) | ||||||||||||||
342,000 | 4.493 | (b) | 03/24/31 | 323,003 | ||||||||||
(3M U.S. T-Bill MMY + 1.105%) | ||||||||||||||
25,000 | 1.764 | (b) | 11/19/31 | 19,267 | ||||||||||
(SOFR + 1.180%) | ||||||||||||||
300,000 | 2.545 | (b) | 11/08/32 | 240,451 | ||||||||||
(3M USD LIBOR + 1.360%) | ||||||||||||||
152,000 | 3.882 | (b) | 07/24/38 | 126,777 | ||||||||||
15,000 | 5.400 | 01/06/42 | 14,917 | |||||||||||
40,000 | 4.850 | 02/01/44 | 37,502 | |||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
40,000 | 3.964 | (b) | 11/15/48 | 32,479 | ||||||||||
(SOFR + 2.440%) | ||||||||||||||
660,000 | 3.109 | (b) | 04/22/51 | 451,744 | ||||||||||
KeyCorp, MTN | ||||||||||||||
120,000 | 4.100 | 04/30/28 | 114,110 | |||||||||||
80,000 | 2.550 | 10/01/29 | 67,819 | |||||||||||
Manufacturers & Traders Trust Co. | ||||||||||||||
280,000 | 3.400 | 08/17/27 | 258,009 | |||||||||||
Morgan Stanley | ||||||||||||||
(SOFR + 0.525%) | ||||||||||||||
40,000 | 0.790 | (b) | 05/30/25 | 37,398 | ||||||||||
(SOFR + 1.295%) | ||||||||||||||
500,000 | 5.050 | (b) | 01/28/27 | 495,367 | ||||||||||
(SOFR + 1.360%) | ||||||||||||||
100,000 | 2.484 | (b) | 09/16/36 | 74,688 | ||||||||||
(SOFR + 1.485%) | ||||||||||||||
300,000 | 3.217 | (b) | 04/22/42 | 224,680 | ||||||||||
80,000 | 4.300 | 01/27/45 | 69,049 | |||||||||||
75,000 | 4.375 | 01/22/47 | 65,831 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Morgan Stanley, GMTN | ||||||||||||||
$ | 340,000 | 3.700 | % | 10/23/24 | $ | 331,358 | ||||||||
120,000 | 4.350 | 09/08/26 | 115,180 | |||||||||||
(SOFR + 1.143%) | ||||||||||||||
250,000 | 2.699 | (b) | 01/22/31 | 209,389 | ||||||||||
(SOFR + 1.178%) | ||||||||||||||
200,000 | 2.239 | (b) | 07/21/32 | 155,893 | ||||||||||
Morgan Stanley, MTN | ||||||||||||||
100,000 | 6.250 | 08/09/26 | 103,206 | |||||||||||
(SOFR + 1.430%) | ||||||||||||||
300,000 | 2.802 | (b) | 01/25/52 | 193,808 | ||||||||||
Northern Trust Corp. | ||||||||||||||
315,000 | 3.950 | 10/30/25 | 304,813 | |||||||||||
56,000 | 3.650 | 08/03/28 | 52,973 | |||||||||||
135,000 | 3.150 | 05/03/29 | 122,981 | |||||||||||
PNC Bank NA | ||||||||||||||
300,000 | 2.700 | 10/22/29 | 255,574 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
80,000 | 3.900 | 04/29/24 | 78,761 | |||||||||||
290,000 | 3.450 | 04/23/29 | 266,557 | |||||||||||
State Street Corp. | ||||||||||||||
(SOFR + 0.560%) | ||||||||||||||
40,000 | 1.684 | (b) | 11/18/27 | 35,644 | ||||||||||
(3M USD LIBOR + 1.030%) | ||||||||||||||
50,000 | 4.141 | (b) | 12/03/29 | 47,451 | ||||||||||
100,000 | 2.200 | 03/03/31 | 80,356 | |||||||||||
(SOFR + 1.490%) | ||||||||||||||
40,000 | 3.031 | (b) | 11/01/34 | 34,697 | ||||||||||
Truist Bank | ||||||||||||||
40,000 | 3.200 | 04/01/24 | 39,104 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
80,000 | 3.875 | 03/19/29 | 74,368 | |||||||||||
US Bancorp | ||||||||||||||
15,000 | 2.400 | 07/30/24 | 14,413 | |||||||||||
US Bancorp, MTN | ||||||||||||||
80,000 | 3.900 | 04/26/28 | 76,352 | |||||||||||
80,000 | 3.000 | 07/30/29 | 70,463 | |||||||||||
40,000 | 1.375 | 07/22/30 | 30,984 | |||||||||||
US Bancorp, Series V | ||||||||||||||
300,000 | 2.375 | 07/22/26 | 274,793 | |||||||||||
US Bancorp, Series X | ||||||||||||||
150,000 | 3.150 | 04/27/27 | 139,601 | |||||||||||
US Bank NA | ||||||||||||||
300,000 | 2.050 | 01/21/25 | 282,810 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
(SOFR + 2.000%) | ||||||||||||||
300,000 | 2.188 | (b) | 04/30/26 | 278,973 | ||||||||||
400,000 | 3.000 | 10/23/26 | 369,703 | |||||||||||
128,000 | 5.606 | 01/15/44 | 124,853 | |||||||||||
60,000 | 3.900 | 05/01/45 | 47,688 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
50,000 | 3.584 | (b) | 05/22/28 | 46,273 | ||||||||||
25,000 | 4.150 | 01/24/29 | 23,396 | |||||||||||
(SOFR + 1.262%) | ||||||||||||||
400,000 | 2.572 | (b) | 02/11/31 | 333,589 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo & Co., MTN – (continued) | ||||||||||||||
(SOFR + 4.032%) | ||||||||||||||
340,000 | 4.478 | %(b) | 04/04/31 | 320,226 | ||||||||||
290,000 | 4.750 | 12/07/46 | 249,506 | |||||||||||
Wells Fargo Bank NA | ||||||||||||||
300,000 | 6.600 | 01/15/38 | 327,726 | |||||||||||
|
| |||||||||||||
16,679,576 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.3% | ||||||||||||||
CF Industries, Inc. | ||||||||||||||
272,000 | 5.150 | 03/15/34 | 252,798 | |||||||||||
100,000 | 5.375 | 03/15/44 | 88,263 | |||||||||||
Dow Chemical Co. (The) | ||||||||||||||
60,000 | 3.600 | 11/15/50 | 43,308 | |||||||||||
FMC Corp. | ||||||||||||||
302,000 | 4.500 | 10/01/49 | 248,795 | |||||||||||
Huntsman International LLC | ||||||||||||||
70,000 | 4.500 | 05/01/29 | 63,932 | |||||||||||
Linde, Inc. | ||||||||||||||
85,000 | 1.100 | 08/10/30 | 65,631 | |||||||||||
LYB International Finance III LLC | ||||||||||||||
40,000 | 2.250 | 10/01/30 | 32,060 | |||||||||||
180,000 | 3.625 | 04/01/51 | 124,002 | |||||||||||
Mosaic Co. (The) | ||||||||||||||
80,000 | 4.875 | 11/15/41 | 70,221 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
200,000 | 3.450 | 06/01/27 | 187,649 | |||||||||||
Westlake Corp. | ||||||||||||||
40,000 | 3.600 | 08/15/26 | 37,645 | |||||||||||
235,000 | 5.000 | 08/15/46 | 198,841 | |||||||||||
|
| |||||||||||||
1,413,145 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 0.0% | ||||||||||||||
Fox Corp. | ||||||||||||||
40,000 | 4.709 | 01/25/29 | 38,137 | |||||||||||
40,000 | 5.576 | 01/25/49 | 36,374 | |||||||||||
|
| |||||||||||||
74,511 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
Affiliated Managers Group, Inc. | ||||||||||||||
130,000 | 3.300 | 06/15/30 | 110,098 | |||||||||||
CME Group, Inc. | ||||||||||||||
125,000 | 3.000 | 03/15/25 | 120,139 | |||||||||||
Eaton Vance Corp. | ||||||||||||||
50,000 | 3.500 | 04/06/27 | 46,761 | |||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
185,000 | 2.100 | 06/15/30 | 150,521 | |||||||||||
482,000 | 4.600 | 03/15/33 | 460,365 | |||||||||||
Jefferies Financial Group, Inc. | ||||||||||||||
40,000 | 4.850 | 01/15/27 | 39,285 | |||||||||||
40,000 | 4.150 | 01/23/30 | 36,255 | |||||||||||
200,000 | 6.250 | 01/15/36 | 207,462 | |||||||||||
20,000 | 6.500 | 01/20/43 | 20,526 | |||||||||||
Morgan Stanley Domestic Holdings, Inc. | ||||||||||||||
80,000 | 4.500 | 06/20/28 | 77,438 | |||||||||||
|
| |||||||||||||
1,268,850 | ||||||||||||||
|
|
68 | 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 – 0.8% | ||||||||||||||
3M Co. | ||||||||||||||
$ | 250,000 | 3.050 | % | 04/15/30 | $ | 218,490 | ||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
400,000 | 3.400 | 05/13/25 | 386,447 | |||||||||||
Caterpillar, Inc. | ||||||||||||||
50,000 | 3.803 | 08/15/42 | 42,732 | |||||||||||
230,000 | 3.250 | 04/09/50 | 174,577 | |||||||||||
CNH Industrial Capital LLC | ||||||||||||||
50,000 | 1.450 | 07/15/26 | 44,209 | |||||||||||
Cummins, Inc. | ||||||||||||||
411,000 | 2.600 | 09/01/50 | 259,049 | |||||||||||
Deere & Co. | ||||||||||||||
25,000 | 3.900 | 06/09/42 | 22,111 | |||||||||||
40,000 | 2.875 | 09/07/49 | 29,014 | |||||||||||
25,000 | 3.750 | 04/15/50 | 21,402 | |||||||||||
Emerson Electric Co. | ||||||||||||||
45,000 | 1.950 | 10/15/30 | 36,322 | |||||||||||
15,000 | 6.000 | 08/15/32 | 15,529 | |||||||||||
Fortive Corp. | ||||||||||||||
15,000 | 4.300 | 06/15/46 | 11,777 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
100,000 | 2.700 | 08/15/29 | 87,756 | |||||||||||
188,000 | 1.950 | 06/01/30 | 155,441 | |||||||||||
Illinois Tool Works, Inc. | ||||||||||||||
115,000 | 3.900 | 09/01/42 | 99,762 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
300,000 | 4.750 | 01/20/28 | 298,067 | |||||||||||
35,000 | 2.800 | 07/18/29 | 31,034 | |||||||||||
80,000 | 2.450 | 01/09/30 | 68,902 | |||||||||||
Leggett & Platt, Inc. | ||||||||||||||
80,000 | 4.400 | 03/15/29 | 75,260 | |||||||||||
100,000 | 3.500 | 11/15/51 | 70,884 | |||||||||||
Otis Worldwide Corp. | ||||||||||||||
60,000 | 2.293 | 04/05/27 | 53,974 | |||||||||||
Trane Technologies Luxembourg Finance SA | ||||||||||||||
50,000 | 3.800 | 03/21/29 | 46,095 | |||||||||||
Waste Management, Inc. | ||||||||||||||
50,000 | 0.750 | 11/15/25 | 44,647 | |||||||||||
50,000 | 2.500 | 11/15/50 | 31,342 | |||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||
110,000 | 4.400 | 03/15/24 | 108,355 | |||||||||||
133,000 | 3.450 | 11/15/26 | 123,283 | |||||||||||
415,000 | 4.950 | 09/15/28 | 401,035 | |||||||||||
WW Grainger, Inc. | ||||||||||||||
100,000 | 1.850 | 02/15/25 | 93,814 | |||||||||||
60,000 | 4.600 | 06/15/45 | 55,258 | |||||||||||
100,000 | 3.750 | 05/15/46 | 79,725 | |||||||||||
Xylem, Inc. | ||||||||||||||
15,000 | 3.250 | 11/01/26 | 14,042 | |||||||||||
|
| |||||||||||||
3,200,335 | ||||||||||||||
|
| |||||||||||||
Communications – 0.8% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
190,000 | 4.908 | 07/23/25 | 185,966 | |||||||||||
140,000 | 3.750 | 02/15/28 | 126,244 | |||||||||||
82,000 | 4.200 | 03/15/28 | 75,271 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
90,000 | 5.050 | 03/30/29 | 84,100 | |||||||||||
40,000 | 2.800 | 04/01/31 | 31,412 | |||||||||||
130,000 | 6.384 | 10/23/35 | 124,827 | |||||||||||
300,000 | 5.375 | 04/01/38 | 251,936 | |||||||||||
40,000 | 6.484 | 10/23/45 | 36,588 | |||||||||||
60,000 | 5.750 | 04/01/48 | 50,077 | |||||||||||
40,000 | 5.125 | 07/01/49 | 31,018 | |||||||||||
40,000 | 6.834 | 10/23/55 | 37,722 | |||||||||||
100,000 | 3.850 | 04/01/61 | 59,021 | |||||||||||
60,000 | 4.400 | 12/01/61 | 39,243 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
60,000 | 4.500 | 02/01/24 | 59,298 | |||||||||||
Omnicom Group, Inc. | ||||||||||||||
511,000 | 2.450 | 04/30/30 | 426,948 | |||||||||||
80,000 | 4.200 | 06/01/30 | 74,893 | |||||||||||
Paramount Global | ||||||||||||||
250,000 | 4.750 | 05/15/25 | 245,005 | |||||||||||
80,000 | 4.000 | 01/15/26 | 76,373 | |||||||||||
150,000 | 7.875 | 07/30/30 | 161,043 | |||||||||||
100,000 | 4.950 | 01/15/31 | 89,515 | |||||||||||
11,000 | 6.875 | 04/30/36 | 10,897 | |||||||||||
135,000 | 4.850 | 07/01/42 | 102,316 | |||||||||||
15,000 | 4.900 | 08/15/44 | 11,123 | |||||||||||
Time Warner Cable Enterprises LLC | ||||||||||||||
115,000 | 8.375 | 07/15/33 | 130,202 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
115,000 | 6.750 | 06/15/39 | 110,665 | |||||||||||
15,000 | 5.875 | 11/15/40 | 13,407 | |||||||||||
15,000 | 5.500 | 09/01/41 | 12,641 | |||||||||||
TWDC Enterprises 18 Corp. | ||||||||||||||
15,000 | 4.375 | 08/16/41 | 13,423 | |||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
15,000 | 4.125 | 06/01/44 | 12,930 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
400,000 | 1.750 | 08/30/24 | 380,253 | |||||||||||
80,000 | 2.000 | 09/01/29 | 66,920 | |||||||||||
80,000 | 3.800 | 03/22/30 | 74,399 | |||||||||||
90,000 | 3.500 | 05/13/40 | 73,060 | |||||||||||
15,000 | 4.750 | 09/15/44 | 13,989 | |||||||||||
50,000 | 3.600 | 01/13/51 | 38,717 | |||||||||||
|
| |||||||||||||
3,331,442 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.7% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
40,000 | 3.800 | 12/05/24 | 39,163 | |||||||||||
500,000 | 3.300 | 04/13/27 | 472,488 | |||||||||||
250,000 | 3.150 | 08/22/27 | 233,555 | |||||||||||
100,000 | 2.100 | 05/12/31 | 82,183 | |||||||||||
80,000 | 4.050 | 08/22/47 | 69,237 | |||||||||||
15,000 | 2.500 | 06/03/50 | 9,649 | |||||||||||
200,000 | 3.950 | 04/13/52 | 168,065 | |||||||||||
75,000 | 4.250 | 08/22/57 | 64,814 | |||||||||||
50,000 | 2.700 | 06/03/60 | 30,577 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Costco Wholesale Corp. | ||||||||||||||
$ | 40,000 | 3.000 | % | 05/18/27 | $ | 37,501 | ||||||||
DR Horton, Inc. | ||||||||||||||
80,000 | 2.500 | 10/15/24 | 76,382 | |||||||||||
90,000 | 2.600 | 10/15/25 | 83,545 | |||||||||||
100,000 | 1.400 | 10/15/27 | 83,676 | |||||||||||
General Motors Co. | ||||||||||||||
400,000 | 5.600 | 10/15/32 | 382,315 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
500,000 | 6.050 | 10/10/25 | 503,803 | |||||||||||
Home Depot, Inc. (The) | ||||||||||||||
250,000 | 2.800 | 09/14/27 | 230,178 | |||||||||||
300,000 | 4.500 | 09/15/32 | 289,445 | |||||||||||
237,000 | 3.125 | 12/15/49 | 168,135 | |||||||||||
Las Vegas Sands Corp. | ||||||||||||||
473,000 | 3.900 | 08/08/29 | 413,018 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
175,000 | 4.500 | 04/15/30 | 167,123 | |||||||||||
200,000 | 2.800 | 09/15/41 | 135,641 | |||||||||||
100,000 | 4.050 | 05/03/47 | 78,095 | |||||||||||
Marriott International, Inc., Series EE | ||||||||||||||
50,000 | 5.750 | 05/01/25 | 50,459 | |||||||||||
Mastercard, Inc. | ||||||||||||||
60,000 | 2.000 | 03/03/25 | 56,566 | |||||||||||
15,000 | 3.300 | 03/26/27 | 14,176 | |||||||||||
100,000 | 3.950 | 02/26/48 | 86,552 | |||||||||||
50,000 | 3.850 | 03/26/50 | 42,061 | |||||||||||
McDonald’s Corp., MTN | ||||||||||||||
200,000 | 3.500 | 07/01/27 | 188,865 | |||||||||||
45,000 | 4.700 | 12/09/35 | 42,487 | |||||||||||
60,000 | 4.450 | 09/01/48 | 52,195 | |||||||||||
MDC Holdings, Inc. | ||||||||||||||
434,000 | 2.500 | 01/15/31 | 319,804 | |||||||||||
40,000 | 6.000 | 01/15/43 | 34,100 | |||||||||||
NIKE, Inc. | ||||||||||||||
20,000 | 3.375 | 03/27/50 | 15,531 | |||||||||||
O’Reilly Automotive, Inc. | ||||||||||||||
80,000 | 4.200 | 04/01/30 | 75,003 | |||||||||||
PulteGroup, Inc. | ||||||||||||||
264,000 | 6.375 | 05/15/33 | 265,814 | |||||||||||
Starbucks Corp. | ||||||||||||||
250,000 | 3.800 | 08/15/25 | 242,649 | |||||||||||
30,000 | 3.750 | 12/01/47 | 23,034 | |||||||||||
Tapestry, Inc. | ||||||||||||||
33,000 | 4.125 | 07/15/27 | 31,009 | |||||||||||
Target Corp. | ||||||||||||||
300,000 | 1.950 | 01/15/27 | 270,263 | |||||||||||
Toyota Motor Credit Corp. | ||||||||||||||
100,000 | 0.625 | 09/13/24 | 93,401 | |||||||||||
40,000 | 3.650 | 01/08/29 | 37,511 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
300,000 | 0.800 | 01/09/26 | 267,510 | |||||||||||
100,000 | 1.150 | 08/13/27 | 85,139 | |||||||||||
80,000 | 3.375 | 04/01/30 | 73,251 | |||||||||||
Visa, Inc. | ||||||||||||||
40,000 | 1.900 | 04/15/27 | 35,958 | |||||||||||
135,000 | 0.750 | 08/15/27 | 114,782 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Visa, Inc. – (continued) | ||||||||||||||
405,000 | 2.750 | 09/15/27 | 374,812 | |||||||||||
40,000 | 4.300 | 12/14/45 | 36,200 | |||||||||||
Walmart, Inc. | ||||||||||||||
100,000 | 3.300 | 04/22/24 | 98,083 | |||||||||||
340,000 | 2.850 | 07/08/24 | 330,047 | |||||||||||
200,000 | 2.650 | 09/22/51 | 135,594 | |||||||||||
Western Union Co. (The) | ||||||||||||||
50,000 | 1.350 | 03/15/26 | 43,996 | |||||||||||
|
| |||||||||||||
7,355,440 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.5% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
60,000 | 3.875 | 09/15/25 | 58,388 | |||||||||||
150,000 | 4.750 | 11/30/36 | 149,010 | |||||||||||
100,000 | 6.000 | 04/01/39 | 110,139 | |||||||||||
40,000 | 4.750 | 04/15/43 | 38,769 | |||||||||||
AbbVie, Inc. | ||||||||||||||
600,000 | 2.950 | 11/21/26 | 555,135 | |||||||||||
100,000 | 4.625 | 10/01/42 | 89,335 | |||||||||||
200,000 | 4.400 | 11/06/42 | 173,797 | |||||||||||
200,000 | 4.700 | 05/14/45 | 177,548 | |||||||||||
Agilent Technologies, Inc. | ||||||||||||||
100,000 | 2.750 | 09/15/29 | 86,522 | |||||||||||
Altria Group, Inc. | ||||||||||||||
115,000 | 3.400 | 05/06/30 | 99,042 | |||||||||||
40,000 | 4.500 | 05/02/43 | 30,665 | |||||||||||
40,000 | 5.375 | 01/31/44 | 34,847 | |||||||||||
75,000 | 3.875 | 09/16/46 | 50,104 | |||||||||||
55,000 | 4.450 | 05/06/50 | 38,934 | |||||||||||
Amgen, Inc. | ||||||||||||||
200,000 | 3.625 | 05/22/24 | 195,723 | |||||||||||
200,000 | 2.600 | 08/19/26 | 184,004 | |||||||||||
200,000 | 2.200 | 02/21/27 | 179,506 | |||||||||||
200,000 | 4.663 | 06/15/51 | 172,259 | |||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
300,000 | 0.750 | 11/13/25 | 269,842 | |||||||||||
300,000 | 3.200 | 06/15/26 | 284,219 | |||||||||||
Centene Corp. | ||||||||||||||
400,000 | 4.250 | 12/15/27 | 372,480 | |||||||||||
Elevance Health, Inc. | ||||||||||||||
300,000 | 5.500 | 10/15/32 | 305,265 | |||||||||||
Eli Lilly & Co. | ||||||||||||||
15,000 | 3.100 | 05/15/27 | 14,054 | |||||||||||
102,000 | 3.375 | 03/15/29 | 94,663 | |||||||||||
Equifax, Inc. | ||||||||||||||
40,000 | 3.250 | 06/01/26 | 37,542 | |||||||||||
100,000 | 2.350 | 09/15/31 | 79,100 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
479,000 | 2.800 | 10/01/50 | 311,616 | |||||||||||
Johnson & Johnson | ||||||||||||||
76,000 | 0.550 | 09/01/25 | 68,953 | |||||||||||
15,000 | 0.950 | 09/01/27 | 12,840 | |||||||||||
90,000 | 2.900 | 01/15/28 | 83,860 | |||||||||||
170,000 | 6.950 | 09/01/29 | 195,290 | |||||||||||
40,000 | 1.300 | 09/01/30 | 32,178 | |||||||||||
25,000 | 3.625 | 03/03/37 | 22,057 | |||||||||||
|
|
70 | 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) | ||||||||||||||
Johnson & Johnson – (continued) | ||||||||||||||
$ | 40,000 | 2.100 | % | 09/01/40 | $ | 27,457 | ||||||||
25,000 | 4.500 | 12/05/43 | 24,000 | |||||||||||
35,000 | 3.700 | 03/01/46 | 29,459 | |||||||||||
Kroger Co. (The) | ||||||||||||||
25,000 | 3.875 | 10/15/46 | 19,253 | |||||||||||
Laboratory Corp of America Holdings | ||||||||||||||
15,000 | 4.700 | 02/01/45 | 12,848 | |||||||||||
Merck & Co., Inc. | ||||||||||||||
100,000 | 3.600 | 09/15/42 | 82,019 | |||||||||||
250,000 | 3.700 | 02/10/45 | 205,067 | |||||||||||
Mylan, Inc. | ||||||||||||||
210,000 | 5.400 | 11/29/43 | 170,496 | |||||||||||
135,000 | 5.200 | 04/15/48 | 104,086 | |||||||||||
Pfizer, Inc. | ||||||||||||||
290,000 | 0.800 | 05/28/25 | 265,017 | |||||||||||
245,000 | 4.000 | 12/15/36 | 223,436 | |||||||||||
10,000 | 4.100 | 09/15/38 | 9,022 | |||||||||||
40,000 | 2.700 | 05/28/50 | 27,420 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
40,000 | 3.250 | 11/10/24 | 38,732 | |||||||||||
300,000 | 5.125 | 11/17/27 | 298,551 | |||||||||||
15,000 | 4.375 | 11/15/41 | 12,393 | |||||||||||
15,000 | 4.875 | 11/15/43 | 13,138 | |||||||||||
10,000 | 4.250 | 11/10/44 | 7,970 | |||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||
75,000 | 5.250 | 06/15/46 | 58,500 | |||||||||||
Viatris, Inc. | ||||||||||||||
15,000 | 4.000 | 06/22/50 | 9,652 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
40,000 | 4.800 | 11/18/44 | 33,389 | |||||||||||
15,000 | 4.650 | 06/01/46 | 12,118 | |||||||||||
Wyeth LLC | ||||||||||||||
10,000 | 6.500 | 02/01/34 | 11,142 | |||||||||||
|
| |||||||||||||
6,302,851 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.3% | ||||||||||||||
Clorox Co. (The) | ||||||||||||||
747,000 | 4.600 | 05/01/32 | 715,947 | |||||||||||
Colgate-Palmolive Co., MTN | ||||||||||||||
40,000 | 4.000 | 08/15/45 | 36,403 | |||||||||||
15,000 | 3.700 | 08/01/47 | 13,114 | |||||||||||
GSK Consumer Healthcare Capital US LLC | ||||||||||||||
250,000 | 4.000 | 03/24/52 | 195,891 | |||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
40,000 | 0.550 | 10/29/25 | 35,880 | |||||||||||
40,000 | 1.000 | 04/23/26 | 35,668 | |||||||||||
300,000 | 2.450 | 11/03/26 | 277,174 | |||||||||||
15,000 | 2.850 | 08/11/27 | 13,971 | |||||||||||
|
| |||||||||||||
1,324,048 | ||||||||||||||
|
| |||||||||||||
Electric – 2.2% | ||||||||||||||
AEP Texas, Inc., Series G | ||||||||||||||
100,000 | 4.150 | 05/01/49 | 82,192 | |||||||||||
AEP Transmission Co. LLC | ||||||||||||||
100,000 | 3.750 | 12/01/47 | 81,104 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
AEP Transmission Co. LLC, Series M | ||||||||||||||
110,000 | 3.650 | 04/01/50 | 85,148 | |||||||||||
Alabama Power Co., Series 20-A | ||||||||||||||
15,000 | 1.450 | 09/15/30 | 11,628 | |||||||||||
Alabama Power Co., Series A | ||||||||||||||
100,000 | 4.300 | 07/15/48 | 83,776 | |||||||||||
American Electric Power Co., Inc. | ||||||||||||||
300,000 | 2.300 | 03/01/30 | 245,053 | |||||||||||
40,000 | 3.250 | 03/01/50 | 26,857 | |||||||||||
American Electric Power Co., Inc., Series J | ||||||||||||||
36,000 | 4.300 | 12/01/28 | 34,280 | |||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
300,000 | 4.050 | 04/15/25 | 293,111 | |||||||||||
Black Hills Corp. | ||||||||||||||
20,000 | 2.500 | 06/15/30 | 16,260 | |||||||||||
Cleco Corporate Holdings LLC | ||||||||||||||
80,000 | 3.375 | 09/15/29 | 67,468 | |||||||||||
Cleco Power LLC | ||||||||||||||
15,000 | 6.000 | 12/01/40 | 14,713 | |||||||||||
Commonwealth Edison Co. | ||||||||||||||
300,000 | 3.650 | 06/15/46 | 229,300 | |||||||||||
Commonwealth Edison Co., Series 123 | ||||||||||||||
40,000 | 3.750 | 08/15/47 | 32,059 | |||||||||||
Consolidated Edison Co. of New York, Inc. | ||||||||||||||
170,000 | 3.850 | 06/15/46 | 130,851 | |||||||||||
40,000 | 4.625 | 12/01/54 | 34,173 | |||||||||||
100,000 | 4.500 | 05/15/58 | 83,792 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 08-B | ||||||||||||||
10,000 | 6.750 | 04/01/38 | 11,004 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 12-A | ||||||||||||||
40,000 | 4.200 | 03/15/42 | 33,205 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series A | ||||||||||||||
15,000 | 4.125 | 05/15/49 | 12,215 | |||||||||||
Dominion Energy, Inc. | ||||||||||||||
80,000 | 4.250 | 06/01/28 | 76,341 | |||||||||||
Dominion Energy, Inc., Series C | ||||||||||||||
300,000 | 3.375 | 04/01/30 | 262,734 | |||||||||||
DTE Electric Co. | ||||||||||||||
15,000 | 3.700 | 03/15/45 | 11,823 | |||||||||||
DTE Electric Co., Series A | ||||||||||||||
40,000 | 4.000 | 04/01/43 | 33,152 | |||||||||||
DTE Energy Co.(c), Series C | ||||||||||||||
60,000 | 2.529 | 10/01/24 | 57,124 | |||||||||||
Duke Energy Carolinas LLC | ||||||||||||||
350,000 | 3.700 | 12/01/47 | 269,486 | |||||||||||
50,000 | 3.950 | 03/15/48 | 39,941 | |||||||||||
Duke Energy Corp. | ||||||||||||||
300,000 | 3.750 | 09/01/46 | 221,487 | |||||||||||
Duke Energy Florida LLC | ||||||||||||||
25,000 | 3.400 | 10/01/46 | 17,906 | |||||||||||
Duke Energy Indiana LLC | ||||||||||||||
50,000 | 6.350 | 08/15/38 | 54,672 | |||||||||||
40,000 | 6.450 | 04/01/39 | 42,876 | |||||||||||
Duke Energy Progress LLC | ||||||||||||||
100,000 | 3.450 | 03/15/29 | 90,996 | |||||||||||
15,000 | 4.100 | 05/15/42 | 12,516 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Edison International | ||||||||||||||
$ | 485,000 | 5.750 | % | 06/15/27 | $ | 487,562 | ||||||||
Entergy Corp. | ||||||||||||||
50,000 | 2.800 | 06/15/30 | 41,963 | |||||||||||
Entergy Louisiana LLC | ||||||||||||||
250,000 | 0.950 | 10/01/24 | 232,624 | |||||||||||
230,000 | 4.200 | 04/01/50 | 190,471 | |||||||||||
Entergy Texas, Inc. | ||||||||||||||
85,000 | 1.750 | 03/15/31 | 66,140 | |||||||||||
Evergy Kansas Central, Inc. | ||||||||||||||
40,000 | 4.250 | 12/01/45 | 32,709 | |||||||||||
Evergy Metro, Inc. | ||||||||||||||
200,000 | 4.200 | 03/15/48 | 164,433 | |||||||||||
Evergy Metro, Inc., Series 2019 | ||||||||||||||
15,000 | 4.125 | 04/01/49 | 12,156 | |||||||||||
Eversource Energy | ||||||||||||||
60,000 | 3.450 | 01/15/50 | 43,204 | |||||||||||
Exelon Corp. | ||||||||||||||
100,000 | 4.450 | 04/15/46 | 82,856 | |||||||||||
Florida Power & Light Co. | ||||||||||||||
15,000 | 3.125 | 12/01/25 | 14,222 | |||||||||||
80,000 | 4.950 | 06/01/35 | 77,582 | |||||||||||
300,000 | 5.690 | 03/01/40 | 309,891 | |||||||||||
15,000 | 4.125 | 02/01/42 | 12,770 | |||||||||||
140,000 | 4.050 | 10/01/44 | 116,293 | |||||||||||
Georgia Power Co., Series B | ||||||||||||||
400,000 | 2.650 | 09/15/29 | 337,928 | |||||||||||
15,000 | 3.700 | 01/30/50 | 11,008 | |||||||||||
Interstate Power and Light Co. | ||||||||||||||
200,000 | 2.300 | 06/01/30 | 162,818 | |||||||||||
40,000 | 3.500 | 09/30/49 | 28,942 | |||||||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||||||||
40,000 | 2.400 | 03/15/30 | 33,618 | |||||||||||
100,000 | 2.750 | 04/15/32 | 82,742 | |||||||||||
300,000 | 4.023 | 11/01/32 | 272,914 | |||||||||||
Nevada Power Co., Series GG | ||||||||||||||
250,000 | 5.900 | 05/01/53 | 270,423 | |||||||||||
NiSource, Inc. | ||||||||||||||
100,000 | 1.700 | 02/15/31 | 76,175 | |||||||||||
Northern States Power Co. | ||||||||||||||
200,000 | 4.500 | 06/01/52 | 181,101 | |||||||||||
NSTAR Electric Co. | ||||||||||||||
15,000 | 3.200 | 05/15/27 | 13,912 | |||||||||||
100,000 | 3.950 | 04/01/30 | 94,042 | |||||||||||
Ohio Power Co., Series D | ||||||||||||||
15,000 | 6.600 | 03/01/33 | 16,163 | |||||||||||
Pacific Gas and Electric Co. | ||||||||||||||
100,000 | 3.450 | 07/01/25 | 94,481 | |||||||||||
200,000 | 2.100 | 08/01/27 | 170,379 | |||||||||||
210,000 | 4.300 | 03/15/45 | 151,662 | |||||||||||
150,000 | 4.000 | 12/01/46 | 102,667 | |||||||||||
PPL Capital Funding, Inc. | ||||||||||||||
25,000 | 5.000 | 03/15/44 | 21,119 | |||||||||||
Public Service Electric and Gas Co., MTN | ||||||||||||||
100,000 | 1.900 | 08/15/31 | 79,311 | |||||||||||
300,000 | 3.800 | 03/01/46 | 240,326 | |||||||||||
100,000 | 3.000 | 03/01/51 | 68,846 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Public Service Enterprise Group, Inc. | ||||||||||||||
40,000 | 2.450 | 11/15/31 | 31,896 | |||||||||||
Puget Sound Energy, Inc. | ||||||||||||||
205,000 | 4.223 | 06/15/48 | 172,067 | |||||||||||
Sempra Energy | ||||||||||||||
400,000 | 3.800 | 02/01/38 | 327,419 | |||||||||||
100,000 | 4.000 | 02/01/48 | 77,755 | |||||||||||
Southern California Edison Co. | ||||||||||||||
40,000 | 2.850 | 08/01/29 | 34,353 | |||||||||||
Southern Co. (The) | ||||||||||||||
110,000 | 5.113 | 08/01/27 | 108,408 | |||||||||||
250,000 | 4.400 | 07/01/46 | 206,867 | |||||||||||
Southern Co. (The)(b), Series 21-A | ||||||||||||||
(US 5 Year CMT T-Note + 2.915%) | ||||||||||||||
100,000 | 3.750 | 09/15/51 | 85,655 | |||||||||||
Southern Co. Gas Capital Corp. | ||||||||||||||
15,000 | 3.950 | 10/01/46 | 11,150 | |||||||||||
100,000 | 4.400 | 05/30/47 | 81,079 | |||||||||||
Southwestern Electric Power Co., Series L | ||||||||||||||
100,000 | 3.850 | 02/01/48 | 74,667 | |||||||||||
Tucson Electric Power Co. | ||||||||||||||
300,000 | 4.850 | 12/01/48 | 263,380 | |||||||||||
Union Electric Co. | ||||||||||||||
100,000 | 3.500 | 03/15/29 | 91,291 | |||||||||||
Virginia Electric and Power Co., Series A | ||||||||||||||
100,000 | 3.500 | 03/15/27 | 94,268 | |||||||||||
Virginia Electric and Power Co., Series B | ||||||||||||||
100,000 | 6.000 | 01/15/36 | 103,093 | |||||||||||
Virginia Electric and Power Co., Series C | ||||||||||||||
150,000 | 4.000 | 11/15/46 | 119,009 | |||||||||||
Xcel Energy, Inc. | ||||||||||||||
400,000 | 1.750 | 03/15/27 | 349,555 | |||||||||||
|
| |||||||||||||
9,426,608 | ||||||||||||||
|
| |||||||||||||
Energy – 1.7% | ||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
185,000 | 4.080 | 12/15/47 | 145,904 | |||||||||||
Boardwalk Pipelines LP | ||||||||||||||
100,000 | 4.800 | 05/03/29 | 94,871 | |||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
300,000 | 4.234 | 11/06/28 | 289,661 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
80,000 | 5.875 | 03/31/25 | 80,300 | |||||||||||
40,000 | 5.125 | 06/30/27 | 39,450 | |||||||||||
300,000 | 2.742 | 12/31/39 | 238,089 | |||||||||||
Chevron Corp. | ||||||||||||||
40,000 | 2.895 | 03/03/24 | 39,088 | |||||||||||
300,000 | 3.326 | 11/17/25 | 290,107 | |||||||||||
Chevron USA, Inc. | ||||||||||||||
40,000 | 3.900 | 11/15/24 | 39,428 | |||||||||||
200,000 | 2.343 | 08/12/50 | 124,787 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
250,000 | 3.758 | 03/15/42 | 203,736 | |||||||||||
Devon Energy Corp. | ||||||||||||||
9,000 | 4.500 | 01/15/30 | 8,385 | |||||||||||
Energy Transfer LP | ||||||||||||||
100,000 | 4.250 | 04/01/24 | 98,468 | |||||||||||
|
|
72 | 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) | ||||||||||||||
Energy Transfer LP – (continued) | ||||||||||||||
$ | 140,000 | 3.750 | % | 05/15/30 | $ | 124,545 | ||||||||
75,000 | 6.125 | 12/15/45 | 70,430 | |||||||||||
225,000 | 5.300 | 04/15/47 | 191,411 | |||||||||||
55,000 | 6.250 | 04/15/49 | 52,457 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
100,000 | 2.800 | 01/31/30 | 85,610 | |||||||||||
160,000 | 4.850 | 08/15/42 | 143,875 | |||||||||||
60,000 | 4.200 | 01/31/50 | 48,112 | |||||||||||
15,000 | 3.950 | 01/31/60 | 11,132 | |||||||||||
Enterprise Products Operating LLC, Series D | ||||||||||||||
80,000 | 6.875 | 03/01/33 | 89,305 | |||||||||||
EOG Resources, Inc. | ||||||||||||||
60,000 | 3.900 | 04/01/35 | 53,471 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
75,000 | 2.709 | 03/06/25 | 71,604 | |||||||||||
200,000 | 2.275 | 08/16/26 | 183,905 | |||||||||||
200,000 | 4.227 | 03/19/40 | 180,073 | |||||||||||
Halliburton Co. | ||||||||||||||
50,000 | 5.000 | 11/15/45 | 44,278 | |||||||||||
Hess Corp. | ||||||||||||||
120,000 | 4.300 | 04/01/27 | 115,057 | |||||||||||
55,000 | 6.000 | 01/15/40 | 53,945 | |||||||||||
75,000 | 5.600 | 02/15/41 | 69,999 | |||||||||||
100,000 | 5.800 | 04/01/47 | 94,542 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
300,000 | 7.300 | 08/15/33 | 323,719 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
40,000 | 4.300 | 06/01/25 | 39,093 | |||||||||||
56,000 | 2.000 | 02/15/31 | 43,299 | |||||||||||
200,000 | 5.200 | 03/01/48 | 173,194 | |||||||||||
Magellan Midstream Partners LP | ||||||||||||||
300,000 | 4.200 | 10/03/47 | 230,813 | |||||||||||
Marathon Oil Corp. | ||||||||||||||
300,000 | 6.800 | 03/15/32 | 310,687 | |||||||||||
MPLX LP | ||||||||||||||
100,000 | 4.875 | 12/01/24 | 98,710 | |||||||||||
200,000 | 1.750 | 03/01/26 | 179,165 | |||||||||||
476,000 | 2.650 | 08/15/30 | 390,133 | |||||||||||
140,000 | 4.700 | 04/15/48 | 112,711 | |||||||||||
100,000 | 5.500 | 02/15/49 | 89,885 | |||||||||||
NOV, Inc. | ||||||||||||||
15,000 | 3.950 | 12/01/42 | 10,991 | |||||||||||
ONEOK Partners LP | ||||||||||||||
15,000 | 6.650 | 10/01/36 | 15,111 | |||||||||||
ONEOK, Inc. | ||||||||||||||
80,000 | 2.200 | 09/15/25 | 73,401 | |||||||||||
100,000 | 3.400 | 09/01/29 | 86,835 | |||||||||||
25,000 | 6.350 | 01/15/31 | 25,513 | |||||||||||
140,000 | 5.200 | 07/15/48 | 118,702 | |||||||||||
Ovintiv, Inc. | ||||||||||||||
40,000 | 7.375 | 11/01/31 | 42,826 | |||||||||||
65,000 | 6.500 | 08/15/34 | 65,217 | |||||||||||
Phillips 66 Co.(d) | ||||||||||||||
250,000 | 3.550 | 10/01/26 | 232,918 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
90,000 | 3.600 | 11/01/24 | 87,092 | |||||||||||
50,000 | 4.650 | 10/15/25 | 48,867 | |||||||||||
40,000 | 4.500 | 12/15/26 | 38,369 | |||||||||||
92,000 | 3.550 | 12/15/29 | 79,863 | |||||||||||
35,000 | 6.700 | 05/15/36 | 35,334 | |||||||||||
40,000 | 6.650 | 01/15/37 | 39,587 | |||||||||||
15,000 | 4.700 | 06/15/44 | 11,515 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
120,000 | 5.750 | 05/15/24 | 119,925 | |||||||||||
110,000 | 5.625 | 03/01/25 | 109,739 | |||||||||||
120,000 | 4.200 | 03/15/28 | 112,500 | |||||||||||
15,000 | 4.500 | 05/15/30 | 14,062 | |||||||||||
Spectra Energy Partners LP | ||||||||||||||
125,000 | 3.375 | 10/15/26 | 116,141 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||||||||
50,000 | 5.400 | 08/15/41 | 47,981 | |||||||||||
40,000 | 3.950 | 05/15/50 | 31,130 | |||||||||||
Valero Energy Corp. | ||||||||||||||
200,000 | 3.400 | 09/15/26 | 187,434 | |||||||||||
15,000 | 4.900 | 03/15/45 | 13,422 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
200,000 | 3.750 | 06/15/27 | 188,319 | |||||||||||
15,000 | 6.300 | 04/15/40 | 15,325 | |||||||||||
|
| |||||||||||||
7,335,553 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.2% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
300,000 | 2.200 | �� | 01/15/27 | 264,292 | ||||||||||
Aircastle Ltd. | ||||||||||||||
15,000 | 4.250 | 06/15/26 | 14,322 | |||||||||||
GE Capital Funding LLC | ||||||||||||||
300,000 | 4.550 | 05/15/32 | 286,212 | |||||||||||
GE Capital International Funding Co. Unlimited | ||||||||||||||
200,000 | 4.418 | 11/15/35 | 184,410 | |||||||||||
Lazard Group LLC | ||||||||||||||
110,000 | 4.500 | 09/19/28 | 103,906 | |||||||||||
|
| |||||||||||||
853,142 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 0.6% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
155,000 | 1.750 | 09/06/24 | 148,724 | |||||||||||
593,000 | 3.000 | 03/05/51 | 430,188 | |||||||||||
Constellation Brands, Inc. | ||||||||||||||
40,000 | 3.150 | 08/01/29 | 35,093 | |||||||||||
291,000 | 4.750 | 05/09/32 | 276,604 | |||||||||||
Hershey Co. (The) | ||||||||||||||
40,000 | 3.375 | 08/15/46 | 30,578 | |||||||||||
100,000 | 3.125 | 11/15/49 | 73,759 | |||||||||||
J M Smucker Co. (The) | ||||||||||||||
40,000 | 2.125 | 03/15/32 | 31,560 | |||||||||||
15,000 | 4.375 | 03/15/45 | 12,780 | |||||||||||
100,000 | 3.550 | 03/15/50 | 72,600 | |||||||||||
Kellogg Co. | ||||||||||||||
100,000 | 4.500 | 04/01/46 | 87,615 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
39,000 | 4.417 | 05/25/25 | 38,262 | |||||||||||
100,000 | 4.420 | 12/15/46 | 84,700 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
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 | $ | 147,925 | ||||||||
40,000 | 3.875 | 05/15/27 | 38,088 | |||||||||||
80,000 | 3.750 | 04/01/30 | 73,076 | |||||||||||
22,000 | 5.000 | 07/15/35 | 21,123 | |||||||||||
285,000 | 5.200 | 07/15/45 | 262,872 | |||||||||||
110,000 | 4.375 | 06/01/46 | 89,892 | |||||||||||
40,000 | 4.875 | 10/01/49 | 35,390 | |||||||||||
Molson Coors Beverage Co. | ||||||||||||||
120,000 | 4.200 | 07/15/46 | 93,686 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
300,000 | 3.500 | 07/17/25 | 290,569 | |||||||||||
146,000 | 2.750 | 03/19/30 | 128,470 | |||||||||||
Sysco Corp. | ||||||||||||||
80,000 | 2.400 | 02/15/30 | 66,966 | |||||||||||
Tyson Foods, Inc. | ||||||||||||||
40,000 | 3.550 | 06/02/27 | 37,443 | |||||||||||
|
| |||||||||||||
2,607,963 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.1% | ||||||||||||||
Micron Technology, Inc. | ||||||||||||||
370,000 | 3.366 | 11/01/41 | 247,902 | |||||||||||
Xilinx, Inc. | ||||||||||||||
40,000 | 2.950 | 06/01/24 | 38,789 | |||||||||||
|
| |||||||||||||
286,691 | ||||||||||||||
|
| |||||||||||||
Healthcare – 0.9% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
40,000 | 4.750 | 03/15/44 | 35,079 | |||||||||||
Cigna Group (The) | ||||||||||||||
400,000 | 4.375 | 10/15/28 | 384,662 | |||||||||||
CVS Health Corp. | ||||||||||||||
200,000 | 3.250 | 08/15/29 | 177,143 | |||||||||||
76,000 | 1.750 | 08/21/30 | 59,466 | |||||||||||
280,000 | 4.780 | 03/25/38 | 254,058 | |||||||||||
70,000 | 5.050 | 03/25/48 | 62,864 | |||||||||||
100,000 | 4.250 | 04/01/50 | 80,180 | |||||||||||
Elevance Health, Inc. | ||||||||||||||
150,000 | 2.550 | 03/15/31 | 124,270 | |||||||||||
15,000 | 4.650 | 08/15/44 | 13,314 | |||||||||||
40,000 | 4.850 | 08/15/54 | 34,360 | |||||||||||
Evernorth Health, Inc. | ||||||||||||||
120,000 | 4.500 | 02/25/26 | 117,357 | |||||||||||
HCA, Inc. | ||||||||||||||
80,000 | 5.375 | 02/01/25 | 79,300 | |||||||||||
40,000 | 5.250 | 04/15/25 | 39,650 | |||||||||||
70,000 | 5.875 | 02/15/26 | 70,017 | |||||||||||
46,000 | 5.250 | 06/15/26 | 45,321 | |||||||||||
90,000 | 5.375 | 09/01/26 | 88,785 | |||||||||||
40,000 | 4.500 | 02/15/27 | 38,325 | |||||||||||
25,000 | 5.625 | 09/01/28 | 24,719 | |||||||||||
785,000 | 5.875 | 02/01/29 | 785,981 | |||||||||||
75,000 | 4.125 | 06/15/29 | 68,438 | |||||||||||
40,000 | 5.500 | 06/15/47 | 35,950 | |||||||||||
Humana, Inc. | ||||||||||||||
100,000 | 2.150 | 02/03/32 | 77,332 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
McKesson Corp. | ||||||||||||||
200,000 | 3.950 | 02/16/28 | 189,221 | |||||||||||
Quest Diagnostics, Inc. | ||||||||||||||
100,000 | 2.800 | 06/30/31 | 83,818 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
250,000 | 4.625 | 07/15/35 | 240,604 | |||||||||||
250,000 | 4.750 | 07/15/45 | 234,590 | |||||||||||
450,000 | 3.750 | 10/15/47 | 358,626 | |||||||||||
25,000 | 2.900 | 05/15/50 | 17,078 | |||||||||||
|
| |||||||||||||
3,820,508 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.7% | ||||||||||||||
American International Group, Inc. | ||||||||||||||
50,000 | 3.900 | 04/01/26 | 47,975 | |||||||||||
AON Global Ltd. | ||||||||||||||
100,000 | 4.600 | 06/14/44 | 86,930 | |||||||||||
Arch Capital Group Ltd. | ||||||||||||||
90,000 | 3.635 | 06/30/50 | 64,486 | |||||||||||
Arch Capital Group US, Inc. | ||||||||||||||
40,000 | 5.144 | 11/01/43 | 36,806 | |||||||||||
Assurant, Inc. | ||||||||||||||
100,000 | 2.650 | 01/15/32 | 76,699 | |||||||||||
AXIS Specialty Finance LLC | ||||||||||||||
40,000 | 3.900 | 07/15/29 | 36,593 | |||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||
150,000 | 4.250 | 01/15/49 | 134,311 | |||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
350,000 | 3.125 | 03/15/26 | 334,437 | |||||||||||
Brighthouse Financial, Inc. | ||||||||||||||
40,000 | 5.625 | 05/15/30 | 39,587 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
150,000 | 3.350 | 05/03/26 | 143,026 | |||||||||||
100,000 | 1.375 | 09/15/30 | 77,781 | |||||||||||
CNO Financial Group, Inc. | ||||||||||||||
200,000 | 5.250 | 05/30/29 | 189,250 | |||||||||||
Fidelity National Financial, Inc. | ||||||||||||||
230,000 | 3.400 | 06/15/30 | 198,107 | |||||||||||
Hartford Financial Services Group, Inc. (The) | ||||||||||||||
30,000 | 3.600 | 08/19/49 | 22,427 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
80,000 | 3.500 | 06/03/24 | 78,074 | |||||||||||
100,000 | 2.375 | 12/15/31 | 80,887 | |||||||||||
100,000 | 4.350 | 01/30/47 | 88,055 | |||||||||||
MetLife, Inc. | ||||||||||||||
15,000 | 4.125 | 08/13/42 | 13,015 | |||||||||||
80,000 | 4.600 | 05/13/46 | 71,813 | |||||||||||
PartnerRe Finance B LLC | ||||||||||||||
150,000 | 3.700 | 07/02/29 | 136,207 | |||||||||||
(US 5 Year CMT T-Note + 3.815%) | ||||||||||||||
300,000 | 4.500 | (b) | 10/01/50 | 268,896 | ||||||||||
Prudential Financial, Inc. | ||||||||||||||
40,000 | 3.935 | 12/07/49 | 31,852 | |||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
15,000 | 6.625 | 06/21/40 | 16,413 | |||||||||||
15,000 | 4.350 | 02/25/50 | 12,812 | |||||||||||
60,000 | 3.700 | 03/13/51 | 46,353 | |||||||||||
|
|
74 | 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 | $ | 394,421 | ||||||||
Travelers Cos., Inc. (The) | ||||||||||||||
150,000 | 3.750 | 05/15/46 | 120,690 | |||||||||||
Voya Financial, Inc.(b) | ||||||||||||||
(3M USD LIBOR + 2.084%) | ||||||||||||||
40,000 | 4.700 | 01/23/48 | 34,301 | |||||||||||
W R Berkley Corp. | ||||||||||||||
40,000 | 4.750 | 08/01/44 | 35,974 | |||||||||||
Willis North America, Inc. | ||||||||||||||
200,000 | 5.050 | 09/15/48 | 174,594 | |||||||||||
|
| |||||||||||||
3,092,772 | ||||||||||||||
|
| |||||||||||||
Metals – 0.2% | ||||||||||||||
Nucor Corp. | ||||||||||||||
500,000 | 3.950 | 05/23/25 | 486,600 | |||||||||||
Steel Dynamics, Inc. | ||||||||||||||
80,000 | 3.450 | 04/15/30 | 71,100 | |||||||||||
145,000 | 3.250 | 01/15/31 | 125,063 | |||||||||||
|
| |||||||||||||
682,763 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.8% | ||||||||||||||
Alexandria Real Estate Equities, Inc. | ||||||||||||||
100,000 | 3.375 | 08/15/31 | 87,886 | |||||||||||
CBRE Services, Inc. | ||||||||||||||
129,000 | 2.500 | 04/01/31 | 104,927 | |||||||||||
Corporate Office Properties LP | ||||||||||||||
490,000 | 2.750 | 04/15/31 | 370,585 | |||||||||||
Digital Realty Trust LP | ||||||||||||||
40,000 | 3.700 | 08/15/27 | 37,057 | |||||||||||
Equinix, Inc. | ||||||||||||||
95,000 | 3.000 | 07/15/50 | 60,720 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
50,000 | 3.350 | 09/01/24 | 48,012 | |||||||||||
90,000 | 5.250 | 06/01/25 | 88,246 | |||||||||||
40,000 | 5.750 | 06/01/28 | 39,454 | |||||||||||
255,000 | 4.000 | 01/15/30 | 225,976 | |||||||||||
72,000 | 4.000 | 01/15/31 | 62,274 | |||||||||||
Healthcare Realty Holdings LP | ||||||||||||||
410,000 | 2.000 | 03/15/31 | 313,404 | |||||||||||
Life Storage LP | ||||||||||||||
140,000 | 2.400 | 10/15/31 | 111,236 | |||||||||||
Mid-America Apartments LP | ||||||||||||||
100,000 | 2.875 | 09/15/51 | 65,283 | |||||||||||
Prologis LP | ||||||||||||||
80,000 | 4.000 | 09/15/28 | 76,458 | |||||||||||
200,000 | 2.250 | 04/15/30 | 167,114 | |||||||||||
40,000 | 1.250 | 10/15/30 | 30,618 | |||||||||||
120,000 | 2.125 | 10/15/50 | 67,557 | |||||||||||
Public Storage | ||||||||||||||
60,000 | 3.094 | 09/15/27 | 55,488 | |||||||||||
Realty Income Corp. | ||||||||||||||
200,000 | 5.625 | 10/13/32 | 203,962 | |||||||||||
Sabra Health Care LP | ||||||||||||||
85,000 | 5.125 | 08/15/26 | 80,458 | |||||||||||
100,000 | 3.200 | 12/01/31 | 74,214 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Simon Property Group LP | ||||||||||||||
100,000 | 3.750 | 02/01/24 | 98,399 | |||||||||||
200,000 | 2.450 | 09/13/29 | 167,742 | |||||||||||
100,000 | 2.200 | 02/01/31 | 79,848 | |||||||||||
10,000 | 6.750 | 02/01/40 | 11,118 | |||||||||||
UDR, Inc., MTN | ||||||||||||||
100,000 | 1.900 | 03/15/33 | 72,459 | |||||||||||
Welltower OP LLC | ||||||||||||||
200,000 | 4.000 | 06/01/25 | 193,160 | |||||||||||
200,000 | 4.250 | 04/15/28 | 189,367 | |||||||||||
|
| |||||||||||||
3,183,022 | ||||||||||||||
|
| |||||||||||||
Revenue – 0.1% | ||||||||||||||
California Institute of Technology | ||||||||||||||
15,000 | 3.650 | 09/01/19 | 10,181 | |||||||||||
Hackensack Meridian Health, Inc., Series 2020 | ||||||||||||||
15,000 | 2.675 | 09/01/41 | 10,813 | |||||||||||
Stanford Health Care | ||||||||||||||
100,000 | 3.027 | 08/15/51 | 70,787 | |||||||||||
University of Chicago (The), Series 20B | ||||||||||||||
40,000 | 2.761 | 04/01/45 | 31,255 | |||||||||||
Yale University, Series 2020 | ||||||||||||||
190,000 | 1.482 | 04/15/30 | 154,319 | |||||||||||
80,000 | 2.402 | 04/15/50 | 52,139 | |||||||||||
|
| |||||||||||||
329,494 | ||||||||||||||
|
| |||||||||||||
Technology – 1.4% | ||||||||||||||
Adobe, Inc. | ||||||||||||||
40,000 | 2.300 | 02/01/30 | 34,231 | |||||||||||
Alphabet, Inc. | ||||||||||||||
15,000 | 1.998 | 08/15/26 | 13,707 | |||||||||||
100,000 | 2.250 | 08/15/60 | 57,940 | |||||||||||
Apple, Inc. | ||||||||||||||
90,000 | 3.450 | 05/06/24 | 88,385 | |||||||||||
400,000 | 1.800 | 09/11/24 | 380,947 | |||||||||||
40,000 | 2.500 | 02/09/25 | 38,262 | |||||||||||
50,000 | 3.200 | 05/13/25 | 48,315 | |||||||||||
40,000 | 2.450 | 08/04/26 | 37,054 | |||||||||||
15,000 | 3.350 | 02/09/27 | 14,302 | |||||||||||
15,000 | 3.200 | 05/11/27 | 14,181 | |||||||||||
60,000 | 2.900 | 09/12/27 | 55,783 | |||||||||||
40,000 | 1.650 | 02/08/31 | 32,051 | |||||||||||
45,000 | 4.500 | 02/23/36 | 44,159 | |||||||||||
80,000 | 3.850 | 05/04/43 | 68,629 | |||||||||||
80,000 | 4.450 | 05/06/44 | 76,020 | |||||||||||
300,000 | 4.650 | 02/23/46 | 286,177 | |||||||||||
50,000 | 3.750 | 11/13/47 | 41,590 | |||||||||||
300,000 | 2.650 | 02/08/51 | 200,589 | |||||||||||
160,000 | 2.550 | 08/20/60 | 99,474 | |||||||||||
Applied Materials, Inc. | ||||||||||||||
125,000 | 3.900 | 10/01/25 | 121,584 | |||||||||||
256,000 | 3.300 | 04/01/27 | 241,815 | |||||||||||
Broadcom, Inc. | ||||||||||||||
300,000 | 4.110 | 09/15/28 | 282,603 | |||||||||||
90,000 | 3.469 | (d) | 04/15/34 | 71,393 | ||||||||||
60,000 | 3.187 | (d) | 11/15/36 | 43,519 | ||||||||||
160,000 | 3.500 | (d) | 02/15/41 | 114,493 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Corning, Inc. | ||||||||||||||
$ | 125,000 | 5.350 | % | 11/15/48 | $ | 121,158 | ||||||||
45,000 | 4.375 | 11/15/57 | 36,667 | |||||||||||
Fiserv, Inc. | ||||||||||||||
235,000 | 4.400 | 07/01/49 | 190,748 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
100,000 | 6.350 | 10/15/45 | 98,622 | |||||||||||
HP, Inc. | ||||||||||||||
15,000 | 6.000 | 09/15/41 | 14,687 | |||||||||||
International Business Machines Corp. | ||||||||||||||
15,000 | 5.875 | 11/29/32 | 15,711 | |||||||||||
150,000 | 4.150 | 05/15/39 | 127,347 | |||||||||||
250,000 | 4.000 | 06/20/42 | 203,791 | |||||||||||
Jabil, Inc. | ||||||||||||||
80,000 | 3.600 | 01/15/30 | 70,333 | |||||||||||
KLA Corp. | ||||||||||||||
60,000 | 3.300 | 03/01/50 | 43,764 | |||||||||||
Kyndryl Holdings, Inc. | ||||||||||||||
323,000 | 2.700 | 10/15/28 | 263,983 | |||||||||||
100,000 | 3.150 | 10/15/31 | 75,072 | |||||||||||
100,000 | 4.100 | 10/15/41 | 67,299 | |||||||||||
Lam Research Corp. | ||||||||||||||
40,000 | 3.125 | 06/15/60 | 26,282 | |||||||||||
Leidos, Inc. | ||||||||||||||
100,000 | 4.375 | 05/15/30 | 92,000 | |||||||||||
Microsoft Corp. | ||||||||||||||
100,000 | 2.875 | 02/06/24 | 97,882 | |||||||||||
65,000 | 3.300 | 02/06/27 | 62,085 | |||||||||||
15,000 | 3.500 | 02/12/35 | 13,528 | |||||||||||
203,000 | 4.200 | 11/03/35 | 194,146 | |||||||||||
220,000 | 4.250 | 02/06/47 | 204,350 | |||||||||||
200,000 | 4.000 | 02/12/55 | 177,485 | |||||||||||
20,000 | 2.675 | 06/01/60 | 12,923 | |||||||||||
Motorola Solutions, Inc. | ||||||||||||||
624,000 | 2.750 | 05/24/31 | 499,010 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
250,000 | 4.300 | 05/20/47 | 219,669 | |||||||||||
VeriSign, Inc. | ||||||||||||||
350,000 | 2.700 | 06/15/31 | 283,500 | |||||||||||
Western Digital Corp. | ||||||||||||||
50,000 | 4.750 | 02/15/26 | 47,312 | |||||||||||
|
| |||||||||||||
5,766,557 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.3% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
100,000 | 4.150 | 12/15/48 | 84,494 | |||||||||||
200,000 | 4.450 | 01/15/53 | 177,877 | |||||||||||
CSX Corp. | ||||||||||||||
250,000 | 4.100 | 11/15/32 | 230,931 | |||||||||||
100,000 | 4.500 | 11/15/52 | 86,619 | |||||||||||
FedEx Corp. | ||||||||||||||
40,000 | 3.900 | 02/01/35 | 34,271 | |||||||||||
300,000 | 4.750 | 11/15/45 | 257,005 | |||||||||||
40,000 | 4.400 | 01/15/47 | 32,792 | |||||||||||
40,000 | 4.950 | 10/17/48 | 35,449 | |||||||||||
Norfolk Southern Corp. | ||||||||||||||
120,000 | 3.050 | 05/15/50 | 79,687 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – (continued) | ||||||||||||||
Southwest Airlines Co. | ||||||||||||||
$ | 40,000 | 5.250 | % | 05/04/25 | $ | 39,750 | ||||||||
Union Pacific Corp. | ||||||||||||||
40,000 | 3.700 | 03/01/29 | 37,481 | |||||||||||
70,000 | 4.050 | 03/01/46 | 57,729 | |||||||||||
10,000 | 4.500 | 09/10/48 | 8,786 | |||||||||||
80,000 | 3.799 | 10/01/51 | 63,647 | |||||||||||
60,000 | 3.839 | 03/20/60 | 45,819 | |||||||||||
15,000 | 3.750 | 02/05/70 | 10,925 | |||||||||||
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | ||||||||||||||
75,966 | 2.695 | 05/12/27 | 68,414 | |||||||||||
United Parcel Service, Inc. | ||||||||||||||
40,000 | 3.625 | 10/01/42 | 33,135 | |||||||||||
15,000 | 4.250 | 03/15/49 | 13,335 | |||||||||||
15,000 | 5.300 | 04/01/50 | 15,440 | |||||||||||
|
| |||||||||||||
1,413,586 | ||||||||||||||
|
| |||||||||||||
Water – 0.1% | ||||||||||||||
American Water Capital Corp. | ||||||||||||||
105,000 | 3.750 | 09/01/47 | 82,101 | |||||||||||
40,000 | 4.200 | 09/01/48 | 34,150 | |||||||||||
Essential Utilities, Inc. | ||||||||||||||
100,000 | 3.351 | 04/15/50 | 69,263 | |||||||||||
|
| |||||||||||||
185,514 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.7% | ||||||||||||||
American Tower Corp. | ||||||||||||||
200,000 | 3.375 | 10/15/26 | 185,857 | |||||||||||
40,000 | 3.950 | 03/15/29 | 36,564 | |||||||||||
100,000 | 3.700 | 10/15/49 | 69,965 | |||||||||||
20,000 | 3.100 | 06/15/50 | 12,421 | |||||||||||
AT&T, Inc. | ||||||||||||||
50,000 | 0.900 | 03/25/24 | 47,669 | |||||||||||
320,000 | 2.750 | 06/01/31 | 265,000 | |||||||||||
395,000 | 2.250 | 02/01/32 | 307,955 | |||||||||||
250,000 | 4.500 | 05/15/35 | 224,611 | |||||||||||
400,000 | 3.500 | 06/01/41 | 301,171 | |||||||||||
140,000 | 3.650 | 06/01/51 | 100,360 | |||||||||||
300,000 | 3.500 | 09/15/53 | 205,554 | |||||||||||
310,000 | 3.550 | 09/15/55 | 209,678 | |||||||||||
Crown Castle, Inc. | ||||||||||||||
40,000 | 3.300 | 07/01/30 | 34,986 | |||||||||||
140,000 | 4.150 | 07/01/50 | 108,050 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
400,000 | 3.750 | 04/15/27 | 376,252 | |||||||||||
400,000 | 4.500 | 04/15/50 | 332,272 | |||||||||||
|
| |||||||||||||
2,818,365 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $95,909,576) | $ | 84,060,555 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Bonds – 7.7%(e) | ||||||||||||||
U.S. Treasury Bonds | ||||||||||||||
$ | 2,930,000 | 4.375 | % | 02/15/38 | $ | 3,069,881 | ||||||||
7,889,000 | 3.875 | 08/15/40 | 7,740,930 | |||||||||||
|
|
76 | 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 | |||||||||||
U.S. Treasury Bonds – (continued) | ||||||||||||||
U.S. Treasury Bonds – (continued) | ||||||||||||||
$ | 13,791,000 | 2.500 | % | 02/15/45 | $ | 10,545,408 | ||||||||
5,673,000 | 2.500 | 05/15/46 | 4,315,029 | |||||||||||
9,746,000 | 2.250 | 02/15/52 | 6,957,040 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BONDS | ||||||||||||||
(Cost $39,787,180) | $ | 32,628,288 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 5.2% | ||||||||||||||
Banks – 2.1% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||||
$ | 200,000 | 1.125 | % | 09/18/25 | $ | 178,949 | ||||||||
Banco Santander SA (Spain) | ||||||||||||||
680,000 | 3.892 | 05/24/24 | 665,213 | |||||||||||
200,000 | 1.849 | 03/25/26 | 177,436 | |||||||||||
200,000 | 3.800 | 02/23/28 | 183,468 | |||||||||||
Bank of Montreal(b) (Canada) | ||||||||||||||
(5 Year USD Swap + 1.432%) | ||||||||||||||
110,000 | 3.803 | 12/15/32 | 98,635 | |||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
200,000 | 2.500 | 06/28/24 | 192,330 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
200,000 | 3.400 | 02/11/24 | 196,078 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
200,000 | 4.375 | 09/11/24 | 195,301 | |||||||||||
200,000 | 5.200 | 05/12/26 | 194,868 | |||||||||||
(US 1 Year CMT T-Note + 3.050%) | ||||||||||||||
300,000 | 7.325 | (b) | 11/02/26 | 310,389 | ||||||||||
Credit Suisse Group AG (Switzerland) | ||||||||||||||
400,000 | 3.750 | 03/26/25 | 365,003 | |||||||||||
Deutsche Bank AG(b) (Germany) | ||||||||||||||
(SOFR + 1.318%) | ||||||||||||||
500,000 | 2.552 | 01/07/28 | 435,905 | |||||||||||
Export-Import Bank of Korea (South Korea) | ||||||||||||||
340,000 | 2.625 | 05/26/26 | 314,183 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.211%) | ||||||||||||||
350,000 | 3.803 | (b) | 03/11/25 | 342,728 | ||||||||||
200,000 | 4.300 | 03/08/26 | 193,588 | |||||||||||
(3M USD LIBOR + 1.348%) | ||||||||||||||
400,000 | 4.292 | (b) | 09/12/26 | 384,861 | ||||||||||
(SOFR + 4.250%) | ||||||||||||||
250,000 | 8.113 | (b) | 11/03/33 | 275,980 | ||||||||||
200,000 | 6.500 | 09/15/37 | 199,538 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
354,000 | 4.550 | 10/02/28 | 337,663 | |||||||||||
Korea Development Bank (The) (South Korea) | ||||||||||||||
300,000 | 0.800 | 07/19/26 | 259,339 | |||||||||||
Landwirtschaftliche Rentenbank (Germany) | ||||||||||||||
15,000 | 3.125 | 11/14/23 | 14,796 | |||||||||||
70,000 | 0.875 | 03/30/26 | 62,622 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
300,000 | 4.375 | 03/22/28 | 283,543 | |||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
(US 1 Year CMT T-Note + 0.750%) | ||||||||||||||
200,000 | 1.554 | (b) | 07/09/27 | 174,626 | ||||||||||
400,000 | 3.170 | 09/11/27 | 368,790 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
NatWest Group PLC(b) (United Kingdom) | ||||||||||||||
(US 5 Year CMT T-Note + 2.350%) | ||||||||||||||
300,000 | 3.032 | 11/28/35 | 232,150 | |||||||||||
Royal Bank of Canada (Canada) | ||||||||||||||
285,000 | 3.875 | 05/04/32 | 257,687 | |||||||||||
Santander UK Group Holdings PLC(b) (United Kingdom) | ||||||||||||||
(SOFR + 1.475%) | ||||||||||||||
340,000 | 2.896 | 03/15/32 | 272,021 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
400,000 | 3.364 | 07/12/27 | 371,393 | |||||||||||
400,000 | 2.930 | 09/17/41 | 277,276 | |||||||||||
Svensk Exportkredit AB, GMTN (Sweden) | ||||||||||||||
200,000 | 0.625 | 05/14/25 | 181,920 | |||||||||||
Toronto-Dominion Bank (The)(b) (Canada) | ||||||||||||||
(5 Year USD Swap + 2.205%) | ||||||||||||||
375,000 | 3.625 | 09/15/31 | 349,453 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
200,000 | 2.850 | 05/13/26 | 186,604 | |||||||||||
75,000 | 3.350 | 03/08/27 | 70,482 | |||||||||||
40,000 | 2.150 | 06/03/31 | 33,363 | |||||||||||
(US 5 Year CMT T-Note + 2.000%) | ||||||||||||||
10,000 | 4.110 | (b) | 07/24/34 | 8,874 | ||||||||||
(US 5 Year CMT T-Note + 1.530%) | ||||||||||||||
100,000 | 3.020 | (b) | 11/18/36 | 76,799 | ||||||||||
|
| |||||||||||||
8,723,854 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.0% | ||||||||||||||
Nutrien Ltd. (Canada) | ||||||||||||||
100,000 | 2.950 | 05/13/30 | 85,700 | |||||||||||
|
| |||||||||||||
Brokerage – 0.1% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
50,000 | 4.350 | 04/15/30 | 46,022 | |||||||||||
15,000 | 3.500 | 03/30/51 | 10,121 | |||||||||||
Nomura Holdings, Inc. (Japan) | ||||||||||||||
300,000 | 5.709 | 01/09/26 | 299,576 | |||||||||||
|
| |||||||||||||
355,719 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.0% | ||||||||||||||
ABB Finance USA, Inc. (Switzerland) | ||||||||||||||
127,000 | 4.375 | 05/08/42 | 111,795 | |||||||||||
Johnson Controls International PLC | ||||||||||||||
100,000 | 4.500 | 02/15/47 | 84,804 | |||||||||||
|
| |||||||||||||
196,599 | ||||||||||||||
|
| |||||||||||||
Communications – 0.0% | ||||||||||||||
RELX Capital, Inc. (United Kingdom) | ||||||||||||||
100,000 | 3.000 | 05/22/30 | 86,071 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.1% | ||||||||||||||
Honda Motor Co. Ltd. (Japan) | ||||||||||||||
400,000 | 2.534 | 03/10/27 | 366,796 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.5% | ||||||||||||||
Ahold Finance USA LLC (Netherlands) | ||||||||||||||
360,000 | 6.875 | 05/01/29 | 375,566 | |||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
400,000 | 2.789 | 09/06/24 | 384,165 | |||||||||||
100,000 | 3.462 | 09/06/29 | 85,920 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
BAT Capital Corp. (United Kingdom) – (continued) | ||||||||||||||
$ | 80,000 | 3.984 | % | 09/25/50 | $ | 52,962 | ||||||||
140,000 | 5.650 | 03/16/52 | 118,374 | |||||||||||
BAT International Finance PLC (United Kingdom) | ||||||||||||||
50,000 | 1.668 | 03/25/26 | 44,401 | |||||||||||
Bayer US Finance II LLC (Germany) | ||||||||||||||
100,000 | 3.375 | (d) | 07/15/24 | 97,089 | ||||||||||
15,000 | 4.200 | (d) | 07/15/34 | 13,096 | ||||||||||
170,000 | 4.700 | (d) | 07/15/64 | 137,835 | ||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
200,000 | 6.375 | 05/15/38 | 226,108 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
250,000 | 2.000 | 02/14/27 | 226,326 | |||||||||||
85,000 | 2.200 | 08/14/30 | 71,930 | |||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
250,000 | 5.850 | 08/15/45 | 216,082 | |||||||||||
Takeda Pharmaceutical Co., Ltd. (Japan) | ||||||||||||||
250,000 | 2.050 | 03/31/30 | 203,800 | |||||||||||
|
| |||||||||||||
2,253,654 | ||||||||||||||
|
| |||||||||||||
Electric – 0.0% | ||||||||||||||
Emera US Finance LP (Canada) | ||||||||||||||
50,000 | 4.750 | 06/15/46 | 39,604 | |||||||||||
|
| |||||||||||||
Energy – 0.6% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
300,000 | 3.279 | 09/19/27 | 279,303 | |||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
85,000 | 6.250 | 03/15/38 | 85,799 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||||
100,000 | 4.950 | 06/01/47 | 87,030 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
100,000 | 2.650 | 01/15/32 | 78,937 | |||||||||||
50,000 | 5.250 | 06/15/37 | 46,423 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
110,000 | 3.125 | 11/15/29 | 96,102 | |||||||||||
15,000 | 5.500 | 12/01/46 | 14,084 | |||||||||||
(3M USD LIBOR + 3.641%) | ||||||||||||||
15,000 | 6.250 | (b) | 03/01/78 | 13,950 | ||||||||||
Equinor ASA (Norway) | ||||||||||||||
140,000 | 1.750 | 01/22/26 | 127,832 | |||||||||||
40,000 | 3.625 | 09/10/28 | 37,811 | |||||||||||
210,000 | 3.125 | 04/06/30 | 188,977 | |||||||||||
510,000 | 3.700 | 04/06/50 | 407,742 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
40,000 | 2.000 | 11/07/24 | 38,063 | |||||||||||
55,000 | 3.250 | 05/11/25 | 52,905 | |||||||||||
75,000 | 4.375 | 05/11/45 | 66,485 | |||||||||||
462,000 | 4.000 | 05/10/46 | 381,706 | |||||||||||
TotalEnergies Capital International SA (France) | ||||||||||||||
250,000 | 2.434 | 01/10/25 | 238,573 | |||||||||||
185,000 | 3.455 | 02/19/29 | 171,314 | |||||||||||
100,000 | 3.127 | 05/29/50 | 71,439 | |||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
300,000 | 2.500 | 10/12/31 | 237,712 | |||||||||||
|
| |||||||||||||
2,722,187 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Financial Company – 0.1% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
455,000 | 3.300 | 01/30/32 | 364,222 | |||||||||||
|
| |||||||||||||
Food and Beverage – 0.3% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
80,000 | 4.900 | 02/01/46 | 73,685 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
55,000 | 4.700 | 02/01/36 | 51,691 | |||||||||||
100,000 | 4.900 | 02/01/46 | 92,046 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
300,000 | 3.500 | 06/01/30 | 273,452 | |||||||||||
46,000 | 4.375 | 04/15/38 | 41,143 | |||||||||||
40,000 | 4.600 | 04/15/48 | 35,394 | |||||||||||
40,000 | 5.550 | 01/23/49 | 40,299 | |||||||||||
500,000 | 4.500 | 06/01/50 | 441,603 | |||||||||||
90,000 | 4.750 | 04/15/58 | 80,924 | |||||||||||
|
| |||||||||||||
1,130,237 | ||||||||||||||
|
| |||||||||||||
Forest Products & Paper – 0.0% | ||||||||||||||
Suzano Austria GmbH (Brazil) | ||||||||||||||
200,000 | 5.000 | 01/15/30 | 183,728 | |||||||||||
|
| |||||||||||||
Insurance – 0.1% | ||||||||||||||
Fairfax Financial Holdings Ltd. (Canada) | ||||||||||||||
400,000 | 3.375 | 03/03/31 | 327,635 | |||||||||||
|
| |||||||||||||
Internet – 0.2% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
400,000 | 3.600 | 11/28/24 | 387,199 | |||||||||||
240,000 | 3.400 | 12/06/27 | 220,749 | |||||||||||
JD.com, Inc. (China) | ||||||||||||||
200,000 | 3.875 | 04/29/26 | 191,163 | |||||||||||
|
| |||||||||||||
799,111 | ||||||||||||||
|
| |||||||||||||
Metals – 0.0% | ||||||||||||||
ArcelorMittal SA (Luxembourg) | ||||||||||||||
15,000 | 4.550 | 03/11/26 | 14,588 | |||||||||||
15,000 | 4.250 | 07/16/29 | 13,985 | |||||||||||
10,000 | 7.000 | 10/15/39 | 10,293 | |||||||||||
15,000 | 6.750 | 03/01/41 | 14,782 | |||||||||||
|
| |||||||||||||
53,648 | ||||||||||||||
|
| |||||||||||||
Mining – 0.1% | ||||||||||||||
Southern Copper Corp. (Mexico) | ||||||||||||||
55,000 | 3.875 | 04/23/25 | 53,292 | |||||||||||
100,000 | 5.875 | 04/23/45 | 101,354 | |||||||||||
Teck Resources Ltd. (Canada) | ||||||||||||||
40,000 | 6.250 | 07/15/41 | 40,383 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
230,000 | 6.250 | 08/10/26 | 234,600 | |||||||||||
115,000 | 3.750 | 07/08/30 | 100,050 | |||||||||||
|
| |||||||||||||
529,679 | ||||||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.3% | ||||||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
200,000 | 8.875 | 01/13/33 | 199,000 | |||||||||||
|
|
78 | 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) | ||||||||||||||
Oil Company-Integrated – (continued) | ||||||||||||||
Petroleos Mexicanos (Mexico) | ||||||||||||||
$ | 225,000 | 6.875 | % | 08/04/26 | $ | 215,415 | ||||||||
100,000 | 5.350 | 02/12/28 | 84,959 | |||||||||||
250,000 | 5.950 | 01/28/31 | 192,311 | |||||||||||
Saudi Arabian Oil Co. (Saudi Arabia) | ||||||||||||||
200,000 | 2.875 | (d) | 04/16/24 | 194,186 | ||||||||||
300,000 | 2.250 | (d) | 11/24/30 | 247,106 | ||||||||||
|
| |||||||||||||
1,132,977 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 0.1% | ||||||||||||||
Astrazeneca Finance LLC (United Kingdom) | ||||||||||||||
350,000 | 2.250 | 05/28/31 | 291,899 | |||||||||||
|
| |||||||||||||
Technology – 0.2% | ||||||||||||||
NXP BV / NXP Funding LLC (China) | ||||||||||||||
40,000 | 5.350 | 03/01/26 | 39,625 | |||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) | ||||||||||||||
120,000 | 3.400 | 05/01/30 | 103,833 | |||||||||||
244,000 | 2.500 | 05/11/31 | 192,382 | |||||||||||
375,000 | 5.000 | 01/15/33 | 353,275 | |||||||||||
|
| |||||||||||||
689,115 | ||||||||||||||
|
| |||||||||||||
Telecommunications – 0.1% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
280,000 | 3.625 | 04/22/29 | 255,355 | |||||||||||
200,000 | 2.875 | 05/07/30 | 172,340 | |||||||||||
|
| |||||||||||||
427,695 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.1% | ||||||||||||||
Canadian National Railway Co. (Canada) | ||||||||||||||
40,000 | 4.450 | 01/20/49 | 35,901 | |||||||||||
Canadian Pacific Railway Co. (Canada) | ||||||||||||||
250,000 | 2.450 | 12/02/31 | 207,385 | |||||||||||
|
| |||||||||||||
243,286 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.1% | ||||||||||||||
Rogers Communications, Inc.(d) (Canada) | ||||||||||||||
170,000 | 4.500 | 03/15/42 | 140,149 | |||||||||||
TELUS Corp. (Canada) | ||||||||||||||
285,000 | 3.400 | 05/13/32 | 243,021 | |||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
250,000 | 4.125 | 05/30/25 | 243,248 | |||||||||||
|
| |||||||||||||
626,418 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.1% | ||||||||||||||
Bell Telephone Co of Canada or Bell Canada/The (Canada) | ||||||||||||||
80,000 | 4.300 | 07/29/49 | 65,629 | |||||||||||
British Telecommunications PLC (United Kingdom) | ||||||||||||||
100,000 | 9.625 | 12/15/30 | 121,246 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
15,000 | 8.750 | 06/15/30 | 17,825 | |||||||||||
Orange SA (France) | ||||||||||||||
140,000 | 9.000 | 03/01/31 | 171,327 | |||||||||||
|
| |||||||||||||
376,027 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $24,414,835) | $ | 22,005,861 | ||||||||||||
|
| |||||||||||||
Sovereign Debt Obligations – 2.1% | ||||||||||||||
Sovereign – 2.1% | ||||||||||||||
| Abu Dhabi Government International Bond (United Arab | | ||||||||||||
$ | 340,000 | 2.125 | %(d) | 09/30/24 | $ | 324,322 | ||||||||
200,000 | 2.500 | (d) | 04/16/25 | 190,099 | ||||||||||
200,000 | 1.625 | (d) | 06/02/28 | 174,642 | ||||||||||
200,000 | 2.700 | (d) | 09/02/70 | 120,625 | ||||||||||
Chile Government International Bond (Chile) | ||||||||||||||
400,000 | 2.750 | 01/31/27 | 368,334 | |||||||||||
200,000 | 2.450 | 01/31/31 | 168,186 | |||||||||||
Colombia Government International Bond (Colombia) | ||||||||||||||
200,000 | 3.875 | 04/25/27 | 177,957 | |||||||||||
200,000 | 4.500 | 03/15/29 | 172,175 | |||||||||||
100,000 | 6.125 | 01/18/41 | 79,869 | |||||||||||
Hungary Government International Bond(d) (Hungary) | ||||||||||||||
300,000 | 6.125 | 05/22/28 | 304,974 | |||||||||||
Indonesia Government International Bond (Indonesia) | ||||||||||||||
200,000 | 3.850 | 10/15/30 | 187,408 | |||||||||||
200,000 | 4.650 | 09/20/32 | 195,065 | |||||||||||
300,000 | 4.850 | 01/11/33 | 295,425 | |||||||||||
200,000 | 5.650 | 01/11/53 | 204,876 | |||||||||||
Malaysia Sovereign Sukuk BHD(d) (Malaysia) | ||||||||||||||
300,000 | 3.043 | 04/22/25 | 288,477 | |||||||||||
Mexico Government International Bond (Mexico) | ||||||||||||||
400,000 | 4.150 | 03/28/27 | 388,431 | |||||||||||
250,000 | 3.250 | 04/16/30 | 218,215 | |||||||||||
400,000 | 4.750 | 04/27/32 | 375,131 | |||||||||||
250,000 | 3.500 | 02/12/34 | 204,838 | |||||||||||
Panama Government International Bond (Panama) | ||||||||||||||
250,000 | 6.700 | 01/26/36 | 265,312 | |||||||||||
Perusahaan Penerbit SBSN Indonesia III (Indonesia) | ||||||||||||||
400,000 | 4.550 | (d) | 03/29/26 | 397,000 | ||||||||||
200,000 | 2.800 | (d) | 06/23/30 | 175,500 | ||||||||||
Peruvian Government International Bond (Peru) | ||||||||||||||
200,000 | 2.783 | 01/23/31 | 165,894 | |||||||||||
350,000 | 1.862 | 12/01/32 | 256,009 | |||||||||||
100,000 | 8.750 | 11/21/33 | 124,461 | |||||||||||
100,000 | 3.300 | 03/11/41 | 73,709 | |||||||||||
Philippine Government International Bond (Philippines) | ||||||||||||||
200,000 | 3.750 | 01/14/29 | 187,713 | |||||||||||
400,000 | 2.457 | 05/05/30 | 338,259 | |||||||||||
220,000 | 5.609 | 04/13/33 | 227,388 | |||||||||||
250,000 | 6.375 | 10/23/34 | 272,935 | |||||||||||
Province of Alberta Canada (Canada) | ||||||||||||||
50,000 | 3.300 | 03/15/28 | 47,285 | |||||||||||
Province of Ontario Canada (Canada) | ||||||||||||||
30,000 | 1.050 | 05/21/27 | 25,990 | |||||||||||
30,000 | 1.600 | 02/25/31 | 24,403 | |||||||||||
Province of Quebec Canada (Canada) | ||||||||||||||
90,000 | 0.600 | 07/23/25 | 81,634 | |||||||||||
25,000 | 2.750 | 04/12/27 | 23,315 | |||||||||||
Qatar Government International Bond (Qatar) | ||||||||||||||
280,000 | 3.400 | (d) | 04/16/25 | 270,497 | ||||||||||
200,000 | 4.817 | (d) | 03/14/49 | 190,707 | ||||||||||
Republic of Poland Government International Bond (Poland) | ||||||||||||||
30,000 | 3.250 | 04/06/26 | 28,536 | |||||||||||
Romanian Government International Bond(d) (Romania) | ||||||||||||||
16,000 | 3.000 | 02/14/31 | 13,020 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Sovereign Debt Obligations – (continued) | ||||||||||||||
Sovereign – (continued) | ||||||||||||||
Saudi Government International Bond (Saudi Arabia) | ||||||||||||||
$ | 300,000 | 2.900 | % (d) | 10/22/25 | $ | 285,334 | ||||||||
500,000 | 4.875 | (d) | 07/18/33 | 492,280 | ||||||||||
300,000 | 5.000 | (d) | 01/18/53 | 275,936 | ||||||||||
Uruguay Government International Bond (Uruguay) | ||||||||||||||
15,000 | 4.375 | 01/23/31 | 14,681 | |||||||||||
250,000 | 5.100 | 06/18/50 | 246,406 | |||||||||||
|
| |||||||||||||
8,943,253 | ||||||||||||||
|
| |||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $9,773,687) | $ | 8,943,253 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Obligations – 4.5%(e) | ||||||||||||||
U.S. Treasury Bonds | ||||||||||||||
$ | 15,586,000 | 2.750 | % | 08/15/42 | $ | 12,706,365 | ||||||||
940,000 | 2.375 | 11/15/49 | 693,903 | |||||||||||
8,551,000 | 2.000 | 02/15/50 | 5,787,014 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||||||||
(Cost $21,510,576) | $ | 19,187,282 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 12.4%(f) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
52,598,766 | 4.475 | % | $ | 52,598,766 | ||||
(Cost $52,598,766) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 112.9% |
| |||||||
(Cost $513,271,550) |
| $ | 478,011,205 | |||||
| ||||||||
LIABILITIES IN EXCESS OF ASSETS – (12.9)% |
| (54,733,728 | ) | |||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 423,277,477 | |||||
|
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 $65,912,070 which represents approximately 15.6% of the Fund’s net assets as of February 28, 2023. | |
(b) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2023. | |
(c) | Step coupon. | |
(d) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FORWARD SALES CONTRACTS — At February 28, 2023, the Fund had the following forward sales contracts:
Description | Interest Rate | Maturity Date(a) | Settlement Date | Principal Amount | Value | |||||||||||||
Federal National Mortgage Association | 2.000 | % | TBA-30yr | 03/15/53 | $ | (16,000,000 | ) | $ | (8,143,750 | ) | ||||||||
Federal National Mortgage Association | 2.000 | TBA-30yr | 04/15/53 | (6,000,000 | ) | (4,891,875 | ) | |||||||||||
Total (Proceed Receivable $(18,165,742)) |
| $ | (13,035,625 | ) |
(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. |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 22.0% | ||||||||||||||
Banks – 7.5% | ||||||||||||||
American Express Co. | ||||||||||||||
(SOFR + 0.930%) | ||||||||||||||
$ | 1,854,000 | 5.506 | %(a) | 03/04/25 | $ | 1,864,857 | ||||||||
(SOFR + 0.760%) | ||||||||||||||
2,800,000 | 5.343 | (a) | 02/13/26 | 2,807,802 | ||||||||||
Bank of America Corp.(a) | ||||||||||||||
(SOFR + 0.690%) | ||||||||||||||
1,133,000 | 5.238 | 04/22/25 | 1,131,048 | |||||||||||
Bank of America Corp.(a) | ||||||||||||||
(SOFR + 1.100%) | ||||||||||||||
737,000 | 5.653 | 04/25/25 | 739,655 | |||||||||||
Bank of America Corp.(a), Series 2025 | ||||||||||||||
(SOFR + 0.660%) | ||||||||||||||
2,735,000 | 5.235 | 02/04/25 | 2,731,089 | |||||||||||
Bank of America Corp.(a), MTN | ||||||||||||||
(SOFR + 0.670%) | ||||||||||||||
1,608,000 | 1.843 | 02/04/25 | 1,549,906 | |||||||||||
Capital One Financial Corp.(a) | ||||||||||||||
(SOFR + 0.690%) | ||||||||||||||
5,409,000 | 5.266 | 12/06/24 | 5,369,420 | |||||||||||
Charles Schwab Corp. (The)(a) | ||||||||||||||
(SOFRINDX + 0.500%) | ||||||||||||||
1,000,000 | 4.942 | 03/18/24 | 1,000,608 | |||||||||||
Citigroup, Inc.(a) | ||||||||||||||
(SOFR + 1.667%) | ||||||||||||||
1,676,000 | 1.678 | 05/15/24 | 1,662,112 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
1,000,000 | 1.625 | 05/05/23 | 993,775 | |||||||||||
Huntington National Bank (The)(a) | ||||||||||||||
(SOFRINDX + 1.190%) | ||||||||||||||
1,600,000 | 5.765 | 05/16/25 | 1,608,184 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
(SOFR + 0.580%) | ||||||||||||||
1,910,000 | 0.697 | (a) | 03/16/24 | 1,905,349 | ||||||||||
(3M USD LIBOR + 0.730%) | ||||||||||||||
1,627,000 | 3.559 | (a) | 04/23/24 | 1,621,642 | ||||||||||
(SOFR + 0.420%) | ||||||||||||||
1,780,000 | 0.563 | (a) | 02/16/25 | 1,688,068 | ||||||||||
(SOFR + 0.970%) | ||||||||||||||
1,000,000 | 5.381 | (a) | 06/14/25 | 1,002,947 | ||||||||||
KeyBank NA | ||||||||||||||
(SOFRINDX + 0.340%) | ||||||||||||||
1,124,000 | 4.820 | (a) | 01/03/24 | 1,122,833 | ||||||||||
(SOFRINDX + 0.320%) | ||||||||||||||
601,000 | 4.731 | (a) | 06/14/24 | 599,433 | ||||||||||
Morgan Stanley | ||||||||||||||
(SOFR + 0.616%) | ||||||||||||||
2,049,000 | 0.731 | (a) | 04/05/24 | 2,038,603 | ||||||||||
(SOFR + 0.625%) | ||||||||||||||
1,764,000 | 5.176 | (a) | 01/24/25 | 1,759,196 | ||||||||||
National Securities Clearing Corp.(b) | ||||||||||||||
2,550,000 | 5.050 | 11/21/24 | 2,535,821 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
462,000 | 4.125 | 08/15/23 | 459,610 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
941,000 | 3.750 | 01/24/24 | 927,252 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo & Co., MTN – (continued) | ||||||||||||||
(SOFR + 1.600%) | ||||||||||||||
3,000,000 | 1.654 | %(a) | 06/02/24 | 2,970,268 | ||||||||||
|
| |||||||||||||
40,089,478 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.6% | ||||||||||||||
Ecolab, Inc. | ||||||||||||||
272,000 | 0.900 | 12/15/23 | 262,397 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
3,107,000 | 4.050 | 08/08/24 | 3,047,167 | |||||||||||
|
| |||||||||||||
3,309,564 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 0.1% | ||||||||||||||
Fox Corp. | ||||||||||||||
705,000 | 4.030 | 01/25/24 | 695,657 | |||||||||||
|
| |||||||||||||
Capital Goods – 0.2% | ||||||||||||||
Carlisle Cos., Inc. | ||||||||||||||
1,117,000 | 0.550 | 09/01/23 | 1,089,045 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.5% | ||||||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
300,000 | 3.700 | 05/09/23 | 299,013 | |||||||||||
1,914,000 | 1.700 | 08/18/23 | 1,881,058 | |||||||||||
(SOFRINDX + 1.300%) | ||||||||||||||
3,000,000 | 5.799 | (a) | 04/07/25 | 3,000,015 | ||||||||||
Starbucks Corp.(a) | ||||||||||||||
(SOFRINDX + 0.420%) | ||||||||||||||
479,000 | 4.995 | 02/14/24 | 478,214 | |||||||||||
Toyota Motor Credit Corp.(a), MTN | ||||||||||||||
(SOFR + 0.750%) | ||||||||||||||
2,546,000 | 5.300 | 12/11/23 | 2,554,180 | |||||||||||
|
| |||||||||||||
8,212,480 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 3.5% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
2,000,000 | 3.750 | 11/14/23 | 1,976,500 | |||||||||||
Baxter International, Inc.(a) | ||||||||||||||
(SOFRINDX + 0.440%) | ||||||||||||||
1,356,000 | 5.271 | 11/29/24 | 1,343,961 | |||||||||||
GE HealthCare Technologies, Inc.(b) | ||||||||||||||
3,067,000 | 5.550 | 11/15/24 | 3,060,129 | |||||||||||
GSK Consumer Healthcare Capital US LLC(a) | ||||||||||||||
(SOFR + 0.890%) | ||||||||||||||
2,100,000 | 5.349 | 03/24/24 | 2,094,845 | |||||||||||
PerkinElmer, Inc. | ||||||||||||||
1,505,000 | 0.550 | 09/15/23 | 1,465,133 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
3,078,000 | 5.125 | 11/15/24 | 3,069,029 | |||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
(SOFRINDX + 0.350%) | ||||||||||||||
1,070,000 | 4.871 | (a) | 04/18/23 | 1,070,041 | ||||||||||
4,600,000 | 0.797 | 10/18/23 | 4,469,638 | |||||||||||
|
| |||||||||||||
18,549,276 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
GSK Consumer Healthcare Capital US LLC | ||||||||||||||
1,183,000 | 3.024 | 03/24/24 | 1,150,373 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – 2.6% | ||||||||||||||
American Electric Power Co., Inc.(a), Series A | ||||||||||||||
(3M USD LIBOR + 0.480%) | ||||||||||||||
$ | 625,000 | 5.294 | % | 11/01/23 | $ | 624,289 | ||||||||
Atmos Energy Corp. | ||||||||||||||
423,000 | 0.625 | 03/09/23 | 422,539 | |||||||||||
(3M USD LIBOR + 0.380%) | ||||||||||||||
747,000 | 5.103 | (a) | 03/09/23 | 746,979 | ||||||||||
CenterPoint Energy, Inc.(a) | ||||||||||||||
(SOFRINDX + 0.650%) | ||||||||||||||
2,131,000 | 5.226 | 05/13/24 | 2,115,526 | |||||||||||
Duke Energy Corp.(a) | ||||||||||||||
(SOFR + 0.250%) | ||||||||||||||
850,000 | 4.631 | 06/10/23 | 849,092 | |||||||||||
Eversource Energy | ||||||||||||||
1,002,000 | 4.200 | 06/27/24 | 984,753 | |||||||||||
Florida Power & Light Co.(a) | ||||||||||||||
(SOFRINDX + 0.380%) | ||||||||||||||
1,250,000 | 4.892 | 01/12/24 | 1,249,693 | |||||||||||
National Rural Utilities Cooperative Finance Corp.(a), MTN | ||||||||||||||
(SOFR + 0.400%) | ||||||||||||||
1,884,000 | 4.975 | 08/07/23 | 1,883,881 | |||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||
(SOFRINDX + 0.540%) | ||||||||||||||
500,000 | 4.846 | (a) | 03/01/23 | 500,000 | ||||||||||
41,000 | 6.051 | 03/01/25 | 41,273 | |||||||||||
OGE Energy Corp. | ||||||||||||||
226,000 | 0.703 | 05/26/23 | 223,534 | |||||||||||
Oklahoma Gas and Electric Co. | ||||||||||||||
522,000 | 0.553 | 05/26/23 | 516,276 | |||||||||||
PPL Electric Utilities Corp.(a) | ||||||||||||||
(SOFR + 0.330%) | ||||||||||||||
620,000 | 4.789 | 06/24/24 | 616,145 | |||||||||||
Southern Co. (The) | ||||||||||||||
1,500,000 | 2.950 | 07/01/23 | 1,486,977 | |||||||||||
Southern Co. (The)(a), Series 2021 | ||||||||||||||
(SOFRINDX + 0.370%) | ||||||||||||||
1,636,000 | 4.945 | 05/10/23 | 1,635,043 | |||||||||||
|
| |||||||||||||
13,896,000 | ||||||||||||||
|
| |||||||||||||
Energy – 0.9% | ||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
373,000 | 1.231 | 12/15/23 | 361,450 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
2,206,000 | 2.125 | 03/08/24 | 2,137,071 | |||||||||||
MPLX LP | ||||||||||||||
704,000 | 4.500 | 07/15/23 | 700,771 | |||||||||||
Pioneer Natural Resources Co. | ||||||||||||||
1,436,000 | 0.550 | 05/15/23 | 1,422,180 | |||||||||||
|
| |||||||||||||
4,621,472 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.1% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
500,000 | 3.875 | 07/03/23 | 496,987 | |||||||||||
|
| |||||||||||||
Food and Beverage – 0.3% | ||||||||||||||
Kellogg Co. | ||||||||||||||
1,542,000 | 2.650 | 12/01/23 | 1,519,904 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – 0.2% | ||||||||||||||
AmerisourceBergen Corp. | ||||||||||||||
831,000 | 0.737 | 03/15/23 | 829,588 | |||||||||||
|
| |||||||||||||
Insurance – 2.1% | ||||||||||||||
Athene Global Funding(a)(b) | ||||||||||||||
(3M USD LIBOR + 0.730%) | ||||||||||||||
624,000 | 5.542 | 01/08/24 | 617,437 | |||||||||||
Corebridge Global Funding(a)(b) | ||||||||||||||
(SOFR + 0.380%) | ||||||||||||||
1,390,000 | 4.803 | 12/15/23 | 1,388,790 | |||||||||||
Jackson National Life Global Funding(a)(b) | ||||||||||||||
(SOFR + 1.150%) | ||||||||||||||
2,813,000 | 5.613 | 06/28/24 | 2,828,992 | |||||||||||
MassMutual Global Funding II | ||||||||||||||
(SOFR + 0.360%) | ||||||||||||||
986,000 | 4.872 | (a)(b) | 04/12/24 | 980,330 | ||||||||||
(SOFR + 0.270%) | ||||||||||||||
1,466,000 | 4.807 | (a)(b) | 10/21/24 | 1,454,968 | ||||||||||
Metropolitan Life Global Funding I(b) | ||||||||||||||
710,000 | 3.600 | 01/11/24 | 699,031 | |||||||||||
Pacific Life Global Funding II(a)(b) | ||||||||||||||
(SOFR + 0.400%) | ||||||||||||||
750,000 | 4.953 | 01/27/25 | 740,796 | |||||||||||
Protective Life Global Funding | ||||||||||||||
626,000 | 0.502 | (b) | 04/12/23 | 622,727 | ||||||||||
(SOFR + 0.980%) | ||||||||||||||
1,691,000 | 5.443 | (a)(b) | 03/28/25 | 1,691,119 | ||||||||||
|
| |||||||||||||
11,024,190 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.3% | ||||||||||||||
Public Storage(a) (SOFR + 0.470%) | ||||||||||||||
1,385,000 | 5.007 | 04/23/24 | 1,385,497 | |||||||||||
|
| |||||||||||||
Software – 0.5% | ||||||||||||||
Oracle Corp. | ||||||||||||||
2,600,000 | 2.400 | 09/15/23 | 2,557,235 | |||||||||||
|
| |||||||||||||
Technology – 0.4% | ||||||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
800,000 | 0.375 | 03/01/23 | 800,000 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
1,000,000 | 2.250 | 04/01/23 | 997,267 | |||||||||||
Take-Two Interactive Software, Inc. | ||||||||||||||
571,000 | 3.300 | 03/28/24 | 557,920 | |||||||||||
|
| |||||||||||||
2,355,187 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.2% | ||||||||||||||
Ryder System, Inc., MTN | ||||||||||||||
1,000,000 | 3.750 | 06/09/23 | 995,148 | |||||||||||
|
| |||||||||||||
Wireless – 0.8% | ||||||||||||||
AT&T, Inc.(a) | ||||||||||||||
(SOFRINDX + 0.640%) | ||||||||||||||
2,154,000 | 5.100 | 03/25/24 | 2,155,490 | |||||||||||
Verizon Communications, Inc.(a) | ||||||||||||||
(SOFRINDX + 0.500%) | ||||||||||||||
2,116,000 | 4.953 | 03/22/24 | 2,113,278 | |||||||||||
|
| |||||||||||||
4,268,768 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $117,472,400) | $ | 117,045,849 | ||||||||||||
|
|
82 | 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 – 19.4% | ||||||||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.803%) | ||||||||||||||
$ | 3,754,287 | 3.783 | % | 10/01/43 | $ | 3,799,009 | ||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.618%) | ||||||||||||||
7,564,086 | 3.740 | 01/01/46 | 7,625,504 | |||||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.778%) | ||||||||||||||
697,929 | 3.788 | 10/01/44 | 702,038 | |||||||||||
| FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR | | ||||||||||||
164,037 | 5.488 | 10/15/33 | 165,262 | |||||||||||
| FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR | | ||||||||||||
170,377 | 5.588 | 11/15/33 | 173,504 | |||||||||||
| FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR | | ||||||||||||
493,503 | 4.938 | 09/15/35 | 488,420 | |||||||||||
| FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR | | ||||||||||||
138,466 | 5.008 | 04/15/37 | 136,633 | |||||||||||
| FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR | | ||||||||||||
23,054 | 4.988 | 12/15/36 | 22,829 | |||||||||||
| FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR | | ||||||||||||
563,101 | 4.888 | 08/15/35 | 556,795 | |||||||||||
| FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR | | ||||||||||||
108,791 | 5.188 | 09/15/37 | 108,469 | |||||||||||
| FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR | | ||||||||||||
1,253,376 | 5.188 | 02/15/36 | 1,254,164 | |||||||||||
| FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD | | ||||||||||||
55,689 | 4.938 | 12/15/40 | 55,642 | |||||||||||
| FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD | | ||||||||||||
367,938 | 4.958 | 05/15/32 | 364,615 | |||||||||||
| FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR | | ||||||||||||
737,266 | 5.038 | 06/15/42 | 728,091 | |||||||||||
| FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR | | ||||||||||||
190,383 | 5.088 | 06/15/42 | 187,493 | |||||||||||
| FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD | | ||||||||||||
177,457 | 4.888 | 11/15/41 | 176,270 | |||||||||||
| FHLMC REMIC Series 2012-4107, Class MF(a) (1M USD | | ||||||||||||
1,609,045 | 4.988 | 09/15/42 | 1,579,274 | |||||||||||
| FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR | | ||||||||||||
2,037,611 | 4.988 | 11/15/42 | 1,997,900 | |||||||||||
| FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR | | ||||||||||||
1,072,305 | 4.838 | 05/15/43 | 1,053,696 | |||||||||||
| FHLMC REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR | | ||||||||||||
733,459 | 4.938 | 06/15/43 | 718,950 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FHLMC REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR | | ||||||||||||
2,536,841 | 5.088 | 08/15/43 | 2,498,836 | |||||||||||
| FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR | | ||||||||||||
80,026 | 5.038 | 05/15/41 | 79,366 | |||||||||||
| FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR | | ||||||||||||
58,315 | 4.988 | 11/15/43 | 57,377 | |||||||||||
| FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR | | ||||||||||||
64,562 | 4.938 | 11/15/43 | 63,562 | |||||||||||
| FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR | | ||||||||||||
1,871,157 | 3.606 | 12/15/42 | 1,843,741 | |||||||||||
| FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR | | ||||||||||||
3,112,665 | 4.938 | 09/15/47 | 3,056,927 | |||||||||||
FHLMC REMIC Series 2018-4787, Class ZS | ||||||||||||||
797,488 | 5.000 | 07/01/48 | 797,514 | |||||||||||
| FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR | | ||||||||||||
208,881 | 4.888 | 04/15/48 | 203,099 | |||||||||||
| FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR | | ||||||||||||
1,376,041 | 4.988 | 12/15/48 | 1,351,218 | |||||||||||
| FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR | | ||||||||||||
1,155,248 | 4.988 | 07/15/49 | 1,138,688 | |||||||||||
| FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR | | ||||||||||||
174,869 | 5.038 | 09/15/48 | 171,285 | |||||||||||
| FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR | | ||||||||||||
1,606,617 | 3.684 | 03/15/38 | 1,562,122 | |||||||||||
| FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR | | ||||||||||||
1,110,155 | 5.117 | 01/25/50 | 1,086,562 | |||||||||||
| FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR | | ||||||||||||
190,084 | 5.017 | 07/25/50 | 186,103 | |||||||||||
FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + 0.300%) | ||||||||||||||
2,469,972 | 4.701 | 08/15/43 | 2,408,364 | |||||||||||
| FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR | | ||||||||||||
165,960 | 4.938 | 08/15/36 | 164,233 | |||||||||||
| FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR | | ||||||||||||
414,899 | 4.888 | 08/15/36 | 410,696 | |||||||||||
| FNMA REMIC Series 2002-53, Class FY(a) (1M USD LIBOR + | | ||||||||||||
201,606 | 5.117 | 08/25/32 | 201,502 | |||||||||||
| FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + | | ||||||||||||
111,554 | 5.017 | 07/25/34 | 111,428 | |||||||||||
| FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + | | ||||||||||||
269,281 | 5.067 | 07/25/34 | 268,663 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMIC Series 2005-103, Class FC(a) (1M USD LIBOR + | | ||||||||||||
$ | 8,271,014 | 5.117 | % | 07/25/35 | $ | 8,264,855 | ||||||||
| FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + | | ||||||||||||
413,934 | 5.137 | 01/25/36 | 412,129 | |||||||||||
| FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + | | ||||||||||||
424,450 | 5.067 | 10/25/35 | 421,445 | |||||||||||
| FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR + | | ||||||||||||
2,331,803 | 4.947 | 11/25/36 | 2,305,904 | |||||||||||
| FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + | | ||||||||||||
105,141 | 4.917 | 03/25/36 | 104,170 | |||||||||||
| FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + | | ||||||||||||
43,655 | 4.917 | 05/25/36 | 43,101 | |||||||||||
| FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + | | ||||||||||||
92,552 | 5.027 | 06/25/36 | 91,911 | |||||||||||
| FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + | | ||||||||||||
935,482 | 5.017 | 06/25/36 | 928,160 | |||||||||||
| FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + | | ||||||||||||
192,615 | 4.977 | 07/25/36 | 190,684 | |||||||||||
| FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + | | ||||||||||||
393,982 | 4.967 | 08/25/36 | 390,873 | |||||||||||
| FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + | | ||||||||||||
344,098 | 5.077 | 09/25/36 | 341,602 | |||||||||||
| FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + | | ||||||||||||
62,663 | 4.867 | 04/25/37 | 61,714 | |||||||||||
| FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + | | ||||||||||||
143,094 | 4.937 | 07/25/37 | 141,067 | |||||||||||
| FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + | | ||||||||||||
44,593 | 5.317 | 02/25/38 | 44,523 | |||||||||||
| FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + | | ||||||||||||
206,234 | 5.367 | 01/25/40 | 206,756 | |||||||||||
| FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + | | ||||||||||||
141,668 | 5.017 | 10/25/40 | 140,632 | |||||||||||
| FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + | | ||||||||||||
175,134 | 5.017 | 10/25/40 | 173,735 | |||||||||||
| FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + | | ||||||||||||
106,586 | 5.087 | 12/25/40 | 105,137 | |||||||||||
| FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
341,798 | 5.547 | 06/25/36 | 343,362 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + | | ||||||||||||
532,482 | 5.387 | 06/25/37 | 534,015 | |||||||||||
| FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + | | ||||||||||||
233,383 | 5.537 | 03/25/36 | 235,750 | |||||||||||
| FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + | | ||||||||||||
1,644,830 | 5.367 | 05/25/40 | 1,638,359 | |||||||||||
| FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + | | ||||||||||||
158,868 | 5.367 | 05/25/40 | 158,904 | |||||||||||
| FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR + | | ||||||||||||
1,837,221 | 5.347 | 06/25/40 | 1,834,819 | |||||||||||
| FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + | | ||||||||||||
19,396 | 5.217 | 11/25/40 | 19,412 | |||||||||||
| FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + | | ||||||||||||
154,286 | 5.197 | 06/25/41 | 153,482 | |||||||||||
| FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
142,308 | 5.167 | 09/25/41 | 140,807 | |||||||||||
| FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + | | ||||||||||||
118,813 | 5.117 | 09/25/42 | 117,161 | |||||||||||
| FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + | | ||||||||||||
751,989 | 5.217 | 03/25/42 | 743,693 | |||||||||||
| FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + | | ||||||||||||
158,763 | 5.117 | 12/25/35 | 157,994 | |||||||||||
| FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + | | ||||||||||||
102,376 | 4.917 | 02/25/43 | 100,754 | |||||||||||
| FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + | | ||||||||||||
96,522 | 5.067 | 01/25/44 | 95,189 | |||||||||||
| FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + | | ||||||||||||
575,547 | 4.917 | 09/25/41 | 571,801 | |||||||||||
| FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + | | ||||||||||||
76,807 | 5.117 | 02/25/43 | 75,669 | |||||||||||
| FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + | | ||||||||||||
812,767 | 5.167 | 04/25/44 | 805,302 | |||||||||||
| FNMA REMIC Series 2014-28, Class FD(a) (1M USD LIBOR + | | ||||||||||||
1,704,241 | 5.067 | 05/25/44 | 1,680,039 | |||||||||||
| FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR + | | ||||||||||||
355,685 | 3.668 | 08/25/44 | 350,584 | |||||||||||
| FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + | | ||||||||||||
94,166 | 4.917 | 05/25/45 | 93,237 | |||||||||||
|
|
84 | 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 2015-87, Class BF(a) (1M USD LIBOR + | | ||||||||||||
$ | 390,696 | 4.917 | % | 12/25/45 | $ | 381,760 | ||||||||
| FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + | | ||||||||||||
902,675 | 5.017 | 08/25/46 | 893,805 | |||||||||||
| FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR + | | ||||||||||||
740,946 | 5.067 | 03/25/47 | 727,471 | |||||||||||
| FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + | | ||||||||||||
1,785,993 | 4.967 | 11/25/47 | 1,743,292 | |||||||||||
| FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + | | ||||||||||||
939,477 | 4.917 | 03/25/48 | 914,491 | |||||||||||
FNMA REMIC Series 2018-3385, Class MA | ||||||||||||||
892,776 | 4.500 | 06/01/48 | 873,603 | |||||||||||
| FNMA REMIC Series 2018-4, Class FM(a) (1M USD LIBOR + | | ||||||||||||
2,346,497 | 4.917 | 02/25/48 | 2,284,736 | |||||||||||
| FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + | | ||||||||||||
1,144,601 | 5.067 | 08/25/49 | 1,122,364 | |||||||||||
| FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + | | ||||||||||||
1,882,800 | 5.067 | 03/25/49 | 1,856,540 | |||||||||||
| FNMA REMIC Series 2020-6347, Class BM(a) (12M USD | | ||||||||||||
10,490,943 | 3.681 | 02/01/41 | 10,649,625 | |||||||||||
GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) | ||||||||||||||
412,496 | 4.890 | 08/16/34 | 408,883 | |||||||||||
GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) | ||||||||||||||
364,379 | 4.960 | 01/16/35 | 360,629 | |||||||||||
GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%) | ||||||||||||||
2,425,931 | 4.798 | 05/20/37 | 2,382,865 | |||||||||||
GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||||
118,441 | 5.098 | 10/20/37 | 116,944 | |||||||||||
GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) | ||||||||||||||
1,624,629 | 4.898 | 07/20/43 | 1,594,037 | |||||||||||
| GNMA Series 2018-164, Class AF(a) (1M USD LIBOR + | | ||||||||||||
2,637,613 | 4.998 | 12/20/48 | 2,595,274 | |||||||||||
GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) | ||||||||||||||
1,803,479 | 5.048 | 09/20/49 | 1,764,338 | |||||||||||
GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) | ||||||||||||||
2,000,693 | 5.048 | 05/20/49 | 1,976,291 | |||||||||||
GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) | ||||||||||||||
859,295 | 4.998 | 05/20/49 | 845,319 | |||||||||||
| JP Morgan Chase Commercial Mortgage Securities | | ||||||||||||
463,091 | 2.713 | 08/15/49 | 440,210 | |||||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015-C31, | | ||||||||||||
373,212 | 3.540 | 08/15/48 | 357,351 | |||||||||||
| Morgan Stanley Bank of America Merrill Lynch | | ||||||||||||
2,308,223 | 4.064 | 02/15/47 | 2,267,170 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| Morgan Stanley Bank of America Merrill Lynch | | ||||||||||||
550,000 | 3.719 | 07/15/50 | 520,175 | |||||||||||
| Morgan Stanley Bank of America Merrill Lynch | | ||||||||||||
2,053,239 | 3.479 | 05/15/48 | 1,942,902 | |||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2013-LC12, | | ||||||||||||
700,000 | 4.218 | 07/15/46 | 690,425 | |||||||||||
|
| |||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $105,992,054) | $ | 103,485,075 | ||||||||||||
|
| |||||||||||||
Asset- Backed Securities – 19.3% | ||||||||||||||
| Access to Loans for Learning Student Loan Corp., Series 2010-I, | | ||||||||||||
$ | 500,561 | 5.585 | % | 04/25/37 | $ | 501,863 | ||||||||
| Access to Loans for Learning Student Loan Corp., Series 2012-1, | | ||||||||||||
16,711 | 5.317 | 07/25/36 | 16,609 | |||||||||||
Ally Auto Receivables Trust, Series 2022-1, Class A3 | ||||||||||||||
3,170,000 | 3.310 | 11/15/26 | 3,091,798 | |||||||||||
| Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) | | ||||||||||||
978,170 | 5.852 | 01/28/31 | 972,742 | |||||||||||
| Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) | | ||||||||||||
61,242 | 5.707 | 11/17/27 | 60,829 | |||||||||||
BA Credit Card Trust, Series 2021-A1, Class A1 | ||||||||||||||
500,000 | 0.440 | 09/15/26 | 474,035 | |||||||||||
Barclays Dryrock Issuance Trust, Series 2021-1, Class A | ||||||||||||||
2,400,000 | 0.630 | 07/15/27 | 2,241,159 | |||||||||||
| Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD | | ||||||||||||
248,380 | 5.758 | 07/20/29 | 246,908 | |||||||||||
BBCMS Mortgage Trust, Series 2018-C2, Class ASB | ||||||||||||||
576,000 | 4.236 | 12/15/51 | 552,359 | |||||||||||
| BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M | | ||||||||||||
961,670 | 5.995 | 10/22/30 | 956,562 | |||||||||||
| Brazos Higher Education Authority, Inc., Series 2011-1, | | ||||||||||||
9,403 | 5.758 | 02/25/30 | 9,399 | |||||||||||
| BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD | | ||||||||||||
1,150,000 | 5.788 | 10/15/36 | 1,129,432 | |||||||||||
| BX, Series 2021-MFM1, Class A(a)(b) (1M U.S. T-Bill MMY + | | ||||||||||||
90,425 | 5.377 | 01/15/34 | 89,012 | |||||||||||
| BX Trust, Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR + | | ||||||||||||
1,300,000 | 5.487 | 10/15/36 | 1,266,784 | |||||||||||
| BXHPP Trust, Series 2021-FILM, Class A(a)(b) (1M USD LIBOR | | ||||||||||||
1,850,000 | 5.238 | 08/15/36 | 1,751,923 | |||||||||||
CARDS II Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||||
1,125,000 | 0.602 | 04/15/27 | 1,067,024 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD | | ||||||||||||
$ | 2,000,000 | 5.858 | % | 07/20/31 | $ | 1,985,090 | ||||||||
| CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD | | ||||||||||||
2,250,712 | 6.028 | 07/20/30 | 2,239,339 | |||||||||||
| CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD | | ||||||||||||
490,892 | 5.758 | 04/20/30 | 487,570 | |||||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC19, | | ||||||||||||
2,400,000 | 4.023 | 03/11/47 | 2,351,722 | |||||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC21, | | ||||||||||||
600,000 | 3.855 | 05/10/47 | 586,946 | |||||||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, | | ||||||||||||
159,907 | 2.984 | 04/10/48 | 156,093 | |||||||||||
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, | | ||||||||||||
3,000,000 | 3.778 | 09/10/58 | 2,865,700 | |||||||||||
COMM Mortgage Trust, Series 2013-CR12, Class A4 | ||||||||||||||
800,000 | 4.046 | 10/10/46 | 783,853 | |||||||||||
COMM Mortgage Trust, Series 2013-CR7, Class A4 | ||||||||||||||
34,951 | 3.213 | 03/10/46 | 34,909 | |||||||||||
COMM Mortgage Trust, Series 2013-CR8, Class A5(a) | ||||||||||||||
224,504 | 3.612 | 06/10/46 | 222,500 | |||||||||||
COMM Mortgage Trust, Series 2013-CR9, Class A4(a) | ||||||||||||||
137,407 | 4.267 | 07/10/45 | 136,751 | |||||||||||
COMM Mortgage Trust, Series 2015-CR24, Class ASB | ||||||||||||||
246,090 | 3.445 | 08/10/48 | 236,312 | |||||||||||
COMM Mortgage Trust, Series 2015-CR26, Class ASB | ||||||||||||||
505,856 | 3.373 | 10/10/48 | 491,590 | |||||||||||
DBJPM Mortgage Trust, Series 2016-C3, Class ASB | ||||||||||||||
249,632 | 2.756 | 08/10/49 | 237,315 | |||||||||||
| Discover Card Execution Note Trust, Series 2017-A5, Class A5(a) | | ||||||||||||
2,000,000 | 5.188 | 12/15/26 | 2,003,043 | |||||||||||
| Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) | | ||||||||||||
218,887 | 5.692 | 04/15/29 | 217,487 | |||||||||||
| Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M | | ||||||||||||
61,888 | 5.617 | 12/25/56 | 62,003 | |||||||||||
| Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M | | ||||||||||||
22,357 | 5.347 | 04/25/39 | 22,315 | |||||||||||
| Educational Funding of the South, Inc., Series 2011-1, Class A2(a) | | ||||||||||||
400,623 | 5.468 | 04/25/35 | 397,573 | |||||||||||
| EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD | | ||||||||||||
274,247 | 5.668 | 10/25/35 | 274,062 | |||||||||||
| Extended Stay America Trust, Series 2021-ESH, Class A(a)(b) (1M | | ||||||||||||
1,415,479 | 5.668 | 07/15/38 | 1,394,247 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) (3M USD | | ||||||||||||
1,000,000 | 5.952 | 11/16/34 | 988,161 | |||||||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) | ||||||||||||||
1,500,000 | 3.470 | 01/15/30 | 1,489,925 | |||||||||||
| Ford Credit Floorplan Master Owner Trust, Series 2018-2, | | ||||||||||||
1,000,000 | 3.170 | 03/15/25 | 999,359 | |||||||||||
| GM Financial Consumer Automobile Receivables Trust, | | ||||||||||||
3,230,000 | 1.760 | 01/16/25 | 3,204,952 | |||||||||||
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) | ||||||||||||||
1,000,000 | 0.690 | 10/15/25 | 970,839 | |||||||||||
| Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD | | ||||||||||||
153,254 | 5.658 | 08/25/48 | 148,884 | |||||||||||
| Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M U.S. | | ||||||||||||
3,250,000 | 5.711 | 12/15/36 | 3,223,023 | |||||||||||
GS Mortgage Securities Trust, Series 2014-GC18, Class A4 | ||||||||||||||
4,500,000 | 4.074 | 01/10/47 | 4,417,615 | |||||||||||
| HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A(a)(b) (3M | | ||||||||||||
500,000 | 6.252 | 11/30/32 | 496,752 | |||||||||||
| Hayfin US Ltd., Series 2018-8A, Class A(a)(b) (3M USD LIBOR + | | ||||||||||||
3,000,000 | 5.928 | 04/20/31 | 2,968,995 | |||||||||||
| Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M | | ||||||||||||
79,039 | 6.008 | 05/25/34 | 78,971 | |||||||||||
Honda Auto Receivables Owner Trust, Series 2019-4, Class A3 | ||||||||||||||
42,091 | 1.830 | 01/18/24 | 42,004 | |||||||||||
| Hyundai Auto Receivables Trust 2020-C, Series 2020-C, | | ||||||||||||
4,000,000 | 0.490 | 11/16/26 | 3,722,921 | |||||||||||
| Hyundai Auto Receivables Trust 2022-C, Series 2022-C, | | ||||||||||||
3,625,000 | 5.390 | 06/15/27 | 3,637,198 | |||||||||||
| ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD | | ||||||||||||
623,588 | 5.938 | 10/19/28 | 619,762 | |||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, | | ||||||||||||
452,994 | 3.994 | 01/15/46 | 450,490 | |||||||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, | | ||||||||||||
2,244,250 | 3.664 | 07/15/45 | 2,214,238 | |||||||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, | | ||||||||||||
112,030 | 3.566 | 02/15/47 | 110,940 | |||||||||||
| KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) | | ||||||||||||
409,014 | 5.227 | 12/15/37 | 401,474 | |||||||||||
| KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M | | ||||||||||||
152,881 | 5.908 | 02/25/42 | 151,250 | |||||||||||
|
|
86 | 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) | ||||||||||||||
| LCM XV LP, Series 2021-15A, Class AR2(a)(b) (3M USD LIBOR | | ||||||||||||
$ | 2,115,726 | 5.808 | % | 07/20/30 | $ | 2,094,603 | ||||||||
| LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR | | ||||||||||||
462,373 | 5.848 | 10/20/27 | 461,390 | |||||||||||
| Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M | | ||||||||||||
1,500,000 | 5.862 | 07/15/33 | 1,483,194 | |||||||||||
| Madison Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b) | | ||||||||||||
156,171 | 5.645 | 04/22/27 | 155,336 | |||||||||||
| Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) (3M USD | | ||||||||||||
2,200,000 | 6.112 | 04/15/32 | 2,173,162 | |||||||||||
Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||||
1,400,000 | 0.530 | 11/21/25 | 1,320,237 | |||||||||||
| Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, | | ||||||||||||
831,912 | 0.400 | 11/15/24 | 812,609 | |||||||||||
| Mercedes-Benz Auto Receivables Trust 2022-1, Series 2022-1, | | ||||||||||||
1,000,000 | 5.260 | 10/15/25 | 999,754 | |||||||||||
Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | ||||||||||||||
531,590 | 2.860 | 11/15/49 | 506,123 | |||||||||||
| Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M | | ||||||||||||
15,494 | 5.367 | 03/25/66 | 15,492 | |||||||||||
| Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M | | ||||||||||||
94,824 | 5.217 | 03/25/30 | 94,646 | |||||||||||
| Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M | | ||||||||||||
41,184 | 5.157 | 11/27/39 | 41,165 | |||||||||||
| Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M | | ||||||||||||
371,154 | 5.417 | 09/25/65 | 369,313 | |||||||||||
| Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) | | ||||||||||||
52,480 | 5.317 | 12/26/31 | 52,184 | |||||||||||
| NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M | | ||||||||||||
482,743 | 5.867 | 05/27/36 | 483,128 | |||||||||||
| ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) | | ||||||||||||
908,000 | 5.377 | 03/15/36 | 869,602 | |||||||||||
| OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR + | | ||||||||||||
230,662 | 6.052 | 10/30/30 | 228,537 | |||||||||||
| Pennsylvania Higher Education Assistance Agency, | | ||||||||||||
4,470 | 5.718 | 07/25/29 | 4,470 | |||||||||||
| Regata Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD | | ||||||||||||
2,000,000 | 5.892 | 10/15/32 | 1,976,384 | |||||||||||
| Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) | | ||||||||||||
646,364 | 5.562 | 07/01/31 | 645,810 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) | | ||||||||||||
81,888 | 5.362 | 10/02/28 | 79,903 | |||||||||||
| Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) | | ||||||||||||
185,943 | 5.728 | 10/20/27 | 185,282 | |||||||||||
| SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD | | ||||||||||||
129,896 | 4.958 | 10/25/28 | 129,516 | |||||||||||
| SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD | | ||||||||||||
943,874 | 4.924 | 05/15/29 | 929,469 | |||||||||||
| SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD | | ||||||||||||
217,839 | 5.833 | 11/25/42 | 215,480 | |||||||||||
| SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD | | ||||||||||||
70,223 | 4.968 | 10/25/29 | 69,490 | |||||||||||
| SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M | | ||||||||||||
69,082 | 5.418 | 10/25/29 | 68,902 | |||||||||||
| SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) | | ||||||||||||
600,000 | 5.888 | 01/20/32 | 590,972 | |||||||||||
State of Illinois | ||||||||||||||
567,273 | 4.950 | 06/01/23 | 566,470 | |||||||||||
| Stratus CLO 2021-2 Ltd., Series 2021-2A, Class A(a)(b) (3M USD | | ||||||||||||
3,841,294 | 5.708 | 12/28/29 | 3,808,670 | |||||||||||
| STWD Trust, Series 2021-FLWR, Class A(a)(b) (1M USD LIBOR | | ||||||||||||
1,350,000 | 5.165 | 07/15/36 | 1,316,670 | |||||||||||
| Sycamore Tree CLO 2023-2 Ltd., Series 2023-2A, Class A(a)(b) | | ||||||||||||
2,200,000 | 7.011 | 04/20/35 | 2,189,374 | |||||||||||
| TCW CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) (3M U.S. | | ||||||||||||
3,500,000 | 5.919 | 10/20/32 | 3,464,188 | |||||||||||
| TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) (3M | | ||||||||||||
1,100,000 | 6.092 | 08/16/34 | 1,080,259 | |||||||||||
| TCW CLO Ltd., Series 2022-1A, Class A1(a)(b) (3M U.S. T-Bill | | ||||||||||||
3,500,000 | 5.994 | 04/22/33 | 3,433,010 | |||||||||||
| Toyota Auto Receivables 2022-D Owner Trust, Series 2022-D, | | ||||||||||||
1,825,000 | 5.300 | 09/15/27 | 1,836,860 | |||||||||||
| Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD | | ||||||||||||
287,080 | 6.128 | 07/20/29 | 285,085 | |||||||||||
| Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) (3M USD | | ||||||||||||
1,000,000 | 6.025 | 04/23/32 | 986,530 | |||||||||||
| Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) (3M USD | | ||||||||||||
3,000,000 | 6.128 | 07/20/32 | 2,956,260 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD | | ||||||||||||
$ | 700,000 | 6.078 | % | 07/20/32 | $ | 694,685 | ||||||||
| Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD | | ||||||||||||
161,748 | 5.695 | 01/18/29 | 160,817 | |||||||||||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31, | | ||||||||||||
76,765 | 3.487 | 11/15/48 | 74,162 | |||||||||||
| Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) (3M USD | | ||||||||||||
1,000,000 | 6.152 | 07/28/32 | 978,080 | |||||||||||
|
| |||||||||||||
TOTAL ASSET- BACKED SECURITIES | ||||||||||||||
(Cost $104,459,330) | $ | 102,839,884 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 15.5% | ||||||||||||||
Banks – 12.8% | ||||||||||||||
ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand) | ||||||||||||||
(SOFR + 0.600%) | ||||||||||||||
$ | 500,000 | 5.175 | % | 02/18/25 | $ | 499,993 | ||||||||
Australia & New Zealand Banking Group Ltd.(b) (Australia) | ||||||||||||||
572,000 | 4.829 | 02/03/25 | 565,891 | |||||||||||
Banco Santander SA (Spain) | ||||||||||||||
200,000 | 3.892 | 05/24/24 | 195,778 | |||||||||||
(SOFR + 1.240%) | ||||||||||||||
1,600,000 | 5.815 | (a) | 05/24/24 | 1,604,232 | ||||||||||
(US 1 Year CMT T-Note + 0.450%) | ||||||||||||||
1,000,000 | 0.701 | (a) | 06/30/24 | 981,376 | ||||||||||
Bank of Montreal(a), MTN (Canada) | ||||||||||||||
(SOFRINDX + 0.465%) | ||||||||||||||
3,000,000 | 4.966 | 01/10/25 | 2,991,481 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
(SOFRINDX + 0.550%) | ||||||||||||||
551,000 | 4.973 | (a) | 09/15/23 | 550,514 | ||||||||||
1,620,000 | 5.250 | 12/06/24 | 1,616,042 | |||||||||||
Bank of Nova Scotia (The)(a), Series FRN (Canada) | ||||||||||||||
(SOFRINDX + 0.445%) | ||||||||||||||
425,000 | 4.963 | 04/15/24 | 424,984 | |||||||||||
Bank of Nova Scotia (The)(a), MTN (Canada) | ||||||||||||||
(SOFRINDX + 0.960%) | ||||||||||||||
1,400,000 | 5.344 | 03/11/24 | 1,406,750 | |||||||||||
Banque Federative du Credit Mutuel SA(b) (France) | ||||||||||||||
1,298,000 | 0.650 | 02/27/24 | 1,236,711 | |||||||||||
Barclays PLC(a) (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.356%) | ||||||||||||||
1,161,000 | 4.338 | 05/16/24 | 1,156,346 | |||||||||||
BNP Paribas SA(b) (France) | ||||||||||||||
1,970,000 | 3.800 | 01/10/24 | 1,938,461 | |||||||||||
BPCE SA(a)(b) (France) | ||||||||||||||
(SOFR + 0.570%) | ||||||||||||||
1,100,000 | 5.087 | 01/14/25 | 1,091,549 | |||||||||||
Canadian Imperial Bank of Commerce(a) (Canada) | ||||||||||||||
(SOFR + 0.940%) | ||||||||||||||
2,433,000 | 5.440 | 04/07/25 | 2,443,571 | |||||||||||
Credit Suisse AG (Switzerland) | ||||||||||||||
396,000 | 7.950 | 01/09/25 | 399,616 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Credit Suisse AG(a), Series FRN (Switzerland) | ||||||||||||||
(SOFRINDX + 1.260%) | ||||||||||||||
3,000,000 | 5.836 | 02/21/25 | 2,863,011 | |||||||||||
Deutsche Bank AG, Series E (Germany) | ||||||||||||||
298,000 | 0.962 | 11/08/23 | 288,584 | |||||||||||
(SOFR + 0.500%) | ||||||||||||||
3,125,000 | 5.075 | (a) | 11/08/23 | 3,114,356 | ||||||||||
Federation des Caisses Desjardins du Quebec(a)(b) (Canada) | ||||||||||||||
(SOFR + 0.430%) | ||||||||||||||
1,895,000 | 5.005 | 05/21/24 | 1,889,564 | |||||||||||
HSBC Holdings PLC(a), Series .. (United Kingdom) | ||||||||||||||
(SOFR + 0.580%) | ||||||||||||||
1,713,000 | 5.155 | 11/22/24 | 1,689,372 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
1,402,000 | 3.550 | 04/09/24 | 1,371,462 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
1,367,000 | 4.050 | 08/16/23 | 1,358,842 | |||||||||||
(US 1 Year CMT T-Note + 0.550%) | ||||||||||||||
1,192,000 | 0.695 | (a) | 05/11/24 | 1,177,653 | ||||||||||
Macquarie Group Ltd.(a)(b) (Australia) | ||||||||||||||
(3M USD LIBOR + 1.330%) | ||||||||||||||
1,863,000 | 4.150 | 03/27/24 | 1,860,535 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
(SOFR + 1.385%) | ||||||||||||||
1,529,000 | 5.744 | (a) | 09/12/25 | 1,540,484 | ||||||||||
(SOFR + 0.940%) | ||||||||||||||
2,400,000 | 5.515 | (a) | 02/20/26 | 2,403,323 | ||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
(SOFR + 1.252%) | ||||||||||||||
1,358,000 | 1.241 | (a) | 07/10/24 | 1,335,940 | ||||||||||
(SOFR + 0.872%) | ||||||||||||||
1,259,000 | 0.849 | (a) | 09/08/24 | 1,225,560 | ||||||||||
National Australia Bank Ltd.(a)(b) (Australia) | ||||||||||||||
(SOFR + 0.380%) | ||||||||||||||
2,300,000 | 4.892 | 01/12/25 | 2,293,445 | |||||||||||
National Bank of Canada(a) (Canada) | ||||||||||||||
(SOFR + 0.490%) | ||||||||||||||
655,000 | 5.066 | 08/06/24 | 653,739 | |||||||||||
NatWest Group PLC (United Kingdom) | ||||||||||||||
325,000 | 3.875 | 09/12/23 | 322,424 | |||||||||||
NatWest Markets PLC(b) (United Kingdom) | ||||||||||||||
1,000,000 | 2.375 | 05/21/23 | 992,466 | |||||||||||
Nordea Bank Abp(b) (Finland) | ||||||||||||||
800,000 | 3.750 | 08/30/23 | 793,548 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
(SOFRINDX + 0.340%) | ||||||||||||||
819,000 | 4.839 | (a) | 10/07/24 | 816,575 | ||||||||||
(SOFRINDX + 0.440%) | ||||||||||||||
2,000,000 | 4.977 | (a) | 01/21/25 | 1,993,278 | ||||||||||
Societe Generale SA(b) (France) | ||||||||||||||
1,133,000 | 4.250 | 09/14/23 | 1,123,945 | |||||||||||
Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan) | ||||||||||||||
(SOFR + 0.440%) | ||||||||||||||
1,854,000 | 4.851 | 09/16/24 | 1,847,172 | |||||||||||
Swedbank AB(b) (Sweden) | ||||||||||||||
700,000 | 1.300 | 06/02/23 | 692,877 | |||||||||||
|
|
88 | 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) | ||||||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
(SOFR + 0.910%) | ||||||||||||||
$ | 781,000 | 5.274 | %(a) | 03/08/24 | $ | 784,355 | ||||||||
(SOFR + 0.410%) | ||||||||||||||
4,000,000 | 4.911 | (a) | 01/10/25 | 3,984,039 | ||||||||||
Toronto-Dominion Bank (The)(a) (Canada) | ||||||||||||||
(SOFR + 0.355%) | ||||||||||||||
1,000,000 | 4.931 | 03/04/24 | 998,609 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
859,000 | 3.250 | 03/11/24 | 840,407 | |||||||||||
UBS AG/London (Switzerland) | ||||||||||||||
(SOFR + 0.360%) | ||||||||||||||
702,000 | 4.935 | (a)(b) | 02/09/24 | 700,786 | ||||||||||
(SOFR + 0.450%) | ||||||||||||||
769,000 | 5.025 | (a)(b) | 08/09/24 | 766,033 | ||||||||||
(SOFR + 0.470%) | ||||||||||||||
3,500,000 | 4.984 | (a)(b) | 01/13/25 | 3,484,574 | ||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
2,567,000 | 5.350 | 10/18/24 | 2,572,571 | |||||||||||
(SOFR + 0.300%) | ||||||||||||||
1,186,000 | 4.875 | (a) | 11/18/24 | 1,183,718 | ||||||||||
|
| |||||||||||||
68,066,542 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.1% | ||||||||||||||
| Siemens Financieringsmaatschappij NV(a) (b) (Germany) (SOFR + | | ||||||||||||
620,000 | 4.814 | 03/11/24 | 619,934 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.7% | ||||||||||||||
BMW US Capital LLC (Germany) | ||||||||||||||
(SOFRINDX + 0.530%) | ||||||||||||||
710,000 | 5.010 | (a)(b) | 04/01/24 | 707,082 | ||||||||||
(SOFRINDX + 0.840%) | ||||||||||||||
1,231,000 | 5.320 | (a)(b) | 04/01/25 | 1,226,654 | ||||||||||
Mercedes-Benz Finance North America LLC(b) (Germany) | ||||||||||||||
1,000,000 | 1.750 | 03/10/23 | 999,131 | |||||||||||
Volkswagen Group of America Finance LLC(a)(b) (Germany) | ||||||||||||||
(SOFR + 0.950%) | ||||||||||||||
1,000,000 | 5.289 | 06/07/24 | 998,386 | |||||||||||
|
| |||||||||||||
3,931,253 | ||||||||||||||
|
| |||||||||||||
Energy – 0.8% | ||||||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
726,000 | 0.550 | 10/04/23 | 705,151 | |||||||||||
(SOFRINDX + 0.630%) | ||||||||||||||
344,000 | 5.205 | (a) | 02/16/24 | 341,819 | ||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
3,000,000 | 3.750 | 10/16/23 | 2,968,565 | |||||||||||
|
| |||||||||||||
4,015,535 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.0% | ||||||||||||||
Coca-Cola Europacific Partners PLC(b) (United Kingdom) | ||||||||||||||
1,917,000 | 0.500 | 05/05/23 | 1,900,058 | |||||||||||
Danone SA(b) (France) | ||||||||||||||
3,000,000 | 2.589 | 11/02/23 | 2,938,951 | |||||||||||
Heineken NV(b) (Netherlands) | ||||||||||||||
298,000 | 2.750 | 04/01/23 | 297,186 | |||||||||||
|
| |||||||||||||
5,136,195 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Wireless – 0.1% | ||||||||||||||
NTT Finance Corp.(b) (Japan) | ||||||||||||||
762,000 | 0.373 | 03/03/23 | 762,000 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $82,939,549) | $ | 82,531,459 | ||||||||||||
|
| |||||||||||||
Certificate of Deposits – 6.3%(c) | ||||||||||||||
Banco Santander SA (SOFR + 0.490%) | ||||||||||||||
$ | 2,000,000 | 5.040 | % | 02/09/24 | $ | 2,000,800 | ||||||||
Barclays Bank PLC (SOFR + 0.700%) | ||||||||||||||
2,300,000 | 5.250 | 10/04/23 | 2,306,118 | |||||||||||
BNP Paribas | ||||||||||||||
2,403,000 | 5.430 | 02/16/24 | 2,401,750 | |||||||||||
Commonwealth Bank of Australia (SOFR + 0.400%) | ||||||||||||||
2,579,000 | 5.530 | 11/22/23 | 2,581,889 | |||||||||||
1,123,000 | 4.950 | 01/29/24 | 1,123,685 | |||||||||||
Cooperatieve Rabobank UA (SOFR + 0.670%) | ||||||||||||||
1,175,000 | 5.220 | 11/07/23 | 1,178,466 | |||||||||||
Credit Industriel et Commercial (SOFR + 0.560%) | ||||||||||||||
2,084,000 | 5.110 | 05/30/23 | 2,084,090 | |||||||||||
Landesbank Baden-Wuerttemberg/New York | ||||||||||||||
2,437,000 | 5.220 | 01/17/24 | 2,431,955 | |||||||||||
Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) | ||||||||||||||
1,395,000 | 5.090 | 01/31/24 | 1,389,200 | |||||||||||
National Bank of Kuwait | ||||||||||||||
1,356,700 | 4.880 | 03/20/23 | 1,356,809 | |||||||||||
Nordea Bank Abp (SOFR + 0.610%) | ||||||||||||||
3,990,000 | 5.160 | 01/04/24 | 4,002,808 | |||||||||||
Skandinaviska Enskilda Banken AB (SOFR + 0.680%) | ||||||||||||||
2,000,000 | 5.230 | 08/18/23 | 2,004,874 | |||||||||||
Standard Chartered Bank (SOFR + 0.420%) | ||||||||||||||
1,972,000 | 4.970 | 07/28/23 | 1,970,476 | |||||||||||
Sumitomo Mitsui Banking Corp. (SOFR + 0.950%) | ||||||||||||||
1,278,000 | 5.500 | 10/25/23 | 1,283,749 | |||||||||||
Sumitomo Mitsui Banking Corp. New York Branch | ||||||||||||||
2,000,000 | 5.000 | 10/06/23 | 1,996,060 | |||||||||||
Svenska Handelsbanken (SOFR + 0.570%) | ||||||||||||||
2,436,000 | 5.120 | 01/09/24 | 2,442,236 | |||||||||||
Toronto Dominion Bank | ||||||||||||||
814,000 | 4.070 | 07/18/23 | 810,996 | |||||||||||
|
| |||||||||||||
TOTAL CERTIFICATE OF DEPOSITS | ||||||||||||||
(Cost $33,342,125) | $ | 33,365,961 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 5.0%(c) | ||||||||||||||
U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.160%) | ||||||||||||||
$ | 7,829,600 | 4.843 | % | 10/31/23 | $ | 7,827,344 | ||||||||
700,000 | 4.793 | 01/31/24 | 699,785 | |||||||||||
18,264,000 | 4.948 | 10/31/24 | 18,271,858 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $26,761,452) | $ | 26,798,987 | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
U.S. Government Agency Obligations – 2.9%(c) | ||||||||||||||
Federal Farm Credit Banks Funding Corp. | ||||||||||||||
$ | 2,095,000 | 5.070 | % | 01/11/24 | $ | 2,090,095 | ||||||||
Federal Home Loan Bank Discount Notes | ||||||||||||||
660,000 | 4.881 | 07/26/23 | 646,077 | |||||||||||
Federal Home Loan Banks | ||||||||||||||
1,460,000 | 4.660 | 11/14/23 | 1,453,145 | |||||||||||
600,000 | 4.660 | 11/15/23 | 597,523 | |||||||||||
600,000 | 4.670 | 11/17/23 | 597,342 | |||||||||||
600,000 | 4.680 | 11/29/23 | 597,448 | |||||||||||
2,550,000 | 5.000 | 02/21/24 | 2,538,649 | |||||||||||
1,885,000 | 5.000 | 02/21/24 | 1,876,458 | |||||||||||
5,230,000 | 5.165 | 03/08/24 | 5,209,346 | |||||||||||
|
| |||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | ||||||||||||||
(Cost $15,662,143) | $ | 15,606,083 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||||
Investment Company – 0.2%(d) | ||||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||||
967,623 | 4.475 | % | $ | 967,623 | ||||||
(Cost $967,623) | ||||||||||
|
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Short-Term Investments – 8.5% | ||||||||||||||
Commercial Paper – 8.5% | ||||||||||||||
American Electric Power Co., Inc. | ||||||||||||||
$ | 1,269,000 | 5.358 | % | 07/20/23 | $ | 1,242,795 | ||||||||
Bank of Nova Scotia | ||||||||||||||
1,214,000 | 5.599 | 10/10/23 | 1,174,424 | |||||||||||
3,951,000 | 5.581 | 02/09/24 | 3,746,180 | |||||||||||
BASF SE | ||||||||||||||
1,290,000 | 5.787 | 12/18/23 | 1,233,756 | |||||||||||
BAT International Finance PLC | ||||||||||||||
2,196,000 | 5.174 | 05/08/23 | 2,174,984 | |||||||||||
BofA Securities, Inc. | ||||||||||||||
964,000 | 5.440 | 02/08/24 | 962,563 | |||||||||||
Citigroup Global Markets, Inc.(a) (SOFR + 0.650%) | ||||||||||||||
1,093,000 | 5.200 | 09/21/23 | 1,094,366 | |||||||||||
DNB Bank ASA | ||||||||||||||
2,731,000 | 5.450 | 11/22/23 | 2,626,157 | |||||||||||
EIDP, Inc. | ||||||||||||||
2,228,000 | 4.901 | 05/01/23 | 2,208,706 | |||||||||||
Entergy Corp. | ||||||||||||||
1,337,000 | 4.991 | 04/24/23 | 1,327,026 | |||||||||||
Federation des Caisses Desjardins du Quebec | ||||||||||||||
2,365,000 | 5.452 | 02/14/24 | 2,246,183 | |||||||||||
HP, Inc. | ||||||||||||||
2,090,000 | 5.309 | 04/24/23 | 2,074,283 | |||||||||||
Lloyds Bank Corporate Markets PLC | ||||||||||||||
2,718,000 | 5.520 | 02/14/24 | 2,716,614 | |||||||||||
Macquarie Bank Ltd. | ||||||||||||||
1,500,000 | 5.366 | 08/01/23 | 1,467,810 | |||||||||||
|
| |||||||||||||
Short-Term Investments – (continued) | ||||||||||||||
Commercial Paper – (continued) | ||||||||||||||
MetLife Short Term Funding LLC | ||||||||||||||
2,514,000 | 4.332 | % | 09/01/23 | 2,449,089 | ||||||||||
Nordea Bank Abp(a) (SOFR + 0.450%) | ||||||||||||||
1,238,000 | 5.000 | 01/18/24 | 1,240,414 | |||||||||||
Royal Bank Of Canada | ||||||||||||||
722,000 | 4.139 | 07/14/23 | 708,751 | |||||||||||
Societe Generale SA | ||||||||||||||
2,716,000 | 5.536 | 11/15/23 | 2,614,286 | |||||||||||
1,355,000 | 5.413 | 02/09/24 | 1,285,678 | |||||||||||
Suncor Energy, Inc. | ||||||||||||||
8,368,000 | 5.121 | 04/18/23 | 8,311,934 | |||||||||||
Thunder Bay Funding LLC | ||||||||||||||
1,324,000 | 5.254 | 05/17/23 | 1,310,389 | |||||||||||
Westpac Banking Corp. | ||||||||||||||
1,279,000 | 5.395 | 02/20/24 | 1,277,133 | |||||||||||
|
| |||||||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||||
(Cost $45,509,596) | $ | 45,493,521 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.1% | ||||||||||||||
(Cost $533,106,272) | $ | 528,134,442 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | | 4,779,379 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 532,913,821 | ||||||||||||
|
|
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 February 28, 2023. | |
(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 | |
|
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
February 28, 2023 (Unaudited)
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 $50,118,769, $156,982,937, $140,959,922 and $4,765,810, respectively) | $ | 46,848,272 | $ | 145,627,297 | $ | 121,620,509 | $ | 4,486,854 | ||||||||||
Investments in affiliated issuers, at value (cost $423,537, $2,193,329, $483,302 and $—, respectively) | 423,537 | 2,193,329 | 483,302 | — | ||||||||||||||
Cash | 72,163 | 205,683 | 36,271 | 23,250 | ||||||||||||||
Foreign currency, at value (cost $81, $—, $— and $—, respectively) | 84 | — | — | — | ||||||||||||||
Receivables: | ||||||||||||||||||
Dividends and interest | 702,034 | 2,298,777 | 102,168 | 42,291 | ||||||||||||||
Reimbursement from investment adviser | 103,728 | — | — | 2,621 | ||||||||||||||
Investments sold | — | — | 6,212,991 | 298,642 | ||||||||||||||
Fund shares sold | — | 10,643,430 | — | — | ||||||||||||||
Total assets | 48,149,818 | 160,968,516 | 128,455,241 | 4,853,658 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Management fees | 107,750 | 36,182 | 11,247 | — | ||||||||||||||
Investments purchased | — | 11,948,347 | 6,454,743 | 279,778 | ||||||||||||||
Fund shares redeemed | — | 15,356 | — | — | ||||||||||||||
Total liabilities | 107,750 | 11,999,885 | 6,465,990 | 279,778 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 56,108,890 | 167,242,564 | 149,540,714 | 5,787,042 | ||||||||||||||
Total distributable loss | (8,066,822 | ) | (18,273,933 | ) | (27,551,463 | ) | (1,213,162 | ) | ||||||||||
NET ASSETS | $ | 48,042,068 | $ | 148,968,631 | $ | 121,989,251 | $ | 4,573,880 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 1,200,000 | 3,500,000 | 2,500,000 | 100,000 | ||||||||||||||
Net asset value per share: | $ | 40.04 | $ | 42.56 | $ | 48.80 | $ | 45.74 |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
February 28, 2023 (Unaudited)
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 $697,359,492, $5,361,252,361, $460,672,784 and $532,138,649, respectively) | $ | 606,633,750 | $ | 5,355,581,460 | $ | 425,412,439 | $ | 527,166,819 | ||||||||||
Investments in affiliated issuers, at value (cost $2,701,652, $—, $52,598,766 and $967,623, respectively) | 2,701,652 | — | 52,598,766 | 967,623 | ||||||||||||||
Cash | — | 366,996 | 2,103,367 | 779,350 | ||||||||||||||
Receivables: | ||||||||||||||||||
Fund shares sold | 35,609,318 | 8,991,938 | — | — | ||||||||||||||
Dividends and interest | 6,681,135 | 374,391 | 1,848,761 | 2,348,938 | ||||||||||||||
Investments sold | 54,140 | 1,230,663,763 | 34,453,045 | 10,244,301 | ||||||||||||||
Collateral on certain derivative contracts | — | — | 4,810,000 | — | ||||||||||||||
Reimbursement from investment adviser | — | 73,625 | — | 14,358 | ||||||||||||||
Total assets | 651,679,995 | 6,596,052,173 | 521,226,378 | 541,521,389 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 35,511,092 | 1,239,903,017 | 84,874,066 | 4,784,985 | ||||||||||||||
Management fees | 62,931 | 515,377 | 39,210 | 78,434 | ||||||||||||||
Due to custodian | 4,140 | — | — | — | ||||||||||||||
Fund shares redeemed | — | — | — | 3,744,149 | ||||||||||||||
Forward sales contracts, at value (proceeds receivable $—, $—, $18,165,742 and $—) | — | — | 13,035,625 | — | ||||||||||||||
Total liabilities | 35,578,163 | 1,240,418,394 | 97,948,901 | 8,607,568 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 733,376,321 | 5,354,377,378 | 481,320,459 | 538,607,947 | ||||||||||||||
Total distributable earnings (loss) | (117,274,489 | ) | 1,256,401 | (58,042,982 | ) | (5,694,126 | ) | |||||||||||
NET ASSETS | $ | 616,101,832 | $ | 5,355,633,779 | $ | 423,277,477 | $ | 532,913,821 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 13,850,000 | 53,600,000 | 10,250,000 | 10,675,000 | ||||||||||||||
Net asset value per share: | $44.48 | $99.92 | $41.30 | $49.92 |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Six Months Ended February 28, 2023 (Unaudited)
Access Emerging Markets USD Bond ETF | Access High Yield Corporate Bond ETF | Access Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | |||||||||||||||
Investment income: |
| |||||||||||||||||
Interest | $ | 1,279,424 | $ | 3,793,708 | $ | (516,510 | ) | $ | 81,364 | |||||||||
Dividends from Affiliated Underlying Funds | 4,486 | 46,914 | 6,131 | 456 | ||||||||||||||
Total investment income (loss) | 1,283,910 | 3,840,622 | (510,379 | ) | 81,820 | |||||||||||||
Expenses: |
| |||||||||||||||||
Management fees | 91,553 | 209,163 | 74,470 | — | ||||||||||||||
Trustee fees | 1,403 | 8,355 | 8,783 | 4,596 | ||||||||||||||
Total expenses | 92,956 | 217,518 | 83,253 | 4,596 | ||||||||||||||
Less — expense reductions | (88,514 | ) | (2,118 | ) | (294 | ) | (25 | ) | ||||||||||
Net expenses | 4,442 | 215,400 | 82,959 | 4,571 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,279,468 | 3,625,222 | (593,338 | ) | 77,249 | |||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | (536,996 | ) | (447,498 | ) | (2,378,427 | ) | (42,621 | ) | ||||||||||
In-kind redemptions | — | (4,788,193 | ) | (3,592,851 | ) | (734,943 | ) | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | 930,211 | 4,963,533 | (213,193 | ) | 671,429 | |||||||||||||
Foreign currency translations | 4 | — | — | — | ||||||||||||||
Net realized and unrealized gain (loss) | 393,219 | (272,158 | ) | (6,184,471 | ) | (106,135 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,672,687 | $ | 3,353,064 | $ | (6,777,809 | ) | $ | (28,886 | ) |
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2023 (Unaudited)
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 | $ | 9,696,653 | $ | 76,015,950 | $ | 5,350,409 | $ | 9,510,313 | ||||||||||
Dividends from Affiliated Underlying Funds | 29,794 | — | 1,369,420 | 262,920 | ||||||||||||||
Total investment income | 9,726,447 | 76,015,950 | 6,719,829 | 9,773,233 | ||||||||||||||
Expenses: |
| |||||||||||||||||
Management fees | 374,462 | 2,857,031 | 280,203 | 501,939 | ||||||||||||||
Trustee fees | 17,660 | 77,626 | 14,289 | 15,878 | ||||||||||||||
Total expenses | 392,122 | 2,934,657 | 294,492 | 517,817 | ||||||||||||||
Less — expense reductions | (1,341 | ) | (419,237 | ) | (63,519 | ) | (114,863 | ) | ||||||||||
Net expenses | 390,781 | 2,515,420 | 230,973 | 402,954 | ||||||||||||||
NET INVESTMENT INCOME | 9,335,666 | 73,500,530 | 6,488,856 | 9,370,279 | ||||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | (1,965,232 | ) | (3,639,028 | ) | (17,300,380 | ) | (967,669 | ) | ||||||||||
In-kind redemptions | (20,029,441 | ) | (1,050,303 | ) | (283,693 | ) | — | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | 99,168 | (595,575 | ) | (3,927,326 | ) | 560,395 | ||||||||||||
Forward Sales Contracts | — | — | 5,130,117 | — | ||||||||||||||
Net realized and unrealized loss | (21,895,505 | ) | (5,284,906 | ) | (16,381,282 | ) | (407,274 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (12,559,839 | ) | $ | 68,215,624 | $ | (9,892,426 | ) | $ | 8,963,005 |
94 | 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 Six Months Ended February 28, 2023 (Unaudited) | For the Period February 15, 2022* to August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 1,279,468 | $ | 1,656,363 | $ | 3,625,222 | $ | 8,411,692 | ||||||||||||||
Net realized loss | (536,996 | ) | (7,031,328 | ) | (5,235,691 | ) | (7,310,869 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 930,215 | (4,200,708 | ) | 4,963,533 | (22,228,548 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,672,687 | (9,575,673 | ) | 3,353,064 | (21,127,725 | ) | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (1,249,935 | ) | (1,465,872 | ) | (3,787,458 | ) | (8,962,167 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 15,157,070 | 80,817,061 | 48,882,862 | 114,021,025 | ||||||||||||||||||
Cost of shares redeemed | — | (37,313,270 | ) | (33,989,191 | ) | (181,256,065 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 15,157,070 | 43,503,791 | 14,893,671 | (67,235,040 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) | 15,579,822 | 32,462,246 | 14,459,277 | (97,324,932 | ) | |||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 32,462,246 | $ | — | $ | 134,509,354 | $ | 231,834,286 | ||||||||||||||
End of period | $ | 48,042,068 | $ | 32,462,246 | $ | 148,968,631 | $ | 134,509,354 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 95 |
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 Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income (loss) | $ | (593,338 | ) | $ | 11,658,250 | $ | 77,249 | $ | 266,263 | |||||||||||||
Net realized loss | (5,971,278 | ) | (883,447 | ) | (777,564 | ) | (568,392 | ) | ||||||||||||||
Net change in unrealized gain (loss) | (213,193 | ) | (22,100,414 | ) | 671,429 | (1,047,201 | ) | |||||||||||||||
Net decrease in net assets resulting from operations | (6,777,809 | ) | (11,325,611 | ) | (28,886 | ) | (1,349,330 | ) | ||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (2,307,172 | ) | (10,540,936 | ) | (99,914 | ) | (290,343 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 9,689,154 | 93,221,061 | — | 9,666,322 | ||||||||||||||||||
Cost of shares redeemed | (43,986,966 | ) | (52,293,928 | ) | (11,559,764 | ) | (21,931,891 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (34,297,812 | ) | 40,927,133 | (11,559,764 | ) | (12,265,569 | ) | |||||||||||||||
TOTAL INCREASE (DECREASE) | (43,382,793 | ) | 19,060,586 | (11,688,564 | ) | (13,905,242 | ) | |||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 165,372,044 | $ | 146,311,458 | $ | 16,262,444 | $ | 30,167,686 | ||||||||||||||
End of period | $ | 121,989,251 | $ | 165,372,044 | $ | 4,573,880 | $ | 16,262,444 |
96 | 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 Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 9,335,666 | $ | 18,155,167 | $ | 73,500,530 | $ | 11,318,812 | ||||||||||||||
Net realized loss | (21,994,673 | ) | (23,226,589 | ) | (4,689,331 | ) | (4,211,303 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 99,168 | (114,811,678 | ) | (595,575 | ) | (5,114,563 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (12,559,839 | ) | (119,883,100 | ) | 68,215,624 | 1,992,946 | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (9,434,478 | ) | (18,399,303 | ) | (61,803,081 | ) | (6,806,393 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 133,196,042 | 311,310,364 | 3,328,440,177 | 2,207,541,510 | ||||||||||||||||||
Cost of shares redeemed | (129,629,510 | ) | (314,616,517 | ) | (1,066,280,417 | ) | (973,326,888 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 3,566,532 | (3,306,153 | ) | 2,262,159,760 | 1,234,214,622 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (18,427,785 | ) | (141,588,556 | ) | 2,268,572,303 | 1,229,401,175 | ||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 634,529,617 | $ | 776,118,173 | $ | 3,087,061,476 | $ | 1,857,660,301 | ||||||||||||||
End of period | $ | 616,101,832 | $ | 634,529,617 | $ | 5,355,633,779 | $ | 3,087,061,476 |
The accompanying notes are an integral part of these financial statements. | 97 |
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 Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 6,488,856 | $ | 4,477,355 | $ | 9,370,279 | $ | 4,094,472 | ||||||||||||||
Net realized loss | (17,584,073 | ) | (11,130,499 | ) | (967,669 | ) | (195,941 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 1,202,791 | (30,653,086 | ) | 560,395 | (6,100,886 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,892,426 | ) | (37,306,230 | ) | 8,963,005 | (2,202,355 | ) | |||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (6,163,593 | ) | (3,918,777 | ) | (8,930,647 | ) | (4,021,476 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 14,522,579 | 254,499,846 | 99,373,908 | 290,217,807 | ||||||||||||||||||
Cost of shares redeemed | (8,293,691 | ) | — | (69,689,003 | ) | (111,670,925 | ) | |||||||||||||||
Net increase in net assets resulting from share transactions | 6,228,888 | 254,499,846 | 29,684,905 | 178,546,882 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) | (9,827,131 | ) | 213,274,839 | 29,717,263 | 172,323,051 | |||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 433,104,608 | $ | 219,829,769 | $ | 503,196,558 | $ | 330,873,507 | ||||||||||||||
End of period | $ | 423,277,477 | $ | 433,104,608 | $ | 532,913,821 | $ | 503,196,558 |
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
102 | 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
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
February 28, 2023 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs 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 |
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.
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
107
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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. For treasury inflation indexed securities, adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. During the six months ended February 28, 2023, the Access Inflation Protected USD Bond ETF recorded net negative interest income primarily as a result of premium amortization exceeding accrued interest income. 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 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).
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.
108
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
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. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
iii. 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.
iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. 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 Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
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.
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
109
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
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 classified in the fair value hierarchy as of February 28, 2023:
ACCESS EMERGING MARKETS USD BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Sovereign Debt Obligations | $ | — | $ | 40,829,660 | $ | — | ||||||
Corporate Obligations | — | 6,018,612 | — | |||||||||
Investment Company | 423,537 | — | — | |||||||||
Total | $ | 423,537 | $ | 46,848,272 | $ | — | ||||||
ACCESS HIGH YIELD CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | — | 136,754,087 | — | |||||||||
Foreign Corporate Debt | — | 8,873,210 | — | |||||||||
Investment Company | 2,193,329 | — | — | |||||||||
Total | $ | 2,193,329 | $ | 145,627,297 | $ | — | ||||||
ACCESS INFLATION PROTECTED USD BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
U.S. Treasury Inflation Indexed Bonds | $ | 121,620,509 | $ | — | $ | — | ||||||
Investment Company | 483,302 | — | — | |||||||||
Total | $ | 122,103,811 | $ | — | $ | — |
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 3,952,550 | $ | — | ||||||
Foreign Corporate Debt | — | 534,304 | — | |||||||||
Total | $ | — | $ | 4,486,854 | $ | — | ||||||
ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 483,791,574 | $ | — | ||||||
Foreign Corporate Debt | — | 122,842,176 | — | |||||||||
Investment Company | 2,701,652 | — | — | |||||||||
Total | $ | 2,701,652 | $ | 606,633,750 | $ | — | ||||||
ACCESS TREASURY 0-1 YEAR ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Bills | $ | 4,357,212,595 | $ | — | $ | — | ||||||
U.S. Treasury Notes | 998,368,865 | — | — | |||||||||
Total | $ | 5,355,581,460 | $ | — | $ | — | ||||||
ACCESS U.S. AGGREGATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Notes | 133,274,735 | — | — | |||||||||
Mortgage-Backed Securities | — | 125,312,465 | — | |||||||||
Corporate Obligations | — | 84,060,555 | — | |||||||||
U.S. Treasury Bonds | 32,628,288 | — | — | |||||||||
Foreign Corporate Debt | — | 22,005,861 | — | |||||||||
U.S. Treasury Obligations | 19,187,282 | — | — | |||||||||
Sovereign Debt Obligations | 202,627 | 8,740,626 | — | |||||||||
Investment Company | 52,598,766 | — | — | |||||||||
Total | $ | 237,891,698 | $ | 240,119,507 | $ | — | ||||||
Liabilities | ||||||||||||
Forward Sales Contracts | — | (13,035,625 | ) | — |
111
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
ACCESS ULTRA SHORT BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 117,045,849 | $ | — | ||||||
Mortgage-Backed Securities | — | 103,485,075 | — | |||||||||
Asset- Backed Securities | — | 102,839,884 | — | |||||||||
Foreign Corporate Debt | — | 82,531,459 | — | |||||||||
Commercial Paper | — | 45,493,521 | — | |||||||||
Certificate of Deposits | — | 33,365,961 | — | |||||||||
U.S. Treasury Notes | 26,798,987 | — | — | |||||||||
U.S. Government Agency Obligations | — | 15,606,083 | — | |||||||||
Investment Company | 967,623 | — | — | |||||||||
Total | $ | 27,766,610 | $ | 500,367,832 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
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 six months ended February 28, 2023, 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 | % | 0.02 | % | ||||||
Access High Yield Corporate Bond ETF | 0.34 | % | 0.34 | % | ||||||
Access Inflation Protected USD Bond ETF | 0.12 | % | 0.12 | % | ||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 0.14 | % | 0.14 | % | ||||||
Access Investment Grade Corporate Bond ETF | 0.14 | % | 0.14 | % | ||||||
Access Treasury 0-1 Year ETF | 0.14 | % | 0.12 | % | ||||||
Access U.S. Aggregate Bond ETF | 0.14 | % | 0.11 | % | ||||||
Access Ultra Short Bond ETF | 0.20 | % | 0.16 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
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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 0.39%, 0.12%, 0.10% 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, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2023 for Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF and through at least February 17, 2025 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. Prior to February 17, 2023, GSAM agreed to waive 100% of its management fee of the Access Emerging Markets USD Bond ETF. For the six months ended February 28, 2023, GSAM waived $88,514, $419,237 and $103,563 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 six months ended February 28, 2023, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived | |||||
Access Emerging Markets USD Bond ETF | $ | — | ||||
Access High Yield Corporate Bond ETF | 2,118 | |||||
Access Inflation Protected USD Bond ETF | 294 | |||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 25 | |||||
Access Investment Grade Corporate Bond ETF | 1.341 | |||||
Access U.S. Aggregate Bond ETF | 63,519 | |||||
Access Ultra Short Bond ETF | 11,300 |
B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2023 | Shares as of February 28, 2023 | Dividend Income | ||||||||||||||||||
Access Emerging Markets USD Bond ETF | $ | 483,412 | $ | 1,593,441 | $ | (1,653,316 | ) | $ | 423,537 | $ | 423,537 | $ | 4,486 | |||||||||||
Access High Yield Corporate Bond ETF | 3,157,357 | 9,219,326 | (10,183,354 | ) | 2,193,329 | 2,193,329 | 46,914 | |||||||||||||||||
Access Inflation Protected USD Bond ETF | 350,717 | 2,669,364 | (2,536,779 | ) | 483,302 | 483,302 | 6,131 | |||||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 155,769 | 239,961 | (395,730 | ) | — | — | 456 | |||||||||||||||||
Access Investment Grade Corporate Bond ETF | 1,956,966 | 18,475,672 | (17,730,986 | ) | 2,701,652 | 2,701,652 | 29,794 | |||||||||||||||||
Access U.S. Aggregate Bond ETF | 99,745,844 | 30,264,257 | (77,411,335 | ) | 52,598,766 | 52,598,766 | 1,369,420 | |||||||||||||||||
Access Ultra Short Bond ETF | 4,270,757 | 214,127,343 | (217,430,477 | ) | 967,623 | 967,623 | 262,920 |
113
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 Six Months Ended February 28, 2023 (Unaudited) | For the Period February 15, 2022* to August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 400,000 | $ | 15,125,410 | 1,700,000 | $ | 80,549,718 | ||||||||||
Shares Redeemed | — | — | (900,000 | ) | (37,275,101 | ) | ||||||||||
NET INCREASE IN SHARES | 400,000 | $ | 15,125,410 | 800,000 | $ | 43,274,617 |
* | Commencement of operations. |
Access High Yield Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 1,150,000 | $ | 48,868,928 | 2,450,000 | $ | 114,019,983 | ||||||||||
Shares Redeemed | (800,000 | ) | (33,932,379 | ) | (3,900,000 | ) | (181,106,517 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES | 350,000 | $ | 14,936,549 | 1,500,000 | $ | 73,493,353 |
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5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access Inflation Protected USD Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 200,000 | $ | 9,689,154 | 1,625,000 | $ | 93,221,061 | ||||||||||
Shares Redeemed | (900,000 | ) | (43,986,967 | ) | (925,000 | ) | (52,293,928 | ) | ||||||||
NET INCREASE IN SHARES | (700,000 | ) | $ | (34,297,813 | ) | 400,000 | $ | 21,535,812 |
Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 200,000 | $ | 9,653,124 | ||||||||||
Shares Redeemed | (250,000 | ) | (11,557,166 | ) | (450,000 | ) | (21,925,146 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES | (250,000 | ) | $ | (11,557,166 | ) | 550,000 | $ | 27,483,763 |
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,950,000 | $ | 133,196,042 | 6,200,000 | $ | 311,310,364 | ||||||||||
Shares Redeemed | (2,950,000 | ) | (129,629,510 | ) | (6,400,000 | ) | (314,616,517 | ) | ||||||||
NET INCREASE IN SHARES | — | $ | 3,566,532 | (200,000 | ) | $ | (3,306,153 | ) |
Access Treasury 0-1 Year ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 33,370,000 | $ | 3,328,440,177 | 22,100,000 | $ | 2,207,541,510 | ||||||||||
Shares Redeemed | (10,690,000 | ) | (1,066,280,417 | ) | (9,740,000 | ) | (973,326,888 | ) | ||||||||
NET INCREASE/DECREASE IN SHARES | 22,680,000 | $ | 2,262,159,760 | 12,360,000 | $ | 1,234,214,622 |
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access U.S. Aggregate Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 350,000 | $ | 14,522,579 | 5,650,000 | $ | 254,499,846 | ||||||||||
Shares Redeemed | (200,000 | ) | (8,293,691 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 150,000 | $ | 6,228,888 | 5,650,000 | $ | 254,499,846 |
Access Ultra Short Bond ETF | ||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,000,000 | $ | 99,373,908 | 5,775,000 | $ | 290,217,807 | ||||||||||
Shares Redeemed | (1,400,000 | ) | (69,689,003 | ) | (2,225,000 | ) | (111,670,925 | ) | ||||||||
NET INCREASE IN SHARES | 600,000 | $ | 29,684,905 | 3,550,000 | $ | 178,546,882 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2023, 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 | $ | — | $ | — | $ | 16,050,218 | $ | 1,075,806 | ||||||||
Access High Yield Corporate Bond ETF | — | — | 57,841,457 | 8,037,197 | ||||||||||||
Access Inflation Protected USD Bond ETF | 16,601,305 | 16,690,163 | — | — | ||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | — | 1,242,850 | 1,236,338 | ||||||||||||
Access Investment Grade Corporate Bond ETF | — | — | 142,439,976 | 21,894,636 | ||||||||||||
Access U.S. Aggregate Bond ETF | 95,661,328 | 1,075,974,148 | 97,381,838 | 1,050,904,891 | ||||||||||||
Access Ultra Short Bond ETF | 18,863,718 | 104,802,425 | 7,709,472 | 125,490,452 |
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6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, 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 | $ | — | $ | — | ||||||
Access High Yield Corporate Bond ETF | — | 33,131,773 | ||||||||
Access Inflation Protected USD Bond ETF | 9,653,059 | 43,883,568 | ||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | 11,278,974 | ||||||||
Access Investment Grade Corporate Bond ETF | — | 116,152,858 | ||||||||
Access U.S. Aggregate Bond ETF | — | 4,443,919 | ||||||||
Access Ultra Short Bond ETF | — | — |
7. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:
Access Emerging Markets USD Bond ETF | Access High Yield Corporate Bond ETF | Access 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 Bond ETF | Access Bond ETF | |||||||||||||||||||||||||
Capital loss carryforwards: 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 | ) |
As of February 28, 2023, 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 | $ | 50,564,036 | $ | 159,470,702 | $ | 141,946,334 | $ | 4,770,817 | $ | 700,985,911 | $ | 5,361,295,633 | $ | 513,383,836 | $ | 533,135,223 | ||||||||||||||||
Gross unrealized gain | 767,784 | 971,924 | 51,356 | 1,129 | 335,870 | 53,119 | 875,573 | 396,232 | ||||||||||||||||||||||||
Gross unrealized loss | (4,060,012 | ) | (12,622,000 | ) | (19,893,879 | ) | (285,091 | ) | (91,986,379 | ) | (5,767,292 | ) | (36,248,204 | ) | (5,397,013 | ) | ||||||||||||||||
Net unrealized gains (losses) on securities | $ | (3,292,227 | ) | $ | (11,650,076 | ) | $ | (19,842,523 | ) | $ | (283,963 | ) | $ | (91,650,509 | ) | $ | (5,714,173 | ) | $ | (35,372,631 | ) | $ | (5,000,781 | ) |
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.
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.
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. 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, 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
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8. OTHER RISKS (continued) |
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 is new and has 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. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
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
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
9. INDEMNIFICATIONS |
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.
10. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited)
Background
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, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and (except for the Goldman Sachs Access Emerging Markets USD Bond ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests, to the extent that a Fund had been existence for at least one year; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data (except for the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations in 2022) provided by the Outside Data Provider, its processes in producing that data for the Fund; |
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
(f) | the undertakings of the Investment Adviser to implement fee waivers (except for the Goldman Sachs Access Emerging Markets USD 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); |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (except for the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations in 2022) to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 Funds and their service providers 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, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider, except for the Goldman Sachs Access Ultra Short Bond ETF, which is an actively managed ETF that does not seek to replicate the
123
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
performance of a specified index. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund (except the Goldman Sachs Access Emerging Markets USD Bond ETF) to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser for each Fund using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on each Fund’s investment performance was provided for the one-, three- and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index (except for the Goldman Sachs Access Ultra Short Bond ETF), a comparable market capitalization-weighted reference index, and/or a composite of accounts with comparable investment strategies managed by the Investment Adviser, as applicable. The Trustees observed that the investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index. They also noted that the Goldman Sachs Access Ultra Short Bond ETF’s investment performance was consistent with its investment objective of seeking to provide current income with preservation of capital.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which the Goldman Sachs Access Ultra Short Bond ETF’s performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Goldman Sachs Access Ultra Short Bond ETF’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees noted that Goldman Sachs Access Emerging Markets USD Bond ETF had launched in 2022 and did not yet have a meaningful performance history.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Goldman Sachs Access Emerging Markets USD Bond ETF). The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
124
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
In addition, the Trustees considered the Investment Adviser’s undertakings to implement management fee waivers for the Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access Ultra Short Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices (except for the Goldman Sachs Access Ultra Short Bond ETF).
The Trustees reviewed each Fund’s (except for the Goldman Sachs Access Emerging Markets USD Bond ETF) contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2021 and 2020 (except for the Goldman Sachs Access Emerging Markets USD Bond ETF and 2021 only for the Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (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 Funds; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF
125
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued until September 30, 2023.
126
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Fund Expenses — Six Month Period Ended 2/28/2023 (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 September 1, 2022 and held for the entire six months ended February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 Bond ETF | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | |||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,017.93 | $ | 0.10 | $ | 1,000 | $ | 1,025.86 | $ | 1.69 | $ | 1,000 | $ | 958.01 | $ | 0.58 | $ | 1,000 | $ | 998.71 | $ | 0.69 | ||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,024.79 | + | 0.10 | 1,000 | 1,023.12 | + | 1.69 | 1,000 | 1,024.20 | + | 0.60 | 1,000 | 1,024.10 | + | 0.70 | ||||||||||||||||||||||||||||||||
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | |||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 987.25 | $ | 0.69 | $ | 1,000 | $ | 1,015.62 | $ | 0.60 | $ | 1,000 | $ | 977.19 | $ | 0.54 | $ | 1,000 | $ | 1,016.82 | $ | 0.78 | ||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,024.10 | + | 0.70 | 1,000 | 1,024.20 | + | 0.60 | 1,000 | 1,024.25 | + | 0.55 | 1,000 | 1,024.02 | + | 0.78 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
** | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2023. 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 | 0.02 | % | ||
Access High Yield Corporate Bond ETF | 0.34 | |||
Access Inflation Protected USD Bond ETF | 0.12 | |||
Access Investment Grade Corporate 1-5 Year Bond ETF | 0.14 | |||
Access Investment Grade Corporate Bond ETF | 0.14 | |||
Access Treasury 0-1 Year ETF | 0.12 | |||
Access U.S. Aggregate Bond ETF | 0.11 | |||
Access Ultra Short Bond ETF | 0.16 |
127
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 $2.30 trillion in assets under supervision as of December 31, 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 Defensive 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 Community Municipal 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 calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2023 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.
© 2023 Goldman Sachs. All rights reserved. 313753-OTU-1778986 04/2023 ACFIETFSAR-23
Goldman Sachs Funds
Semi-Annual Report | February 28, 2023 | |||
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) |
ActiveBeta® is a registered trademark of GSAM.
Goldman Sachs ActiveBeta® ETFs
∎ | 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 |
1 | ||||
5 | ||||
22 | ||||
85 | ||||
93 | ||||
93 | ||||
94 | ||||
95 | ||||
96 | ||||
97 | ||||
98 | ||||
99 | ||||
100 | ||||
101 | ||||
126 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs ActiveBeta® Equity ETFs
The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta® Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.
Market and Economic Review
U.S. Equities
• | Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000® Index generated a return of 1.51%. |
• | The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy. |
• | As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off. |
• | During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November. |
• | Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
• | There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) |
• | Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. |
• | Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. |
• | Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. |
• | On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there. |
• | The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
1
MARKET REVIEW
• | However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains. |
• | U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.) |
• | Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish. |
• | During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment. |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market. |
• | As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19. |
• | Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. |
• | International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally. |
• | In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year. |
• | In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. |
• | Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening. |
• | The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession. |
• | China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism. |
2
MARKET REVIEW
• | In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative. |
• | The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years. |
• | All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care. |
• | The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
• | As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows. |
• | Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices. |
• | The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels. |
• | Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market. |
• | In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so. |
• | Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022. |
• | In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports. |
• | November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors. |
• | The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions. |
3
MARKET REVIEW
• | The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off. |
• | The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities. |
• | The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
4
ActiveBeta® Emerging Markets Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 28.93 | ||||
Net Asset Value (NAV)1 | $ | 29.10 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Emerging Markets Equity Index3 | MSCI Emerging Markets Index4 | ||||||||||||||
Shares | -0.10 | % | 0.58 | % | 0.04 | % | -2.29 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7 | % | Information Technology | Taiwan | ||||||
Tencent Holdings Ltd. | 3.5 | Communication Services | China | |||||||
Samsung Electronics Co. Ltd. | 3.1 | Information Technology | South Korea | |||||||
Alibaba Group Holding Ltd. | 2.1 | Consumer Discretionary | China | |||||||
Vale SA | 0.9 | Materials | Brazil | |||||||
Infosys Ltd. | 0.9 | Information Technology | India | |||||||
Meituan, Class B | 0.9 | Consumer Discretionary | China | |||||||
Reliance Industries Ltd. | 0.8 | Energy | India | |||||||
China Construction Bank Corp., Class H | 0.8 | Financials | China | |||||||
Tata Consultancy Services Ltd. | 0.7 | Information Technology | India |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 |
February 28, 2023 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
ActiveBeta® Europe Equity ETF
as of February 28, 2023
FUND SNAPSHOT | ||||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 32.08 | ||||
Net Asset Value (NAV)1 | $ | 32.31 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Europe Equity Index3 | MSCI Europe Index4 | ||||||||||||||
Shares | 18.06 | % | 18.12 | % | 17.99 | % | 17.69 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees 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. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.6 | % | Consumer Staples | United States | ||||||
Novo Nordisk A/S, Class B | 2.4 | Health Care | Denmark | |||||||
ASML Holding NV | 2.2 | Information Technology | Netherlands | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 2.1 | Consumer Discretionary | France | |||||||
Roche Holding AG | 2.0 | Health Care | United States | |||||||
Shell PLC | 1.7 | Energy | Netherlands | |||||||
AstraZeneca PLC | 1.7 | Health Care | United Kingdom | |||||||
Novartis AG | 1.6 | Health Care | Switzerland | |||||||
TotalEnergies SE | 1.3 | Energy | France | |||||||
L’Oreal SA | 1.0 | Consumer Staples | France |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2023 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 0.7% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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.
8
FUND BASICS
ActiveBeta® International Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 30.24 | ||||
Net Asset Value (NAV)1 | $ | 30.35 |
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. |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Intl Equity Index3 | MSCI World ex USA Index4 | ||||||||||||||
Shares | 10.85 | % | 10.94 | % | 10.88 | % | 11.41 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.4 | % | Consumer Staples | United States | ||||||
Novo Nordisk A/S, Class B | 1.4 | Health Care | Denmark | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.3 | Consumer Discretionary | France | |||||||
Shell PLC | 1.2 | Energy | Netherlands | |||||||
Roche Holding AG | 1.2 | Health Care | United States | |||||||
ASML Holding NV | 1.0 | Information Technology | Netherlands | |||||||
Novartis AG | 0.9 | Health Care | Switzerland | |||||||
AstraZeneca PLC | 0.9 | Health Care | United Kingdom | |||||||
BHP Group Ltd. | 0.8 | Materials | Australia | |||||||
TotalEnergies SE | 0.7 | Energy | France |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2023 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 1.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 30.83 | ||||
Net Asset Value (NAV)1 | $ | 30.87 |
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 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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Japan Equity Index3 | MSCI Japan Index4 | ||||||||||||||
Shares | 3.55 | % | 4.69 | % | 3.61 | % | 3.67 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
11
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 3.6 | % | Consumer Discretionary | |||||
Sony Group Corp. | 2.4 | Consumer Discretionary | ||||||
Keyence Corp. | 2.0 | Information Technology | ||||||
Honda Motor Co. Ltd. | 2.0 | Consumer Discretionary | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1.9 | Financials | ||||||
Mitsubishi Corp. | 1.8 | Industrials | ||||||
Takeda Pharmaceutical Co. Ltd. | 1.7 | Health Care | ||||||
Mitsui & Co. Ltd. | 1.6 | Industrials | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1.6 | Financials | ||||||
Daiichi Sankyo Co. Ltd. | 1.5 | Health Care |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2023 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 33.31 | ||||
Net Asset Value (NAV)1 | $ | 33.27 |
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. |
PERFORMANCE REVIEW | ||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return | GS ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index3 | Solactive US Large Cap Index4 | ||||||
Shares | 3.12% | 3.09% | 3.18% | 0.83% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark.” 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. |
4 | 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 |
The Fund is newly incepted and does not have a substantial track record. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
13
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 7.2 | % | Information Technology | |||||
Microsoft Corp. | 5.5 | Information Technology | ||||||
Alphabet, Inc., Class A | 1.6 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.6 | Communication Services | ||||||
NVIDIA Corp. | 1.5 | Information Technology | ||||||
Johnson & Johnson | 1.3 | Health Care | ||||||
Meta Platforms, Inc., Class A | 1.2 | Communication Services | ||||||
UnitedHealth Group, Inc. | 1.2 | Health Care | ||||||
Berkshire Hathaway, Inc., Class B | 1.2 | Financials | ||||||
JPMorgan Chase & Co. | 1.1 | Financials |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | 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 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. |
6 | 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. |
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
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 78.83 | ||||
Net Asset Value (NAV)1 | $ | 78.95 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® U.S. Large Cap Equity Index3 | S&P 500 Index4 | ||||||||||||||
Shares | 1.62 | % | 1.50 | % | 1.65 | % | 1.26 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
15
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.0 | % | Information Technology | |||||
Microsoft Corp. | 4.8 | Information Technology | ||||||
Amazon.com, Inc. | 2.1 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 1.4 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.3 | Communication Services | ||||||
NVIDIA Corp. | 1.3 | Information Technology | ||||||
Meta Platforms, Inc., Class A | 1.1 | Communication Services | ||||||
Johnson & Johnson | 1.1 | Health Care | ||||||
UnitedHealth Group, Inc. | 1.1 | Health Care | ||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2023 |
6 | 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 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. |
7 | 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. |
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
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 58.61 | ||||
Net Asset Value (NAV)1 | $ | 58.66 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® U.S. Small Cap Equity Index3 | Russell 2000® Index4 | ||||||||||||||
Shares | 5.77 | % | 5.59 | % | 5.92 | % | 3.63 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
17
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Atkore, Inc. | 0.5 | % | Industrials | |||||
EMCOR Group, Inc. | 0.4 | Industrials | ||||||
Applied Industrial Technologies, Inc. | 0.4 | Industrials | ||||||
Mr Cooper Group, Inc. | 0.3 | Financials | ||||||
Encore Wire Corp. | 0.3 | Industrials | ||||||
Veritiv Corp. | 0.3 | Industrials | ||||||
Axcelis Technologies, Inc. | 0.3 | Information Technology | ||||||
Comfort Systems USA, Inc. | 0.3 | Industrials | ||||||
Murphy USA, Inc. | 0.3 | Consumer Discretionary | ||||||
Commercial Metals Co. | 0.3 | Materials |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2023 |
6 | 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 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 0.5% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
ActiveBeta® World Low Vol Plus Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 38.68 | ||||
Net Asset Value (NAV)1 | $ | 38.71 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022—February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta World Low Vol Plus Equity Index3 | |||||||||||
Shares | 2.93 | % | 2.83 | % | 2.85 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index (the “Index”) is designed to deliver exposure 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. |
The Fund is newly incepted and does not have a substantial track record. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
19
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Apple, Inc. | 2.8 | % | Information Technology | United States | ||||||
Microsoft Corp. | 2.1 | Information Technology | United States | |||||||
O’Reilly Automotive, Inc. | 1.3 | Consumer Discretionary | United States | |||||||
AutoZone, Inc. | 1.1 | Consumer Discretionary | United States | |||||||
Walmart, Inc. | 1.0 | Consumer Staples | United States | |||||||
Hershey Co. (The) | 0.9 | Consumer Staples | United States | |||||||
UnitedHealth Group, Inc. | 0.9 | Health Care | United States | |||||||
PepsiCo, Inc. | 0.9 | Consumer Staples | United States | |||||||
Johnson & Johnson | 0.9 | Health Care | United States | |||||||
Nippon Telegraph & Telephone Corp. | 0.9 | Communication Services | Japan |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | 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 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 0.3% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
6 | 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. |
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
FUND BASICS
Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
21
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 97.7% | ||||||||
Brazil – 3.9% | ||||||||
678,542 | Ambev SA (Consumer Staples) | $ | 1,740,318 | |||||
183,749 | Atacadao SA (Consumer Staples) | 473,389 | ||||||
615,001 | B3 SA – Brasil Bolsa Balcao (Financials) | 1,242,795 | ||||||
409,458 | Banco Bradesco SA (Financials) | 912,922 | ||||||
93,474 | Banco do Brasil SA (Financials) | 721,551 | ||||||
65,940 | Banco Santander Brasil SA (Financials) | 357,822 | ||||||
556,755 | BB Seguridade Participacoes SA (Financials) | 3,648,283 | ||||||
193,022 | CCR SA (Industrials) | 406,327 | ||||||
123,380 | Centrais Eletricas Brasileiras SA (Utilities) | 811,079 | ||||||
64,804 | Cia Siderurgica Nacional SA (Materials) | 206,923 | ||||||
95,605 | CPFL Energia SA (Utilities) | 554,691 | ||||||
71,144 | Energisa SA (Utilities) | 527,240 | ||||||
78,040 | Engie Brasil Energia SA (Utilities) | 587,165 | ||||||
279,787 | Equatorial Energia SA (Utilities) | 1,362,841 | ||||||
73,287 | Hypera SA (Health Care) | 584,673 | ||||||
86,094 | Klabin SA (Materials) | 320,913 | ||||||
135,686 | Lojas Renner SA (Consumer Discretionary) | 484,714 | ||||||
174,181 | Natura & Co. Holding SA (Consumer Staples) | 511,129 | ||||||
77,267 | Petro Rio SA (Energy)* | 498,764 | ||||||
501,355 | Petroleo Brasileiro SA (Energy) | 2,760,924 | ||||||
544,005 | Raia Drogasil SA (Consumer Staples) | 2,363,291 | ||||||
137,779 | Suzano SA (Materials) | 1,259,902 | ||||||
204,966 | Telefonica Brasil SA (Communication Services) | 1,528,794 | ||||||
277,938 | TIM SA (Communication Services) | 652,694 | ||||||
513,402 | Vale SA (Materials) | 8,390,342 | ||||||
135,997 | Vibra Energia SA (Consumer Discretionary) | 385,273 | ||||||
240,621 | WEG SA (Industrials) | 1,804,876 | ||||||
|
| |||||||
35,099,635 | ||||||||
|
| |||||||
Chile – 0.5% | ||||||||
825,771 | Cencosud SA (Consumer Staples) | 1,552,639 | ||||||
188,064 | Cia Cervecerias Unidas SA (Consumer Staples) | 1,428,943 | ||||||
235,192 | Empresas CMPC SA (Materials) | 388,612 | ||||||
83,328 | Empresas Copec SA (Energy) | 598,672 | ||||||
6,138,692 | Enel Americas SA (Utilities) | 760,012 | ||||||
|
| |||||||
4,728,878 | ||||||||
|
| |||||||
China – 32.9% | ||||||||
57,978 | 360 DigiTech, Inc. ADR (Financials) | 1,180,432 | ||||||
374,059 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,182,168 | ||||||
1,161,783 | 3SBio, Inc. (Health Care)(a) | 1,151,496 | ||||||
2,760,100 | Agricultural Bank of China Ltd., Class A (Financials) | 1,163,326 | ||||||
4,330,400 | Agricultural Bank of China Ltd., Class H (Financials) | 1,500,565 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
98,214 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 441,502 | ||||||
461,548 | Air China Ltd., Class H (Industrials)* | 425,122 | ||||||
20,108 | Airtac International Group (Industrials) | 709,434 | ||||||
83,800 | Akeso, Inc., Class B (Health Care)*(a) | 427,034 | ||||||
1,732,900 | Alibaba Group Holding Ltd. (Consumer Discretionary)* | 19,096,229 | ||||||
624,200 | Alibaba Health Information Technology Ltd. (Consumer Discretionary)* | 445,318 | ||||||
885,962 | Aluminum Corp. of China Ltd., Class H (Materials) | 451,474 | ||||||
28,846 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 330,341 | ||||||
64,201 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 283,339 | ||||||
68,102 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 249,868 | ||||||
173,307 | ANTA Sports Products Ltd. (Consumer Discretionary) | 2,282,941 | ||||||
16,249 | Autohome, Inc. ADR (Communication Services) | 495,594 | ||||||
964,257 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 603,380 | ||||||
165,036 | Baidu, Inc., Class A (Communication Services)* | 2,834,175 | ||||||
1,851,272 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,153,100 | ||||||
378,098 | Bank of Changsha Co. Ltd., Class A (Financials) | 437,834 | ||||||
2,969,426 | Bank of China Ltd., Class A (Financials) | 1,379,698 | ||||||
9,179,971 | Bank of China Ltd., Class H (Financials) | 3,368,153 | ||||||
1,964,072 | Bank of Communications Co. Ltd., Class A (Financials) | 1,384,403 | ||||||
2,422,490 | Bank of Communications Co. Ltd., Class H (Financials) | 1,431,983 | ||||||
196,712 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 343,242 | ||||||
1,338,880 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 1,384,776 | ||||||
618,156 | Bank of Nanjing Co. Ltd., Class A (Financials) | 881,213 | ||||||
1,013,392 | Bank of Shanghai Co. Ltd., Class A (Financials) | 871,741 | ||||||
348,700 | Bank of Suzhou Co. Ltd., Class A (Financials) | 376,203 | ||||||
463,500 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 438,717 | ||||||
1,411,100 | BBMG Corp., Class A (Materials) | 529,794 | ||||||
38,100 | BeiGene Ltd. (Health Care)* | 647,984 | ||||||
496,800 | Beijing Capital International Airport Co. Ltd., Class H (Industrials)* | 363,288 | ||||||
309,301 | Beijing Enterprises Holdings Ltd. (Utilities) | 1,012,681 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,237,833 | Beijing Enterprises Water Group Ltd. (Utilities) | $ | 310,661 | |||||
46,962 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 856,594 | ||||||
190,100 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 368,895 | ||||||
31,111 | BGI Genomics Co. Ltd., Class A (Health Care) | 249,140 | ||||||
19,370 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 353,312 | ||||||
44,952 | BOC Aviation Ltd. (Industrials)(a) | 324,706 | ||||||
1,502,280 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 901,148 | ||||||
2,064,139 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 1,143,895 | ||||||
22,339 | BYD Co. Ltd., Class A (Consumer Discretionary) | 838,070 | ||||||
57,343 | BYD Co. Ltd., Class H (Consumer Discretionary) | 1,542,881 | ||||||
116,600 | BYD Electronic International Co. Ltd. (Information Technology) | 339,424 | ||||||
169,537 | By-health Co. Ltd., Class A (Consumer Staples) | 559,945 | ||||||
138,200 | C&D International Investment Group Ltd. (Real Estate) | 445,437 | ||||||
368,920 | Caitong Securities Co. Ltd., Class A (Financials) | 409,162 | ||||||
3,650,597 | CGN Power Co. Ltd., Class H (Utilities)(a) | 818,530 | ||||||
12,521 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 355,347 | ||||||
408,778 | Changjiang Securities Co. Ltd., Class A (Financials) | 332,823 | ||||||
53,783 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 293,993 | ||||||
3,823,379 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 496,827 | ||||||
2,742,178 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1,268,120 | ||||||
1,175,761 | China Communications Services Corp. Ltd., Class H (Industrials) | 456,853 | ||||||
1,183,183 | China Construction Bank Corp., Class A (Financials) | 959,931 | ||||||
11,356,448 | China Construction Bank Corp., Class H (Financials) | 6,944,512 | ||||||
1,276,598 | China Everbright Bank Co. Ltd., Class A (Financials) | 547,242 | ||||||
2,515,188 | China Everbright Bank Co. Ltd., Class H (Financials) | 724,164 | ||||||
1,564,840 | China Feihe Ltd. (Consumer Staples)(a) | 1,251,952 | ||||||
296,492 | China Galaxy Securities Co. Ltd., Class A (Financials) | 410,296 | ||||||
1,074,083 | China Galaxy Securities Co. Ltd., Class H (Financials) | 535,023 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
480,607 | China Hongqiao Group Ltd. (Materials) | 513,701 | ||||||
595,447 | China Life Insurance Co. Ltd., Class H (Financials) | 1,008,911 | ||||||
1,194,297 | China Medical System Holdings Ltd. (Health Care) | 1,795,363 | ||||||
543,998 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 2,390,972 | ||||||
203,402 | China Merchants Bank Co. Ltd., Class A (Financials) | 1,091,665 | ||||||
393,978 | China Merchants Bank Co. Ltd., Class H (Financials) | 2,133,138 | ||||||
297,878 | China Merchants Port Holdings Co. Ltd. (Industrials) | 417,435 | ||||||
176,306 | China Merchants Securities Co. Ltd., Class A (Financials) | 354,555 | ||||||
275,263 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 587,216 | ||||||
1,745,981 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 856,452 | ||||||
2,963,107 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1,022,998 | ||||||
905,752 | China National Building Material Co. Ltd., Class H (Materials) | 801,959 | ||||||
395,175 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 344,486 | ||||||
32,700 | China National Software & Service Co. Ltd., Class A (Information Technology) | 335,951 | ||||||
58,560 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 244,713 | ||||||
290,347 | China Oilfield Services Ltd., Class H (Energy) | 310,710 | ||||||
92,458 | China Overseas Land & Investment Ltd. (Real Estate) | 229,216 | ||||||
125,314 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 497,889 | ||||||
173,220 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 459,007 | ||||||
1,768,860 | China Petroleum & Chemical Corp., Class A (Energy) | 1,185,737 | ||||||
3,905,136 | China Petroleum & Chemical Corp., Class H (Energy) | 1,994,980 | ||||||
584,772 | China Railway Group Ltd., Class A (Industrials) | 508,080 | ||||||
924,621 | China Railway Group Ltd., Class H (Industrials) | 481,776 | ||||||
586,295 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 430,969 | ||||||
171,198 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 1,263,892 | ||||||
476,211 | China Resources Cement Holdings Ltd. (Materials) | 256,018 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
189,272 | China Resources Land Ltd. (Real Estate) | $ | 839,119 | |||||
461,300 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 379,054 | ||||||
167,068 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 1,223,985 | ||||||
160,657 | China Shenhua Energy Co. Ltd., Class A (Energy) | 647,093 | ||||||
744,812 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,239,323 | ||||||
962,971 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 778,500 | ||||||
299,000 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 353,109 | ||||||
11,540,770 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 1,249,717 | ||||||
1,525,931 | China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care) | 791,202 | ||||||
1,759,939 | China United Network Communications Ltd., Class A (Communication Services) | 1,336,720 | ||||||
245,911 | China Yangtze Power Co. Ltd., Class A (Utilities) | 748,519 | ||||||
2,004,659 | China Zheshang Bank Co. Ltd., Class A (Financials)* | 842,039 | ||||||
62,514 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 1,236,036 | ||||||
747,283 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 389,137 | ||||||
47,406 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 611,422 | ||||||
223,522 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 432,834 | ||||||
1,377,506 | CITIC Ltd. (Industrials) | 1,519,740 | ||||||
141,352 | CITIC Securities Co. Ltd., Class A (Financials) | 419,886 | ||||||
212,778 | CITIC Securities Co. Ltd., Class H (Financials) | 450,522 | ||||||
149,744 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | 311,908 | ||||||
263,148 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 408,064 | ||||||
485,535 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 503,504 | ||||||
1,461,109 | Country Garden Holdings Co. Ltd. (Real Estate)(b) | 446,737 | ||||||
727,235 | CRRC Corp. Ltd., Class A (Industrials) | 596,291 | ||||||
2,017,416 | CRRC Corp. Ltd., Class H (Industrials) | 922,673 | ||||||
2,210,722 | CSPC Pharmaceutical Group Ltd. (Health Care) | 2,374,213 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
237,486 | Daan Gene Co. Ltd., Class A (Health Care) | 547,963 | ||||||
1,315,244 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 531,158 | ||||||
415,014 | Daqin Railway Co. Ltd., Class A (Industrials) | 405,361 | ||||||
12,920 | Daqo New Energy Corp. ADR (Information Technology)* | 570,806 | ||||||
439,391 | DHC Software Co. Ltd., Class A (Information Technology) | 415,897 | ||||||
110,668 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 761,433 | ||||||
865,045 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 441,917 | ||||||
325,400 | Dongxing Securities Co. Ltd., Class A (Financials) | 402,087 | ||||||
288,831 | Dongyue Group Ltd. (Materials) | 326,749 | ||||||
62,927 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 818,394 | ||||||
34,516 | ENN Energy Holdings Ltd. (Utilities) | 490,290 | ||||||
177,882 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 494,110 | ||||||
456,181 | Far East Horizon Ltd. (Financials) | 403,325 | ||||||
222,431 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 272,931 | ||||||
558,887 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 525,788 | ||||||
255,612 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 352,989 | ||||||
63,007 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 335,985 | ||||||
11,267 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 572,126 | ||||||
1,167,181 | GD Power Development Co. Ltd., Class A (Utilities)* | 659,842 | ||||||
346,008 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 448,737 | ||||||
121,354 | GF Securities Co. Ltd., Class A (Financials) | 285,069 | ||||||
76,287 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 389,792 | ||||||
229,328 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,041,455 | ||||||
279,439 | Guangzhou Haige Communications Group Inc Co., Class A (Information Technology) | 383,079 | ||||||
76,960 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 933,036 | ||||||
102,176 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 661,262 | ||||||
253,727 | Guosen Securities Co. Ltd., Class A (Financials) | 352,576 | ||||||
|
|
24 | 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) | ||||||||
183,011 | Guotai Junan Securities Co. Ltd., Class A (Financials) | $ | 376,200 | |||||
387,655 | Guoyuan Securities Co. Ltd., Class A (Financials) | 393,137 | ||||||
7,300 | H World Group Ltd. ADR (Consumer Discretionary) | 345,801 | ||||||
647,923 | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | 1,791,188 | ||||||
219,933 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 832,377 | ||||||
437,086 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 1,545,211 | ||||||
136,051 | Haitian International Holdings Ltd. (Industrials) | 355,315 | ||||||
276,410 | Haitong Securities Co. Ltd., Class A (Financials) | 363,818 | ||||||
522,893 | Haitong Securities Co. Ltd., Class H (Financials) | 336,405 | ||||||
223,164 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 330,330 | ||||||
74,866 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 331,591 | ||||||
131,215 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 235,701 | ||||||
209,472 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 429,087 | ||||||
76,032 | Hengan International Group Co. Ltd. (Consumer Staples) | 349,673 | ||||||
1,238,586 | Hesteel Co. Ltd., Class A (Materials) | 448,989 | ||||||
49,739 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 847,860 | ||||||
612,592 | Huadian Power International Corp. Ltd., Class A (Utilities) | 505,816 | ||||||
114,796 | Huadong Medicine Co. Ltd., Class A (Health Care) | 793,467 | ||||||
192,693 | Huatai Securities Co. Ltd., Class A (Financials) | 349,257 | ||||||
335,603 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 377,524 | ||||||
312,182 | Huaxi Securities Co. Ltd., Class A (Financials) | 371,383 | ||||||
1,350,726 | Huaxia Bank Co. Ltd., Class A (Financials) | 1,014,254 | ||||||
174,518 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 474,472 | ||||||
92,944 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 469,286 | ||||||
66,200 | Hygeia Healthcare Holdings Co. Ltd. (Health Care)*(a) | 481,140 | ||||||
1,855,838 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 1,147,936 | ||||||
6,311,684 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 3,152,023 | ||||||
422,216 | Industrial Bank Co. Ltd., Class A (Financials) | 1,027,040 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
102,548 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 449,331 | ||||||
252,362 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | 343,056 | ||||||
91,600 | Innovent Biologics, Inc. (Health Care)*(a) | 444,609 | ||||||
50,400 | iQIYI, Inc. ADR (Communication Services)* | 389,592 | ||||||
96,975 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 452,114 | ||||||
53,800 | JD Health International, Inc. (Consumer Discretionary)*(a) | 375,253 | ||||||
209,242 | JD.com, Inc., Class A (Consumer Discretionary) | 4,630,274 | ||||||
417,090 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 398,519 | ||||||
252,424 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 1,579,534 | ||||||
187,089 | Jiangxi Copper Co. Ltd., Class A (Materials) | 528,027 | ||||||
322,905 | Jiangxi Copper Co. Ltd., Class H (Materials) | 508,454 | ||||||
25,179 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 550,507 | ||||||
433,796 | Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)(b) | 1,045,598 | ||||||
220,974 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 419,271 | ||||||
317,061 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 659,964 | ||||||
15,756 | JOYY, Inc. ADR (Communication Services) | 494,738 | ||||||
298,731 | Kingboard Holdings Ltd. (Information Technology) | 1,065,605 | ||||||
77,800 | Koolearn Technology Holding Ltd. (Consumer Discretionary)*(a) | 441,556 | ||||||
210,853 | Kuaishou Technology (Communication Services)*(a) | 1,410,253 | ||||||
9,747 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 2,543,050 | ||||||
2,240,099 | Lenovo Group Ltd. (Information Technology) | 2,009,083 | ||||||
261,269 | Li Ning Co. Ltd. (Consumer Discretionary) | 2,221,760 | ||||||
1,526,161 | Liaoning Port Co. Ltd., Class A (Industrials) | 355,651 | ||||||
263,840 | Longfor Group Holdings Ltd. (Real Estate)(a) | 752,916 | ||||||
15,557 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 559,467 | ||||||
439,015 | Meituan, Class B (Consumer Discretionary)*(a) | 7,611,942 | ||||||
1,106,824 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 542,928 | ||||||
22,900 | MINISO Group Holding Ltd. ADR (Consumer Discretionary) | 409,910 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
42,542 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | $ | 303,168 | |||||
201,186 | NetEase, Inc. (Communication Services) | 3,103,844 | ||||||
76,179 | New China Life Insurance Co. Ltd., Class A (Financials) | 341,571 | ||||||
165,930 | New China Life Insurance Co. Ltd., Class H (Financials) | 401,640 | ||||||
257,208 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary)* | 979,746 | ||||||
35,954 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 284,458 | ||||||
320,002 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 1,793,756 | ||||||
711,792 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 698,307 | ||||||
48,926 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | 4,292,278 | ||||||
513,703 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 385,737 | ||||||
2,324,074 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 734,277 | ||||||
2,642,746 | PetroChina Co. Ltd., Class A (Energy) | 1,988,228 | ||||||
4,454,617 | PetroChina Co. Ltd., Class H (Energy) | 2,281,363 | ||||||
1,782,718 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 1,564,804 | ||||||
201,259 | Ping An Bank Co. Ltd., Class A (Financials) | 398,945 | ||||||
119,996 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 831,999 | ||||||
592,563 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 4,023,646 | ||||||
1,358,654 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 883,398 | ||||||
1,695,867 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 1,017,585 | ||||||
217,008 | Power Construction Corp. of China Ltd., Class A (Industrials) | 224,135 | ||||||
23,787 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 624,470 | ||||||
159,542 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 569,162 | ||||||
197,785 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 427,623 | ||||||
32,540 | Sangfor Technologies, Inc., Class A (Information Technology) | 668,522 | ||||||
750,456 | Sealand Securities Co. Ltd., Class A (Financials) | 376,756 | ||||||
172,603 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 485,157 | ||||||
21,186 | SG Micro Corp., Class A (Information Technology) | 478,747 | ||||||
127,717 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 367,441 | ||||||
188,019 | Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care) | 553,641 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
172,914 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 472,101 | ||||||
215,100 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 346,922 | ||||||
609,374 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 367,288 | ||||||
93,000 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 381,502 | ||||||
659,592 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 504,773 | ||||||
177,301 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 311,667 | ||||||
985,444 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 1,017,807 | ||||||
427,365 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 381,153 | ||||||
470,872 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 401,667 | ||||||
314,660 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 354,868 | ||||||
458,483 | Shanxi Securities Co. Ltd., Class A (Financials) | 382,525 | ||||||
794,276 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 546,145 | ||||||
27,103 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 1,101,984 | ||||||
157,556 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 410,905 | ||||||
672,285 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 408,108 | ||||||
310,692 | Shenzhen International Holdings Ltd. (Industrials) | 269,943 | ||||||
51,200 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 369,728 | ||||||
14,789 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 668,044 | ||||||
674,229 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 515,004 | ||||||
70,400 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 375,712 | ||||||
204,455 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 882,912 | ||||||
459,262 | Shimao Group Holdings Ltd. (Real Estate)*(b)(c) | 129,304 | ||||||
168,298 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 314,241 | ||||||
199,161 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 827,104 | ||||||
145,769 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 266,514 | ||||||
|
|
26 | 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) | ||||||||
74,840 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | $ | 891,401 | |||||
61,145 | Silergy Corp. (Information Technology) | 1,167,935 | ||||||
241,396 | Sinopharm Group Co. Ltd., Class H (Health Care) | 645,814 | ||||||
174,904 | Smoore International Holdings Ltd. (Consumer Staples)(a)(b) | 215,914 | ||||||
361,736 | SooChow Securities Co. Ltd., Class A (Financials) | 366,331 | ||||||
593,479 | Southwest Securities Co. Ltd., Class A (Financials) | 348,317 | ||||||
237,920 | Sunac China Holdings Ltd. (Real Estate)*(c) | 69,410 | ||||||
34,269 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 388,552 | ||||||
73,867 | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | 610,980 | ||||||
102,991 | TAL Education Group ADR (Consumer Discretionary)* | 724,027 | ||||||
297,911 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 386,975 | ||||||
62,305 | TBEA Co. Ltd., Class A (Industrials) | 193,233 | ||||||
590,731 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 377,296 | ||||||
721,403 | Tencent Holdings Ltd. (Communication Services) | 31,578,326 | ||||||
130,535 | Tencent Music Entertainment Group ADR (Communication Services)* | 984,234 | ||||||
260,754 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 358,965 | ||||||
1,070,549 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1,729,354 | ||||||
72,127 | Tongwei Co. Ltd., Class A (Information Technology) | 434,731 | ||||||
1,597,975 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,394,500 | ||||||
25,902 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 920,816 | ||||||
54,260 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 535,031 | ||||||
1,272,952 | Uni-President China Holdings Ltd. (Consumer Staples) | 1,115,728 | ||||||
176,289 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 2,624,943 | ||||||
1,732,209 | Want Want China Holdings Ltd. (Consumer Staples) | 1,090,147 | ||||||
370,736 | Western Securities Co. Ltd., Class A (Financials) | 353,580 | ||||||
883,025 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 621,142 | ||||||
27,557 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 810,334 | ||||||
151,954 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 1,058,906 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
495,925 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 506,505 | ||||||
391,785 | Xiamen C & D, Inc., Class A (Industrials) | 743,928 | ||||||
540,380 | Xiaomi Corp., Class B (Information Technology)*(a) | 816,473 | ||||||
266,579 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 571,229 | ||||||
238,802 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 719,494 | ||||||
214,410 | Yihai International Holding Ltd. (Consumer Staples)* | 622,785 | ||||||
22,155 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 292,693 | ||||||
430,812 | Youngor Group Co. Ltd., Class A (Real Estate) | 407,777 | ||||||
24,154 | Youngy Co. Ltd., Class A (Materials)* | 345,717 | ||||||
131,260 | YTO Express Group Co. Ltd., Class A (Industrials) | 342,703 | ||||||
521,618 | Yuexiu Property Co. Ltd. (Real Estate) | 768,190 | ||||||
58,957 | Yum China Holdings, Inc. (Consumer Discretionary) | 3,462,545 | ||||||
47,692 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 390,361 | ||||||
28,522 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 568,249 | ||||||
8,581 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 381,088 | ||||||
581,561 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 468,983 | ||||||
64,462 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 527,903 | ||||||
269,381 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 995,110 | ||||||
47,323 | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care) | 358,886 | ||||||
152,394 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 760,077 | ||||||
347,330 | Zhongtai Securities Co. Ltd., Class A (Financials) | 348,244 | ||||||
398,400 | Zijin Mining Group Co. Ltd., Class H (Materials) | 600,937 | ||||||
440,911 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 425,581 | ||||||
|
| |||||||
295,874,672 | ||||||||
|
| |||||||
Czech Republic – 0.3% | ||||||||
21,813 | CEZ AS (Utilities) | 1,020,032 | ||||||
19,062 | Komercni banka AS (Financials) | 644,258 | ||||||
154,800 | Moneta Money Bank AS (Financials)(a) | 591,952 | ||||||
|
| |||||||
2,256,242 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Egypt – 0.4% | ||||||||
1,382,359 | Commercial International Bank Egypt SAE (Financials) | $ | 2,396,901 | |||||
2,578,615 | Eastern Co. SAE (Consumer Staples) | 1,559,124 | ||||||
|
| |||||||
3,956,025 | ||||||||
|
| |||||||
Greece – 0.7% | ||||||||
574,739 | Eurobank Ergasias Services and Holdings SA (Financials)* | 885,010 | ||||||
176,398 | Hellenic Telecommunications Organization SA (Communication Services) | 2,716,259 | ||||||
19,000 | JUMBO SA (Consumer Discretionary) | 380,020 | ||||||
14,400 | Motor Oil Hellas Corinth Refineries SA (Energy) | 383,002 | ||||||
15,700 | Mytilineos SA (Industrials) | 424,904 | ||||||
87,972 | OPAP SA (Consumer Discretionary) | 1,369,561 | ||||||
|
| |||||||
6,158,756 | ||||||||
|
| |||||||
Hong Kong – 0.3% | ||||||||
245,427 | Kingboard Laminates Holdings Ltd. (Information Technology) | 305,787 | ||||||
49,037 | Orient Overseas International Ltd. (Industrials) | 787,141 | ||||||
2,378,190 | Sino Biopharmaceutical Ltd. (Health Care) | 1,227,042 | ||||||
|
| |||||||
2,319,970 | ||||||||
|
| |||||||
Hungary – 0.2% | ||||||||
130,198 | MOL Hungarian Oil & Gas PLC (Energy) | 992,016 | ||||||
16,226 | OTP Bank Nyrt (Financials) | 493,477 | ||||||
15,698 | Richter Gedeon Nyrt (Health Care) | 329,778 | ||||||
|
| |||||||
1,815,271 | ||||||||
|
| |||||||
India – 12.6% | ||||||||
19,742 | ACC Ltd. (Materials) | 413,551 | ||||||
20,166 | Adani Enterprises Ltd. (Industrials) | 332,699 | ||||||
214,183 | Adani Power Ltd. (Utilities)* | 379,048 | ||||||
20,600 | Adani Total Gas Ltd. (Utilities) | 169,089 | ||||||
17,596 | Adani Transmission Ltd. (Utilities)* | 136,843 | ||||||
52,291 | Asian Paints Ltd. (Materials) | 1,789,346 | ||||||
160,710 | Aurobindo Pharma Ltd. (Health Care) | 899,610 | ||||||
20,517 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 848,043 | ||||||
162,447 | Axis Bank Ltd. (Financials) | 1,658,711 | ||||||
12,786 | Bajaj Finance Ltd. (Financials) | 945,345 | ||||||
19,881 | Bajaj Finserv Ltd. (Financials) | 321,035 | ||||||
194,400 | Bank of Baroda (Financials) | 373,903 | ||||||
65,466 | Berger Paints India Ltd. (Materials) | 458,996 | ||||||
299,364 | Bharat Electronics Ltd. (Industrials) | 342,575 | ||||||
120,392 | Bharat Petroleum Corp. Ltd. (Energy) | 462,170 | ||||||
161,847 | Bharti Airtel Ltd. (Communication Services) | 1,453,182 | ||||||
49,573 | Britannia Industries Ltd. (Consumer Staples) | 2,675,566 | ||||||
97,100 | CG Power & Industrial Solutions Ltd. (Industrials)* | 358,542 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
37,642 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 344,466 | ||||||
166,585 | Cipla Ltd. (Health Care) | 1,826,505 | ||||||
131,608 | Coal India Ltd. (Energy) | 342,920 | ||||||
96,884 | Colgate-Palmolive India Ltd. (Consumer Staples) | 1,726,901 | ||||||
195,230 | Dabur India Ltd. (Consumer Staples) | 1,257,804 | ||||||
30,256 | Divi’s Laboratories Ltd. (Health Care) | 1,034,159 | ||||||
31,013 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 1,619,387 | ||||||
11,789 | Eicher Motors Ltd. (Consumer Discretionary) | 442,924 | ||||||
368,312 | GAIL India Ltd. (Utilities) | 457,341 | ||||||
43,278 | Grasim Industries Ltd. (Materials) | 826,401 | ||||||
85,109 | Havells India Ltd. (Industrials) | 1,232,404 | ||||||
274,207 | HCL Technologies Ltd. (Information Technology) | 3,574,385 | ||||||
102,760 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 607,604 | ||||||
203,969 | Hindalco Industries Ltd. (Materials) | 984,963 | ||||||
83,621 | Hindustan Unilever Ltd. (Consumer Staples) | 2,489,032 | ||||||
159,759 | Housing Development Finance Corp. Ltd. (Financials) | 5,042,890 | ||||||
407,427 | ICICI Bank Ltd. (Financials) | 4,213,131 | ||||||
44,107 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 587,889 | ||||||
144,234 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 542,181 | ||||||
879,585 | Indian Oil Corp. Ltd. (Energy) | 809,175 | ||||||
455,949 | Infosys Ltd. (Information Technology) | 8,204,517 | ||||||
452,334 | ITC Ltd. (Consumer Staples) | 2,061,200 | ||||||
146,791 | Jindal Steel & Power Ltd. (Materials) | 975,203 | ||||||
97,312 | JSW Steel Ltd. (Materials) | 785,394 | ||||||
160,965 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 858,396 | ||||||
23,876 | Kotak Mahindra Bank Ltd. (Financials) | 499,441 | ||||||
69,563 | Larsen & Toubro Ltd. (Industrials) | 1,774,806 | ||||||
41,677 | LTIMindtree Ltd. (Information Technology)(a) | 2,380,632 | ||||||
52,130 | Lupin Ltd. (Health Care) | 415,722 | ||||||
131,122 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 2,013,760 | ||||||
322,909 | Marico Ltd. (Consumer Staples)* | 1,921,419 | ||||||
5,946 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 620,321 | ||||||
31,515 | Mphasis Ltd. (Information Technology) | 775,947 | ||||||
300 | MRF Ltd. (Consumer Discretionary) | 309,396 | ||||||
57,008 | Muthoot Finance Ltd. (Financials) | 670,711 | ||||||
9,703 | Nestle India Ltd. (Consumer Staples) | 2,191,369 | ||||||
620,888 | NTPC Ltd. (Utilities) | 1,280,569 | ||||||
358,952 | Oil & Natural Gas Corp. Ltd. (Energy) | 660,219 | ||||||
4,365 | Page Industries Ltd. (Consumer Discretionary) | 2,004,869 | ||||||
|
|
28 | 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) | ||||||||
8,794 | PI Industries Ltd. (Materials) | $ | 329,724 | |||||
48,458 | Pidilite Industries Ltd. (Materials) | 1,348,682 | ||||||
646,140 | Power Grid Corp. of India Ltd. (Utilities) | 1,737,135 | ||||||
265,166 | Reliance Industries Ltd. (Energy) | 7,449,860 | ||||||
91,270 | SBI Life Insurance Co. Ltd. (Financials)(a) | 1,237,653 | ||||||
35,295 | Siemens Ltd. (Industrials) | 1,386,140 | ||||||
14,350 | SRF Ltd. (Materials) | 376,432 | ||||||
207,963 | State Bank of India (Financials) | 1,315,185 | ||||||
77,851 | Sun Pharmaceutical Industries Ltd. (Health Care) | 900,865 | ||||||
159,424 | Tata Consultancy Services Ltd. (Information Technology) | 6,388,820 | ||||||
109,937 | Tata Consumer Products Ltd. (Consumer Staples) | 951,256 | ||||||
7,420 | Tata Elxsi Ltd. (Information Technology) | 550,144 | ||||||
343,931 | Tata Motors Ltd. (Consumer Discretionary)* | 1,750,286 | ||||||
153,481 | Tata Power Co. Ltd. (The) (Utilities) | 376,056 | ||||||
1,953,288 | Tata Steel Ltd. (Materials) | 2,456,156 | ||||||
230,277 | Tech Mahindra Ltd. (Information Technology) | 3,064,835 | ||||||
23,438 | Titan Co. Ltd. (Consumer Discretionary) | 672,739 | ||||||
67,187 | Torrent Pharmaceuticals Ltd. (Health Care) | 1,186,475 | ||||||
12,100 | Tube Investments of India Ltd. (Consumer Discretionary) | 405,707 | ||||||
27,400 | TVS Motor Co. Ltd. (Consumer Discretionary) | 358,064 | ||||||
16,623 | UltraTech Cement Ltd. (Materials) | 1,460,121 | ||||||
45,900 | Varun Beverages Ltd. (Consumer Staples) | 722,224 | ||||||
361,172 | Vedanta Ltd. (Materials) | 1,172,414 | ||||||
270,678 | Wipro Ltd. (Information Technology) | 1,267,317 | ||||||
|
| |||||||
113,248,897 | ||||||||
|
| |||||||
Indonesia – 1.9% | ||||||||
1,812,377 | Adaro Energy Indonesia Tbk PT (Energy) | 355,345 | ||||||
4,940,377 | Aneka Tambang Tbk (Materials) | 644,679 | ||||||
3,915,667 | Astra International Tbk PT (Consumer Discretionary) | 1,566,267 | ||||||
3,891,085 | Bank Central Asia Tbk PT (Financials) | 2,232,590 | ||||||
1,467,694 | Bank Mandiri Persero Tbk PT (Financials) | 962,422 | ||||||
1,378,872 | Bank Negara Indonesia Persero Tbk PT (Financials) | 793,416 | ||||||
2,394,801 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 733,359 | ||||||
2,147,783 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 1,425,987 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
2,981,401 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 1,265,874 | ||||||
11,587,707 | Kalbe Farma Tbk PT (Health Care) | 1,603,283 | ||||||
998,006 | Merdeka Copper Gold Tbk PT (Materials)* | 297,111 | ||||||
6,683,914 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 1,271,039 | ||||||
10,297,367 | Telkom Indonesia Persero Tbk PT (Communication Services) | 2,619,920 | ||||||
3,985,255 | Unilever Indonesia Tbk PT (Consumer Staples) | 1,092,352 | ||||||
|
| |||||||
16,863,644 | ||||||||
|
| |||||||
Kuwait – 0.7% | ||||||||
317,063 | Agility Public Warehousing Co. KSC (Industrials) | 622,969 | ||||||
297,383 | Boubyan Bank KSCP (Financials) | 741,277 | ||||||
710,057 | Kuwait Finance House KSCP (Financials) | 1,982,792 | ||||||
849,825 | National Bank of Kuwait SAKP (Financials) | 2,962,896 | ||||||
|
| |||||||
6,309,934 | ||||||||
|
| |||||||
Luxembourg – 0.1% | ||||||||
41,204 | Reinet Investments SCA (Financials) | 814,821 | ||||||
|
| |||||||
Mexico – 2.6% | ||||||||
820,056 | Alfa SAB de CV, Class A (Industrials) | 534,323 | ||||||
3,439,340 | America Movil SAB de CV, Series L (Communication Services) | 3,562,274 | ||||||
51,904 | Arca Continental SAB de CV (Consumer Staples) | 437,382 | ||||||
2,577,170 | Cemex SAB de CV, Series CPO (Materials)* | 1,288,233 | ||||||
105,547 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 762,242 | ||||||
335,387 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 3,090,502 | ||||||
132,838 | Gruma SAB de CV, Class B (Consumer Staples) | 1,944,255 | ||||||
717,384 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 3,399,989 | ||||||
76,300 | Grupo Carso SAB de CV, Series A1 (Industrials) | 363,992 | ||||||
324,560 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 2,735,337 | ||||||
250,030 | Grupo Mexico SAB de CV, Series B (Materials) | 1,120,053 | ||||||
219,559 | Orbia Advance Corp. SAB de CV (Materials) | 457,809 | ||||||
41,700 | Promotora y Operadora de Infraestructura SAB de CV (Industrials) | 406,077 | ||||||
921,898 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 3,622,694 | ||||||
|
| |||||||
23,725,162 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Philippines – 0.1% | ||||||||
436,250 | Bank of the Philippine Islands (Financials) | $ | 865,407 | |||||
38,740 | Manila Electric Co. (Utilities) | 222,431 | ||||||
|
| |||||||
1,087,838 | ||||||||
|
| |||||||
Poland – 0.8% | ||||||||
23,938 | Bank Pekao SA (Financials) | 483,820 | ||||||
14,912 | CD Projekt SA (Communication Services)(b) | 444,964 | ||||||
22,913 | Dino Polska SA (Consumer Staples)*(a) | 1,918,927 | ||||||
13,238 | KGHM Polska Miedz SA (Materials) | 380,095 | ||||||
509 | LPP SA (Consumer Discretionary) | 1,080,611 | ||||||
403,801 | PGE Polska Grupa Energetyczna SA (Utilities)* | 607,918 | ||||||
103,549 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 725,317 | ||||||
187,066 | Powszechny Zaklad Ubezpieczen SA (Financials) | 1,543,882 | ||||||
|
| |||||||
7,185,534 | ||||||||
|
| |||||||
Qatar – 1.1% | ||||||||
520,985 | Commercial Bank PSQC (The) (Financials) | 879,813 | ||||||
93,431 | Industries Qatar QSC (Industrials) | 357,125 | ||||||
572,302 | Masraf Al Rayan QSC (Financials) | 424,306 | ||||||
666,116 | Ooredoo QPSC (Communication Services) | 1,682,781 | ||||||
455,205 | Qatar International Islamic Bank QSC (Financials) | 1,311,210 | ||||||
330,752 | Qatar Islamic Bank (Financials) | 1,689,294 | ||||||
704,266 | Qatar National Bank QPSC (Financials) | 3,258,566 | ||||||
|
| |||||||
9,603,095 | ||||||||
|
| |||||||
Romania – 0.1% | ||||||||
118,358 | NEPI Rockcastle NV (Real Estate) | 710,358 | ||||||
|
| |||||||
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) | — | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Russia – (continued) | ||||||||
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 – 3.7% | ||||||||
11,800 | ACWA Power Co. (Utilities) | 438,336 | ||||||
48,587 | Advanced Petrochemical Co. (Materials) | 625,359 | ||||||
203,059 | Al Rajhi Bank (Financials)* | 3,803,991 | ||||||
73,442 | Alinma Bank (Financials) | 576,357 | ||||||
29,414 | Almarai Co. JSC (Consumer Staples) | 411,505 | ||||||
81,597 | Arab National Bank (Financials) | 500,543 | ||||||
41,200 | Bank AlBilad (Financials)* | 391,398 | ||||||
57,370 | Bank Al-Jazira (Financials) | 277,016 | ||||||
64,690 | Banque Saudi Fransi (Financials) | 563,698 | ||||||
30,685 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 1,264,147 | ||||||
131,486 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 503,148 | ||||||
11,187 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 691,017 | ||||||
4,800 | Elm Co. (Information Technology) | 484,777 | ||||||
190,405 | Etihad Etisalat Co. (Communication Services) | 1,983,888 | ||||||
8,996 | Jarir Marketing Co. (Consumer Discretionary) | 354,312 | ||||||
174,514 | Mobile Telecommunications Co Saudi Arabia (Communication Services)* | 482,714 | ||||||
19,792 | Nahdi Medical Co. (Consumer Staples) | 984,154 | ||||||
150,426 | Rabigh Refining & Petrochemical Co. (Energy)* | 407,266 | ||||||
77,952 | Riyad Bank (Financials) | 541,124 | ||||||
29,570 | SABIC Agri-Nutrients Co. (Materials) | 1,052,737 | ||||||
165,181 | Sahara International Petrochemical Co. (Materials) | 1,558,208 | ||||||
64,185 | Saudi Arabian Mining Co. (Materials)* | 1,087,809 | ||||||
426,712 | Saudi Arabian Oil Co. (Energy)(a) | 3,615,962 | ||||||
90,969 | Saudi Basic Industries Corp. (Materials) | 2,145,352 | ||||||
72,673 | Saudi British Bank (The) (Financials) | 641,976 | ||||||
246,211 | Saudi Electricity Co. (Utilities) | 1,456,540 | ||||||
86,404 | Saudi Investment Bank (The) (Financials) | 364,252 | ||||||
|
|
30 | 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) | ||||||||
294,979 | Saudi Kayan Petrochemical Co. (Materials)* | $ | 998,290 | |||||
211,963 | Saudi National Bank (The) (Financials) | 2,668,848 | ||||||
207,193 | Saudi Telecom Co. (Communication Services) | 1,940,718 | ||||||
106,537 | Savola Group (The) (Consumer Staples) | 772,203 | ||||||
|
| |||||||
33,587,645 | ||||||||
|
| |||||||
South Africa – 3.8% | ||||||||
150,967 | Absa Group Ltd. (Financials) | 1,632,109 | ||||||
51,035 | African Rainbow Minerals Ltd. (Materials) | 707,268 | ||||||
4,192 | Anglo American Platinum Ltd. (Materials) | 232,302 | ||||||
113,898 | Aspen Pharmacare Holdings Ltd. (Health Care) | 880,408 | ||||||
85,860 | Bid Corp. Ltd. (Consumer Staples) | 1,881,261 | ||||||
43,617 | Bidvest Group Ltd. (The) (Industrials) | 556,801 | ||||||
7,201 | Capitec Bank Holdings Ltd. (Financials) | 688,279 | ||||||
89,461 | Clicks Group Ltd. (Consumer Staples) | 1,303,688 | ||||||
29,076 | Discovery Ltd. (Financials)* | 237,202 | ||||||
549,421 | FirstRand Ltd. (Financials) | 1,961,977 | ||||||
126,611 | Gold Fields Ltd. (Materials) | 1,150,423 | ||||||
189,558 | Impala Platinum Holdings Ltd. (Materials) | 1,771,118 | ||||||
52,896 | Kumba Iron Ore Ltd. (Materials)(b) | 1,380,476 | ||||||
136,678 | Mr Price Group Ltd. (Consumer Discretionary) | 1,133,780 | ||||||
269,169 | MTN Group Ltd. (Communication Services) | 2,123,438 | ||||||
330,836 | MultiChoice Group (Communication Services) | 2,541,253 | ||||||
7,910 | Naspers Ltd., Class N (Consumer Discretionary) | 1,403,515 | ||||||
138,730 | Nedbank Group Ltd. (Financials) | 1,742,641 | ||||||
614,690 | Old Mutual Ltd. (Financials) | 398,826 | ||||||
285,100 | OUTsurance Group Ltd. (Financials) | 554,630 | ||||||
301,116 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 307,575 | ||||||
93,513 | Remgro Ltd. (Financials) | 712,087 | ||||||
260,186 | Sanlam Ltd. (Financials) | 848,045 | ||||||
41,540 | Sasol Ltd. (Materials) | 611,777 | ||||||
217,942 | Shoprite Holdings Ltd. (Consumer Staples) | 2,642,196 | ||||||
511,658 | Sibanye Stillwater Ltd. (Materials) | 1,034,396 | ||||||
192,478 | Standard Bank Group Ltd. (Financials) | 1,924,963 | ||||||
152,376 | Vodacom Group Ltd. (Communication Services) | 1,051,825 | ||||||
213,264 | Woolworths Holdings Ltd. (Consumer Discretionary) | 894,591 | ||||||
|
| |||||||
34,308,850 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – 11.9% | ||||||||
15,052 | Amorepacific Corp. (Consumer Staples) | 1,574,303 | ||||||
9,876 | BGF retail Co. Ltd. (Consumer Staples) | 1,348,644 | ||||||
4,337 | Celltrion, Inc. (Health Care) | 475,898 | ||||||
93,374 | Cheil Worldwide, Inc. (Communication Services) | 1,411,283 | ||||||
3,363 | CJ CheilJedang Corp. (Consumer Staples) | 815,812 | ||||||
12,710 | CJ Corp. (Industrials) | 834,687 | ||||||
33,227 | Coway Co. Ltd. (Consumer Discretionary) | 1,340,882 | ||||||
9,060 | DB Insurance Co. Ltd. (Financials) | 527,202 | ||||||
15,280 | Doosan Bobcat, Inc. (Industrials) | 437,644 | ||||||
29,232 | Doosan Enerbility Co. Ltd. (Industrials)* | 359,201 | ||||||
7,382 | Ecopro BM Co. Ltd. (Industrials) | 927,736 | ||||||
5,945 | E-MART, Inc. (Consumer Staples) | 503,185 | ||||||
12,191 | F&F Co. Ltd. (Consumer Discretionary) | 1,279,675 | ||||||
43,844 | GS Holdings Corp. (Industrials) | 1,346,880 | ||||||
52,730 | Hana Financial Group, Inc. (Financials) | 1,809,138 | ||||||
37,201 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1,045,817 | ||||||
6,127 | Hanmi Pharm Co. Ltd. (Health Care)* | 1,199,239 | ||||||
18,917 | Hanwha Solutions Corp. (Materials)* | 594,708 | ||||||
7,372 | HD Hyundai Co. Ltd. (Energy) | 330,925 | ||||||
70,274 | HMM Co. Ltd. (Industrials)* | 1,197,566 | ||||||
25,960 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 1,573,393 | ||||||
18,800 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 517,151 | ||||||
6,633 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1,065,190 | ||||||
11,407 | Hyundai Motor Co. (Consumer Discretionary) | 1,519,784 | ||||||
20,171 | Hyundai Steel Co. (Materials) | 533,524 | ||||||
159,870 | Industrial Bank of Korea (Financials) | 1,254,072 | ||||||
14,776 | Kakao Corp. (Communication Services) | 696,786 | ||||||
37,590 | Kangwon Land, Inc. (Consumer Discretionary)* | 573,828 | ||||||
51,086 | KB Financial Group, Inc. (Financials) | 1,980,511 | ||||||
37,132 | Kia Corp. (Consumer Discretionary) | 2,113,009 | ||||||
15,454 | Korea Aerospace Industries Ltd. (Industrials)* | 526,715 | ||||||
44,300 | Korea Electric Power Corp. (Utilities)(b) | 604,281 | ||||||
5,834 | Korea Investment Holdings Co. Ltd. (Financials)* | 273,348 | ||||||
1,143 | Korea Zinc Co. Ltd. (Materials) | 504,449 | ||||||
23,964 | Korean Air Lines Co. Ltd. (Industrials)(b) | 412,002 | ||||||
19,638 | KT&G Corp. (Consumer Staples) | 1,316,373 | ||||||
6,021 | Kumho Petrochemical Co. Ltd. (Materials)* | 715,740 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
3,880 | L&F Co. Ltd. (Information Technology) | $ | 768,230 | |||||
2,344 | LG Chem Ltd. (Materials) | 1,204,549 | ||||||
5,579 | LG Corp. (Industrials) | 346,988 | ||||||
23,117 | LG Display Co. Ltd. (Information Technology) | 267,114 | ||||||
30,979 | LG Electronics, Inc. (Consumer Discretionary) | 2,603,336 | ||||||
1,900 | LG Energy Solution Ltd. (Industrials)* | 750,954 | ||||||
3,294 | LG H&H Co. Ltd. (Consumer Staples) | 1,662,869 | ||||||
2,516 | LG Innotek Co. Ltd. (Information Technology) | 526,682 | ||||||
212,787 | LG Uplus Corp. (Communication Services) | 1,780,126 | ||||||
1,652 | Lotte Chemical Corp. (Materials)(b) | 222,472 | ||||||
15,963 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 1,049,523 | ||||||
221,592 | Meritz Securities Co. Ltd. (Financials) | 1,175,572 | ||||||
71,065 | Mirae Asset Securities Co. Ltd. (Financials) | 383,990 | ||||||
8,171 | NAVER Corp. (Communication Services) | 1,287,477 | ||||||
3,789 | NCSoft Corp. (Communication Services) | 1,244,149 | ||||||
87,204 | NH Investment & Securities Co. Ltd. (Financials)* | 626,063 | ||||||
19,193 | Orion Corp. (Consumer Staples) | 1,813,055 | ||||||
10,483 | Pearl Abyss Corp. (Communication Services)* | 355,309 | ||||||
3,500 | POSCO Chemical Co. Ltd. (Materials) | 584,546 | ||||||
8,143 | POSCO Holdings, Inc. (Materials) | 1,956,905 | ||||||
24,771 | S-1 Corp. (Industrials) | 1,055,798 | ||||||
1,118 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 653,100 | ||||||
13,824 | Samsung C&T Corp. (Industrials) | 1,150,215 | ||||||
13,171 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 1,433,307 | ||||||
608,739 | Samsung Electronics Co. Ltd. (Information Technology) | 27,878,015 | ||||||
24,460 | Samsung Engineering Co. Ltd. (Industrials)* | 485,226 | ||||||
10,104 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 1,637,867 | ||||||
121,850 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 506,461 | ||||||
6,741 | Samsung Life Insurance Co. Ltd. (Financials) | 346,920 | ||||||
3,498 | Samsung SDI Co. Ltd. (Information Technology) | 1,839,870 | ||||||
10,940 | Samsung SDS Co. Ltd. (Information Technology) | 1,035,921 | ||||||
43,968 | Samsung Securities Co. Ltd. (Financials) | 1,113,114 | ||||||
46,744 | SD Biosensor, Inc. (Health Care) | 812,478 | ||||||
63,617 | Shinhan Financial Group Co. Ltd. (Financials) | 1,867,765 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
18,445 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 929,742 | ||||||
71,378 | SK Hynix, Inc. (Information Technology) | 4,822,364 | ||||||
24,401 | SK Square Co. Ltd. (Information Technology)* | 707,182 | ||||||
2,247 | SK, Inc. (Industrials) | 303,279 | ||||||
136,239 | Woori Financial Group, Inc. (Financials) | 1,256,086 | ||||||
23,170 | Yuhan Corp. (Health Care) | 922,773 | ||||||
|
| |||||||
106,907,973 | ||||||||
|
| |||||||
Taiwan – 14.8% | ||||||||
153,955 | Accton Technology Corp. (Information Technology) | 1,429,930 | ||||||
563,450 | Acer, Inc. (Information Technology) | 468,779 | ||||||
165,427 | Advantech Co. Ltd. (Information Technology) | 1,938,248 | ||||||
456,548 | ASE Technology Holding Co. Ltd. (Information Technology) | 1,588,280 | ||||||
439,288 | Asia Cement Corp. (Materials) | 645,174 | ||||||
111,506 | Asustek Computer, Inc. (Information Technology) | 1,017,367 | ||||||
1,048,278 | AUO Corp. (Information Technology) | 639,918 | ||||||
191,766 | Catcher Technology Co. Ltd. (Information Technology) | 1,161,188 | ||||||
1,179,838 | Cathay Financial Holding Co. Ltd. (Financials) | 1,682,468 | ||||||
230,027 | Chailease Holding Co. Ltd. (Financials) | 1,702,394 | ||||||
345,913 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 388,832 | ||||||
3,522,028 | China Development Financial Holding Corp. (Financials) | 1,525,813 | ||||||
1,004,024 | China Steel Corp. (Materials) | 1,034,686 | ||||||
398,718 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1,511,411 | ||||||
1,402,461 | Compal Electronics, Inc. (Information Technology) | 1,111,585 | ||||||
2,669,990 | CTBC Financial Holding Co. Ltd. (Financials) | 1,993,543 | ||||||
250,656 | Delta Electronics, Inc. (Information Technology) | 2,356,880 | ||||||
57,940 | E Ink Holdings, Inc. (Information Technology) | 369,856 | ||||||
12,212 | eMemory Technology, Inc. (Information Technology) | 749,485 | ||||||
1,219,861 | E.Sun Financial Holding Co. Ltd. (Financials) | 998,885 | ||||||
349,235 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 1,799,501 | ||||||
816,446 | Far Eastern New Century Corp. (Industrials) | 869,514 | ||||||
246,555 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 1,496,995 | ||||||
996,141 | First Financial Holding Co. Ltd. (Financials) | 876,174 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
338,941 | Formosa Plastics Corp. (Materials) | $ | 1,011,166 | |||||
1,333,906 | Fubon Financial Holding Co. Ltd. (Financials) | 2,626,704 | ||||||
30,281 | Globalwafers Co. Ltd. (Information Technology) | 508,832 | ||||||
1,168,882 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 3,874,599 | ||||||
861,743 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 646,247 | ||||||
872,725 | Innolux Corp. (Information Technology) | 421,046 | ||||||
808,297 | Inventec Corp. (Information Technology) | 705,647 | ||||||
9,304 | Largan Precision Co. Ltd. (Information Technology) | 673,307 | ||||||
536,962 | Lite-On Technology Corp. (Information Technology) | 1,224,794 | ||||||
205,817 | MediaTek, Inc. (Information Technology) | 4,883,759 | ||||||
1,198,409 | Mega Financial Holding Co. Ltd. (Financials) | 1,309,737 | ||||||
374,760 | Micro-Star International Co. Ltd. (Information Technology) | 1,685,033 | ||||||
427,317 | Nan Ya Plastics Corp. (Materials) | 1,060,246 | ||||||
49,653 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 382,955 | ||||||
492,385 | Nanya Technology Corp. (Information Technology) | 943,740 | ||||||
123,466 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1,320,990 | ||||||
197,711 | Novatek Microelectronics Corp. (Information Technology) | 2,644,193 | ||||||
516,478 | Pegatron Corp. (Information Technology) | 1,152,645 | ||||||
778,132 | Pou Chen Corp. (Consumer Discretionary) | 858,079 | ||||||
340,166 | President Chain Store Corp. (Consumer Staples) | 2,980,827 | ||||||
334,533 | Quanta Computer, Inc. (Information Technology) | 879,440 | ||||||
195,047 | Realtek Semiconductor Corp. (Information Technology) | 2,432,526 | ||||||
1,924,087 | SinoPac Financial Holdings Co. Ltd. (Financials) | 1,086,145 | ||||||
601,624 | Synnex Technology International Corp. (Information Technology) | 1,234,070 | ||||||
2,021,180 | Taishin Financial Holding Co. Ltd. (Financials) | 1,091,203 | ||||||
973,292 | Taiwan Business Bank (Financials) | 459,981 | ||||||
580,002 | Taiwan Cement Corp. (Materials) | 745,240 | ||||||
636,864 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 557,030 | ||||||
177,907 | Taiwan Mobile Co. Ltd. (Communication Services) | 564,033 | ||||||
3,065,060 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 51,403,720 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
94,343 | Unimicron Technology Corp. (Information Technology) | 396,328 | ||||||
1,406,982 | Uni-President Enterprises Corp. (Consumer Staples) | 3,116,930 | ||||||
1,992,741 | United Microelectronics Corp. (Information Technology)* | 3,266,789 | ||||||
245,695 | Vanguard International Semiconductor Corp. (Information Technology) | 745,886 | ||||||
249,442 | Wan Hai Lines Ltd. (Industrials) | 651,654 | ||||||
1,330,307 | Winbond Electronics Corp. (Information Technology) | 1,006,370 | ||||||
525,161 | WPG Holdings Ltd. (Information Technology) | 849,716 | ||||||
442,384 | Yang Ming Marine Transport Corp. (Industrials) | 937,922 | ||||||
2,437,368 | Yuanta Financial Holding Co. Ltd. (Financials) | 1,819,857 | ||||||
|
| |||||||
133,516,292 | ||||||||
|
| |||||||
Thailand – 1.8% | ||||||||
279,616 | Advanced Info Service PCL NVDR (Communication Services) | 1,598,201 | ||||||
427,500 | Airports of Thailand PCL NVDR (Industrials)* | 880,009 | ||||||
2,451,900 | Asset World Corp. PCL NVDR (Consumer Discretionary) | 409,329 | ||||||
1,623,600 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 1,286,338 | ||||||
333,300 | Berli Jucker PCL NVDR (Consumer Staples) | 363,090 | ||||||
180,100 | Bumrungrad Hospital PCL NVDR (Health Care) | 1,075,262 | ||||||
316,100 | Central Pattana PCL NVDR (Real Estate) | 628,332 | ||||||
710,600 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 446,371 | ||||||
848,577 | CP ALL PCL NVDR (Consumer Staples) | 1,488,679 | ||||||
51,800 | Delta Electronics Thailand PCL NVDR (Information Technology) | 1,336,727 | ||||||
128,900 | Electricity Generating PCL NVDR (Utilities) | 623,688 | ||||||
419,400 | Gulf Energy Development PCL NVDR (Utilities) | 623,026 | ||||||
299,800 | Indorama Ventures PCL NVDR (Materials) | 311,750 | ||||||
271,500 | Intouch Holdings PCL NVDR (Communication Services) | 543,519 | ||||||
1,165,500 | Krung Thai Bank PCL NVDR (Financials) | 570,527 | ||||||
294,400 | Krungthai Card PCL NVDR (Financials) | 489,400 | ||||||
196,000 | Muangthai Capital PCL NVDR (Financials) | 194,107 | ||||||
184,800 | PTT Exploration & Production PCL NVDR (Energy) | 784,353 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
347,900 | PTT Global Chemical PCL NVDR (Materials) | $ | 465,130 | |||||
716,600 | PTT PCL NVDR (Energy) | 643,782 | ||||||
510,200 | Ratch Group PCL NVDR (Utilities) | 588,283 | ||||||
56,000 | Siam Cement PCL (The) NVDR (Materials) | 518,148 | ||||||
240,800 | Thai Oil PCL NVDR (Energy) | 344,085 | ||||||
770,800 | Thai Union Group PCL NVDR (Consumer Staples) | 346,782 | ||||||
|
| |||||||
16,558,918 | ||||||||
|
| |||||||
Turkey – 0.8% | ||||||||
290,142 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,094,727 | ||||||
270,328 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 631,467 | ||||||
463,054 | KOC Holding AS (Industrials) | 1,902,105 | ||||||
49,203 | Sasa Polyester Sanayi AS (Materials)* | 286,685 | ||||||
110,585 | Turk Hava Yollari AO (Industrials)* | 841,147 | ||||||
11,900 | Turkiye Petrol Rafinerileri AS (Energy)* | 373,849 | ||||||
463,242 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 1,158,166 | ||||||
|
| |||||||
7,288,146 | ||||||||
|
| |||||||
United Arab Emirates – 1.5% | ||||||||
625,120 | Abu Dhabi Commercial Bank PJSC (Financials) | 1,426,278 | ||||||
437,996 | Abu Dhabi Islamic Bank PJSC (Financials) | 1,244,994 | ||||||
1,173,874 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 1,380,709 | ||||||
841,429 | Aldar Properties PJSC (Real Estate) | 1,076,743 | ||||||
1,074,494 | Dubai Islamic Bank PJSC (Financials) | 1,679,240 | ||||||
955,080 | Emaar Properties PJSC (Real Estate) | 1,456,212 | ||||||
492,356 | Emirates NBD Bank PJSC (Financials) | 1,823,119 | ||||||
258,710 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 1,796,181 | ||||||
419,134 | First Abu Dhabi Bank PJSC (Financials) | 1,606,765 | ||||||
|
| |||||||
13,490,241 | ||||||||
|
| |||||||
United States – 0.2% | ||||||||
470,100 | JBS SA (Consumer Staples) | 1,727,971 | ||||||
10,200 | Parade Technologies Ltd. (Information Technology) | 322,040 | ||||||
|
| |||||||
2,050,011 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $846,139,993) | $ | 879,466,808 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 1.9% | ||||||||||
Brazil – 1.1% | ||||||||||
723,230 | Banco Bradesco SA (Financials) | 7.83 | % | $ | 1,811,989 | |||||
39,428 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 4.58 | 271,654 | |||||||
245,604 | Cia Energetica de Minas Gerais (Utilities) | 13.12 | 493,024 | |||||||
99,856 | Gerdau SA (Materials) | 12.13 | 547,604 | |||||||
602,969 | Itau Unibanco Holding SA (Financials) | 4.13 | 2,937,059 | |||||||
757,395 | Itausa SA (Financials) | 6.04 | 1,193,970 | |||||||
643,846 | Petroleo Brasileiro SA (Energy) | 42.48 | 3,112,738 | |||||||
|
| |||||||||
10,368,038 | ||||||||||
| ||||||||||
Chile – 0.1% | ||||||||||
12,283 | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | 9.59 | 1,091,878 | |||||||
| ||||||||||
Colombia – 0.1% | ||||||||||
76,277 | Bancolombia SA (Financials) | 10.16 | 485,519 | |||||||
| ||||||||||
Russia – 0.0% | ||||||||||
3,212,489 | Surgutneftegas PJSC (Energy)(c) | 17.05 | ||||||||
| ||||||||||
South Korea – 0.6% | ||||||||||
9,120 | Hyundai Motor Co. (Consumer Discretionary) | 7.63 | 648,548 | |||||||
8,863 | Hyundai Motor Co. (Consumer Discretionary) | 7.67 | 617,547 | |||||||
107,400 | Samsung Electronics Co. Ltd. (Information Technology) | 2.69 | 4,334,147 | |||||||
|
| |||||||||
5,600,242 | ||||||||||
| ||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $16,729,118) | $ | 17,545,677 | ||||||||
| ||||||||||
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% | ||||||||||
Taiwan – 0.0% | ||||||||||
101,322 | SinoPac Financial Holdings Co. Ltd.* | |||||||||
(Cost $0) | 03/23 | $ | — | |||||||
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Exchange-Traded Fund – 0.6% | ||||||||
United States – 0.6% | ||||||||
257,264 | iShares MSCI Malaysia ETF(b) | |||||||
(Cost $7,732,868) | $ | 5,592,919 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $870,601,979) | $ | 902,605,404 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.5%(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
4,335,015 | 4.475% | $ | 4,335,015 | |||
(Cost $4,335,015) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.7% |
| |||||
(Cost $874,936,994) | $ | 906,940,419 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)% | (6,333,042 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 900,607,377 | ||||
|
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 | |
|
Sector Name | % of Market Value | |||
| ||||
Financials | 21.1 | % | ||
Information Technology | 19.7 | |||
Consumer Discretionary | 12.1 | |||
Consumer Staples | 11.1 | |||
Communication Services | 9.2 | |||
Materials | 7.5 | |||
Industrials | 5.3 | |||
Health Care | 5.2 | |||
Energy | 4.2 | |||
Utilities | 2.4 | |||
Real Estate | 1.1 | |||
Exchange-Traded Fund | 0.6 | |||
Securities Lending Reinvestment Vehicle | 0.5 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.7% | ||||||||
Australia – 1.5% | ||||||||
68 | Flutter Entertainment PLC (Consumer Discretionary)* | $ | 10,987 | |||||
10,461 | Glencore PLC (Materials) | 62,734 | ||||||
1,400 | Rio Tinto PLC (Materials) | 96,813 | ||||||
|
| |||||||
170,534 | ||||||||
|
| |||||||
Austria – 0.6% | ||||||||
395 | Erste Group Bank AG (Financials) | 15,574 | ||||||
292 | Mondi PLC (Materials) | 4,937 | ||||||
687 | OMV AG (Energy) | 33,594 | ||||||
402 | voestalpine AG (Materials) | 14,930 | ||||||
|
| |||||||
69,035 | ||||||||
|
| |||||||
Belgium – 1.2% | ||||||||
403 | Ageas SA/NV (Financials) | 18,262 | ||||||
642 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 38,965 | ||||||
44 | D’ieteren Group (Consumer Discretionary) | 8,563 | ||||||
96 | Elia Group SA/NV (Utilities) | 12,706 | ||||||
119 | Groupe Bruxelles Lambert NV (Financials) | 10,035 | ||||||
87 | KBC Group NV (Financials) | 6,523 | ||||||
133 | Solvay SA (Materials) | 15,268 | ||||||
255 | UCB SA (Health Care) | 22,007 | ||||||
|
| |||||||
132,329 | ||||||||
|
| |||||||
Brazil – 0.1% | ||||||||
247 | Yara International ASA (Materials) | 11,795 | ||||||
|
| |||||||
Chile – 0.0% | ||||||||
133 | Antofagasta PLC (Materials) | 2,528 | ||||||
|
| |||||||
China – 0.2% | ||||||||
274 | Prosus NV (Consumer Discretionary)* | 19,736 | ||||||
|
| |||||||
Denmark – 4.7% | ||||||||
19 | AP Moller – Maersk A/S, Class A (Industrials) | 43,642 | ||||||
20 | AP Moller – Maersk A/S, Class B (Industrials) | 46,766 | ||||||
145 | Carlsberg AS, Class B (Consumer Staples) | 20,574 | ||||||
89 | Chr Hansen Holding A/S (Materials) | 6,187 | ||||||
80 | Coloplast A/S, Class B (Health Care) | 9,277 | ||||||
1,207 | Danske Bank A/S (Financials) | 28,111 | ||||||
82 | Demant A/S (Health Care)* | 2,464 | ||||||
64 | DSV A/S (Industrials) | 11,682 | ||||||
46 | Genmab A/S (Health Care)* | 17,357 | ||||||
1,917 | Novo Nordisk A/S, Class B (Health Care) | 272,117 | ||||||
171 | Novozymes A/S, Class B (Materials) | 8,265 | ||||||
36 | Orsted AS (Utilities)(a) | 3,156 | ||||||
304 | Pandora A/S (Consumer Discretionary) | 28,910 | ||||||
33 | ROCKWOOL A/S, Class B (Industrials) | 7,535 | ||||||
750 | Tryg A/S (Financials) | 16,666 | ||||||
134 | Vestas Wind Systems A/S (Industrials) | 3,830 | ||||||
|
| |||||||
526,539 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Finland – 1.7% | ||||||||
266 | Elisa OYJ (Communication Services) | 15,154 | ||||||
111 | Kesko OYJ, Class B (Consumer Staples) | 2,421 | ||||||
147 | Kone OYJ, Class B (Industrials) | 7,662 | ||||||
783 | Metso Outotec OYJ (Industrials) | 8,370 | ||||||
174 | Neste OYJ (Energy) | 8,431 | ||||||
5,718 | Nokia OYJ (Information Technology) | 26,557 | ||||||
2,435 | Nordea Bank Abp (Financials) | 30,970 | ||||||
899 | Orion OYJ, Class B (Health Care) | 42,474 | ||||||
498 | Sampo OYJ, Class A (Financials) | 24,315 | ||||||
533 | Stora Enso OYJ, Class R (Materials) | 7,572 | ||||||
385 | UPM-Kymmene OYJ (Materials) | 14,009 | ||||||
|
| |||||||
187,935 | ||||||||
|
| |||||||
France – 17.6% | ||||||||
74 | Aeroports de Paris (Industrials)* | 10,787 | ||||||
380 | Air Liquide SA (Materials) | 60,674 | ||||||
311 | Airbus SE (Industrials) | 40,904 | ||||||
250 | Alstom SA (Industrials) | 7,378 | ||||||
75 | Amundi SA (Financials)(a) | 4,963 | ||||||
151 | Arkema SA (Materials) | 15,399 | ||||||
2,175 | AXA SA (Financials) | 68,852 | ||||||
262 | BioMerieux (Health Care) | 25,768 | ||||||
926 | BNP Paribas SA (Financials) | 64,961 | ||||||
3,340 | Bollore SE (Communication Services) | 18,738 | ||||||
416 | Bouygues SA (Industrials) | 14,135 | ||||||
615 | Bureau Veritas SA (Industrials) | 17,649 | ||||||
202 | Capgemini SE (Information Technology) | 38,099 | ||||||
2,476 | Carrefour SA (Consumer Staples) | 49,129 | ||||||
1,005 | Cie de Saint-Gobain (Industrials) | 60,037 | ||||||
536 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 16,902 | ||||||
63 | Covivio SA REIT (Real Estate) | 4,055 | ||||||
2,931 | Credit Agricole SA (Financials) | 35,938 | ||||||
726 | Danone SA (Consumer Staples) | 40,991 | ||||||
118 | Dassault Aviation SA (Industrials) | 20,360 | ||||||
583 | Dassault Systemes (Information Technology) | 22,616 | ||||||
335 | Edenred (Information Technology) | 18,943 | ||||||
646 | Eiffage SA (Industrials) | 71,249 | ||||||
2,285 | Engie SA (Utilities) | 33,528 | ||||||
238 | EssilorLuxottica SA (Health Care) | 41,494 | ||||||
312 | Eurazeo SE (Financials) | 21,110 | ||||||
64 | Gecina SA REIT (Real Estate) | 7,405 | ||||||
836 | Getlink SE (Industrials) | 14,119 | ||||||
41 | Hermes International (Consumer Discretionary) | 74,591 | ||||||
524 | Ipsen SA (Health Care) | 60,071 | ||||||
63 | Kering (Consumer Discretionary) | 37,080 | ||||||
135 | Klepierre SA REIT (Real Estate)* | 3,389 | ||||||
1,555 | La Francaise des Jeux SAEM (Consumer Discretionary)(a) | 61,659 | ||||||
292 | Legrand SA (Industrials) | 27,127 | ||||||
294 | L’Oreal SA (Consumer Staples) | 116,951 | ||||||
280 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 234,286 | ||||||
1,326 | Orange SA (Communication Services) | 15,176 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
146 | Pernod Ricard SA (Consumer Staples) | $ | 30,610 | |||||
304 | Publicis Groupe SA (Communication Services) | 24,257 | ||||||
77 | Remy Cointreau SA (Consumer Staples) | 13,588 | ||||||
320 | Renault SA (Consumer Discretionary)* | 14,413 | ||||||
233 | Safran SA (Industrials) | 33,101 | ||||||
46 | Sartorius Stedim Biotech (Health Care) | 15,059 | ||||||
164 | SEB SA (Consumer Discretionary) | 19,027 | ||||||
891 | Societe Generale SA (Financials) | 25,815 | ||||||
144 | Sodexo SA (Consumer Discretionary) | 13,399 | ||||||
162 | Thales SA (Industrials) | 22,712 | ||||||
2,341 | TotalEnergies SE (Energy) | 145,408 | ||||||
114 | Valeo (Consumer Discretionary) | 2,386 | ||||||
589 | Veolia Environnement SA (Utilities) | 17,683 | ||||||
466 | Vinci SA (Industrials) | 53,294 | ||||||
1,102 | Vivendi SE (Communication Services) | 11,392 | ||||||
602 | Wendel SE (Financials) | 68,630 | ||||||
188 | Worldline SA (Information Technology)*(a) | 7,879 | ||||||
|
| |||||||
1,995,166 | ||||||||
|
| |||||||
Germany – 13.1% | ||||||||
280 | adidas AG (Consumer Discretionary) | 42,065 | ||||||
270 | Allianz SE (Financials) | 63,609 | ||||||
463 | BASF SE (Materials) | 23,802 | ||||||
954 | Bayer AG (Health Care) | 56,950 | ||||||
405 | Bayerische Motoren Werke AG (Consumer Discretionary) | 41,984 | ||||||
94 | Bechtle AG (Information Technology) | 3,981 | ||||||
189 | Beiersdorf AG (Consumer Staples) | 22,649 | ||||||
252 | Brenntag SE (Industrials) | 19,081 | ||||||
82 | Carl Zeiss Meditec AG (Health Care) | 10,983 | ||||||
3,224 | Commerzbank AG (Financials)* | 39,405 | ||||||
76 | Covestro AG (Materials)(a) | 3,357 | ||||||
388 | Daimler Truck Holding AG (Industrials)* | 12,350 | ||||||
3,924 | Deutsche Bank AG (Financials) | 49,105 | ||||||
141 | Deutsche Boerse AG (Financials) | 24,673 | ||||||
5,095 | Deutsche Lufthansa AG (Industrials)* | 53,071 | ||||||
1,700 | Deutsche Post AG (Industrials) | 72,330 | ||||||
2,581 | Deutsche Telekom AG (Communication Services) | 58,124 | ||||||
2,537 | E.ON SE (Utilities) | 27,833 | ||||||
262 | Evonik Industries AG (Materials) | 5,621 | ||||||
723 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 28,308 | ||||||
1,062 | Fresenius SE & Co. KGaA (Health Care) | 29,316 | ||||||
311 | GEA Group AG (Industrials) | 13,727 | ||||||
77 | Hannover Rueck SE (Financials) | 15,001 | ||||||
440 | HeidelbergCement AG (Materials) | 30,386 | ||||||
1,897 | HelloFresh SE (Consumer Staples)* | 42,790 | ||||||
142 | Henkel AG & Co. KGaA (Consumer Staples) | 9,856 | ||||||
686 | Infineon Technologies AG (Information Technology) | 24,382 | ||||||
249 | Knorr-Bremse AG (Industrials) | 17,011 | ||||||
800 | Mercedes-Benz Group AG (Consumer Discretionary) | 61,636 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
183 | Merck KGaA (Health Care) | 34,807 | ||||||
38 | MTU Aero Engines AG (Industrials) | 9,208 | ||||||
98 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 33,891 | ||||||
663 | Nemetschek SE (Information Technology) | 37,743 | ||||||
484 | Puma SE (Consumer Discretionary) | 31,002 | ||||||
48 | Rational AG (Industrials) | 31,968 | ||||||
48 | Rheinmetall AG (Industrials) | 12,248 | ||||||
958 | RWE AG (Utilities) | 40,882 | ||||||
951 | SAP SE (Information Technology) | 108,398 | ||||||
83 | Scout24 SE (Communication Services)(a) | 4,570 | ||||||
581 | Siemens AG (Industrials) | 89,157 | ||||||
2,287 | Siemens Energy AG (Industrials)*(b) | 46,009 | ||||||
145 | Siemens Healthineers AG (Health Care)(a) | 7,593 | ||||||
89 | Symrise AG (Materials) | 9,136 | ||||||
3,619 | Telefonica Deutschland Holding AG (Communication Services) | 11,019 | ||||||
311 | United Internet AG (Communication Services) | 6,834 | ||||||
99 | Volkswagen AG (Consumer Discretionary) | 17,722 | ||||||
118 | Vonovia SE (Real Estate) | 2,985 | ||||||
1,195 | Zalando SE (Consumer Discretionary)*(a) | 47,650 | ||||||
|
| |||||||
1,486,208 | ||||||||
|
| |||||||
Hong Kong – 0.1% | ||||||||
945 | Prudential PLC (Financials) | 14,524 | ||||||
|
| |||||||
Ireland – 1.0% | ||||||||
358 | AerCap Holdings NV (Industrials)* | 22,353 | ||||||
2,765 | AIB Group PLC (Financials) | 11,864 | ||||||
1,199 | Bank of Ireland Group PLC (Financials) | 13,262 | ||||||
604 | CRH PLC (Materials) | 28,517 | ||||||
106 | Kerry Group PLC, Class A (Consumer Staples) | 10,187 | ||||||
177 | Kingspan Group PLC (Industrials) | 11,559 | ||||||
294 | Smurfit Kappa Group PLC (Materials) | 11,028 | ||||||
|
| |||||||
108,770 | ||||||||
|
| |||||||
Italy – 3.7% | ||||||||
1,332 | Assicurazioni Generali SpA (Financials) | 26,430 | ||||||
451 | Coca-Cola HBC AG (Consumer Staples)* | 11,613 | ||||||
1,036 | Davide Campari-Milano NV (Consumer Staples) | 11,641 | ||||||
83 | DiaSorin SpA (Health Care) | 10,048 | ||||||
5,209 | Enel SpA (Utilities) | 29,372 | ||||||
4,120 | Eni SpA (Energy) | 58,400 | ||||||
169 | Ferrari NV (Consumer Discretionary) | 43,964 | ||||||
951 | FinecoBank Banca Fineco SpA (Financials) | 16,490 | ||||||
641 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | 7,083 | ||||||
5,664 | Intesa Sanpaolo SpA (Financials) | 15,386 | ||||||
713 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 7,637 | ||||||
719 | Moncler SpA (Consumer Discretionary) | 44,072 | ||||||
589 | Nexi SpA (Information Technology)*(a) | 4,780 | ||||||
2,646 | Poste Italiane SpA (Financials)(a) | 28,622 | ||||||
430 | Prysmian SpA (Industrials) | 16,585 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – (continued) | ||||||||
389 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | $ | 16,559 | |||||
2,750 | Snam SpA (Utilities) | 13,549 | ||||||
1,592 | Terna – Rete Elettrica Nazionale (Utilities) | 12,034 | ||||||
1,940 | UniCredit SpA (Financials) | 39,806 | ||||||
|
| |||||||
414,071 | ||||||||
|
| |||||||
Jordan – 0.1% | ||||||||
733 | Hikma Pharmaceuticals PLC (Health Care) | 15,370 | ||||||
|
| |||||||
Luxembourg – 0.8% | ||||||||
2,473 | ArcelorMittal (Materials) | 74,600 | ||||||
174 | Eurofins Scientific SE (Health Care) | 12,179 | ||||||
|
| |||||||
86,779 | ||||||||
|
| |||||||
Netherlands – 8.4% | ||||||||
884 | ABN AMRO Bank NV (Financials)(a) | 15,661 | ||||||
8 | Adyen NV (Information Technology)*(a) | 11,413 | ||||||
3,767 | Aegon NV (Financials) | 19,707 | ||||||
190 | Akzo Nobel NV (Materials) | 13,952 | ||||||
27 | Argenx SE (Health Care)* | 9,798 | ||||||
55 | ASM International NV (Information Technology) | 18,840 | ||||||
397 | ASML Holding NV (Information Technology) | 245,875 | ||||||
94 | Euronext NV (Financials)(a) | 6,892 | ||||||
156 | EXOR NV (Financials)* | 12,898 | ||||||
283 | Heineken Holding NV (Consumer Staples) | 24,295 | ||||||
196 | Heineken NV (Consumer Staples) | 20,058 | ||||||
61 | IMCD NV (Industrials) | 9,697 | ||||||
2,045 | ING Groep NV (Financials) | 28,770 | ||||||
514 | JDE Peet’s NV (Consumer Staples) | 15,176 | ||||||
2,709 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 86,230 | ||||||
74 | Koninklijke DSM NV (Materials) | 9,158 | ||||||
5,347 | Koninklijke KPN NV (Communication Services) | 18,378 | ||||||
895 | Koninklijke Philips NV (Health Care) | 14,664 | ||||||
1,049 | NN Group NV (Financials) | 42,607 | ||||||
657 | OCI NV (Materials) | 21,878 | ||||||
664 | Randstad NV (Industrials) | 40,912 | ||||||
6,343 | Shell PLC (Energy) | 194,014 | ||||||
472 | Universal Music Group NV (Communication Services) | 11,187 | ||||||
499 | Wolters Kluwer NV (Industrials) | 57,920 | ||||||
|
| |||||||
949,980 | ||||||||
|
| |||||||
Norway – 1.2% | ||||||||
314 | Aker BP ASA (Energy) | 8,507 | ||||||
825 | DNB Bank ASA (Financials) | 16,553 | ||||||
1,703 | Equinor ASA (Energy) | 52,695 | ||||||
919 | Gjensidige Forsikring ASA (Financials) | 16,379 | ||||||
204 | Kongsberg Gruppen ASA (Industrials) | 8,521 | ||||||
330 | Mowi ASA (Consumer Staples) | 5,730 | ||||||
1,208 | Norsk Hydro ASA (Materials) | 8,834 | ||||||
1,438 | Orkla ASA (Consumer Staples) | 9,718 | ||||||
702 | Telenor ASA (Communication Services) | 7,908 | ||||||
|
| |||||||
134,845 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Portugal – 0.6% | ||||||||
1,510 | EDP – Energias de Portugal SA (Utilities) | 7,648 | ||||||
344 | Galp Energia SGPS SA (Energy) | 4,217 | ||||||
2,658 | Jeronimo Martins SGPS SA (Consumer Staples) | 54,742 | ||||||
|
| |||||||
66,607 | ||||||||
|
| |||||||
Singapore – 0.3% | ||||||||
747 | STMicroelectronics NV (Information Technology) | 35,985 | ||||||
|
| |||||||
South Africa – 0.2% | ||||||||
747 | Anglo American PLC (Materials) | 26,086 | ||||||
|
| |||||||
Spain – 4.2% | ||||||||
61 | Acciona SA (Utilities) | 11,521 | ||||||
589 | ACS Actividades de Construccion y Servicios SA (Industrials) | 17,902 | ||||||
17 | Aena SME SA (Industrials)*(a) | 2,639 | ||||||
284 | Amadeus IT Group SA (Information Technology)* | 17,890 | ||||||
6,209 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 48,549 | ||||||
17,966 | Banco Santander SA (Financials) | 70,925 | ||||||
4,376 | CaixaBank SA (Financials) | 18,804 | ||||||
119 | Cellnex Telecom SA (Communication Services)*(a) | 4,488 | ||||||
101 | Corp ACCIONA Energias Renovables SA (Utilities) | 3,922 | ||||||
512 | Enagas SA (Utilities) | 9,209 | ||||||
368 | Endesa SA (Utilities) | 7,247 | ||||||
428 | Ferrovial SA (Industrials) | 11,919 | ||||||
465 | Grifols SA (Health Care)* | 5,688 | ||||||
5,272 | Iberdrola SA (Utilities) | 60,746 | ||||||
2,233 | Industria de Diseno Textil SA (Consumer Discretionary) | 68,888 | ||||||
579 | Naturgy Energy Group SA (Utilities) | 16,002 | ||||||
1,039 | Red Electrica Corp. SA (Utilities) | 17,310 | ||||||
3,665 | Repsol SA (Energy) | 58,321 | ||||||
5,762 | Telefonica SA (Communication Services) | 23,520 | ||||||
|
| |||||||
475,490 | ||||||||
|
| |||||||
Sweden – 3.4% | ||||||||
129 | Alfa Laval AB (Industrials) | 4,267 | ||||||
567 | Assa Abloy AB, Class B (Industrials) | 13,870 | ||||||
1,580 | Atlas Copco AB, Class A (Industrials) | 18,890 | ||||||
829 | Atlas Copco AB, Class B (Industrials) | 8,793 | ||||||
80 | Boliden AB (Materials) | 3,300 | ||||||
230 | Electrolux AB, Class B (Consumer Discretionary) | 2,801 | ||||||
238 | Epiroc AB, Class A (Industrials) | 4,599 | ||||||
178 | Epiroc AB, Class B (Industrials) | 2,943 | ||||||
324 | Essity AB, Class B (Consumer Staples) | 8,792 | ||||||
48 | Evolution AB (Consumer Discretionary)(a) | 5,830 | ||||||
241 | Getinge AB, Class B (Health Care) | 5,211 | ||||||
3,577 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 45,290 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
1,570 | Hexagon AB, Class B (Information Technology) | $ | 17,486 | |||||
178 | Holmen AB, Class B (Materials) | 7,220 | ||||||
901 | Husqvarna AB, Class B (Industrials) | 8,028 | ||||||
297 | Industrivarden AB, Class A (Financials) | 8,208 | ||||||
304 | Industrivarden AB, Class C (Financials) | 8,384 | ||||||
501 | Investor AB, Class A (Financials) | 10,329 | ||||||
1,180 | Investor AB, Class B (Financials) | 22,924 | ||||||
137 | L E Lundbergforetagen AB, Class B (Financials) | 6,394 | ||||||
346 | Lifco AB, Class B (Industrials) | 6,954 | ||||||
743 | Nibe Industrier AB, Class B (Industrials) | 7,723 | ||||||
225 | Sandvik AB (Industrials) | 4,656 | ||||||
1,443 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 18,133 | ||||||
488 | Skanska AB, Class B (Industrials) | 8,919 | ||||||
417 | Svenska Cellulosa AB SCA, Class B (Materials) | 5,850 | ||||||
1,498 | Svenska Handelsbanken AB, Class A (Financials) | 15,959 | ||||||
888 | Swedbank AB, Class A (Financials) | 18,205 | ||||||
443 | Swedish Orphan Biovitrum AB (Health Care)* | 10,242 | ||||||
1,156 | Tele2 AB, Class B (Communication Services) | 10,679 | ||||||
4,479 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 24,953 | ||||||
3,116 | Telia Co. AB (Communication Services) | 8,082 | ||||||
500 | Volvo AB, Class A (Industrials) | 10,462 | ||||||
1,028 | Volvo AB, Class B (Industrials) | 20,681 | ||||||
|
| |||||||
385,057 | ||||||||
|
| |||||||
Switzerland – 8.1% | ||||||||
1,157 | ABB Ltd. (Industrials) | 38,614 | ||||||
155 | Adecco Group AG (Industrials) | 5,534 | ||||||
213 | Alcon, Inc. (Health Care) | 14,581 | ||||||
86 | Baloise Holding AG (Financials) | 14,360 | ||||||
149 | Banque Cantonale Vaudoise (Financials) | 13,346 | ||||||
7 | Barry Callebaut AG (Consumer Staples) | 13,996 | ||||||
63 | BKW AG (Utilities) | 9,236 | ||||||
2 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 22,022 | ||||||
400 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 60,496 | ||||||
217 | Clariant AG (Materials)* | 3,531 | ||||||
18 | EMS-Chemie Holding AG (Materials) | 13,693 | ||||||
48 | Geberit AG (Industrials) | 26,068 | ||||||
3 | Givaudan SA (Materials) | 9,094 | ||||||
161 | Julius Baer Group Ltd. (Financials) | 10,712 | ||||||
193 | Kuehne + Nagel International AG (Industrials) | 49,627 | ||||||
515 | Logitech International SA (Information Technology) | 28,287 | ||||||
23 | Lonza Group AG (Health Care) | 13,762 | ||||||
2,131 | Novartis AG (Health Care) | 180,257 | ||||||
45 | Partners Group Holding AG (Financials) | 42,904 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
35 | Schindler Holding AG (Industrials) | 7,562 | ||||||
47 | Schindler Holding AG Participation Certificates (Industrials) | 10,601 | ||||||
20 | SGS SA (Industrials) | 46,050 | ||||||
159 | SIG Group AG (Materials)* | 3,864 | ||||||
28 | Sika AG (Materials) | 7,884 | ||||||
39 | Sonova Holding AG (Health Care) | 9,620 | ||||||
206 | Straumann Holding AG (Health Care) | 27,441 | ||||||
68 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 23,739 | ||||||
350 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 22,462 | ||||||
37 | Swiss Life Holding AG (Financials) | 22,352 | ||||||
116 | Swiss Prime Site AG (Real Estate) | 9,839 | ||||||
26 | Swisscom AG (Communication Services) | 16,101 | ||||||
3,275 | UBS Group AG (Financials) | 71,458 | ||||||
30 | VAT Group AG (Industrials)(a) | 9,103 | ||||||
114 | Zurich Insurance Group AG (Financials) | 54,297 | ||||||
|
| |||||||
912,493 | ||||||||
|
| |||||||
United Kingdom – 17.4% | ||||||||
1,529 | 3i Group PLC (Financials) | 30,117 | ||||||
1,873 | abrdn PLC (Financials) | 5,093 | ||||||
904 | Admiral Group PLC (Financials) | 24,088 | ||||||
285 | Ashtead Group PLC (Industrials) | 19,011 | ||||||
903 | Associated British Foods PLC (Consumer Staples) | 21,941 | ||||||
1,465 | AstraZeneca PLC (Health Care) | 192,968 | ||||||
6,952 | Auto Trader Group PLC (Communication Services)(a) | 50,111 | ||||||
3,709 | Aviva PLC (Financials) | 20,045 | ||||||
3,093 | BAE Systems PLC (Industrials) | 33,626 | ||||||
17,445 | Barclays PLC (Financials) | 36,884 | ||||||
3,061 | Barratt Developments PLC (Consumer Discretionary) | 17,384 | ||||||
286 | Berkeley Group Holdings PLC (Consumer Discretionary) | 14,528 | ||||||
15,738 | BP PLC (Energy) | 104,888 | ||||||
1,995 | British American Tobacco PLC (Consumer Staples) | 75,923 | ||||||
925 | British Land Co. PLC (The) REIT (Real Estate) | 5,002 | ||||||
2,695 | BT Group PLC (Communication Services) | 4,547 | ||||||
545 | Bunzl PLC (Industrials) | 19,557 | ||||||
2,184 | Burberry Group PLC (Consumer Discretionary) | 65,202 | ||||||
1,768 | CNH Industrial NV (Industrials) | 29,109 | ||||||
348 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 19,140 | ||||||
1,700 | Compass Group PLC (Consumer Discretionary) | 39,516 | ||||||
118 | Croda International PLC (Materials) | 9,374 | ||||||
222 | DCC PLC (Industrials) | 12,422 | ||||||
1,978 | Diageo PLC (Consumer Staples) | 84,508 | ||||||
368 | Entain PLC (Consumer Discretionary) | 6,057 | ||||||
493 | Experian PLC (Industrials) | 16,742 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
268 | Halma PLC (Information Technology) | $ | 7,021 | |||||
3,251 | Hargreaves Lansdown PLC (Financials) | 32,652 | ||||||
12,448 | HSBC Holdings PLC (Financials) | 95,786 | ||||||
1,528 | Imperial Brands PLC (Consumer Staples) | 37,090 | ||||||
1,659 | Informa PLC (Communication Services) | 13,425 | ||||||
182 | InterContinental Hotels Group PLC (Consumer Discretionary) | 12,352 | ||||||
125 | Intertek Group PLC (Industrials) | 6,317 | ||||||
16,691 | J Sainsbury PLC (Consumer Staples) | 54,195 | ||||||
27,493 | JD Sports Fashion PLC (Consumer Discretionary) | 60,278 | ||||||
7,227 | Kingfisher PLC (Consumer Discretionary) | 25,128 | ||||||
826 | Land Securities Group PLC REIT (Real Estate) | 6,878 | ||||||
4,495 | Legal & General Group PLC (Financials) | 13,926 | ||||||
57,340 | Lloyds Banking Group PLC (Financials) | 36,528 | ||||||
187 | London Stock Exchange Group PLC (Financials) | 16,825 | ||||||
1,609 | M&G PLC (Financials) | 4,174 | ||||||
3,049 | Melrose Industries PLC (Industrials) | 5,531 | ||||||
2,664 | National Grid PLC (Utilities) | 33,800 | ||||||
4,313 | NatWest Group PLC (Financials) | 15,263 | ||||||
405 | Next PLC (Consumer Discretionary) | 33,547 | ||||||
613 | Pearson PLC (Consumer Discretionary) | 6,816 | ||||||
178 | Persimmon PLC (Consumer Discretionary) | 3,130 | ||||||
1,659 | Phoenix Group Holdings PLC (Financials) | 12,722 | ||||||
477 | Reckitt Benckiser Group PLC (Consumer Staples) | 33,274 | ||||||
1,783 | RELX PLC (Industrials) | 54,029 | ||||||
1,822 | Rentokil Initial PLC (Industrials) | 11,302 | ||||||
2,077 | Rolls-Royce Holdings PLC (Industrials)* | 3,645 | ||||||
4,286 | Sage Group PLC (The) (Information Technology) | 38,844 | ||||||
1,010 | Schroders PLC (Financials) | 6,082 | ||||||
391 | Segro PLC REIT (Real Estate) | 3,898 | ||||||
321 | Severn Trent PLC (Utilities) | 10,691 | ||||||
1,101 | Smith & Nephew PLC (Health Care) | 15,808 | ||||||
706 | Smiths Group PLC (Industrials) | 15,073 | ||||||
53 | Spirax-Sarco Engineering PLC (Industrials) | 7,498 | ||||||
878 | SSE PLC (Utilities) | 18,554 | ||||||
1,451 | St James’s Place PLC (Financials) | 22,511 | ||||||
2,014 | Standard Chartered PLC (Financials) | 19,121 | ||||||
3,245 | Taylor Wimpey PLC (Consumer Discretionary) | 4,840 | ||||||
15,783 | Tesco PLC (Consumer Staples) | 48,725 | ||||||
1,968 | Unilever PLC (Consumer Staples) | 98,543 | ||||||
1,136 | United Utilities Group PLC (Utilities) | 14,000 | ||||||
38,558 | Vodafone Group PLC (Communication Services) | 46,578 | ||||||
658 | WPP PLC (Communication Services) | 8,157 | ||||||
|
| |||||||
1,972,340 | ||||||||
|
| |||||||
United States – 8.5% | ||||||||
4,509 | GSK PLC (Health Care) | 77,810 | ||||||
4,442 | Haleon PLC (Consumer Staples)* | 17,314 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
649 | Holcim AG (Materials)* | 40,259 | ||||||
2,588 | Nestle SA (Consumer Staples) | 292,916 | ||||||
391 | QIAGEN NV (Health Care)* | 18,062 | ||||||
797 | Roche Holding AG (Health Care) | 231,128 | ||||||
88 | Roche Holding AG (Health Care)(b) | 27,341 | ||||||
1,172 | Sanofi (Health Care) | 110,482 | ||||||
503 | Schneider Electric SE (Industrials) | 81,146 | ||||||
2,081 | Stellantis NV (Consumer Discretionary) | 36,533 | ||||||
225 | Swiss Re AG (Financials) | 23,574 | ||||||
536 | Tenaris SA (Energy) | 8,913 | ||||||
|
| |||||||
965,478 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $10,714,375) | $ | 11,165,680 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.6% | ||||||||||||
Germany – 0.6% | ||||||||||||
276 | Bayerische Motoren Werke AG (Consumer Discretionary) | 6.24 | % | $ | 26,270 | |||||||
144 | Henkel AG & Co. KGaA (Consumer Staples) | 2.68 | 10,510 | |||||||||
11 | Sartorius AG (Health Care) | 0.31 | 4,696 | |||||||||
192 | Volkswagen AG (Consumer Discretionary) | 19.27 | 26,299 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $82,209) | $ | 67,775 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $10,796,584) | $ | 11,233,455 | ||||||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.7%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
74,219 | 4.475% | $ | 74,219 | |||
(Cost $74,219) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.0% |
| |||||
(Cost $10,870,803) | $ | 11,307,674 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 412 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 11,308,086 | ||||
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | 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 February 28, 2023, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Long position contracts: | ||||||||||||||||
MSCI Europe Index | 2 | 03/17/23 | $ | 61,689 | $ | 1,589 |
Sector Name | % of Market Value | |||
| ||||
Financials | 16.7 | % | ||
Industrials | 15.3 | |||
Health Care | 15.0 | |||
Consumer Discretionary | 13.1 | |||
Consumer Staples | 13.1 | |||
Information Technology | 6.5 | |||
Materials | 6.1 | |||
Energy | 6.0 | |||
Utilities | 3.6 | |||
Communication Services | 3.5 | |||
Real Estate | 0.4 | |||
Securities Lending Reinvestment Vehicle | 0.7 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.4% | ||||||||
Australia – 7.1% | ||||||||
44,835 | Ampol Ltd. (Energy) | $ | 996,529 | |||||
417,825 | ANZ Group Holdings Ltd. (Financials) | 6,945,393 | ||||||
287,406 | APA Group (Utilities) | 2,079,606 | ||||||
84,869 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,091,236 | ||||||
32,038 | ASX Ltd. (Financials) | 1,469,993 | ||||||
516,231 | Aurizon Holdings Ltd. (Industrials) | 1,152,279 | ||||||
796,041 | BHP Group Ltd. (Materials) | 24,263,831 | ||||||
689,771 | BlueScope Steel Ltd. (Materials) | 8,865,706 | ||||||
182,974 | Brambles Ltd. (Industrials) | 1,588,011 | ||||||
31,893 | Cochlear Ltd. (Health Care) | 4,779,297 | ||||||
635,329 | Coles Group Ltd. (Consumer Staples) | 7,788,935 | ||||||
259,106 | Commonwealth Bank of Australia (Financials) | 17,593,381 | ||||||
221,198 | Dexus REIT (Real Estate) | 1,257,460 | ||||||
253,921 | Endeavour Group Ltd. (Consumer Staples) | 1,169,512 | ||||||
11,237 | Flutter Entertainment PLC (Consumer Discretionary)* | 1,815,531 | ||||||
236,798 | Fortescue Metals Group Ltd. (Materials) | 3,417,254 | ||||||
1,883,687 | Glencore PLC (Materials) | 11,296,387 | ||||||
57,851 | Goodman Group REIT (Real Estate) | 774,775 | ||||||
390,977 | GPT Group (The) REIT (Real Estate) | 1,241,817 | ||||||
83,148 | IDP Education Ltd. (Consumer Discretionary) | 1,609,234 | ||||||
110,064 | IGO Ltd. (Materials) | 974,531 | ||||||
213,329 | Insurance Australia Group Ltd. (Financials) | 668,942 | ||||||
1,665,301 | Lottery Corp. Ltd. (The) (Consumer Discretionary)* | 5,828,350 | ||||||
50,940 | Macquarie Group Ltd. (Financials) | 6,510,277 | ||||||
850,518 | Medibank Pvt Ltd. (Financials) | 1,915,647 | ||||||
32,811 | Mineral Resources Ltd. (Materials) | 1,826,731 | ||||||
422,722 | National Australia Bank Ltd. (Financials) | 8,551,880 | ||||||
45,370 | Newcrest Mining Ltd. (Materials) | 689,617 | ||||||
126,813 | Northern Star Resources Ltd. (Materials) | 886,805 | ||||||
65,550 | Orica Ltd. (Materials) | 716,099 | ||||||
365,352 | Origin Energy Ltd. (Utilities) | 1,973,465 | ||||||
518,970 | Pilbara Minerals Ltd. (Materials)* | 1,459,365 | ||||||
140,471 | Qantas Airways Ltd. (Industrials)* | 608,145 | ||||||
199,099 | QBE Insurance Group Ltd. (Financials) | 2,024,678 | ||||||
27,254 | REA Group Ltd. (Communication Services) | 2,258,196 | ||||||
108,966 | Rio Tinto Ltd. (Materials) | 8,577,466 | ||||||
204,487 | Rio Tinto PLC (Materials) | 14,140,753 | ||||||
464,165 | Santos Ltd. (Energy) | 2,191,068 | ||||||
93,267 | Sonic Healthcare Ltd. (Health Care) | 2,025,836 | ||||||
1,423,220 | South32 Ltd. (Materials) | 4,165,309 | ||||||
293,140 | Stockland REIT (Real Estate) | 759,087 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
368,949 | Suncorp Group Ltd. (Financials) | 3,197,091 | ||||||
891,789 | Telstra Group Ltd. (Communication Services) | 2,501,733 | ||||||
365,619 | Transurban Group (Industrials) | 3,496,154 | ||||||
266,272 | Treasury Wine Estates Ltd. (Consumer Staples) | 2,515,644 | ||||||
692,329 | Vicinity Ltd. REIT (Real Estate) | 952,419 | ||||||
65,535 | Washington H Soul Pattinson & Co. Ltd. (Energy) | 1,288,684 | ||||||
259,535 | Wesfarmers Ltd. (Consumer Discretionary) | 8,442,843 | ||||||
448,045 | Westpac Banking Corp. (Financials) | 6,807,197 | ||||||
20,786 | WiseTech Global Ltd. (Information Technology) | 883,074 | ||||||
227,555 | Woodside Energy Group Ltd. (Energy) | 5,510,453 | ||||||
406,725 | Woolworths Group Ltd. (Consumer Staples) | 10,126,236 | ||||||
|
| |||||||
216,669,942 | ||||||||
|
| |||||||
Austria – 0.3% | ||||||||
37,968 | Erste Group Bank AG (Financials) | 1,497,056 | ||||||
49,613 | Mondi PLC (Materials) | 838,793 | ||||||
109,629 | OMV AG (Energy) | 5,360,823 | ||||||
16,607 | voestalpine AG (Materials) | 616,763 | ||||||
|
| |||||||
8,313,435 | ||||||||
|
| |||||||
Belgium – 0.8% | ||||||||
82,726 | Ageas SA/NV (Financials) | 3,748,744 | ||||||
97,766 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 5,933,657 | ||||||
8,309 | D’ieteren Group (Consumer Discretionary) | 1,616,947 | ||||||
15,005 | Elia Group SA/NV (Utilities) | 1,985,919 | ||||||
21,839 | Groupe Bruxelles Lambert NV (Financials) | 1,841,705 | ||||||
16,603 | KBC Group NV (Financials) | 1,244,849 | ||||||
32,595 | �� | Solvay SA (Materials) | 3,741,879 | |||||
44,216 | UCB SA (Health Care) | 3,815,997 | ||||||
|
| |||||||
23,929,697 | ||||||||
|
| |||||||
Brazil – 0.0% | ||||||||
25,588 | Yara International ASA (Materials) | 1,221,956 | ||||||
|
| |||||||
Canada – 11.3% | ||||||||
20,252 | Agnico Eagle Mines Ltd. (Materials) | 934,467 | ||||||
178,935 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 8,412,817 | ||||||
60,832 | AltaGas Ltd. (Utilities) | 1,046,447 | ||||||
552,617 | ARC Resources Ltd. (Energy) | 6,031,723 | ||||||
89,078 | Bank of Montreal (Financials) | 8,461,249 | ||||||
154,051 | Bank of Nova Scotia (The) (Financials) | 7,630,981 | ||||||
29,991 | BCE, Inc. (Communication Services) | 1,329,874 | ||||||
71,999 | Brookfield Asset Management Ltd., Class A (Financials) | 2,427,907 | ||||||
98,425 | Brookfield Corp. (Financials) | 3,282,159 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
36,222 | Cameco Corp. (Energy) | $ | 992,384 | |||||
30,405 | Canadian Apartment Properties REIT (Real Estate) | 1,103,687 | ||||||
128,348 | Canadian Imperial Bank of Commerce (Financials) | 5,882,636 | ||||||
43,461 | Canadian National Railway Co. (Industrials) | 4,961,089 | ||||||
145,981 | Canadian Natural Resources Ltd. (Energy) | 8,268,093 | ||||||
73,764 | Canadian Pacific Railway Ltd. (Industrials) | 5,614,722 | ||||||
8,042 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 1,004,711 | ||||||
52,926 | Canadian Utilities Ltd., Class A (Utilities) | 1,391,327 | ||||||
30,675 | CCL Industries, Inc., Class B (Materials) | 1,478,718 | ||||||
609,133 | Cenovus Energy, Inc. (Energy) | 11,256,959 | ||||||
59,816 | CGI, Inc. (Information Technology)* | 5,375,070 | ||||||
8,521 | Constellation Software, Inc. (Information Technology) | 14,684,072 | ||||||
145,890 | Dollarama, Inc. (Consumer Discretionary) | 8,446,179 | ||||||
146,092 | Element Fleet Management Corp. (Financials) | 2,091,397 | ||||||
39,003 | Emera, Inc. (Utilities) | 1,548,432 | ||||||
467,799 | Empire Co. Ltd., Class A (Consumer Staples) | 12,435,011 | ||||||
182,067 | Enbridge, Inc. (Energy) | 6,845,650 | ||||||
8,115 | Fairfax Financial Holdings Ltd. (Financials) | 5,686,192 | ||||||
22,857 | FirstService Corp. (Real Estate) | 3,140,498 | ||||||
44,730 | Fortis, Inc. (Utilities) | 1,774,153 | ||||||
6,237 | Franco-Nevada Corp. (Materials) | 797,898 | ||||||
91,933 | George Weston Ltd. (Consumer Staples) | 11,543,535 | ||||||
125,940 | Great-West Lifeco, Inc. (Financials)(a) | 3,443,936 | ||||||
95,873 | Hydro One Ltd. (Utilities)(b) | 2,493,564 | ||||||
124,197 | iA Financial Corp., Inc. (Financials) | 8,356,124 | ||||||
57,069 | IGM Financial, Inc. (Financials) | 1,740,427 | ||||||
165,661 | Imperial Oil Ltd. (Energy) | 8,212,171 | ||||||
29,584 | Intact Financial Corp. (Financials) | 4,259,253 | ||||||
46,581 | Keyera Corp. (Energy)(a) | 1,030,191 | ||||||
158,772 | Loblaw Cos. Ltd. (Consumer Staples) | 13,599,033 | ||||||
25,431 | Lumine Group, Inc. (Information Technology)* | 260,917 | ||||||
462,956 | Manulife Financial Corp. (Financials)(a) | 9,174,448 | ||||||
65,960 | Metro, Inc. (Consumer Staples) | 3,433,534 | ||||||
72,747 | National Bank of Canada (Financials) | 5,355,103 | ||||||
64,798 | Northland Power, Inc. (Utilities) | 1,577,769 | ||||||
89,519 | Nutrien Ltd. (Materials) | 6,990,826 | ||||||
24,353 | Onex Corp. (Financials) | 1,305,075 | ||||||
36,157 | Open Text Corp. (Information Technology) | 1,247,416 | ||||||
83,504 | Pembina Pipeline Corp. (Energy) | 2,747,790 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
250,425 | Power Corp. of Canada (Financials) | 6,699,092 | ||||||
50,167 | Quebecor, Inc., Class B (Communication Services) | 1,189,460 | ||||||
42,558 | Restaurant Brands International, Inc. (Consumer Discretionary) | 2,752,383 | ||||||
43,044 | RioCan Real Estate Investment Trust REIT (Real Estate) | 683,228 | ||||||
23,002 | Ritchie Bros Auctioneers, Inc. (Industrials) | 1,410,413 | ||||||
36,812 | Rogers Communications, Inc., Class B (Communication Services) | 1,762,390 | ||||||
217,806 | Royal Bank of Canada (Financials) | 22,163,754 | ||||||
124,119 | Saputo, Inc. (Consumer Staples) | 3,331,234 | ||||||
66,925 | Shaw Communications, Inc., Class B (Communication Services) | 1,943,182 | ||||||
96,698 | Sun Life Financial, Inc. (Financials)(a) | 4,683,438 | ||||||
281,689 | Suncor Energy, Inc. (Energy) | 9,488,602 | ||||||
45,535 | TC Energy Corp. (Energy) | 1,816,450 | ||||||
182,352 | Teck Resources Ltd., Class B (Materials) | 7,295,687 | ||||||
77,960 | TELUS Corp. (Communication Services) | 1,553,531 | ||||||
27,604 | Thomson Reuters Corp. (Industrials) | 3,350,719 | ||||||
17,482 | TMX Group Ltd. (Financials) | 1,747,237 | ||||||
29,654 | Toromont Industries Ltd. (Industrials) | 2,451,255 | ||||||
252,834 | Toronto-Dominion Bank (The) (Financials) | 16,871,695 | ||||||
40,135 | Tourmaline Oil Corp. (Energy) | 1,762,880 | ||||||
154,688 | West Fraser Timber Co. Ltd. (Materials) | 11,646,054 | ||||||
85,514 | WSP Global, Inc. (Industrials) | 10,766,429 | ||||||
|
| |||||||
346,476,727 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
30,374 | Antofagasta PLC (Materials) | 577,325 | ||||||
265,402 | Lundin Mining Corp. (Materials) | 1,655,046 | ||||||
|
| |||||||
2,232,371 | ||||||||
|
| |||||||
China – 0.6% | ||||||||
1,473,529 | BOC Hong Kong Holdings Ltd. (Financials) | 4,984,037 | ||||||
45,845 | Prosus NV (Consumer Discretionary)* | 3,302,178 | ||||||
3,459,526 | SITC International Holdings Co. Ltd. (Industrials) | 7,228,005 | ||||||
238,336 | Wilmar International Ltd. (Consumer Staples) | 697,578 | ||||||
613,384 | Xinyi Glass Holdings Ltd. (Industrials) | 1,145,577 | ||||||
|
| |||||||
17,357,375 | ||||||||
|
| |||||||
Denmark – 2.8% | ||||||||
3,387 | AP Moller – Maersk A/S, Class A (Industrials) | 7,779,772 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Denmark – (continued) | ||||||||
3,408 | AP Moller – Maersk A/S, Class B (Industrials) | $ | 7,968,835 | |||||
23,625 | Carlsberg AS, Class B (Consumer Staples) | 3,352,205 | ||||||
14,382 | Chr Hansen Holding A/S (Materials) | 999,854 | ||||||
23,330 | Coloplast A/S, Class B (Health Care) | 2,705,323 | ||||||
177,764 | Danske Bank A/S (Financials) | 4,140,143 | ||||||
54,622 | Demant A/S (Health Care)* | 1,641,462 | ||||||
9,766 | DSV A/S (Industrials) | 1,782,594 | ||||||
7,516 | Genmab A/S (Health Care)* | 2,835,903 | ||||||
303,367 | Novo Nordisk A/S, Class B (Health Care) | 43,062,725 | ||||||
29,711 | Novozymes A/S, Class B (Materials) | 1,436,018 | ||||||
53,542 | Pandora A/S (Consumer Discretionary) | 5,091,754 | ||||||
4,673 | �� | ROCKWOOL A/S, Class B (Industrials) | 1,067,039 | |||||
134,642 | Tryg A/S (Financials) | 2,991,938 | ||||||
|
| |||||||
86,855,565 | ||||||||
|
| |||||||
Finland – 1.0% | ||||||||
31,510 | Elisa OYJ (Communication Services) | 1,795,127 | ||||||
23,875 | Kone OYJ, Class B (Industrials) | 1,244,451 | ||||||
142,159 | Metso Outotec OYJ (Industrials) | 1,519,658 | ||||||
29,632 | Neste OYJ (Energy) | 1,435,797 | ||||||
776,025 | Nokia OYJ (Information Technology) | 3,604,219 | ||||||
371,254 | Nordea Bank Abp (Financials) | 4,721,931 | ||||||
172,219 | Orion OYJ, Class B (Health Care) | 8,136,538 | ||||||
103,320 | Sampo OYJ, Class A (Financials) | 5,044,645 | ||||||
125,589 | Stora Enso OYJ, Class R (Materials) | 1,784,042 | ||||||
60,290 | UPM-Kymmene OYJ (Materials) | 2,193,698 | ||||||
|
| |||||||
31,480,106 | ||||||||
|
| |||||||
France – 10.9% | ||||||||
13,117 | Aeroports de Paris (Industrials)* | 1,912,010 | ||||||
47,867 | Air Liquide SA (Materials) | 7,642,874 | ||||||
44,426 | Airbus SE (Industrials) | 5,843,053 | ||||||
88,860 | Alstom SA (Industrials) | 2,622,590 | ||||||
30,049 | Arkema SA (Materials) | 3,064,329 | ||||||
337,885 | AXA SA (Financials) | 10,696,067 | ||||||
42,286 | BioMerieux (Health Care) | 4,158,863 | ||||||
147,083 | BNP Paribas SA (Financials) | 10,318,182 | ||||||
1,351,488 | Bollore SE (Communication Services) | 7,581,912 | ||||||
64,721 | Bouygues SA (Industrials) | 2,199,118 | ||||||
74,091 | Bureau Veritas SA (Industrials) | 2,126,200 | ||||||
41,219 | Capgemini SE (Information Technology) | 7,774,316 | ||||||
462,730 | Carrefour SA (Consumer Staples) | 9,181,472 | ||||||
167,752 | Cie de Saint-Gobain (Industrials) | 10,021,168 | ||||||
69,239 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 2,183,381 | ||||||
357,990 | Credit Agricole SA (Financials) | 4,389,497 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
96,488 | Danone SA (Consumer Staples) | 5,447,813 | ||||||
16,101 | Dassault Aviation SA (Industrials) | 2,778,122 | ||||||
105,931 | Dassault Systemes (Information Technology) | 4,109,393 | ||||||
61,324 | Edenred (Information Technology) | 3,467,620 | ||||||
105,503 | Eiffage SA (Industrials) | 11,636,142 | ||||||
362,855 | Engie SA (Utilities) | 5,324,202 | ||||||
39,816 | EssilorLuxottica SA (Health Care) | 6,941,771 | ||||||
34,961 | Eurazeo SE (Financials) | 2,365,459 | ||||||
8,116 | Gecina SA REIT (Real Estate) | 939,026 | ||||||
161,251 | Getlink SE (Industrials) | 2,723,283 | ||||||
7,303 | Hermes International (Consumer Discretionary) | 13,286,265 | ||||||
114,744 | Ipsen SA (Health Care) | 13,154,264 | ||||||
10,361 | Kering (Consumer Discretionary) | 6,098,254 | ||||||
39,862 | Klepierre SA REIT (Real Estate)* | 1,000,618 | ||||||
216,291 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 8,576,395 | ||||||
35,918 | Legrand SA (Industrials) | 3,336,776 | ||||||
48,865 | L’Oreal SA (Consumer Staples) | 19,438,191 | ||||||
46,366 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 38,796,050 | ||||||
237,096 | Orange SA (Communication Services) | 2,713,545 | ||||||
14,690 | Pernod Ricard SA (Consumer Staples) | 3,079,919 | ||||||
52,833 | Publicis Groupe SA (Communication Services) | 4,215,654 | ||||||
17,122 | Remy Cointreau SA (Consumer Staples) | 3,021,473 | ||||||
63,138 | Renault SA (Consumer Discretionary)* | 2,843,701 | ||||||
29,932 | Safran SA (Industrials) | 4,252,279 | ||||||
12,071 | Sartorius Stedim Biotech (Health Care) | 3,951,762 | ||||||
29,259 | SEB SA (Consumer Discretionary) | 3,394,593 | ||||||
213,973 | Societe Generale SA (Financials) | 6,199,413 | ||||||
24,801 | Sodexo SA (Consumer Discretionary) | 2,307,691 | ||||||
23,204 | Thales SA (Industrials) | 3,253,158 | ||||||
364,607 | TotalEnergies SE (Energy) | 22,647,022 | ||||||
26,218 | Unibail-Rodamco-Westfield REIT (Real Estate)* | 1,666,584 | ||||||
88,938 | Veolia Environnement SA (Utilities) | 2,670,165 | ||||||
81,918 | Vinci SA (Industrials) | 9,368,501 | ||||||
362,428 | Vivendi SE (Communication Services) | 3,746,693 | ||||||
83,343 | Wendel SE (Financials) | 9,501,419 | ||||||
65,422 | Worldline SA (Information Technology)*(b) | 2,741,900 | ||||||
|
| |||||||
332,710,148 | ||||||||
|
| |||||||
Germany – 7.3% | ||||||||
43,810 | adidas AG (Consumer Discretionary) | 6,581,598 | ||||||
44,316 | Allianz SE (Financials) | 10,440,415 | ||||||
50,532 | BASF SE (Materials) | 2,597,737 | ||||||
157,267 | Bayer AG (Health Care) | 9,388,144 | ||||||
59,835 | Bayerische Motoren Werke AG (Consumer Discretionary) | 6,202,731 | ||||||
21,631 | Bechtle AG (Information Technology) | 915,982 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
38,629 | Beiersdorf AG (Consumer Staples) | $ | 4,629,166 | |||||
39,155 | Brenntag SE (Industrials) | 2,964,806 | ||||||
10,290 | Carl Zeiss Meditec AG (Health Care) | 1,378,255 | ||||||
419,252 | Commerzbank AG (Financials)* | 5,124,210 | ||||||
16,281 | Covestro AG (Materials)(b) | 719,129 | ||||||
30,223 | Daimler Truck Holding AG (Industrials)* | 962,026 | ||||||
488,930 | Deutsche Bank AG (Financials) | 6,118,424 | ||||||
28,993 | Deutsche Boerse AG (Financials) | 5,073,270 | ||||||
472,915 | Deutsche Lufthansa AG (Industrials)* | 4,925,994 | ||||||
297,224 | Deutsche Post AG (Industrials) | 12,646,073 | ||||||
401,386 | Deutsche Telekom AG (Communication Services) | 9,039,104 | ||||||
510,069 | E.ON SE (Utilities) | 5,595,905 | ||||||
47,640 | Evonik Industries AG (Materials) | 1,022,065 | ||||||
66,736 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 2,612,960 | ||||||
179,167 | Fresenius SE & Co. KGaA (Health Care) | 4,945,874 | ||||||
45,160 | GEA Group AG (Industrials) | 1,993,273 | ||||||
12,737 | Hannover Rueck SE (Financials) | 2,481,345 | ||||||
92,734 | HeidelbergCement AG (Materials) | 6,404,191 | ||||||
253,613 | HelloFresh SE (Consumer Staples)* | 5,720,709 | ||||||
26,800 | Henkel AG & Co. KGaA (Consumer Staples) | 1,860,181 | ||||||
46,888 | Infineon Technologies AG (Information Technology) | 1,666,525 | ||||||
36,962 | Knorr-Bremse AG (Industrials) | 2,525,149 | ||||||
129,991 | Mercedes-Benz Group AG (Consumer Discretionary) | 10,015,203 | ||||||
31,553 | Merck KGaA (Health Care) | 6,001,405 | ||||||
5,948 | MTU Aero Engines AG (Industrials) | 1,441,345 | ||||||
16,234 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 5,614,191 | ||||||
90,900 | Nemetschek SE (Information Technology) | 5,174,725 | ||||||
84,962 | Puma SE (Consumer Discretionary) | 5,442,175 | ||||||
6,178 | Rational AG (Industrials) | 4,114,513 | ||||||
10,811 | Rheinmetall AG (Industrials) | 2,758,496 | ||||||
158,988 | RWE AG (Utilities) | 6,784,740 | ||||||
136,525 | SAP SE (Information Technology) | 15,561,474 | ||||||
11,404 | Scout24 SE (Communication Services)(b) | 627,918 | ||||||
71,357 | Siemens AG (Industrials) | 10,950,047 | ||||||
381,960 | Siemens Energy AG (Industrials)*(a) | 7,684,155 | ||||||
24,613 | Siemens Healthineers AG (Health Care)(b) | 1,288,922 | ||||||
14,616 | Symrise AG (Materials) | 1,500,427 | ||||||
675,074 | Telefonica Deutschland Holding AG (Communication Services) | 2,055,396 | ||||||
50,284 | United Internet AG (Communication Services) | 1,104,919 | ||||||
17,879 | Volkswagen AG (Consumer Discretionary) | 3,200,564 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
163,346 | Zalando SE (Consumer Discretionary)*(b) | 6,513,392 | ||||||
|
| |||||||
224,369,248 | ||||||||
|
| |||||||
Hong Kong – 1.9% | ||||||||
1,006,383 | AIA Group Ltd. (Financials) | 10,673,468 | ||||||
719,675 | CK Asset Holdings Ltd. (Real Estate) | 4,510,862 | ||||||
121,542 | CK Infrastructure Holdings Ltd. (Utilities) | 641,039 | ||||||
144,298 | CLP Holdings Ltd. (Utilities) | 1,021,180 | ||||||
76,097 | Hang Seng Bank Ltd. (Financials) | 1,237,019 | ||||||
1,245,300 | HKT Trust & HKT Ltd. (Communication Services) | 1,618,200 | ||||||
966,116 | Hong Kong & China Gas Co. Ltd. (Utilities) | 908,330 | ||||||
165,882 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 6,648,382 | ||||||
174,045 | Hongkong Land Holdings Ltd. (Real Estate) | 795,386 | ||||||
48,417 | Jardine Matheson Holdings Ltd. (Industrials) | 2,397,610 | ||||||
136,105 | Link REIT (Real Estate) | 894,709 | ||||||
212,909 | MTR Corp. Ltd. (Industrials) | 1,072,750 | ||||||
1,663,358 | New World Development Co. Ltd. (Real Estate) | 4,524,198 | ||||||
257,890 | Power Assets Holdings Ltd. (Utilities) | 1,379,881 | ||||||
161,861 | Prudential PLC (Financials) | 2,487,675 | ||||||
207,453 | Sun Hung Kai Properties Ltd. (Real Estate) | 2,833,169 | ||||||
167,771 | Swire Pacific Ltd., Class A (Real Estate) | 1,367,902 | ||||||
393,864 | Techtronic Industries Co. Ltd. (Industrials) | 3,916,311 | ||||||
12,290,146 | WH Group Ltd. (Consumer Staples)(b) | 7,139,699 | ||||||
221,029 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 1,210,809 | ||||||
|
| |||||||
57,278,579 | ||||||||
|
| |||||||
Ireland – 0.7% | ||||||||
77,817 | AerCap Holdings NV (Industrials)* | 4,858,893 | ||||||
483,600 | AIB Group PLC (Financials) | 2,075,024 | ||||||
208,961 | Bank of Ireland Group PLC (Financials) | 2,311,322 | ||||||
94,108 | CRH PLC (Materials) | 4,443,166 | ||||||
16,320 | Kerry Group PLC, Class A (Consumer Staples) | 1,568,394 | ||||||
24,807 | Kingspan Group PLC (Industrials) | 1,620,036 | ||||||
80,917 | Smurfit Kappa Group PLC (Materials) | 3,035,189 | ||||||
|
| |||||||
19,912,024 | ||||||||
|
| |||||||
Israel – 0.7% | ||||||||
11,482 | Azrieli Group Ltd. (Real Estate) | 644,350 | ||||||
199,980 | Bank Hapoalim BM (Financials) | 1,674,073 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
239,064 | Bank Leumi Le-Israel BM (Financials) | $ | 1,860,550 | |||||
1,137,322 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 1,574,753 | ||||||
27,984 | Check Point Software Technologies Ltd. (Information Technology)* | 3,462,180 | ||||||
208,668 | ICL Group Ltd. (Materials)(a) | 1,517,170 | ||||||
287,773 | Israel Discount Bank Ltd., Class A (Financials) | 1,365,996 | ||||||
26,208 | Mizrahi Tefahot Bank Ltd. (Financials) | 779,855 | ||||||
662,134 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | 6,561,748 | ||||||
20,805 | Tower Semiconductor Ltd. (Information Technology)* | 850,881 | ||||||
|
| |||||||
20,291,556 | ||||||||
|
| |||||||
Italy – 2.2% | ||||||||
228,861 | Assicurazioni Generali SpA (Financials) | 4,541,052 | ||||||
100,179 | Coca-Cola HBC AG (Consumer Staples)* | 2,579,662 | ||||||
147,087 | Davide Campari-Milano NV (Consumer Staples) | 1,652,670 | ||||||
16,313 | DiaSorin SpA (Health Care) | 1,974,789 | ||||||
393,102 | Enel SpA (Utilities) | 2,216,577 | ||||||
708,479 | Eni SpA (Energy) | 10,042,441 | ||||||
29,679 | Ferrari NV (Consumer Discretionary) | 7,720,718 | ||||||
195,192 | FinecoBank Banca Fineco SpA (Financials) | 3,384,470 | ||||||
90,316 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 998,029 | ||||||
863,683 | Intesa Sanpaolo SpA (Financials) | 2,346,171 | ||||||
57,773 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 618,810 | ||||||
114,535 | Moncler SpA (Consumer Discretionary) | 7,020,644 | ||||||
156,612 | Nexi SpA (Information Technology)*(b) | 1,270,898 | ||||||
377,694 | Poste Italiane SpA (Financials)(b) | 4,085,556 | ||||||
80,288 | Prysmian SpA (Industrials) | 3,096,740 | ||||||
85,793 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 3,652,078 | ||||||
326,700 | Snam SpA (Utilities) | 1,609,679 | ||||||
228,217 | Terna – Rete Elettrica Nazionale (Utilities) | 1,725,149 | ||||||
263,149 | UniCredit SpA (Financials) | 5,399,439 | ||||||
|
| |||||||
65,935,572 | ||||||||
|
| |||||||
Japan – 18.3% | ||||||||
61,190 | Advantest Corp. (Information Technology) | 4,856,028 | ||||||
76,301 | Aeon Co. Ltd. (Consumer Staples)(a) | 1,422,784 | ||||||
68,048 | Ajinomoto Co., Inc. (Consumer Staples) | 2,007,245 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
42,159 | ANA Holdings, Inc. (Industrials)*(a) | 855,313 | ||||||
94,073 | Asahi Group Holdings Ltd. (Consumer Staples) | 3,326,033 | ||||||
43,948 | Asahi Intecc Co. Ltd. (Health Care) | 748,518 | ||||||
92,143 | Asahi Kasei Corp. (Materials) | 642,495 | ||||||
534,512 | Astellas Pharma, Inc. (Health Care) | 7,530,217 | ||||||
40,501 | Azbil Corp. (Information Technology) | 1,052,553 | ||||||
62,953 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 3,888,607 | ||||||
99,034 | BayCurrent Consulting, Inc. (Industrials) | 3,889,674 | ||||||
82,191 | Bridgestone Corp. (Consumer Discretionary) | 3,152,722 | ||||||
224,466 | Brother Industries Ltd. (Information Technology) | 3,300,704 | ||||||
140,236 | Canon, Inc. (Information Technology) | 3,027,302 | ||||||
101,995 | Capcom Co. Ltd. (Communication Services) | 3,208,520 | ||||||
10,323 | Central Japan Railway Co. (Industrials) | 1,160,262 | ||||||
96,847 | Chiba Bank Ltd. (The) (Financials) | 708,853 | ||||||
137,642 | Chubu Electric Power Co., Inc. (Utilities) | 1,426,792 | ||||||
108,418 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 2,701,396 | ||||||
248,158 | Concordia Financial Group Ltd. (Financials) | 1,065,759 | ||||||
417,765 | CyberAgent, Inc. (Communication Services) | 3,576,067 | ||||||
88,294 | Dai-ichi Life Holdings, Inc. (Financials) | 1,882,037 | ||||||
168,015 | Daiichi Sankyo Co. Ltd. (Health Care) | 5,282,885 | ||||||
16,989 | Daikin Industries Ltd. (Industrials) | 2,911,634 | ||||||
27,214 | Daito Trust Construction Co. Ltd. (Real Estate) | 2,563,268 | ||||||
42,559 | Daiwa House Industry Co. Ltd. (Real Estate) | 981,999 | ||||||
530 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 1,093,734 | ||||||
245,979 | Daiwa Securities Group, Inc. (Financials) | 1,175,585 | ||||||
13,603 | Denso Corp. (Consumer Discretionary) | 722,917 | ||||||
72,420 | Dentsu Group, Inc. (Communication Services) | 2,323,352 | ||||||
4,852 | Disco Corp. (Information Technology) | 1,520,981 | ||||||
28,505 | East Japan Railway Co. (Industrials) | 1,445,182 | ||||||
61,818 | Eisai Co. Ltd. (Health Care) | 3,336,534 | ||||||
460,878 | ENEOS Holdings, Inc. (Energy) | 1,591,241 | ||||||
4,412 | FANUC Corp. (Industrials) | 750,476 | ||||||
23,539 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 4,648,527 | ||||||
54,206 | FUJIFILM Holdings Corp. (Information Technology) | 2,528,539 | ||||||
42,756 | Fujitsu Ltd. (Information Technology) | 5,499,285 | ||||||
1,199 | GLP J REIT (Real Estate) | 1,259,604 | ||||||
|
|
46 | 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) | ||||||||
138,875 | Hakuhodo DY Holdings, Inc. (Communication Services) | $ | 1,547,643 | |||||
25,373 | Hamamatsu Photonics KK (Information Technology) | 1,244,295 | ||||||
64,720 | Hankyu Hanshin Holdings, Inc. (Industrials) | 1,841,133 | ||||||
9,045 | Hikari Tsushin, Inc. (Consumer Discretionary) | 1,312,775 | ||||||
6,295 | Hirose Electric Co. Ltd. (Information Technology) | 769,458 | ||||||
113,669 | Hitachi Ltd. (Industrials) | 5,749,583 | ||||||
457,520 | Honda Motor Co. Ltd. (Consumer Discretionary) | 11,896,897 | ||||||
19,923 | Hoshizaki Corp. (Industrials) | 705,711 | ||||||
92,829 | Hoya Corp. (Health Care) | 9,179,654 | ||||||
68,023 | Ibiden Co. Ltd. (Information Technology) | 2,334,600 | ||||||
49,126 | Idemitsu Kosan Co. Ltd. (Energy) | 1,094,574 | ||||||
700,709 | Inpex Corp. (Energy) | 7,371,552 | ||||||
173,640 | Isuzu Motors Ltd. (Consumer Discretionary) | 2,076,567 | ||||||
313,797 | ITOCHU Corp. (Industrials) | 9,373,711 | ||||||
42,804 | Itochu Techno-Solutions Corp. (Information Technology) | 952,143 | ||||||
167,264 | Japan Airlines Co. Ltd. (Industrials)* | 3,148,441 | ||||||
47,485 | Japan Exchange Group, Inc. (Financials) | 708,362 | ||||||
1,706 | Japan Metropolitan Fund Invest REIT (Real Estate) | 1,281,238 | ||||||
177,673 | Japan Post Bank Co. Ltd. (Financials)(a) | 1,533,924 | ||||||
712,733 | Japan Post Holdings Co. Ltd. (Financials) | 6,331,218 | ||||||
248,597 | Japan Post Insurance Co. Ltd. (Financials) | 4,310,730 | ||||||
271 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,122,079 | ||||||
189,184 | Japan Tobacco, Inc. (Consumer Staples) | 3,846,457 | ||||||
52,753 | JFE Holdings, Inc. (Materials) | 652,950 | ||||||
75,512 | Kajima Corp. (Industrials) | 901,942 | ||||||
145,079 | Kansai Electric Power Co., Inc. (The) (Utilities) | 1,365,424 | ||||||
80,037 | Kao Corp. (Consumer Staples) | 2,990,774 | ||||||
279,262 | KDDI Corp. (Communication Services) | 8,171,922 | ||||||
32,820 | Keisei Electric Railway Co. Ltd. (Industrials) | 948,109 | ||||||
14,637 | Keyence Corp. (Information Technology) | 6,328,032 | ||||||
43,755 | Kikkoman Corp. (Consumer Staples) | 2,046,172 | ||||||
60,299 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 1,826,035 | ||||||
125,740 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,882,200 | ||||||
17,809 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 1,072,083 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
36,237 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 607,076 | ||||||
76,997 | Komatsu Ltd. (Industrials) | 1,842,750 | ||||||
49,232 | Kose Corp. (Consumer Staples) | 5,562,386 | ||||||
14,021 | Kurita Water Industries Ltd. (Industrials) | 634,066 | ||||||
36,697 | Kyocera Corp. (Information Technology) | 1,807,169 | ||||||
42,068 | Kyowa Kirin Co. Ltd. (Health Care) | 900,255 | ||||||
58,811 | M3, Inc. (Health Care) | 1,404,055 | ||||||
680,493 | Marubeni Corp. (Industrials) | 8,692,566 | ||||||
48,362 | MatsukiyoCocokara & Co. (Consumer Staples) | 2,247,414 | ||||||
627,609 | Mazda Motor Corp. (Consumer Discretionary) | 5,653,388 | ||||||
33,346 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 1,319,494 | ||||||
30,184 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 1,382,727 | ||||||
146,129 | MISUMI Group, Inc. (Industrials) | 3,475,814 | ||||||
154,073 | Mitsubishi Chemical Group Corp. (Materials) | 896,964 | ||||||
276,394 | Mitsubishi Corp. (Industrials) | 9,392,709 | ||||||
165,399 | Mitsubishi Electric Corp. (Industrials) | 1,861,445 | ||||||
98,841 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1,230,297 | ||||||
404,658 | Mitsubishi HC Capital, Inc. (Financials) | 2,112,189 | ||||||
124,765 | Mitsubishi Heavy Industries Ltd. (Industrials) | 4,593,448 | ||||||
1,108,906 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 7,856,735 | ||||||
306,560 | Mitsui & Co. Ltd. (Industrials) | 8,606,141 | ||||||
56,158 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1,069,853 | ||||||
111,130 | Mitsui OSK Lines Ltd. (Industrials)(a) | 2,904,400 | ||||||
373,623 | Mizuho Financial Group, Inc. (Financials) | 5,821,788 | ||||||
323,750 | MonotaRO Co. Ltd. (Industrials) | 4,401,755 | ||||||
89,384 | MS&AD Insurance Group Holdings, Inc. (Financials) | 2,921,393 | ||||||
52,719 | Murata Manufacturing Co. Ltd. (Information Technology) | 2,833,044 | ||||||
135,274 | NEC Corp. (Information Technology) | 4,841,323 | ||||||
70,483 | Nexon Co. Ltd. (Communication Services) | 1,527,481 | ||||||
62,216 | NGK Insulators Ltd. (Industrials) | 825,801 | ||||||
111,051 | Nintendo Co. Ltd. (Communication Services) | 4,177,406 | ||||||
221 | Nippon Building Fund, Inc. REIT (Real Estate) | 932,900 | ||||||
558 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1,190,433 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
97,959 | Nippon Steel Corp. (Materials) | $ | 2,184,058 | |||||
442,259 | Nippon Telegraph & Telephone Corp. (Communication Services) | 12,815,008 | ||||||
185,171 | Nippon Yusen KK (Industrials)(a) | 4,801,409 | ||||||
22,750 | Nissan Chemical Corp. (Materials) | 998,752 | ||||||
70,641 | Nisshin Seifun Group, Inc. (Consumer Staples) | 816,275 | ||||||
18,464 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 1,537,142 | ||||||
33,782 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 3,819,277 | ||||||
19,737 | Nitto Denko Corp. (Materials) | 1,188,147 | ||||||
187,274 | Nomura Holdings, Inc. (Financials) | 771,698 | ||||||
38,580 | Nomura Real Estate Holdings, Inc. (Real Estate) | 859,599 | ||||||
998 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 1,106,325 | ||||||
63,336 | Nomura Research Institute Ltd. (Information Technology) | 1,413,511 | ||||||
129,193 | NTT Data Corp. (Information Technology) | 1,792,569 | ||||||
161,714 | Obayashi Corp. (Industrials) | 1,195,507 | ||||||
5,539 | Obic Co. Ltd. (Information Technology) | 810,833 | ||||||
207,551 | Oji Holdings Corp. (Materials) | 842,607 | ||||||
277,090 | Olympus Corp. (Health Care) | 4,666,479 | ||||||
52,051 | Omron Corp. (Information Technology) | 2,794,090 | ||||||
116,952 | Ono Pharmaceutical Co. Ltd. (Health Care) | 2,386,863 | ||||||
38,317 | Oracle Corp. Japan (Information Technology) | 2,610,445 | ||||||
17,171 | Oriental Land Co. Ltd. (Consumer Discretionary) | 2,742,393 | ||||||
144,257 | ORIX Corp. (Financials) | 2,585,644 | ||||||
80,554 | Osaka Gas Co. Ltd. (Utilities) | 1,308,710 | ||||||
23,033 | Otsuka Corp. (Information Technology) | 776,137 | ||||||
119,279 | Otsuka Holdings Co. Ltd. (Health Care) | 3,620,008 | ||||||
51,627 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 943,738 | ||||||
324,477 | Panasonic Holdings Corp. (Consumer Discretionary) | 2,827,546 | ||||||
246,686 | Persol Holdings Co. Ltd. (Industrials) | 4,938,610 | ||||||
278,272 | Recruit Holdings Co. Ltd. (Industrials) | 7,566,857 | ||||||
309,127 | Renesas Electronics Corp. (Information Technology)* | 4,003,230 | ||||||
469,820 | Resona Holdings, Inc. (Financials) | 2,586,485 | ||||||
717,681 | Ricoh Co. Ltd. (Information Technology) | 5,574,324 | ||||||
7,995 | Rohm Co. Ltd. (Information Technology) | 615,113 | ||||||
53,225 | SBI Holdings, Inc. (Financials) | 1,147,611 | ||||||
36,068 | Secom Co. Ltd. (Industrials) | 2,097,910 | ||||||
170,756 | Seiko Epson Corp. (Information Technology) | 2,352,964 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
85,833 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 1,149,985 | ||||||
103,302 | Sekisui House Ltd. (Consumer Discretionary) | 1,956,227 | ||||||
156,392 | Seven & i Holdings Co. Ltd. (Consumer Staples)(a) | 6,992,088 | ||||||
58,851 | Shimadzu Corp. (Information Technology) | 1,700,097 | ||||||
9,291 | Shimano, Inc. (Consumer Discretionary) | 1,447,040 | ||||||
23,675 | Shin-Etsu Chemical Co. Ltd. (Materials) | 3,328,387 | ||||||
24,816 | Shionogi & Co. Ltd. (Health Care) | 1,103,844 | ||||||
152,836 | Shiseido Co. Ltd. (Consumer Staples) | 7,036,190 | ||||||
228,938 | Shizuoka Financial Group, Inc. (Financials) | 1,828,613 | ||||||
369,356 | SoftBank Corp. (Communication Services) | 4,169,033 | ||||||
141,834 | SoftBank Group Corp. (Communication Services) | 5,744,582 | ||||||
63,154 | Sompo Holdings, Inc. (Financials) | 2,707,163 | ||||||
64,276 | Sony Group Corp. (Consumer Discretionary) | 5,393,493 | ||||||
45,841 | Square Enix Holdings Co. Ltd. (Communication Services) | 2,042,762 | ||||||
332,010 | Subaru Corp. (Consumer Discretionary) | 5,331,805 | ||||||
72,737 | SUMCO Corp. (Information Technology) | 1,003,361 | ||||||
562,073 | Sumitomo Chemical Co. Ltd. (Materials) | 1,968,277 | ||||||
273,869 | Sumitomo Corp. (Industrials) | 4,670,541 | ||||||
86,408 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 1,062,854 | ||||||
177,204 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 7,769,058 | ||||||
65,260 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 2,417,037 | ||||||
76,133 | Suntory Beverage & Food Ltd. (Consumer Staples) | 2,671,627 | ||||||
56,105 | Sysmex Corp. (Health Care) | 3,361,399 | ||||||
41,066 | T&D Holdings, Inc. (Financials) | 621,349 | ||||||
118,930 | Taisei Corp. (Industrials) | 3,876,586 | ||||||
405,621 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 12,542,493 | ||||||
53,541 | Terumo Corp. (Health Care) | 1,439,002 | ||||||
52,157 | TIS, Inc. (Information Technology) | 1,294,209 | ||||||
84,105 | Tobu Railway Co. Ltd. (Industrials) | 1,877,027 | ||||||
29,194 | Toho Co. Ltd. (Communication Services) | 1,015,891 | ||||||
222,519 | Tokio Marine Holdings, Inc. (Financials) | 4,721,882 | ||||||
215,401 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 714,762 | ||||||
24,510 | Tokyo Electron Ltd. (Information Technology) | 8,404,817 | ||||||
|
|
48 | 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) | ||||||||
101,420 | Tokyo Gas Co. Ltd. (Utilities) | $ | 1,956,699 | |||||
51,379 | Tokyu Corp. (Industrials) | 618,592 | ||||||
132,173 | TOPPAN, Inc. (Industrials) | 2,389,914 | ||||||
210,202 | Toray Industries, Inc. (Materials) | 1,202,433 | ||||||
32,202 | Toshiba Corp. (Industrials) | 996,923 | ||||||
62,449 | Tosoh Corp. (Materials) | 849,066 | ||||||
26,453 | TOTO Ltd. (Industrials) | 882,641 | ||||||
689,739 | Toyota Motor Corp. (Consumer Discretionary) | 9,430,965 | ||||||
15,016 | Toyota Tsusho Corp. (Industrials) | 612,920 | ||||||
43,951 | Trend Micro, Inc. (Information Technology) | 2,068,244 | ||||||
58,059 | Unicharm Corp. (Consumer Staples) | 2,149,481 | ||||||
133,596 | USS Co. Ltd. (Consumer Discretionary) | 2,166,528 | ||||||
232,893 | Welcia Holdings Co. Ltd. (Consumer Staples) | 5,093,332 | ||||||
34,281 | West Japan Railway Co. (Industrials) | 1,329,815 | ||||||
38,653 | Yakult Honsha Co. Ltd. (Consumer Staples) | 2,636,173 | ||||||
37,176 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 951,131 | ||||||
62,817 | Yamato Holdings Co. Ltd. (Industrials) | 1,061,131 | ||||||
102,947 | Yokogawa Electric Corp. (Information Technology) | 1,537,233 | ||||||
277,977 | ZOZO, Inc. (Consumer Discretionary) | 6,173,185 | ||||||
|
| |||||||
561,078,438 | ||||||||
|
| |||||||
Jordan – 0.1% | ||||||||
134,528 | Hikma Pharmaceuticals PLC (Health Care) | 2,820,845 | ||||||
|
| |||||||
Luxembourg – 0.5% | ||||||||
437,777 | ArcelorMittal (Materials) | 13,205,953 | ||||||
35,396 | Eurofins Scientific SE (Health Care) | 2,477,474 | ||||||
|
| |||||||
15,683,427 | ||||||||
|
| |||||||
Macau – 0.0% | ||||||||
93,005 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 618,493 | ||||||
174,693 | Sands China Ltd. (Consumer Discretionary)* | 605,344 | ||||||
|
| |||||||
1,223,837 | ||||||||
|
| |||||||
Netherlands – 4.9% | ||||||||
124,830 | ABN AMRO Bank NV (Financials)(b) | 2,211,446 | ||||||
499 | Adyen NV (Information Technology)*(b) | 711,866 | ||||||
745,397 | Aegon NV (Financials) | 3,899,506 | ||||||
21,791 | Akzo Nobel NV (Materials) | 1,600,093 | ||||||
4,543 | Argenx SE (Health Care)* | 1,648,670 | ||||||
8,147 | ASM International NV (Information Technology) | 2,790,687 | ||||||
51,034 | ASML Holding NV (Information Technology) | 31,607,004 | ||||||
14,190 | Euronext NV (Financials)(b) | 1,040,453 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
22,763 | EXOR NV (Financials)* | 1,881,968 | ||||||
55,181 | Heineken Holding NV (Consumer Staples) | 4,737,152 | ||||||
30,527 | Heineken NV (Consumer Staples) | 3,124,081 | ||||||
7,039 | IMCD NV (Industrials) | 1,118,983 | ||||||
382,848 | ING Groep NV (Financials) | 5,386,135 | ||||||
98,380 | JDE Peet’s NV (Consumer Staples) | 2,904,604 | ||||||
484,157 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 15,411,164 | ||||||
13,655 | Koninklijke DSM NV (Materials) | 1,689,948 | ||||||
958,729 | Koninklijke KPN NV (Communication Services) | 3,295,230 | ||||||
152,779 | Koninklijke Philips NV (Health Care) | 2,503,243 | ||||||
164,404 | NN Group NV (Financials) | 6,677,625 | ||||||
52,332 | OCI NV (Materials) | 1,742,641 | ||||||
105,707 | Randstad NV (Industrials) | 6,513,145 | ||||||
1,160,730 | Shell PLC (Energy) | 35,503,335 | ||||||
66,709 | Universal Music Group NV (Communication Services) | 1,581,149 | ||||||
99,845 | Wolters Kluwer NV (Industrials) | 11,589,187 | ||||||
|
| |||||||
151,169,315 | ||||||||
|
| |||||||
New Zealand – 0.2% | ||||||||
114,684 | Auckland International Airport Ltd. (Industrials)* | 620,999 | ||||||
185,267 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 2,982,041 | ||||||
520,684 | Spark New Zealand Ltd. (Communication Services) | 1,612,949 | ||||||
33,643 | Xero Ltd. (Information Technology)* | 1,762,793 | ||||||
|
| |||||||
6,978,782 | ||||||||
|
| |||||||
Norway – 0.8% | ||||||||
52,340 | Aker BP ASA (Energy)(a) | 1,417,951 | ||||||
147,921 | DNB Bank ASA (Financials) | 2,967,985 | ||||||
257,518 | Equinor ASA (Energy) | 7,968,297 | ||||||
243,246 | Gjensidige Forsikring ASA (Financials) | 4,335,219 | ||||||
40,172 | Kongsberg Gruppen ASA (Industrials) | 1,678,080 | ||||||
59,966 | Mowi ASA (Consumer Staples) | 1,041,206 | ||||||
266,265 | Norsk Hydro ASA (Materials) | 1,947,085 | ||||||
177,819 | Orkla ASA (Consumer Staples) | 1,201,667 | ||||||
93,739 | Telenor ASA (Communication Services) | 1,055,935 | ||||||
|
| |||||||
23,613,425 | ||||||||
|
| |||||||
Portugal – 0.3% | ||||||||
239,087 | EDP – Energias de Portugal SA (Utilities) | 1,210,964 | ||||||
77,421 | Galp Energia SGPS SA (Energy) | 949,134 | ||||||
407,563 | Jeronimo Martins SGPS SA (Consumer Staples) | 8,393,727 | ||||||
|
| |||||||
10,553,825 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Singapore – 1.6% | ||||||||
558,793 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | $ | 805,303 | |||||
147,478 | City Developments Ltd. (Real Estate) | 844,672 | ||||||
379,715 | DBS Group Holdings Ltd. (Financials) | 9,638,496 | ||||||
2,178,901 | Genting Singapore Ltd. (Consumer Discretionary) | 1,650,989 | ||||||
56,227 | Jardine Cycle & Carriage Ltd. (Industrials) | 1,240,950 | ||||||
380,585 | Keppel Corp. Ltd. (Industrials) | 1,549,312 | ||||||
700,371 | Mapletree Logistics Trust REIT (Real Estate) | 879,268 | ||||||
867,434 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 8,164,312 | ||||||
7,258,439 | Sembcorp Marine Ltd. (Industrials)* | 684,784 | ||||||
382,207 | Singapore Airlines Ltd. (Industrials) | 1,615,539 | ||||||
1,311,177 | Singapore Exchange Ltd. (Financials) | 8,483,714 | ||||||
1,002,320 | Singapore Telecommunications Ltd. (Communication Services) | 1,764,661 | ||||||
128,275 | STMicroelectronics NV (Information Technology) | 6,179,422 | ||||||
245,207 | United Overseas Bank Ltd. (Financials) | 5,450,056 | ||||||
51,943 | Venture Corp. Ltd. (Information Technology) | 662,527 | ||||||
|
| |||||||
49,614,005 | ||||||||
|
| |||||||
South Africa – 0.2% | ||||||||
137,687 | Anglo American PLC (Materials) | 4,808,196 | ||||||
|
| |||||||
Spain – 2.5% | ||||||||
8,978 | Acciona SA (Utilities) | 1,695,721 | ||||||
89,818 | ACS Actividades de Construccion y Servicios SA (Industrials) | 2,729,923 | ||||||
45,077 | Amadeus IT Group SA (Information Technology)* | 2,839,568 | ||||||
886,358 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 6,930,495 | ||||||
2,530,316 | Banco Santander SA (Financials) | 9,988,962 | ||||||
796,066 | CaixaBank SA (Financials) | 3,420,814 | ||||||
21,374 | Cellnex Telecom SA (Communication Services)*(b) | 806,043 | ||||||
22,753 | Corp ACCIONA Energias Renovables SA (Utilities) | 883,625 | ||||||
96,871 | Enagas SA (Utilities) | 1,742,330 | ||||||
72,155 | Endesa SA (Utilities) | 1,420,984 | ||||||
76,059 | Ferrovial SA (Industrials) | 2,118,148 | ||||||
731,288 | Iberdrola SA (Utilities) | 8,426,147 | ||||||
383,190 | Industria de Diseno Textil SA (Consumer Discretionary) | 11,821,396 | ||||||
78,293 | Naturgy Energy Group SA (Utilities) | 2,163,756 | ||||||
131,461 | Red Electrica Corp. SA (Utilities) | 2,190,201 | ||||||
754,354 | Repsol SA (Energy) | 12,003,892 | ||||||
918,819 | Telefonica SA (Communication Services) | 3,750,496 | ||||||
|
| |||||||
74,932,501 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Sweden – 2.0% | ||||||||
18,778 | Alfa Laval AB (Industrials) | 621,216 | ||||||
77,559 | Assa Abloy AB, Class B (Industrials) | 1,897,215 | ||||||
344,600 | Atlas Copco AB, Class A (Industrials) | 4,119,894 | ||||||
185,838 | Atlas Copco AB, Class B (Industrials) | 1,971,252 | ||||||
30,818 | Boliden AB (Materials) | 1,271,155 | ||||||
71,526 | Epiroc AB, Class A (Industrials) | 1,382,016 | ||||||
53,143 | Epiroc AB, Class B (Industrials) | 878,531 | ||||||
50,906 | Essity AB, Class B (Consumer Staples) | 1,381,432 | ||||||
8,964 | Evolution AB (Consumer Discretionary)(b) | 1,088,718 | ||||||
32,534 | Getinge AB, Class B (Health Care) | 703,490 | ||||||
555,096 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 7,028,257 | ||||||
84,794 | Hexagon AB, Class B (Information Technology) | 944,405 | ||||||
29,793 | Holmen AB, Class B (Materials) | 1,208,450 | ||||||
197,363 | Husqvarna AB, Class B (Industrials) | 1,758,527 | ||||||
49,278 | Industrivarden AB, Class A (Financials) | 1,361,824 | ||||||
59,379 | Industrivarden AB, Class C (Financials) | 1,637,554 | ||||||
69,771 | Investor AB, Class A (Financials) | 1,438,426 | ||||||
181,041 | Investor AB, Class B (Financials) | 3,517,146 | ||||||
22,903 | L E Lundbergforetagen AB, Class B (Financials) | 1,068,877 | ||||||
35,424 | Lifco AB, Class B (Industrials) | 711,972 | ||||||
154,492 | Nibe Industrier AB, Class B (Industrials) | 1,605,866 | ||||||
56,873 | Sandvik AB (Industrials) | 1,176,878 | ||||||
185,082 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 2,325,815 | ||||||
80,926 | Svenska Cellulosa AB SCA, Class B (Materials) | 1,135,289 | ||||||
249,511 | Svenska Handelsbanken AB, Class A (Financials) | 2,658,139 | ||||||
159,881 | Swedbank AB, Class A (Financials) | 3,277,771 | ||||||
57,795 | Swedish Orphan Biovitrum AB (Health Care)* | 1,336,169 | ||||||
184,395 | Tele2 AB, Class B (Communication Services) | 1,703,451 | ||||||
478,025 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 2,663,181 | ||||||
599,103 | Telia Co. AB (Communication Services) | 1,553,970 | ||||||
80,906 | Volvo AB, Class A (Industrials) | 1,692,815 | ||||||
157,489 | Volvo AB, Class B (Industrials) | 3,168,325 | ||||||
|
| |||||||
60,288,026 | ||||||||
|
| |||||||
Switzerland – 4.6% | ||||||||
152,749 | ABB Ltd. (Industrials) | 5,097,881 | ||||||
26,557 | Adecco Group AG (Industrials) | 948,090 | ||||||
32,684 | Alcon, Inc. (Health Care) | 2,237,402 | ||||||
17,065 | Baloise Holding AG (Financials) | 2,849,477 | ||||||
25,718 | Banque Cantonale Vaudoise (Financials) | 2,303,575 | ||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
989 | Barry Callebaut AG (Consumer Staples) | $ | 1,977,472 | |||||
10,628 | BKW AG (Utilities) | 1,558,055 | ||||||
366 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 4,030,003 | ||||||
55,142 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 8,339,694 | ||||||
41,474 | Clariant AG (Materials)* | 674,824 | ||||||
3,369 | EMS-Chemie Holding AG (Materials) | 2,562,920 | ||||||
6,527 | Geberit AG (Industrials) | 3,544,671 | ||||||
559 | Givaudan SA (Materials) | 1,694,445 | ||||||
22,178 | Julius Baer Group Ltd. (Financials) | 1,475,615 | ||||||
34,388 | Kuehne + Nagel International AG (Industrials) | 8,842,367 | ||||||
66,267 | Logitech International SA (Information Technology) | 3,639,824 | ||||||
2,750 | Lonza Group AG (Health Care) | 1,645,452 | ||||||
324,582 | Novartis AG (Health Care) | 27,455,707 | ||||||
8,003 | Partners Group Holding AG (Financials) | 7,630,281 | ||||||
7,159 | Schindler Holding AG (Industrials) | 1,546,757 | ||||||
6,192 | Schindler Holding AG Participation Certificates (Industrials) | 1,396,627 | ||||||
2,761 | SGS SA (Industrials) | 6,357,149 | ||||||
4,998 | Sika AG (Materials) | 1,407,279 | ||||||
6,127 | Sonova Holding AG (Health Care) | 1,511,403 | ||||||
42,645 | Straumann Holding AG (Health Care) | 5,680,692 | ||||||
13,869 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 4,841,757 | ||||||
62,512 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 4,011,840 | ||||||
6,168 | Swiss Life Holding AG (Financials) | 3,726,137 | ||||||
19,916 | Swiss Prime Site AG (Real Estate) | 1,689,327 | ||||||
4,311 | Swisscom AG (Communication Services) | 2,669,623 | ||||||
419,933 | UBS Group AG (Financials) | 9,162,582 | ||||||
5,339 | VAT Group AG (Industrials)(b) | 1,620,071 | ||||||
15,830 | Zurich Insurance Group AG (Financials) | 7,539,623 | ||||||
|
| |||||||
141,668,622 | ||||||||
|
| |||||||
United Kingdom – 10.4% | ||||||||
274,256 | 3i Group PLC (Financials) | 5,402,096 | ||||||
744,368 | abrdn PLC (Financials) | 2,024,026 | ||||||
246,053 | Admiral Group PLC (Financials) | 6,556,429 | ||||||
23,457 | Ashtead Group PLC (Industrials) | 1,564,742 | ||||||
164,825 | Associated British Foods PLC (Consumer Staples) | 4,004,876 | ||||||
205,858 | AstraZeneca PLC (Health Care) | 27,115,354 | ||||||
1,187,479 | Auto Trader Group PLC (Communication Services)(b) | 8,559,599 | ||||||
687,745 | Aviva PLC (Financials) | 3,716,809 | ||||||
510,058 | BAE Systems PLC (Industrials) | 5,545,166 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
2,176,109 | Barclays PLC (Financials) | 4,600,902 | ||||||
1,026,960 | Barratt Developments PLC (Consumer Discretionary) | 5,832,270 | ||||||
59,043 | Berkeley Group Holdings PLC (Consumer Discretionary) | 2,999,318 | ||||||
2,602,695 | BP PLC (Energy) | 17,345,996 | ||||||
342,199 | British American Tobacco PLC (Consumer Staples) | 13,022,994 | ||||||
81,818 | Bunzl PLC (Industrials) | 2,935,930 | ||||||
381,115 | Burberry Group PLC (Consumer Discretionary) | 11,378,048 | ||||||
892,444 | CK Hutchison Holdings Ltd. (Industrials) | 5,320,897 | ||||||
341,480 | CNH Industrial NV (Industrials) | 5,622,219 | ||||||
73,264 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 4,029,520 | ||||||
303,122 | Compass Group PLC (Consumer Discretionary) | 7,045,914 | ||||||
15,423 | Croda International PLC (Materials) | 1,225,247 | ||||||
42,569 | DCC PLC (Industrials) | 2,382,001 | ||||||
233,536 | Diageo PLC (Consumer Staples) | 9,977,555 | ||||||
85,858 | Entain PLC (Consumer Discretionary) | 1,413,119 | ||||||
55,083 | Experian PLC (Industrials) | 1,870,549 | ||||||
43,503 | Halma PLC (Information Technology) | 1,139,712 | ||||||
462,418 | Hargreaves Lansdown PLC (Financials) | 4,644,320 | ||||||
1,773,092 | HSBC Holdings PLC (Financials) | 13,643,751 | ||||||
263,191 | Imperial Brands PLC (Consumer Staples) | 6,388,576 | ||||||
288,554 | Informa PLC (Communication Services) | 2,334,975 | ||||||
30,450 | InterContinental Hotels Group PLC (Consumer Discretionary) | 2,066,612 | ||||||
27,375 | Intertek Group PLC (Industrials) | 1,383,328 | ||||||
3,103,757 | J Sainsbury PLC (Consumer Staples) | 10,077,786 | ||||||
3,974,874 | JD Sports Fashion PLC (Consumer Discretionary) | 8,714,861 | ||||||
1,374,405 | Kingfisher PLC (Consumer Discretionary) | 4,778,788 | ||||||
150,402 | Land Securities Group PLC REIT (Real Estate) | 1,252,375 | ||||||
1,127,169 | Legal & General Group PLC (Financials) | 3,492,030 | ||||||
12,145,861 | Lloyds Banking Group PLC (Financials) | 7,737,449 | ||||||
32,077 | London Stock Exchange Group PLC (Financials) | 2,886,145 | ||||||
235,618 | National Grid PLC (Utilities) | 2,989,430 | ||||||
785,806 | NatWest Group PLC (Financials) | 2,780,755 | ||||||
73,058 | Next PLC (Consumer Discretionary) | 6,051,590 | ||||||
98,309 | Pearson PLC (Consumer Discretionary) | 1,093,059 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
239,885 | Phoenix Group Holdings PLC (Financials) | $ | 1,839,500 | |||||
74,421 | Reckitt Benckiser Group PLC (Consumer Staples) | 5,191,435 | ||||||
287,148 | RELX PLC (Industrials) | 8,701,323 | ||||||
254,296 | Rentokil Initial PLC (Industrials) | 1,577,492 | ||||||
799,932 | Sage Group PLC (The) (Information Technology) | 7,249,725 | ||||||
212,422 | Schroders PLC (Financials) | 1,279,157 | ||||||
92,803 | Segro PLC REIT (Real Estate) | 925,106 | ||||||
55,288 | Severn Trent PLC (Utilities) | 1,841,366 | ||||||
226,461 | Smith & Nephew PLC (Health Care) | 3,251,597 | ||||||
117,604 | Smiths Group PLC (Industrials) | 2,510,824 | ||||||
9,004 | Spirax-Sarco Engineering PLC (Industrials) | 1,273,746 | ||||||
152,511 | SSE PLC (Utilities) | 3,222,847 | ||||||
276,217 | St James’s Place PLC (Financials) | 4,285,363 | ||||||
318,667 | Standard Chartered PLC (Financials) | 3,025,398 | ||||||
1,085,357 | Taylor Wimpey PLC (Consumer Discretionary) | 1,618,833 | ||||||
2,324,178 | Tesco PLC (Consumer Staples) | 7,175,104 | ||||||
218,035 | Unilever PLC (Consumer Staples) | 10,917,555 | ||||||
144,077 | United Utilities Group PLC (Utilities) | 1,775,665 | ||||||
4,765,341 | Vodafone Group PLC (Communication Services) | 5,756,468 | ||||||
79,232 | WPP PLC (Communication Services) | 982,244 | ||||||
|
| |||||||
319,347,866 | ||||||||
|
| |||||||
United States – 5.2% | ||||||||
36,990 | BRP, Inc. (Consumer Discretionary) | 3,212,257 | ||||||
130,165 | Computershare Ltd. (Information Technology) | 2,176,865 | ||||||
40,491 | CSL Ltd. (Health Care) | 8,090,505 | ||||||
689,640 | GSK PLC (Health Care) | 11,900,846 | ||||||
592,715 | Haleon PLC (Consumer Staples)* | 2,310,218 | ||||||
95,867 | Holcim AG (Materials)* | 5,946,874 | ||||||
91,180 | James Hardie Industries PLC CDI (Materials) | 1,907,949 | ||||||
380,480 | Nestle SA (Consumer Staples) | 43,063,557 | ||||||
58,784 | QIAGEN NV (Health Care)* | 2,715,550 | ||||||
121,268 | Roche Holding AG (Health Care) | 35,167,397 | ||||||
13,782 | Roche Holding AG (Health Care)(a) | 4,282,015 | ||||||
173,902 | Sanofi (Health Care) | 16,393,374 | ||||||
66,289 | Schneider Electric SE (Industrials) | 10,693,963 | ||||||
303,462 | Stellantis NV (Consumer Discretionary) | 5,327,435 | ||||||
38,700 | Swiss Re AG (Financials) | 4,054,777 | ||||||
144,093 | Tenaris SA (Energy) | 2,396,072 | ||||||
|
| |||||||
159,639,654 | ||||||||
|
| |||||||
Zambia – 0.1% | ||||||||
78,961 | First Quantum Minerals Ltd. (Materials) | 1,728,912 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,812,030,966) | $ | 3,040,183,977 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.4% | ||||||||||||
Germany – 0.4% | ||||||||||||
45,006 | Bayerische Motoren Werke AG (Consumer Discretionary) | 7.17 | % | $ | 4,283,668 | |||||||
28,551 | Henkel AG & Co. KGaA (Consumer Staples) | 2.70 | 2,083,756 | |||||||||
3,358 | Sartorius AG (Health Care) | 0.33 | 1,433,723 | |||||||||
26,583 | Volkswagen AG (Consumer Discretionary) | 5.43 | 3,641,186 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $12,425,539) | $ | 11,442,333 | ||||||||||
|
|
Units | Description | Expiration Month | Value | |||||||||
Right – 0.0% | ||||||||||||
Hong Kong – 0.0% | ||||||||||||
27,221 | Link REIT* | |||||||||||
(Cost $0) | 03/23 | $ | 25,662 | |||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $2,824,456,505) | $ | 3,051,651,972 | ||||||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 1.6%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
49,602,357 | 4.475% | $ | 49,602,357 | |||
(Cost $49,602,357) |
| |||||
| ||||||
TOTAL INVESTMENTS – 101.4% |
| |||||
(Cost $2,874,058,862) | $ | 3,101,254,329 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)% | (42,370,773 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 3,058,883,556 | ||||
|
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 | |
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2023, 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 | 39 | 03/17/23 | $ | 3,990,870 | $ | (31,024 | ) |
Sector Name | % of Market Value | |||
| ||||
Financials | 19.5 | % | ||
Industrials | 14.6 | |||
Consumer Staples | 11.9 | |||
Consumer Discretionary | 11.7 | |||
Health Care | 11.6 | |||
Information Technology | 7.1 | |||
Materials | 7.0 | |||
Energy | 6.3 | |||
Communication Services | 4.4 | |||
Utilities | 2.7 | |||
Real Estate | 1.6 | |||
Securities Lending Reinvestment Vehicle | 1.6 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 8.6% | ||||||||
1,722 | Capcom Co. Ltd. | $ | 54,170 | |||||
3,612 | CyberAgent, Inc. | 30,919 | ||||||
1,386 | Dentsu Group, Inc. | 44,465 | ||||||
4,718 | Hakuhodo DY Holdings, Inc. | 52,578 | ||||||
6,038 | KDDI Corp. | 176,687 | ||||||
891 | Koei Tecmo Holdings Co. Ltd. | 14,927 | ||||||
342 | Konami Group Corp. | 15,089 | ||||||
1,273 | Nexon Co. Ltd. | 27,588 | ||||||
3,477 | Nintendo Co. Ltd. | 130,794 | ||||||
6,319 | Nippon Telegraph & Telephone Corp. | 183,101 | ||||||
10,315 | SoftBank Corp. | 116,429 | ||||||
3,951 | SoftBank Group Corp. | 160,024 | ||||||
687 | Square Enix Holdings Co. Ltd. | 30,614 | ||||||
357 | Toho Co. Ltd. | 12,423 | ||||||
5,979 | Z Holdings Corp. | 16,184 | ||||||
|
| |||||||
1,065,992 | ||||||||
|
| |||||||
Consumer Discretionary – 17.3% | ||||||||
444 | Aisin Corp. | 12,158 | ||||||
957 | Bandai Namco Holdings, Inc. | 59,114 | ||||||
2,143 | Bridgestone Corp. | 82,202 | ||||||
913 | Denso Corp. | 48,520 | ||||||
507 | Fast Retailing Co. Ltd. | 100,123 | ||||||
189 | Hikari Tsushin, Inc. | 27,431 | ||||||
9,281 | Honda Motor Co. Ltd. | 241,334 | ||||||
734 | Iida Group Holdings Co. Ltd. | 12,194 | ||||||
2,232 | Isuzu Motors Ltd. | 26,693 | ||||||
309 | Koito Manufacturing Co. Ltd. | 5,188 | ||||||
13,581 | Mazda Motor Corp. | 122,335 | ||||||
533 | McDonald’s Holdings Co. Japan Ltd. | 21,091 | ||||||
2,665 | Nissan Motor Co. Ltd. | 10,322 | ||||||
349 | Nitori Holdings Co. Ltd. | 39,457 | ||||||
180 | Open House Group Co. Ltd. | 6,475 | ||||||
461 | Oriental Land Co. Ltd. | 73,627 | ||||||
1,824 | Pan Pacific International Holdings Corp. | 33,343 | ||||||
11,299 | Panasonic Holdings Corp. | 98,461 | ||||||
1,415 | Rakuten Group, Inc. | 6,981 | ||||||
1,962 | Sekisui Chemical Co. Ltd. | 26,287 | ||||||
2,037 | Sekisui House Ltd. | 38,575 | ||||||
1,199 | Sharp Corp. | 8,274 | ||||||
190 | Shimano, Inc. | 29,592 | ||||||
3,534 | Sony Group Corp. | 296,543 | ||||||
5,793 | Subaru Corp. | 93,031 | ||||||
2,440 | Sumitomo Electric Industries Ltd. | 30,013 | ||||||
696 | Suzuki Motor Corp. | 24,439 | ||||||
32,218 | Toyota Motor Corp. | 440,524 | ||||||
2,314 | USS Co. Ltd. | 37,526 | ||||||
411 | Yamaha Corp. | 15,599 | ||||||
1,377 | Yamaha Motor Co. Ltd. | 35,230 | ||||||
1,325 | ZOZO, Inc. | 29,425 | ||||||
|
| |||||||
2,132,107 | ||||||||
|
| |||||||
Consumer Staples – 8.1% | ||||||||
3,340 | Aeon Co. Ltd. | 62,281 | ||||||
2,264 | Ajinomoto Co., Inc. | 66,782 | ||||||
2,040 | Asahi Group Holdings Ltd. | 72,126 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
4,875 | Japan Tobacco, Inc. | 99,118 | ||||||
1,513 | Kao Corp. | 56,537 | ||||||
594 | Kikkoman Corp. | 27,778 | ||||||
3,634 | Kirin Holdings Co. Ltd. | 54,397 | ||||||
321 | Kobayashi Pharmaceutical Co. Ltd. | 19,324 | ||||||
308 | Kobe Bussan Co. Ltd. | 8,423 | ||||||
300 | Kose Corp. | 33,895 | ||||||
874 | MatsukiyoCocokara & Co. | 40,615 | ||||||
508 | MEIJI Holdings Co. Ltd. | 23,271 | ||||||
1,269 | Nisshin Seifun Group, Inc. | 14,664 | ||||||
414 | Nissin Foods Holdings Co. Ltd. | 34,466 | ||||||
3,493 | Seven & i Holdings Co. Ltd.(a) | 156,168 | ||||||
1,220 | Shiseido Co. Ltd. | 56,166 | ||||||
1,160 | Suntory Beverage & Food Ltd. | 40,706 | ||||||
1,107 | Unicharm Corp. | 40,984 | ||||||
1,403 | Welcia Holdings Co. Ltd. | 30,683 | ||||||
882 | Yakult Honsha Co. Ltd. | 60,153 | ||||||
|
| |||||||
998,537 | ||||||||
|
| |||||||
Energy – 1.4% | ||||||||
9,480 | ENEOS Holdings, Inc. | 32,731 | ||||||
720 | Idemitsu Kosan Co. Ltd. | 16,042 | ||||||
12,055 | Inpex Corp. | 126,820 | ||||||
|
| |||||||
175,593 | ||||||||
|
| |||||||
Financials – 13.1% | ||||||||
4,400 | Chiba Bank Ltd. (The) | 32,205 | ||||||
5,915 | Concordia Financial Group Ltd. | 25,403 | ||||||
5,215 | Dai-ichi Life Holdings, Inc. | 111,161 | ||||||
3,870 | Daiwa Securities Group, Inc. | 18,495 | ||||||
2,077 | Japan Exchange Group, Inc. | 30,984 | ||||||
3,337 | Japan Post Bank Co. Ltd.(a) | 28,810 | ||||||
15,607 | Japan Post Holdings Co. Ltd. | 138,637 | ||||||
5,852 | Japan Post Insurance Co. Ltd. | 101,475 | ||||||
11,453 | Mitsubishi HC Capital, Inc. | 59,781 | ||||||
33,264 | Mitsubishi UFJ Financial Group, Inc. | 235,679 | ||||||
10,903 | Mizuho Financial Group, Inc. | 169,890 | ||||||
1,410 | MS&AD Insurance Group Holdings, Inc. | 46,084 | ||||||
4,414 | Nomura Holdings, Inc. | 18,189 | ||||||
3,145 | ORIX Corp. | 56,371 | ||||||
8,955 | Resona Holdings, Inc. | 49,300 | ||||||
703 | SBI Holdings, Inc. | 15,158 | ||||||
4,457 | Shizuoka Financial Group, Inc. | 35,600 | ||||||
1,050 | Sompo Holdings, Inc. | 45,009 | ||||||
4,556 | Sumitomo Mitsui Financial Group, Inc. | 199,746 | ||||||
1,286 | Sumitomo Mitsui Trust Holdings, Inc. | 47,630 | ||||||
1,442 | T&D Holdings, Inc. | 21,818 | ||||||
6,073 | Tokio Marine Holdings, Inc. | 128,870 | ||||||
|
| |||||||
1,616,295 | ||||||||
|
| |||||||
Health Care – 9.6% | ||||||||
1,197 | Asahi Intecc Co. Ltd. | 20,387 | ||||||
8,743 | Astellas Pharma, Inc. | 123,172 | ||||||
2,260 | Chugai Pharmaceutical Co. Ltd. | 56,311 | ||||||
5,835 | Daiichi Sankyo Co. Ltd. | 183,470 | ||||||
1,184 | Eisai Co. Ltd. | 63,905 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
1,240 | Hoya Corp. | $ | 122,621 | |||||
1,289 | Kyowa Kirin Co. Ltd. | 27,585 | ||||||
1,250 | M3, Inc. | 29,842 | ||||||
414 | Nippon Shinyaku Co. Ltd. | 18,540 | ||||||
4,659 | Olympus Corp. | 78,462 | ||||||
2,927 | Ono Pharmaceutical Co. Ltd. | 59,737 | ||||||
2,243 | Otsuka Holdings Co. Ltd. | 68,073 | ||||||
917 | Shionogi & Co. Ltd. | 40,789 | ||||||
681 | Sysmex Corp. | 40,800 | ||||||
6,863 | Takeda Pharmaceutical Co. Ltd. | 212,216 | ||||||
1,691 | Terumo Corp. | 45,448 | ||||||
|
| |||||||
1,191,358 | ||||||||
|
| |||||||
Industrials – 21.5% | ||||||||
431 | AGC, Inc. | 15,947 | ||||||
933 | ANA Holdings, Inc.*(a) | 18,929 | ||||||
570 | BayCurrent Consulting, Inc. | 22,387 | ||||||
216 | Central Japan Railway Co. | 24,278 | ||||||
727 | Dai Nippon Printing Co. Ltd. | 19,481 | ||||||
99 | Daifuku Co. Ltd. | 5,400 | ||||||
611 | Daikin Industries Ltd. | 104,715 | ||||||
497 | East Japan Railway Co. | 25,198 | ||||||
357 | FANUC Corp. | 60,725 | ||||||
377 | Fuji Electric Co. Ltd. | 14,558 | ||||||
1,201 | Hankyu Hanshin Holdings, Inc. | 34,166 | ||||||
148 | Hitachi Construction Machinery Co. Ltd. | 3,308 | ||||||
3,563 | Hitachi Ltd. | 180,223 | ||||||
522 | Hoshizaki Corp. | 18,490 | ||||||
5,367 | ITOCHU Corp. | 160,322 | ||||||
2,039 | Japan Airlines Co. Ltd.* | 38,380 | ||||||
1,240 | Kajima Corp. | 14,811 | ||||||
235 | Keio Corp. | 8,186 | ||||||
577 | Keisei Electric Railway Co. Ltd. | 16,669 | ||||||
1,094 | Kintetsu Group Holdings Co. Ltd. | 33,130 | ||||||
2,470 | Komatsu Ltd. | 59,114 | ||||||
1,792 | Kubota Corp. | 27,042 | ||||||
401 | Kurita Water Industries Ltd. | 18,134 | ||||||
963 | Lixil Corp. | 15,348 | ||||||
282 | Makita Corp. | 7,039 | ||||||
11,770 | Marubeni Corp. | 150,349 | ||||||
544 | MINEBEA MITSUMI, Inc. | 9,433 | ||||||
1,347 | MISUMI Group, Inc. | 32,040 | ||||||
6,612 | Mitsubishi Corp. | 224,696 | ||||||
4,797 | Mitsubishi Electric Corp. | 53,987 | ||||||
3,021 | Mitsubishi Heavy Industries Ltd. | 111,224 | ||||||
7,130 | Mitsui & Co. Ltd. | 200,162 | ||||||
2,282 | Mitsui OSK Lines Ltd. | 59,640 | ||||||
1,936 | MonotaRO Co. Ltd. | 26,322 | ||||||
1,498 | NGK Insulators Ltd. | 19,883 | ||||||
659 | Nidec Corp. | 33,362 | ||||||
1,121 | Nihon M&A Center Holdings, Inc. | 9,357 | ||||||
826 | NIPPON EXPRESS HOLDINGS, Inc. | 46,086 | ||||||
2,621 | Nippon Yusen KK(a) | 67,962 | ||||||
4,212 | Obayashi Corp. | 31,138 | ||||||
800 | Odakyu Electric Railway Co. Ltd. | 9,696 | ||||||
2,291 | Persol Holdings Co. Ltd. | 45,865 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,854 | Recruit Holdings Co. Ltd. | 131,991 | ||||||
836 | Secom Co. Ltd. | 48,626 | ||||||
694 | SG Holdings Co. Ltd. | 10,001 | ||||||
1,940 | Shimizu Corp. | 10,468 | ||||||
116 | SMC Corp. | 58,845 | ||||||
4,426 | Sumitomo Corp. | 75,481 | ||||||
1,141 | Taisei Corp. | 37,192 | ||||||
836 | Tobu Railway Co. Ltd. | 18,658 | ||||||
1,280 | Tokyu Corp. | 15,411 | ||||||
1,737 | TOPPAN, Inc. | 31,408 | ||||||
1,026 | Toshiba Corp. | 31,763 | ||||||
658 | TOTO Ltd. | 21,955 | ||||||
177 | Toyota Industries Corp. | 10,382 | ||||||
485 | Toyota Tsusho Corp. | 19,797 | ||||||
472 | West Japan Railway Co. | 18,310 | ||||||
729 | Yamato Holdings Co. Ltd. | 12,315 | ||||||
571 | Yaskawa Electric Corp. | 22,469 | ||||||
|
| |||||||
2,652,254 | ||||||||
|
| |||||||
Information Technology – 13.9% | ||||||||
809 | Advantest Corp. | 64,202 | ||||||
629 | Azbil Corp. | 16,347 | ||||||
2,868 | Brother Industries Ltd. | 42,173 | ||||||
4,551 | Canon, Inc. | 98,243 | ||||||
129 | Disco Corp. | 40,438 | ||||||
1,150 | FUJIFILM Holdings Corp. | 53,644 | ||||||
766 | Fujitsu Ltd. | 98,523 | ||||||
37 | GMO Payment Gateway, Inc. | 3,040 | ||||||
801 | Hamamatsu Photonics KK | 39,281 | ||||||
202 | Hirose Electric Co. Ltd. | 24,691 | ||||||
541 | Ibiden Co. Ltd. | 18,568 | ||||||
833 | Itochu Techno-Solutions Corp. | 18,530 | ||||||
569 | Keyence Corp. | 245,997 | ||||||
939 | Kyocera Corp. | 46,242 | ||||||
125 | Lasertec Corp. | 20,326 | ||||||
1,850 | Murata Manufacturing Co. Ltd. | 99,416 | ||||||
1,614 | NEC Corp. | 57,764 | ||||||
1,341 | Nomura Research Institute Ltd. | 29,928 | ||||||
2,399 | NTT Data Corp. | 33,286 | ||||||
152 | Obic Co. Ltd. | 22,251 | ||||||
686 | Omron Corp. | 36,824 | ||||||
382 | Oracle Corp. Japan | 26,025 | ||||||
659 | Otsuka Corp. | 22,206 | ||||||
5,107 | Renesas Electronics Corp.* | 66,136 | ||||||
6,460 | Ricoh Co. Ltd. | 50,176 | ||||||
264 | Rohm Co. Ltd. | 20,311 | ||||||
1,032 | SCSK Corp. | 14,963 | ||||||
3,180 | Seiko Epson Corp. | 43,819 | ||||||
1,131 | Shimadzu Corp. | 32,673 | ||||||
1,616 | SUMCO Corp. | 22,292 | ||||||
624 | TDK Corp. | 20,889 | ||||||
1,594 | TIS, Inc. | 39,553 | ||||||
499 | Tokyo Electron Ltd. | 171,114 | ||||||
956 | Trend Micro, Inc. | 44,987 | ||||||
2,289 | Yokogawa Electric Corp. | 34,180 | ||||||
|
| |||||||
1,719,038 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – 3.7% | ||||||||
2,666 | Asahi Kasei Corp. | $ | 18,589 | |||||
374 | JFE Holdings, Inc. | 4,629 | ||||||
177 | JSR Corp. | 4,022 | ||||||
3,022 | Mitsubishi Chemical Group Corp. | 17,593 | ||||||
302 | Mitsui Chemicals, Inc. | 7,283 | ||||||
516 | Nippon Sanso Holdings Corp. | 9,197 | ||||||
2,560 | Nippon Steel Corp. | 57,077 | ||||||
832 | Nissan Chemical Corp. | 36,526 | ||||||
487 | Nitto Denko Corp. | 29,317 | ||||||
5,267 | Oji Holdings Corp. | 21,383 | ||||||
1,107 | Shin-Etsu Chemical Co. Ltd. | 155,629 | ||||||
9,965 | Sumitomo Chemical Co. Ltd. | 34,896 | ||||||
316 | Sumitomo Metal Mining Co. Ltd. | 11,738 | ||||||
5,444 | Toray Industries, Inc. | 31,142 | ||||||
1,489 | Tosoh Corp. | 20,245 | ||||||
|
| |||||||
459,266 | ||||||||
|
| |||||||
Real Estate – 1.9% | ||||||||
431 | Daito Trust Construction Co. Ltd. | 40,596 | ||||||
1,207 | Daiwa House Industry Co. Ltd. | 27,850 | ||||||
6 | Daiwa House REIT Investment Corp. REIT | 12,382 | ||||||
10 | GLP J REIT | 10,505 | ||||||
1,045 | Hulic Co. Ltd. | 8,316 | ||||||
16 | Japan Metropolitan Fund Invest REIT | 12,016 | ||||||
3 | Japan Real Estate Investment Corp. REIT | 12,422 | ||||||
1,399 | Mitsubishi Estate Co. Ltd. | 17,414 | ||||||
1,307 | Mitsui Fudosan Co. Ltd. | 24,899 | ||||||
3 | Nippon Building Fund, Inc. REIT | 12,664 | ||||||
5 | Nippon Prologis REIT, Inc. REIT | 10,667 | ||||||
753 | Nomura Real Estate Holdings, Inc. | 16,778 | ||||||
12 | Nomura Real Estate Master Fund, Inc. REIT | 13,302 | ||||||
516 | Sumitomo Realty & Development Co. Ltd. | 12,179 | ||||||
|
| |||||||
231,990 | ||||||||
|
| |||||||
Utilities – 0.7% | ||||||||
1,482 | Chubu Electric Power Co., Inc. | 15,362 | ||||||
1,495 | Kansai Electric Power Co., Inc. (The) | 14,070 | ||||||
839 | Osaka Gas Co. Ltd. | 13,631 | ||||||
1,091 | Tokyo Electric Power Co. Holdings, Inc.* | 3,620 | ||||||
1,931 | Tokyo Gas Co. Ltd. | 37,255 | ||||||
|
| |||||||
83,938 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $11,988,381) | $ | 12,326,368 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 2.1%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
262,939 | 4.475% | $ | 262,939 | |||
(Cost $262,939) |
| |||||
| ||||||
TOTAL INVESTMENTS – 101.9% |
| |||||
(Cost $12,251,320) | $ | 12,589,307 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)% | (239,611 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 12,349,696 | ||||
|
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 | |
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 7.0% | ||||||||
128 | Activision Blizzard, Inc. | $ | 9,760 | |||||
1,447 | Alphabet, Inc., Class A* | 130,317 | ||||||
1,426 | Alphabet, Inc., Class C* | 128,768 | ||||||
1,648 | AT&T, Inc. | 31,164 | ||||||
28 | Charter Communications, Inc., Class A* | 10,293 | ||||||
1,294 | Comcast Corp., Class A | 48,098 | ||||||
71 | Electronic Arts, Inc. | 7,877 | ||||||
11 | Live Nation Entertainment, Inc.* | 793 | ||||||
131 | Match Group, Inc.* | 5,426 | ||||||
564 | Meta Platforms, Inc., Class A* | 98,666 | ||||||
23 | Netflix, Inc.* | 7,409 | ||||||
95 | Omnicom Group, Inc. | 8,604 | ||||||
337 | Pinterest, Inc., Class A* | 8,462 | ||||||
151 | T-Mobile US, Inc.* | 21,469 | ||||||
605 | Verizon Communications, Inc. | 23,480 | ||||||
101 | Walt Disney Co. (The)* | 10,060 | ||||||
2,143 | Warner Bros Discovery, Inc.* | 33,474 | ||||||
|
| |||||||
584,120 | ||||||||
|
| |||||||
Consumer Discretionary – 9.5% | ||||||||
86 | Advance Auto Parts, Inc. | 12,467 | ||||||
23 | AutoZone, Inc.* | 57,190 | ||||||
94 | Best Buy Co., Inc. | 7,812 | ||||||
8 | Booking Holdings, Inc.* | 20,192 | ||||||
39 | Darden Restaurants, Inc. | 5,577 | ||||||
137 | Dollar General Corp. | 29,633 | ||||||
111 | Dollar Tree, Inc.* | 16,126 | ||||||
42 | Domino’s Pizza, Inc. | 12,348 | ||||||
20 | DoorDash, Inc., Class A* | 1,093 | ||||||
40 | D.R. Horton, Inc. | 3,699 | ||||||
397 | eBay, Inc. | 18,222 | ||||||
160 | Etsy, Inc.* | 19,426 | ||||||
43 | Expedia Group, Inc.* | 4,686 | ||||||
65 | Ford Motor Co. | 785 | ||||||
112 | Garmin Ltd. | 10,991 | ||||||
263 | Genuine Parts Co. | 46,514 | ||||||
208 | Home Depot, Inc. (The) | 61,680 | ||||||
297 | Lennar Corp., Class A | 28,732 | ||||||
248 | LKQ Corp. | 14,208 | ||||||
156 | Lowe’s Cos., Inc. | 32,097 | ||||||
5 | Marriott International, Inc., Class A | 846 | ||||||
94 | McDonald’s Corp. | 24,808 | ||||||
601 | MGM Resorts International | 25,849 | ||||||
272 | NIKE, Inc., Class B | 32,311 | ||||||
3 | NVR, Inc.* | 15,521 | ||||||
76 | O’Reilly Automotive, Inc.* | 63,088 | ||||||
44 | Pool Corp. | 15,702 | ||||||
130 | Rivian Automotive, Inc., Class A* | 2,509 | ||||||
165 | Ross Stores, Inc. | 18,239 | ||||||
79 | Starbucks Corp. | 8,065 | ||||||
751 | Stellantis NV | 13,157 | ||||||
129 | Target Corp. | 21,736 | ||||||
512 | TJX Cos., Inc. (The) | 39,219 | ||||||
124 | Tractor Supply Co. | 28,924 | ||||||
111 | Ulta Beauty, Inc.* | 57,587 | ||||||
213 | VF Corp. | 5,287 | ||||||
113 | Yum! Brands, Inc. | 14,369 | ||||||
|
| |||||||
790,695 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 8.3% | ||||||||
369 | Archer-Daniels-Midland Co. | 29,373 | ||||||
190 | Brown-Forman Corp., Class B | 12,325 | ||||||
221 | Church & Dwight Co., Inc. | 18,515 | ||||||
126 | Clorox Co. (The) | 19,586 | ||||||
730 | Coca-Cola Co. (The) | 43,442 | ||||||
366 | Colgate-Palmolive Co. | 26,828 | ||||||
353 | Conagra Brands, Inc. | 12,853 | ||||||
67 | Constellation Brands, Inc., Class A | 14,988 | ||||||
99 | Darling Ingredients, Inc.* | 6,264 | ||||||
118 | Estee Lauder Cos., Inc. (The), Class A | 28,680 | ||||||
310 | General Mills, Inc. | 24,648 | ||||||
170 | Hershey Co. (The) | 40,514 | ||||||
235 | Hormel Foods Corp. | 10,429 | ||||||
93 | J M Smucker Co. (The) | 13,754 | ||||||
246 | Kellogg Co. | 16,221 | ||||||
606 | Keurig Dr Pepper, Inc. | 20,937 | ||||||
105 | Kimberly-Clark Corp. | 13,130 | ||||||
577 | Kraft Heinz Co. (The) | 22,468 | ||||||
120 | Lamb Weston Holdings, Inc. | 12,077 | ||||||
107 | McCormick & Co., Inc. | 7,952 | ||||||
368 | Mondelez International, Inc., Class A | 23,986 | ||||||
260 | Monster Beverage Corp.* | 26,458 | ||||||
343 | PepsiCo, Inc. | 59,521 | ||||||
478 | Procter & Gamble Co. (The) | 65,754 | ||||||
290 | Sysco Corp. | 21,625 | ||||||
76 | Tyson Foods, Inc., Class A | 4,502 | ||||||
539 | Walgreens Boots Alliance, Inc. | 19,151 | ||||||
528 | Walmart, Inc. | 75,045 | ||||||
|
| |||||||
691,026 | ||||||||
|
| |||||||
Financials – 12.1% | ||||||||
354 | Aflac, Inc. | 24,125 | ||||||
110 | Allstate Corp. (The) | 14,166 | ||||||
149 | American Express Co. | 25,924 | ||||||
568 | American International Group, Inc. | 34,710 | ||||||
61 | Ameriprise Financial, Inc. | 20,915 | ||||||
76 | Aon PLC, Class A | 23,108 | ||||||
173 | Apollo Global Management, Inc. | 12,266 | ||||||
261 | Arch Capital Group Ltd.* | 18,270 | ||||||
1,313 | Bank of America Corp. | 45,036 | ||||||
272 | Bank of New York Mellon Corp. (The) | 13,839 | ||||||
321 | Berkshire Hathaway, Inc., Class B* | 97,963 | ||||||
8 | BlackRock, Inc. | 5,515 | ||||||
160 | Blackstone, Inc. | 14,528 | ||||||
105 | Brown & Brown, Inc. | 5,887 | ||||||
333 | Capital One Financial Corp. | 36,324 | ||||||
39 | Cboe Global Markets, Inc. | 4,921 | ||||||
189 | Charles Schwab Corp. (The) | 14,727 | ||||||
102 | Chubb Ltd. | 21,524 | ||||||
37 | Cincinnati Financial Corp. | 4,466 | ||||||
738 | Citigroup, Inc. | 37,409 | ||||||
122 | Citizens Financial Group, Inc. | 5,095 | ||||||
46 | CME Group, Inc. | 8,527 | ||||||
183 | Discover Financial Services | 20,496 | ||||||
9 | FactSet Research Systems, Inc. | 3,731 | ||||||
88 | Fifth Third Bancorp | 3,194 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
322 | First Horizon Corp. | $ | 7,976 | |||||
10 | First Republic Bank | 1,230 | ||||||
182 | Hartford Financial Services Group, Inc. (The) | 14,247 | ||||||
264 | Huntington Bancshares, Inc. | 4,044 | ||||||
70 | Intercontinental Exchange, Inc. | 7,126 | ||||||
659 | JPMorgan Chase & Co. | 94,468 | ||||||
462 | KeyCorp | 8,450 | ||||||
32 | LPL Financial Holdings, Inc. | 7,986 | ||||||
38 | M&T Bank Corp. | 5,901 | ||||||
5 | Markel Corp.* | 6,649 | ||||||
164 | Marsh & McLennan Cos., Inc. | 26,591 | ||||||
308 | MetLife, Inc. | 22,093 | ||||||
54 | Moody’s Corp. | 15,668 | ||||||
176 | Morgan Stanley | 16,984 | ||||||
136 | Nasdaq, Inc. | 7,624 | ||||||
27 | Northern Trust Corp. | 2,572 | ||||||
39 | PNC Financial Services Group, Inc. (The) | 6,159 | ||||||
353 | Principal Financial Group, Inc. | 31,615 | ||||||
138 | Progressive Corp. (The) | 19,806 | ||||||
89 | Prudential Financial, Inc. | 8,900 | ||||||
121 | Raymond James Financial, Inc. | 13,124 | ||||||
258 | Regions Financial Corp. | 6,017 | ||||||
21 | S&P Global, Inc. | 7,165 | ||||||
189 | State Street Corp. | 16,760 | ||||||
14 | SVB Financial Group* | 4,034 | ||||||
954 | Synchrony Financial | 34,067 | ||||||
59 | T. Rowe Price Group, Inc. | 6,624 | ||||||
84 | Travelers Cos., Inc. (The) | 15,550 | ||||||
115 | Truist Financial Corp. | 5,399 | ||||||
123 | US Bancorp | 5,871 | ||||||
199 | W R Berkley Corp. | 13,172 | ||||||
748 | Wells Fargo & Co. | 34,984 | ||||||
50 | Willis Towers Watson PLC | 11,718 | ||||||
|
| |||||||
1,007,240 | ||||||||
|
| |||||||
Health Care – 19.5% | ||||||||
377 | Abbott Laboratories | 38,348 | ||||||
440 | AbbVie, Inc. | 67,716 | ||||||
122 | Agilent Technologies, Inc. | 17,320 | ||||||
53 | Align Technology, Inc.* | 16,404 | ||||||
4 | Alnylam Pharmaceuticals, Inc.* | 766 | ||||||
105 | AmerisourceBergen Corp. | 16,334 | ||||||
98 | Amgen, Inc. | 22,703 | ||||||
462 | Avantor, Inc.* | 11,259 | ||||||
141 | Baxter International, Inc. | 5,633 | ||||||
81 | Becton Dickinson and Co. | 18,999 | ||||||
50 | Biogen, Inc.* | 13,493 | ||||||
21 | BioMarin Pharmaceutical, Inc.* | 2,091 | ||||||
72 | Bio-Techne Corp. | 5,230 | ||||||
367 | Boston Scientific Corp.* | 17,146 | ||||||
747 | Bristol-Myers Squibb Co. | 51,513 | ||||||
118 | Cardinal Health, Inc. | 8,934 | ||||||
16 | Catalent, Inc.* | 1,092 | ||||||
417 | Centene Corp.* | 28,523 | ||||||
21 | Charles River Laboratories International, Inc.* | 4,606 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
155 | Cigna Group (The) | 45,276 | ||||||
19 | Cooper Cos., Inc. (The) | 6,212 | ||||||
712 | CVS Health Corp. | 59,481 | ||||||
144 | Danaher Corp. | 35,644 | ||||||
86 | Dexcom, Inc.* | 9,547 | ||||||
309 | Edwards Lifesciences Corp.* | 24,856 | ||||||
87 | Elevance Health, Inc. | 40,861 | ||||||
242 | Eli Lilly & Co. | 75,315 | ||||||
433 | Gilead Sciences, Inc. | 34,870 | ||||||
27 | HCA Healthcare, Inc. | 6,573 | ||||||
268 | Hologic, Inc.* | 21,344 | ||||||
15 | Horizon Therapeutics PLC* | 1,642 | ||||||
68 | Humana, Inc. | 33,661 | ||||||
62 | IDEXX Laboratories, Inc.* | 29,341 | ||||||
10 | Illumina, Inc.* | 1,992 | ||||||
214 | Incyte Corp.* | 16,474 | ||||||
19 | Insulet Corp.* | 5,251 | ||||||
50 | Intuitive Surgical, Inc.* | 11,470 | ||||||
70 | IQVIA Holdings, Inc.* | 14,593 | ||||||
703 | Johnson & Johnson | 107,742 | ||||||
79 | Laboratory Corp. of America Holdings | 18,909 | ||||||
36 | McKesson Corp. | 12,593 | ||||||
164 | Medtronic PLC | 13,579 | ||||||
697 | Merck & Co., Inc. | 74,049 | ||||||
24 | Mettler-Toledo International, Inc.* | 34,409 | ||||||
206 | Moderna, Inc.* | 28,595 | ||||||
25 | Molina Healthcare, Inc.* | 6,883 | ||||||
111 | PerkinElmer, Inc. | 13,827 | ||||||
1,688 | Pfizer, Inc. | 68,482 | ||||||
161 | Quest Diagnostics, Inc. | 22,276 | ||||||
46 | Regeneron Pharmaceuticals, Inc.* | 34,979 | ||||||
80 | ResMed, Inc. | 17,040 | ||||||
407 | Royalty Pharma PLC, Class A | 14,591 | ||||||
31 | STERIS PLC | 5,829 | ||||||
73 | Stryker Corp. | 19,190 | ||||||
90 | Thermo Fisher Scientific, Inc. | 48,758 | ||||||
206 | UnitedHealth Group, Inc. | 98,044 | ||||||
103 | Vertex Pharmaceuticals, Inc.* | 29,900 | ||||||
5,050 | Viatris, Inc. | 57,570 | ||||||
85 | Waters Corp.* | 26,426 | ||||||
36 | West Pharmaceutical Services, Inc. | 11,413 | ||||||
113 | Zimmer Biomet Holdings, Inc. | 13,997 | ||||||
133 | Zoetis, Inc. | 22,211 | ||||||
|
| |||||||
1,623,805 | ||||||||
|
| |||||||
Industrials – 6.2% | ||||||||
68 | 3M Co. | 7,326 | ||||||
64 | AMETEK, Inc. | 9,060 | ||||||
70 | Carlisle Cos., Inc. | 18,075 | ||||||
281 | Carrier Global Corp. | 12,653 | ||||||
32 | Caterpillar, Inc. | 7,666 | ||||||
58 | C.H. Robinson Worldwide, Inc. | 5,798 | ||||||
45 | Cintas Corp. | 19,731 | ||||||
27 | CoStar Group, Inc.* | 1,908 | ||||||
523 | CSX Corp. | 15,946 | ||||||
35 | Deere & Co. | 14,673 | ||||||
|
|
58 | 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) | ||||||||
Industrials – (continued) | ||||||||
16 | Dover Corp. | $ | 2,398 | |||||
150 | Expeditors International of Washington, Inc. | 15,684 | ||||||
604 | Fastenal Co. | 31,142 | ||||||
51 | FedEx Corp. | 10,364 | ||||||
146 | General Electric Co. | 12,368 | ||||||
281 | Howmet Aerospace, Inc. | 11,853 | ||||||
8 | Hubbell, Inc. | 2,012 | ||||||
54 | IDEX Corp. | 12,149 | ||||||
61 | Illinois Tool Works, Inc. | 14,223 | ||||||
29 | J.B. Hunt Transport Services, Inc. | 5,243 | ||||||
275 | Masco Corp. | 14,418 | ||||||
50 | Norfolk Southern Corp. | 11,241 | ||||||
55 | Old Dominion Freight Line, Inc. | 18,659 | ||||||
297 | Otis Worldwide Corp. | 25,132 | ||||||
87 | PACCAR, Inc. | 6,281 | ||||||
69 | Parker-Hannifin Corp. | 24,278 | ||||||
135 | Republic Services, Inc. | 17,406 | ||||||
16 | Rockwell Automation, Inc. | 4,719 | ||||||
246 | Southwest Airlines Co. | 8,261 | ||||||
114 | Uber Technologies, Inc.* | 3,792 | ||||||
84 | Union Pacific Corp. | 17,411 | ||||||
581 | United Airlines Holdings, Inc.* | 30,189 | ||||||
124 | United Parcel Service, Inc., Class B | 22,629 | ||||||
28 | United Rentals, Inc. | 13,119 | ||||||
15 | Verisk Analytics, Inc. | 2,567 | ||||||
131 | Waste Management, Inc. | 19,619 | ||||||
96 | Westinghouse Air Brake Technologies Corp. | 10,016 | ||||||
45 | W.W. Grainger, Inc. | 30,079 | ||||||
70 | Xylem, Inc. | 7,185 | ||||||
|
| |||||||
517,273 | ||||||||
|
| |||||||
Information Technology – 30.6% | ||||||||
185 | Accenture PLC, Class A | 49,127 | ||||||
95 | Adobe, Inc.* | 30,775 | ||||||
354 | Advanced Micro Devices, Inc.* | 27,817 | ||||||
168 | Akamai Technologies, Inc.* | 12,197 | ||||||
237 | Amphenol Corp., Class A | 18,372 | ||||||
108 | Analog Devices, Inc. | 19,815 | ||||||
4,083 | Apple, Inc. | 601,875 | ||||||
363 | Applied Materials, Inc. | 42,162 | ||||||
151 | Arista Networks, Inc.* | 20,944 | ||||||
77 | Atlassian Corp., Class A* | 12,653 | ||||||
33 | Autodesk, Inc.* | 6,557 | ||||||
100 | Automatic Data Processing, Inc. | 21,982 | ||||||
80 | Broadcom, Inc. | 47,543 | ||||||
15 | Broadridge Financial Solutions, Inc. | 2,112 | ||||||
118 | Cadence Design Systems, Inc.* | 22,767 | ||||||
39 | CDW Corp. | 7,894 | ||||||
1,185 | Cisco Systems, Inc. | 57,378 | ||||||
363 | Cognizant Technology Solutions Corp., Class A | 22,735 | ||||||
197 | Corning, Inc. | 6,688 | ||||||
58 | Enphase Energy, Inc.* | 12,211 | ||||||
10 | Entegris, Inc. | 852 | ||||||
6 | EPAM Systems, Inc.* | 1,846 | ||||||
347 | Fidelity National Information Services, Inc. | 21,989 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
49 | First Solar, Inc.* | 8,288 | ||||||
259 | Fiserv, Inc.* | 29,808 | ||||||
46 | FleetCor Technologies, Inc.* | 9,880 | ||||||
272 | Fortinet, Inc.* | 16,168 | ||||||
82 | Gartner, Inc.* | 26,880 | ||||||
110 | Gen Digital, Inc. | 2,146 | ||||||
133 | Global Payments, Inc. | 14,923 | ||||||
80 | GoDaddy, Inc., Class A* | 6,057 | ||||||
2,897 | Hewlett Packard Enterprise Co. | 45,222 | ||||||
156 | HP, Inc. | 4,605 | ||||||
24 | HubSpot, Inc.* | 9,285 | ||||||
695 | Intel Corp. | 17,326 | ||||||
260 | International Business Machines Corp. | 33,618 | ||||||
67 | Intuit, Inc. | 27,281 | ||||||
64 | Jack Henry & Associates, Inc. | 10,511 | ||||||
164 | Keysight Technologies, Inc.* | 26,233 | ||||||
64 | KLA Corp. | 24,280 | ||||||
60 | Lam Research Corp. | 29,161 | ||||||
156 | Marvell Technology, Inc. | 7,043 | ||||||
128 | Mastercard, Inc., Class A | 45,477 | ||||||
251 | Microchip Technology, Inc. | 20,339 | ||||||
260 | Micron Technology, Inc. | 15,033 | ||||||
1,844 | Microsoft Corp. | 459,930 | ||||||
29 | Monolithic Power Systems, Inc. | 14,044 | ||||||
113 | Motorola Solutions, Inc. | 29,698 | ||||||
326 | NetApp, Inc. | 21,043 | ||||||
536 | NVIDIA Corp. | 124,438 | ||||||
370 | ON Semiconductor Corp.* | 28,642 | ||||||
171 | Oracle Corp. | 14,945 | ||||||
54 | Palo Alto Networks, Inc.* | 10,172 | ||||||
103 | Paychex, Inc. | 11,371 | ||||||
196 | PayPal Holdings, Inc.* | 14,426 | ||||||
12 | PTC, Inc.* | 1,504 | ||||||
377 | QUALCOMM, Inc. | 46,571 | ||||||
16 | Roper Technologies, Inc. | 6,883 | ||||||
147 | Salesforce, Inc.* | 24,051 | ||||||
131 | Seagate Technology Holdings PLC | 8,457 | ||||||
22 | ServiceNow, Inc.* | 9,508 | ||||||
159 | Skyworks Solutions, Inc. | 17,740 | ||||||
23 | Splunk, Inc.* | 2,357 | ||||||
487 | SS&C Technologies Holdings, Inc. | 28,587 | ||||||
33 | Synopsys, Inc.* | 12,004 | ||||||
10 | Teledyne Technologies, Inc.* | 4,301 | ||||||
248 | Teradyne, Inc. | 25,083 | ||||||
235 | Texas Instruments, Inc. | 40,291 | ||||||
119 | Trimble, Inc.* | 6,195 | ||||||
89 | VeriSign, Inc.* | 17,518 | ||||||
239 | Visa, Inc., Class A | 52,566 | ||||||
52 | VMware, Inc., Class A* | 5,727 | ||||||
45 | Western Digital Corp.* | 1,732 | ||||||
23 | Zebra Technologies Corp., Class A* | 6,906 | ||||||
54 | Zoom Video Communications, Inc., Class A* | 4,028 | ||||||
|
| |||||||
2,548,573 | ||||||||
|
| |||||||
Materials – 2.6% | ||||||||
40 | Air Products and Chemicals, Inc. | 11,439 | ||||||
31 | Avery Dennison Corp. | 5,648 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
356 | Corteva, Inc. | $ | 22,175 | |||||
139 | Dow, Inc. | 7,951 | ||||||
81 | DuPont de Nemours, Inc. | 5,915 | ||||||
31 | Ecolab, Inc. | 4,941 | ||||||
85 | FMC Corp. | 10,978 | ||||||
229 | Freeport-McMoRan, Inc. | 9,382 | ||||||
37 | International Flavors & Fragrances, Inc. | 3,448 | ||||||
58 | Linde PLC (United Kingdom) | 20,206 | ||||||
5 | Martin Marietta Materials, Inc. | 1,799 | ||||||
287 | Mosaic Co. (The) | 15,266 | ||||||
185 | Nucor Corp. | 30,976 | ||||||
50 | Packaging Corp. of America | 6,836 | ||||||
20 | PPG Industries, Inc. | 2,641 | ||||||
73 | RPM International, Inc. | 6,470 | ||||||
61 | Sherwin-Williams Co. (The) | 13,502 | ||||||
226 | Steel Dynamics, Inc. | 28,501 | ||||||
26 | Vulcan Materials Co. | 4,704 | ||||||
|
| |||||||
212,778 | ||||||||
|
| |||||||
Real Estate – 3.4% | ||||||||
41 | Alexandria Real Estate Equities, Inc. REIT | 6,141 | ||||||
47 | American Tower Corp. REIT | 9,307 | ||||||
45 | AvalonBay Communities, Inc. REIT | 7,763 | ||||||
165 | Boston Properties, Inc. REIT | 10,804 | ||||||
135 | Camden Property Trust REIT | 15,493 | ||||||
38 | CBRE Group, Inc., Class A* | 3,235 | ||||||
47 | Crown Castle, Inc. REIT | 6,145 | ||||||
36 | Digital Realty Trust, Inc. REIT | 3,752 | ||||||
10 | Equinix, Inc. REIT | 6,883 | ||||||
120 | Equity Residential REIT | 7,502 | ||||||
37 | Essex Property Trust, Inc. REIT | 8,438 | ||||||
28 | Extra Space Storage, Inc. REIT | 4,610 | ||||||
264 | Healthpeak Properties, Inc. REIT | 6,352 | ||||||
1,144 | Host Hotels & Resorts, Inc. REIT | 19,219 | ||||||
176 | Invitation Homes, Inc. REIT | 5,502 | ||||||
247 | Iron Mountain, Inc. REIT | 13,029 | ||||||
504 | Kimco Realty Corp. REIT | 10,387 | ||||||
58 | Mid-America Apartment Communities, Inc. REIT | 9,286 | ||||||
63 | Prologis, Inc. REIT | 7,774 | ||||||
24 | Public Storage REIT | 7,175 | ||||||
198 | Realty Income Corp. REIT | 12,662 | ||||||
17 | SBA Communications Corp. REIT | 4,409 | ||||||
55 | Simon Property Group, Inc. REIT | 6,715 | ||||||
109 | Sun Communities, Inc. REIT | 15,602 | ||||||
180 | UDR, Inc. REIT | 7,711 | ||||||
193 | Ventas, Inc. REIT | 9,390 | ||||||
550 | VICI Properties, Inc. REIT | 18,442 | ||||||
101 | Welltower, Inc. REIT | 7,486 | ||||||
366 | Weyerhaeuser Co. REIT | 11,438 | ||||||
191 | W.P. Carey, Inc. REIT | 15,502 | ||||||
|
| |||||||
278,154 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – 0.5% | ||||||||
21 | American Water Works Co., Inc. | 2,948 | ||||||
237 | Edison International | 15,692 | ||||||
285 | NextEra Energy, Inc. | 20,243 | ||||||
|
| |||||||
38,883 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $8,967,350) | $ | 8,292,547 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 24,139 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 8,316,686 | ||||||
|
|
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 | |
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 6.4% | ||||||||
149,069 | Activision Blizzard, Inc. | $ | 11,366,511 | |||||
1,628,173 | Alphabet, Inc., Class A* | 146,633,260 | ||||||
1,536,987 | Alphabet, Inc., Class C* | 138,789,926 | ||||||
1,663,713 | AT&T, Inc. | 31,460,813 | ||||||
34,143 | Charter Communications, Inc., Class A* | 12,551,308 | ||||||
1,453,325 | Comcast Corp., Class A | 54,020,090 | ||||||
168,756 | Electronic Arts, Inc. | 18,721,791 | ||||||
40,063 | Liberty Broadband Corp., Class C* | 3,472,260 | ||||||
155,673 | Match Group, Inc.* | 6,447,976 | ||||||
685,336 | Meta Platforms, Inc., Class A* | 119,892,680 | ||||||
38,356 | Netflix, Inc.* | 12,355,618 | ||||||
132,599 | Omnicom Group, Inc. | 12,009,492 | ||||||
384,854 | Pinterest, Inc., Class A* | 9,663,684 | ||||||
162,213 | T-Mobile US, Inc.* | 23,063,444 | ||||||
721,070 | Verizon Communications, Inc. | 27,984,727 | ||||||
129,812 | Walt Disney Co. (The)* | 12,930,573 | ||||||
2,120,430 | Warner Bros Discovery, Inc.* | 33,121,117 | ||||||
|
| |||||||
674,485,270 | ||||||||
|
| |||||||
Consumer Discretionary – 12.3% | ||||||||
85,813 | Advance Auto Parts, Inc. | 12,439,453 | ||||||
2,320,658 | Amazon.com, Inc.* | 218,675,603 | ||||||
27,029 | AutoZone, Inc.* | 67,208,690 | ||||||
337,611 | Best Buy Co., Inc. | 28,058,850 | ||||||
7,817 | Booking Holdings, Inc.* | 19,730,108 | ||||||
2,355 | Chipotle Mexican Grill, Inc.* | 3,511,493 | ||||||
80,625 | Darden Restaurants, Inc. | 11,528,569 | ||||||
157,599 | Dollar General Corp. | 34,088,664 | ||||||
155,918 | Dollar Tree, Inc.* | 22,651,767 | ||||||
80,644 | Domino’s Pizza, Inc. | 23,710,142 | ||||||
71,653 | D.R. Horton, Inc. | 6,626,469 | ||||||
405,298 | eBay, Inc. | 18,603,178 | ||||||
106,131 | Etsy, Inc.* | 12,885,365 | ||||||
61,186 | Expedia Group, Inc.* | 6,667,438 | ||||||
664,901 | Ford Motor Co. | 8,025,355 | ||||||
114,166 | Garmin Ltd. | 11,203,110 | ||||||
189,630 | Genuine Parts Co. | 33,537,962 | ||||||
28,430 | Hilton Worldwide Holdings, Inc. | 4,108,419 | ||||||
346,021 | Home Depot, Inc. (The) | 102,609,067 | ||||||
377,499 | Lennar Corp., Class A | 36,519,253 | ||||||
290,779 | LKQ Corp. | 16,658,729 | ||||||
325,660 | Lowe’s Cos., Inc. | 67,004,545 | ||||||
36,961 | Marriott International, Inc., Class A | 6,255,280 | ||||||
160,423 | McDonald’s Corp. | 42,337,234 | ||||||
604,180 | MGM Resorts International | 25,985,782 | ||||||
357,732 | NIKE, Inc., Class B | 42,494,984 | ||||||
1,576 | NVR, Inc.* | 8,153,625 | ||||||
70,685 | O’Reilly Automotive, Inc.* | 58,675,619 | ||||||
53,308 | Pool Corp. | 19,023,493 | ||||||
93,889 | Ross Stores, Inc. | 10,378,490 | ||||||
165,968 | Starbucks Corp. | 16,943,673 | ||||||
2,622,343 | Stellantis NV | 45,943,449 | ||||||
192,967 | Target Corp. | 32,514,940 | ||||||
491,964 | Tesla, Inc.* | 101,201,914 | ||||||
357,804 | TJX Cos., Inc. (The) | 27,407,786 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
158,470 | Tractor Supply Co. | 36,964,712 | ||||||
66,686 | Ulta Beauty, Inc.* | 34,596,697 | ||||||
184,686 | VF Corp. | 4,583,907 | ||||||
237,772 | Yum! Brands, Inc. | 30,235,088 | ||||||
|
| |||||||
1,309,748,902 | ||||||||
|
| |||||||
Consumer Staples – 8.9% | ||||||||
506,616 | Altria Group, Inc. | 23,522,181 | ||||||
535,764 | Archer-Daniels-Midland Co. | 42,646,814 | ||||||
228,607 | Brown-Forman Corp., Class B | 14,829,736 | ||||||
67,216 | Bunge Ltd. | 6,419,128 | ||||||
162,064 | Church & Dwight Co., Inc. | 13,577,722 | ||||||
150,582 | Clorox Co. (The) | 23,406,466 | ||||||
698,597 | Coca-Cola Co. (The) | 41,573,507 | ||||||
400,727 | Colgate-Palmolive Co. | 29,373,289 | ||||||
395,330 | Conagra Brands, Inc. | 14,393,965 | ||||||
54,412 | Constellation Brands, Inc., Class A | 12,171,964 | ||||||
156,349 | Costco Wholesale Corp. | 75,701,059 | ||||||
55,634 | Darling Ingredients, Inc.* | 3,519,963 | ||||||
129,970 | Estee Lauder Cos., Inc. (The), Class A | 31,589,208 | ||||||
243,218 | General Mills, Inc. | 19,338,263 | ||||||
162,547 | Hershey Co. (The) | 38,738,201 | ||||||
210,448 | Hormel Foods Corp. | 9,339,682 | ||||||
81,733 | J M Smucker Co. (The) | 12,087,493 | ||||||
179,072 | Kellogg Co. | 11,808,008 | ||||||
367,273 | Keurig Dr Pepper, Inc. | 12,689,282 | ||||||
164,192 | Kimberly-Clark Corp. | 20,532,210 | ||||||
561,799 | Kraft Heinz Co. (The) | 21,876,453 | ||||||
1,370,370 | Kroger Co. (The) | 59,117,762 | ||||||
131,434 | Lamb Weston Holdings, Inc. | 13,227,518 | ||||||
124,236 | McCormick & Co., Inc. | 9,233,220 | ||||||
245,901 | Mondelez International, Inc., Class A | 16,027,827 | ||||||
232,629 | Monster Beverage Corp.* | 23,672,327 | ||||||
396,595 | PepsiCo, Inc. | 68,821,130 | ||||||
512,265 | Philip Morris International, Inc. | 49,843,385 | ||||||
541,734 | Procter & Gamble Co. (The) | 74,520,929 | ||||||
279,722 | Sysco Corp. | 20,858,870 | ||||||
336,919 | Tyson Foods, Inc., Class A | 19,959,082 | ||||||
780,835 | Walgreens Boots Alliance, Inc. | 27,743,068 | ||||||
608,659 | Walmart, Inc. | 86,508,704 | ||||||
|
| |||||||
948,668,416 | ||||||||
|
| |||||||
Energy – 4.6% | ||||||||
244,948 | APA Corp. | 9,401,104 | ||||||
95,626 | Cheniere Energy, Inc. | 15,045,795 | ||||||
104,265 | Chesapeake Energy Corp. | 8,425,655 | ||||||
325,177 | Chevron Corp. | 52,278,706 | ||||||
213,080 | ConocoPhillips | 22,021,818 | ||||||
249,045 | Coterra Energy, Inc. | 6,218,654 | ||||||
275,359 | Devon Energy Corp. | 14,847,357 | ||||||
76,127 | Diamondback Energy, Inc. | 10,701,934 | ||||||
126,809 | EOG Resources, Inc. | 14,331,953 | ||||||
340,102 | EQT Corp. | 11,284,584 | ||||||
917,592 | Exxon Mobil Corp. | 100,852,537 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
211,520 | Halliburton Co. | $ | 7,663,370 | |||||
65,756 | Hess Corp. | 8,857,333 | ||||||
902,215 | Kinder Morgan, Inc. | 15,391,788 | ||||||
359,700 | Marathon Oil Corp. | 9,046,455 | ||||||
288,624 | Marathon Petroleum Corp. | 35,673,926 | ||||||
353,844 | Occidental Petroleum Corp. | 20,721,105 | ||||||
133,148 | ONEOK, Inc. | 8,714,537 | ||||||
204,281 | Ovintiv, Inc. | 8,737,098 | ||||||
216,001 | Phillips 66 | 22,153,062 | ||||||
55,525 | Pioneer Natural Resources Co. | 11,127,765 | ||||||
155,223 | Schlumberger NV | 8,259,416 | ||||||
131,373 | Targa Resources Corp. | 9,734,739 | ||||||
4,569 | Texas Pacific Land Corp. | 8,133,688 | ||||||
287,464 | Valero Energy Corp. | 37,867,633 | ||||||
440,770 | Williams Cos., Inc. (The) | 13,267,177 | ||||||
|
| |||||||
490,759,189 | ||||||||
|
| |||||||
Financials – 9.8% | ||||||||
239,648 | Aflac, Inc. | 16,332,011 | ||||||
137,076 | Allstate Corp. (The) | 17,652,647 | ||||||
114,285 | American Express Co. | 19,884,447 | ||||||
508,389 | American International Group, Inc. | 31,067,652 | ||||||
58,616 | Ameriprise Financial, Inc. | 20,097,668 | ||||||
87,782 | Aon PLC, Class A | 26,690,117 | ||||||
196,988 | Apollo Global Management, Inc. | 13,966,449 | ||||||
267,385 | Arch Capital Group Ltd.* | 18,716,950 | ||||||
123,946 | Arthur J Gallagher & Co. | 23,221,283 | ||||||
1,305,595 | Bank of America Corp. | 44,781,909 | ||||||
352,545 | Bank of New York Mellon Corp. (The) | 17,937,490 | ||||||
321,226 | Berkshire Hathaway, Inc., Class B* | 98,031,751 | ||||||
15,393 | BlackRock, Inc. | 10,612,396 | ||||||
91,103 | Blackstone, Inc. | 8,272,152 | ||||||
96,631 | Brown & Brown, Inc. | 5,418,100 | ||||||
275,714 | Capital One Financial Corp. | 30,074,883 | ||||||
46,305 | Cboe Global Markets, Inc. | 5,842,302 | ||||||
251,942 | Charles Schwab Corp. (The) | 19,631,321 | ||||||
106,721 | Chubb Ltd. | 22,520,265 | ||||||
51,158 | Cincinnati Financial Corp. | 6,174,771 | ||||||
700,950 | Citigroup, Inc. | 35,531,156 | ||||||
279,497 | Citizens Financial Group, Inc. | 11,671,795 | ||||||
57,515 | CME Group, Inc. | 10,660,980 | ||||||
101,314 | Discover Financial Services | 11,347,168 | ||||||
29,639 | FactSet Research Systems, Inc. | 12,286,847 | ||||||
266,409 | First Horizon Corp. | 6,598,951 | ||||||
186,578 | Hartford Financial Services Group, Inc. (The) | 14,605,326 | ||||||
168,478 | Huntington Bancshares, Inc. | 2,581,083 | ||||||
94,249 | Intercontinental Exchange, Inc. | 9,594,548 | ||||||
637,586 | JPMorgan Chase & Co. | 91,397,953 | ||||||
289,026 | KeyCorp | 5,286,286 | ||||||
42,970 | LPL Financial Holdings, Inc. | 10,723,593 | ||||||
29,447 | M&T Bank Corp. | 4,572,825 | ||||||
8,612 | Markel Corp.* | 11,452,754 | ||||||
174,071 | Marsh & McLennan Cos., Inc. | 28,223,872 | ||||||
309,633 | MetLife, Inc. | 22,209,975 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
104,258 | Moody’s Corp. | 30,250,459 | ||||||
147,104 | Morgan Stanley | 14,195,536 | ||||||
7,248 | MSCI, Inc. | 3,784,543 | ||||||
153,595 | Nasdaq, Inc. | 8,610,536 | ||||||
29,993 | Northern Trust Corp. | 2,857,433 | ||||||
45,160 | PNC Financial Services Group, Inc. (The) | 7,131,667 | ||||||
336,649 | Principal Financial Group, Inc. | 30,150,284 | ||||||
207,722 | Progressive Corp. (The) | 29,812,261 | ||||||
92,722 | Prudential Financial, Inc. | 9,272,200 | ||||||
116,061 | Raymond James Financial, Inc. | 12,587,976 | ||||||
194,105 | Regions Financial Corp. | 4,526,529 | ||||||
29,101 | S&P Global, Inc. | 9,929,261 | ||||||
123,659 | State Street Corp. | 10,966,080 | ||||||
23,671 | SVB Financial Group* | 6,819,852 | ||||||
828,346 | Synchrony Financial | 29,580,236 | ||||||
87,615 | Travelers Cos., Inc. (The) | 16,219,289 | ||||||
88,668 | Truist Financial Corp. | 4,162,963 | ||||||
151,408 | US Bancorp | 7,226,704 | ||||||
195,433 | W R Berkley Corp. | 12,935,710 | ||||||
755,125 | Wells Fargo & Co. | 35,317,196 | ||||||
49,437 | Willis Towers Watson PLC | 11,586,055 | ||||||
|
| |||||||
1,043,594,446 | ||||||||
|
| |||||||
Health Care – 15.4% | ||||||||
339,534 | Abbott Laboratories | 34,537,398 | ||||||
490,573 | AbbVie, Inc. | 75,499,185 | ||||||
127,513 | Agilent Technologies, Inc. | 18,103,021 | ||||||
39,269 | Align Technology, Inc.* | 12,153,755 | ||||||
25,474 | Alnylam Pharmaceuticals, Inc.* | 4,876,997 | ||||||
99,956 | AmerisourceBergen Corp. | 15,549,155 | ||||||
169,111 | Amgen, Inc. | 39,176,254 | ||||||
164,700 | Avantor, Inc.* | 4,013,739 | ||||||
140,027 | Baxter International, Inc. | 5,594,079 | ||||||
41,136 | Becton Dickinson and Co. | 9,648,449 | ||||||
76,677 | Biogen, Inc.* | 20,692,055 | ||||||
18,463 | BioMarin Pharmaceutical, Inc.* | 1,838,730 | ||||||
250,975 | Boston Scientific Corp.* | 11,725,552 | ||||||
732,378 | Bristol-Myers Squibb Co. | 50,504,787 | ||||||
208,362 | Cardinal Health, Inc. | 15,775,087 | ||||||
482,237 | Centene Corp.* | 32,985,011 | ||||||
20,738 | Charles River Laboratories International, Inc.* | 4,548,673 | ||||||
185,785 | Cigna Group (The) | 54,267,798 | ||||||
14,479 | Cooper Cos., Inc. (The) | 4,734,199 | ||||||
715,640 | CVS Health Corp. | 59,784,566 | ||||||
134,621 | Danaher Corp. | 33,322,736 | ||||||
87,596 | Dexcom, Inc.* | 9,724,032 | ||||||
322,123 | Edwards Lifesciences Corp.* | 25,911,574 | ||||||
83,245 | Elevance Health, Inc. | 39,097,679 | ||||||
261,722 | Eli Lilly & Co. | 81,453,121 | ||||||
62,809 | GE HealthCare Technologies, Inc.* | 4,773,484 | ||||||
409,509 | Gilead Sciences, Inc. | 32,977,760 | ||||||
20,608 | HCA Healthcare, Inc. | 5,017,018 | ||||||
165,873 | Hologic, Inc.* | 13,210,126 | ||||||
32,157 | Horizon Therapeutics PLC* | 3,520,870 | ||||||
|
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
61,946 | Humana, Inc. | $ | 30,664,509 | |||||
70,016 | IDEXX Laboratories, Inc.* | 33,134,372 | ||||||
210,942 | Incyte Corp.* | 16,238,315 | ||||||
31,816 | Insulet Corp.* | 8,792,670 | ||||||
52,624 | Intuitive Surgical, Inc.* | 12,071,419 | ||||||
60,000 | IQVIA Holdings, Inc.* | 12,508,200 | ||||||
743,707 | Johnson & Johnson | 113,980,535 | ||||||
77,539 | Laboratory Corp. of America Holdings | 18,559,735 | ||||||
58,928 | McKesson Corp. | 20,613,604 | ||||||
128,133 | Medtronic PLC | 10,609,412 | ||||||
690,697 | Merck & Co., Inc. | 73,379,649 | ||||||
25,510 | Mettler-Toledo International, Inc.* | 36,573,942 | ||||||
178,060 | Moderna, Inc.* | 24,716,509 | ||||||
25,610 | Molina Healthcare, Inc.* | 7,051,201 | ||||||
93,673 | PerkinElmer, Inc. | 11,668,846 | ||||||
1,197,243 | Pfizer, Inc. | 48,572,148 | ||||||
107,010 | Quest Diagnostics, Inc. | 14,805,904 | ||||||
45,206 | Regeneron Pharmaceuticals, Inc.* | 34,375,547 | ||||||
60,034 | ResMed, Inc. | 12,787,242 | ||||||
172,805 | Royalty Pharma PLC, Class A | 6,195,059 | ||||||
92,469 | Seagen, Inc.* | 16,615,755 | ||||||
27,783 | STERIS PLC | 5,224,037 | ||||||
67,956 | Stryker Corp. | 17,864,273 | ||||||
92,111 | Thermo Fisher Scientific, Inc. | 49,902,055 | ||||||
238,756 | UnitedHealth Group, Inc. | 113,633,531 | ||||||
37,670 | Veeva Systems, Inc., Class A* | 6,240,412 | ||||||
104,594 | Vertex Pharmaceuticals, Inc.* | 30,362,592 | ||||||
4,961,790 | Viatris, Inc. | 56,564,406 | ||||||
56,609 | Waters Corp.* | 17,599,172 | ||||||
49,566 | West Pharmaceutical Services, Inc. | 15,713,909 | ||||||
56,396 | Zimmer Biomet Holdings, Inc. | 6,985,773 | ||||||
151,122 | Zoetis, Inc. | 25,237,374 | ||||||
|
| |||||||
1,634,258,997 | ||||||||
|
| |||||||
Industrials – 8.4% | ||||||||
147,413 | 3M Co. | 15,882,277 | ||||||
108,909 | AMETEK, Inc. | 15,417,158 | ||||||
10,153 | Boeing Co. (The)* | 2,046,337 | ||||||
126,973 | Booz Allen Hamilton Holding Corp. | 12,028,152 | ||||||
37,012 | Carlisle Cos., Inc. | 9,557,239 | ||||||
332,303 | Carrier Global Corp. | 14,963,604 | ||||||
67,007 | Caterpillar, Inc. | 16,051,527 | ||||||
72,796 | C.H. Robinson Worldwide, Inc. | 7,276,688 | ||||||
65,060 | Cintas Corp. | 28,526,858 | ||||||
124,003 | Copart, Inc.* | 8,737,251 | ||||||
27,440 | CoStar Group, Inc.* | 1,938,910 | ||||||
237,752 | CSX Corp. | 7,249,059 | ||||||
76,096 | Cummins, Inc. | 18,497,416 | ||||||
40,627 | Deere & Co. | 17,032,463 | ||||||
74,125 | Dover Corp. | 11,111,338 | ||||||
57,379 | Eaton Corp. PLC | 10,037,308 | ||||||
135,050 | Emerson Electric Co. | 11,169,986 | ||||||
114,588 | Expeditors International of Washington, Inc. | 11,981,321 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
688,231 | Fastenal Co. | 35,485,190 | ||||||
61,832 | FedEx Corp. | 12,565,499 | ||||||
140,346 | Fortive Corp. | 9,355,464 | ||||||
103,809 | General Dynamics Corp. | 23,659,109 | ||||||
188,426 | General Electric Co. | 15,961,566 | ||||||
128,720 | Honeywell International, Inc. | 24,647,306 | ||||||
263,435 | Howmet Aerospace, Inc. | 11,111,688 | ||||||
50,297 | Hubbell, Inc. | 12,651,707 | ||||||
42,476 | IDEX Corp. | 9,556,250 | ||||||
106,110 | Illinois Tool Works, Inc. | 24,740,608 | ||||||
57,048 | Jacobs Solutions, Inc. | 6,817,236 | ||||||
18,109 | J.B. Hunt Transport Services, Inc. | 3,273,926 | ||||||
128,192 | Johnson Controls International PLC | 8,040,202 | ||||||
76,793 | L3Harris Technologies, Inc. | 16,217,914 | ||||||
141,485 | Leidos Holdings, Inc. | 13,733,949 | ||||||
64,420 | Lockheed Martin Corp. | 30,551,829 | ||||||
226,525 | Masco Corp. | 11,876,706 | ||||||
30,642 | Norfolk Southern Corp. | 6,888,934 | ||||||
48,817 | Northrop Grumman Corp. | 22,656,458 | ||||||
49,474 | Old Dominion Freight Line, Inc. | 16,784,549 | ||||||
105,781 | Otis Worldwide Corp. | 8,951,188 | ||||||
132,869 | PACCAR, Inc. | 9,593,142 | ||||||
59,095 | Parker-Hannifin Corp. | 20,792,576 | ||||||
61,539 | Quanta Services, Inc. | 9,932,395 | ||||||
256,089 | Raytheon Technologies Corp. | 25,119,770 | ||||||
139,046 | Republic Services, Inc. | 17,927,201 | ||||||
24,793 | Rockwell Automation, Inc. | 7,312,200 | ||||||
525,832 | Textron, Inc. | 38,138,595 | ||||||
47,430 | Trane Technologies PLC | 8,773,127 | ||||||
4,608 | TransDigm Group, Inc. | 3,427,753 | ||||||
75,794 | Union Pacific Corp. | 15,710,580 | ||||||
716,280 | United Airlines Holdings, Inc.* | 37,217,909 | ||||||
142,648 | United Parcel Service, Inc., Class B | 26,031,834 | ||||||
13,015 | United Rentals, Inc. | 6,097,918 | ||||||
42,849 | Verisk Analytics, Inc. | 7,331,892 | ||||||
139,553 | Waste Management, Inc. | 20,899,457 | ||||||
308,850 | Westinghouse Air Brake Technologies Corp. | 32,222,321 | ||||||
74,506 | W.W. Grainger, Inc. | 49,802,046 | ||||||
75,592 | Xylem, Inc. | 7,759,519 | ||||||
|
| |||||||
889,122,405 | ||||||||
|
| |||||||
Information Technology – 26.6% | ||||||||
269,048 | Accenture PLC, Class A | 71,445,696 | ||||||
148,186 | Adobe, Inc.* | 48,004,855 | ||||||
335,660 | Advanced Micro Devices, Inc.* | 26,376,163 | ||||||
127,273 | Akamai Technologies, Inc.* | 9,240,020 | ||||||
172,083 | Amphenol Corp., Class A | 13,339,874 | ||||||
91,322 | Analog Devices, Inc. | 16,754,847 | ||||||
14,719 | ANSYS, Inc.* | 4,468,836 | ||||||
4,342,500 | Apple, Inc. | 640,127,925 | ||||||
326,985 | Applied Materials, Inc. | 37,979,308 | ||||||
104,792 | Arista Networks, Inc.* | 14,534,650 | ||||||
87,772 | Atlassian Corp., Class A* | 14,423,573 | ||||||
107,923 | Autodesk, Inc.* | 21,443,221 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
108,326 | Automatic Data Processing, Inc. | $ | 23,812,221 | |||||
100,831 | Broadcom, Inc. | 59,922,855 | ||||||
61,422 | Broadridge Financial Solutions, Inc. | 8,646,989 | ||||||
248,505 | Cadence Design Systems, Inc.* | 47,946,555 | ||||||
48,546 | CDW Corp. | 9,826,681 | ||||||
1,057,767 | Cisco Systems, Inc. | 51,217,078 | ||||||
327,695 | Cognizant Technology Solutions Corp., Class A | 20,523,538 | ||||||
160,630 | Corning, Inc. | 5,453,389 | ||||||
26,594 | Crowdstrike Holdings, Inc., Class A* | 3,209,630 | ||||||
50,224 | Datadog, Inc., Class A* | 3,843,141 | ||||||
46,844 | Enphase Energy, Inc.* | 9,862,067 | ||||||
26,263 | EPAM Systems, Inc.* | 8,079,812 | ||||||
240,304 | Fidelity National Information Services, Inc. | 15,228,065 | ||||||
52,725 | First Solar, Inc.* | 8,917,907 | ||||||
237,812 | Fiserv, Inc.* | 27,369,783 | ||||||
28,155 | FleetCor Technologies, Inc.* | 6,047,412 | ||||||
563,401 | Fortinet, Inc.* | 33,488,555 | ||||||
72,756 | Gartner, Inc.* | 23,850,144 | ||||||
97,479 | Gen Digital, Inc. | 1,901,815 | ||||||
113,200 | Global Payments, Inc. | 12,701,040 | ||||||
44,234 | GoDaddy, Inc., Class A* | 3,348,956 | ||||||
2,479,295 | Hewlett Packard Enterprise Co. | 38,701,795 | ||||||
418,295 | HP, Inc. | 12,348,068 | ||||||
29,348 | HubSpot, Inc.* | 11,353,567 | ||||||
706,561 | Intel Corp. | 17,614,566 | ||||||
316,442 | International Business Machines Corp. | 40,915,951 | ||||||
73,021 | Intuit, Inc. | 29,732,691 | ||||||
71,133 | Jack Henry & Associates, Inc. | 11,682,884 | ||||||
86,209 | Keysight Technologies, Inc.* | 13,789,992 | ||||||
48,023 | KLA Corp. | 18,218,966 | ||||||
70,392 | Lam Research Corp. | 34,211,216 | ||||||
182,129 | Mastercard, Inc., Class A | 64,708,612 | ||||||
160,093 | Microchip Technology, Inc. | 12,972,336 | ||||||
327,824 | Micron Technology, Inc. | 18,954,784 | ||||||
2,024,766 | Microsoft Corp. | 505,017,136 | ||||||
17,660 | Monolithic Power Systems, Inc. | 8,552,561 | ||||||
96,203 | Motorola Solutions, Inc. | 25,283,110 | ||||||
192,822 | NetApp, Inc. | 12,446,660 | ||||||
592,192 | NVIDIA Corp. | 137,483,295 | ||||||
291,835 | ON Semiconductor Corp.* | 22,590,947 | ||||||
209,826 | Oracle Corp. | 18,338,792 | ||||||
116,701 | Palo Alto Networks, Inc.* | 21,982,967 | ||||||
155,151 | Paychex, Inc. | 17,128,670 | ||||||
175,149 | PayPal Holdings, Inc.* | 12,890,966 | ||||||
256,236 | QUALCOMM, Inc. | 31,652,833 | ||||||
23,849 | Roper Technologies, Inc. | 10,259,840 | ||||||
206,415 | Salesforce, Inc.* | 33,771,558 | ||||||
146,621 | Seagate Technology Holdings PLC | 9,465,852 | ||||||
55,813 | ServiceNow, Inc.* | 24,120,704 | ||||||
137,986 | Skyworks Solutions, Inc. | 15,395,098 | ||||||
41,942 | Splunk, Inc.* | 4,299,055 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
512,850 | SS&C Technologies Holdings, Inc. | 30,104,295 | ||||||
107,037 | Synopsys, Inc.* | 38,935,779 | ||||||
23,873 | Teledyne Technologies, Inc.* | 10,267,061 | ||||||
145,782 | Teradyne, Inc. | 14,744,392 | ||||||
283,238 | Texas Instruments, Inc. | 48,561,155 | ||||||
89,654 | Trimble, Inc.* | 4,667,387 | ||||||
9,100 | Tyler Technologies, Inc.* | 2,923,375 | ||||||
111,250 | VeriSign, Inc.* | 21,897,338 | ||||||
344,492 | Visa, Inc., Class A | 75,767,571 | ||||||
103,032 | VMware, Inc., Class A* | 11,346,914 | ||||||
214,908 | Western Digital Corp.* | 8,269,660 | ||||||
36,046 | Workday, Inc., Class A* | 6,685,452 | ||||||
21,527 | Zebra Technologies Corp., Class A* | 6,463,482 | ||||||
56,888 | Zoom Video Communications, Inc., Class A* | 4,243,276 | ||||||
|
| |||||||
2,824,099,210 | ||||||||
|
| |||||||
Materials – 2.1% | ||||||||
41,208 | Air Products and Chemicals, Inc. | 11,784,664 | ||||||
23,289 | Albemarle Corp. | 5,922,625 | ||||||
40,221 | Avery Dennison Corp. | 7,327,864 | ||||||
84,598 | CF Industries Holdings, Inc. | 7,266,122 | ||||||
213,920 | Corteva, Inc. | 13,325,077 | ||||||
249,713 | Dow, Inc. | 14,283,583 | ||||||
46,297 | DuPont de Nemours, Inc. | 3,381,070 | ||||||
30,385 | Ecolab, Inc. | 4,842,457 | ||||||
42,246 | FMC Corp. | 5,456,071 | ||||||
155,979 | International Paper Co. | 5,676,076 | ||||||
54,086 | Linde PLC (United Kingdom) | 18,841,940 | ||||||
36,031 | LyondellBasell Industries NV, Class A | 3,458,616 | ||||||
10,059 | Martin Marietta Materials, Inc. | 3,619,932 | ||||||
218,146 | Mosaic Co. (The) | 11,603,186 | ||||||
41,648 | Newmont Corp. | 1,816,269 | ||||||
272,265 | Nucor Corp. | 45,588,052 | ||||||
19,665 | Packaging Corp. of America | 2,688,599 | ||||||
44,048 | PPG Industries, Inc. | 5,816,979 | ||||||
70,108 | RPM International, Inc. | 6,213,672 | ||||||
85,499 | Sherwin-Williams Co. (The) | 18,925,204 | ||||||
160,149 | Steel Dynamics, Inc. | 20,196,390 | ||||||
|
| |||||||
218,034,448 | ||||||||
|
| |||||||
Real Estate – 2.3% | ||||||||
42,149 | Alexandria Real Estate Equities, Inc. REIT | 6,313,077 | ||||||
41,271 | American Tower Corp. REIT | 8,172,071 | ||||||
41,539 | AvalonBay Communities, Inc. REIT | 7,166,308 | ||||||
47,531 | Boston Properties, Inc. REIT | 3,112,330 | ||||||
99,576 | Camden Property Trust REIT | 11,427,342 | ||||||
411,752 | CBRE Group, Inc., Class A* | 35,056,565 | ||||||
48,827 | Crown Castle, Inc. REIT | 6,384,130 | ||||||
32,016 | Digital Realty Trust, Inc. REIT | 3,337,028 | ||||||
8,304 | Equinix, Inc. REIT | 5,715,394 | ||||||
127,583 | Equity Residential REIT | 7,976,489 | ||||||
32,276 | Essex Property Trust, Inc. REIT | 7,360,865 | ||||||
22,225 | Extra Space Storage, Inc. REIT | 3,659,346 | ||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
149,944 | Healthpeak Properties, Inc. REIT | $ | 3,607,653 | |||||
811,746 | Host Hotels & Resorts, Inc. REIT | 13,637,333 | ||||||
163,978 | Invitation Homes, Inc. REIT | 5,125,952 | ||||||
95,021 | Iron Mountain, Inc. REIT | 5,012,358 | ||||||
48,203 | Mid-America Apartment Communities, Inc. REIT | 7,717,300 | ||||||
48,358 | Prologis, Inc. REIT | 5,967,377 | ||||||
23,709 | Public Storage REIT | 7,087,806 | ||||||
160,858 | Realty Income Corp. REIT | 10,286,869 | ||||||
17,097 | SBA Communications Corp. REIT | 4,434,107 | ||||||
33,417 | Simon Property Group, Inc. REIT | 4,079,881 | ||||||
94,917 | Sun Communities, Inc. REIT | 13,586,419 | ||||||
164,474 | UDR, Inc. REIT | 7,046,066 | ||||||
145,680 | Ventas, Inc. REIT | 7,087,332 | ||||||
423,573 | VICI Properties, Inc. REIT | 14,202,403 | ||||||
94,556 | Welltower, Inc. REIT | 7,008,491 | ||||||
436,749 | Weyerhaeuser Co. REIT | 13,648,406 | ||||||
129,724 | W.P. Carey, Inc. REIT | 10,528,400 | ||||||
|
| |||||||
245,745,098 | ||||||||
|
| |||||||
Utilities – 2.9% | ||||||||
432,954 | AES Corp. (The) | 10,685,305 | ||||||
189,468 | Alliant Energy Corp. | 9,714,024 | ||||||
132,666 | Ameren Corp. | 10,972,805 | ||||||
157,701 | American Electric Power Co., Inc. | 13,872,957 | ||||||
44,456 | American Water Works Co., Inc. | 6,240,733 | ||||||
94,817 | Atmos Energy Corp. | 10,696,306 | ||||||
405,217 | CenterPoint Energy, Inc. | 11,273,137 | ||||||
126,367 | CMS Energy Corp. | 7,451,862 | ||||||
182,040 | Consolidated Edison, Inc. | 16,265,274 | ||||||
134,901 | Constellation Energy Corp. | 10,102,736 | ||||||
163,132 | Dominion Energy, Inc. | 9,073,402 | ||||||
90,868 | DTE Energy Co. | 9,969,128 | ||||||
152,439 | Duke Energy Corp. | 14,368,900 | ||||||
204,838 | Edison International | 13,562,324 | ||||||
83,498 | Entergy Corp. | 8,589,439 | ||||||
194,189 | Evergy, Inc. | 11,420,255 | ||||||
92,644 | Eversource Energy | 6,981,652 | ||||||
452,161 | Exelon Corp. | 18,262,783 | ||||||
283,256 | FirstEnergy Corp. | 11,199,942 | ||||||
282,582 | NextEra Energy, Inc. | 20,071,800 | ||||||
527,994 | PG&E Corp.* | 8,247,266 | ||||||
237,115 | PPL Corp. | 6,418,703 | ||||||
168,154 | Public Service Enterprise Group, Inc. | 10,161,546 | ||||||
108,046 | Sempra Energy | 16,202,578 | ||||||
255,797 | Southern Co. (The) | 16,130,559 | ||||||
89,022 | WEC Energy Group, Inc. | 7,892,691 | ||||||
167,963 | Xcel Energy, Inc. | 10,845,371 | ||||||
|
| |||||||
306,673,478 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $8,753,442,443) | $ | 10,585,189,859 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 30,043,574 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 10,615,233,433 | ||||||
|
|
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. | 65 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.0% | ||||||||
Communication Services – 2.3% | ||||||||
4,857 | Advantage Solutions, Inc.* | $ | 10,685 | |||||
5,273 | AMC Networks, Inc., Class A* | 117,904 | ||||||
10,515 | Arena Group Holdings, Inc. (The)* | 82,648 | ||||||
4,718 | Bumble, Inc., Class A* | 114,081 | ||||||
21,951 | Cargurus, Inc.* | 374,265 | ||||||
26,293 | Cars.com, Inc.* | 504,826 | ||||||
10,367 | Cinemark Holdings, Inc.* | 141,095 | ||||||
7,675 | Cogent Communications Holdings, Inc. | 496,879 | ||||||
15,382 | Consolidated Communications Holdings, Inc.* | 46,607 | ||||||
30,935 | DHI Group, Inc.* | 131,164 | ||||||
13,435 | EchoStar Corp., Class A* | 268,163 | ||||||
18,058 | EverQuote, Inc., Class A* | 246,492 | ||||||
18,292 | EW Scripps Co. (The), Class A* | 230,845 | ||||||
84,874 | Gannett Co., Inc.* | 257,168 | ||||||
59,549 | Globalstar, Inc.* | 76,223 | ||||||
14,970 | Gogo, Inc.* | 246,406 | ||||||
18,965 | Gray Television, Inc. | 221,890 | ||||||
13,521 | IDT Corp., Class B* | 411,174 | ||||||
13,186 | iHeartMedia, Inc., Class A* | 95,730 | ||||||
10,513 | Iridium Communications, Inc.* | 645,183 | ||||||
12,565 | John Wiley & Sons, Inc., Class A | 559,017 | ||||||
5,302 | Liberty Latin America Ltd., Class A (Puerto Rico)* | 46,764 | ||||||
35,232 | Liberty Latin America Ltd., Class C (Puerto Rico)* | 309,337 | ||||||
4,715 | Liberty Media Corp.-Liberty Braves, Class A* | 161,489 | ||||||
4,388 | Liberty Media Corp.-Liberty Braves, Class C* | 146,866 | ||||||
14,759 | Magnite, Inc.* | 164,268 | ||||||
8,969 | Marcus Corp. (The) | 144,311 | ||||||
20,522 | Ooma, Inc.* | 268,633 | ||||||
28,365 | Playstudios, Inc.* | 105,518 | ||||||
11,933 | QuinStreet, Inc.* | 202,503 | ||||||
12,080 | Scholastic Corp. | 550,969 | ||||||
7,466 | Shutterstock, Inc. | 561,593 | ||||||
7,543 | Sinclair Broadcast Group, Inc., Class A | 122,725 | ||||||
25,618 | Stagwell, Inc.* | 175,739 | ||||||
39,504 | TEGNA, Inc. | 687,370 | ||||||
14,199 | Telephone and Data Systems, Inc. | 180,185 | ||||||
9,747 | Thryv Holdings, Inc.* | 232,368 | ||||||
86,353 | TrueCar, Inc.* | 201,202 | ||||||
9,382 | United States Cellular Corp.* | 226,388 | ||||||
21,294 | Yelp, Inc.* | 639,246 | ||||||
6,281 | Ziff Davis, Inc.* | 496,073 | ||||||
7,777 | ZipRecruiter, Inc., Class A* | 132,676 | ||||||
|
| |||||||
11,034,668 | ||||||||
|
| |||||||
Consumer Discretionary – 11.4% | ||||||||
20,058 | 1-800-Flowers.com, Inc., Class A* | 198,574 | ||||||
19,555 | 2U, Inc.* | 175,213 | ||||||
15,185 | Aaron’s Co., Inc. (The) | 217,905 | ||||||
17,386 | Abercrombie & Fitch Co., Class A* | 511,322 | ||||||
12,708 | Academy Sports & Outdoors, Inc. | 751,678 | ||||||
9,798 | Acushnet Holdings Corp. | 472,851 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
13,194 | Adient PLC* | 563,648 | ||||||
11,850 | Adtalem Global Education, Inc.* | 463,572 | ||||||
34,885 | American Axle & Manufacturing Holdings, Inc.* | 306,988 | ||||||
17,802 | American Eagle Outfitters, Inc. | 255,815 | ||||||
14,319 | American Public Education, Inc.* | 158,082 | ||||||
4,374 | Asbury Automotive Group, Inc.* | 993,335 | ||||||
7,485 | Bally’s Corp.* | 147,829 | ||||||
89,176 | Beachbody Co., Inc. (The)* | 57,563 | ||||||
9,345 | Beazer Homes USA, Inc.* | 139,334 | ||||||
10,872 | Big 5 Sporting Goods Corp.(a) | 96,000 | ||||||
11,016 | Big Lots, Inc. | 158,080 | ||||||
4,406 | BJ’s Restaurants, Inc.* | 140,992 | ||||||
14,011 | Bloomin’ Brands, Inc. | 365,687 | ||||||
7,840 | Bluegreen Vacations Holding Corp. | 260,053 | ||||||
4,717 | Boot Barn Holdings, Inc.* | 365,332 | ||||||
7,129 | Brinker International, Inc.* | 270,902 | ||||||
10,025 | Buckle, Inc. (The) | 408,920 | ||||||
15,297 | Caleres, Inc. | 399,405 | ||||||
5,450 | Camping World Holdings, Inc., Class A | 124,423 | ||||||
20,864 | CarParts.com, Inc.* | 130,817 | ||||||
7,823 | Carriage Services, Inc. | 265,356 | ||||||
1,292 | Cavco Industries, Inc.* | 368,220 | ||||||
3,398 | Century Communities, Inc. | 203,234 | ||||||
5,270 | Cheesecake Factory, Inc. (The) | 197,309 | ||||||
6,095 | Chegg, Inc.* | 96,850 | ||||||
32,739 | Chico’s FAS, Inc.* | 188,249 | ||||||
4,396 | Children’s Place, Inc. (The)* | 184,061 | ||||||
4,587 | Chuy’s Holdings, Inc.* | 163,985 | ||||||
6,751 | Citi Trends, Inc.* | 189,298 | ||||||
8,298 | Conn’s, Inc.* | 71,114 | ||||||
11,124 | Container Store Group, Inc. (The)* | 48,389 | ||||||
1,816 | Cracker Barrel Old Country Store, Inc. | 197,871 | ||||||
10,472 | Crocs, Inc.* | 1,274,547 | ||||||
24,663 | Dana, Inc. | 390,662 | ||||||
5,195 | Dave & Buster’s Entertainment, Inc.* | 207,904 | ||||||
17,131 | Denny’s Corp.* | 199,919 | ||||||
12,030 | Designer Brands, Inc., Class A | 117,774 | ||||||
20,875 | Destination XL Group, Inc.* | 124,832 | ||||||
2,607 | Dillard’s, Inc., Class A | 929,161 | ||||||
1,843 | Dine Brands Global, Inc. | 141,303 | ||||||
8,156 | Dorman Products, Inc.* | 758,753 | ||||||
7,056 | Duluth Holdings, Inc., Class B* | 42,407 | ||||||
1,352 | Duolingo, Inc.* | 122,748 | ||||||
11,841 | El Pollo Loco Holdings, Inc. | 141,737 | ||||||
19,185 | Ethan Allen Interiors, Inc. | 566,917 | ||||||
12,468 | Everi Holdings, Inc.* | 236,767 | ||||||
5,668 | Foot Locker, Inc. | 247,805 | ||||||
40,080 | Fossil Group, Inc.* | 173,546 | ||||||
5,739 | Fox Factory Holding Corp.* | 674,332 | ||||||
4,376 | Franchise Group, Inc. | 121,697 | ||||||
20,371 | Frontdoor, Inc.* | 575,481 | ||||||
11,850 | Funko, Inc., Class A* | 128,098 | ||||||
9,223 | Genesco, Inc.* | 414,758 | ||||||
8,413 | Gentherm, Inc.* | 534,310 | ||||||
10,860 | G-III Apparel Group Ltd.* | 180,439 | ||||||
|
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
5,136 | Golden Entertainment, Inc.* | $ | 211,141 | |||||
44,819 | Goodyear Tire & Rubber Co. (The)* | 509,144 | ||||||
38,307 | GoPro, Inc., Class A* | 198,813 | ||||||
817 | Graham Holdings Co., Class B | 511,981 | ||||||
6,513 | Green Brick Partners, Inc.* | 203,206 | ||||||
3,907 | Group 1 Automotive, Inc. | 863,720 | ||||||
8,561 | Guess?, Inc.(a) | 180,123 | ||||||
14,069 | Haverty Furniture Cos., Inc. | 530,964 | ||||||
3,272 | Helen of Troy Ltd.* | 368,722 | ||||||
6,121 | Hibbett, Inc. | 440,284 | ||||||
10,672 | Hilton Grand Vacations, Inc.* | 509,481 | ||||||
2,129 | Hovnanian Enterprises, Inc., Class A* | 145,006 | ||||||
20,633 | Inspired Entertainment, Inc.* | 326,208 | ||||||
4,241 | Installed Building Products, Inc. | 489,327 | ||||||
15,631 | International Game Technology PLC | 415,159 | ||||||
6,594 | iRobot Corp.* | 270,947 | ||||||
3,611 | Jack in the Box, Inc. | 283,102 | ||||||
3,876 | Johnson Outdoors, Inc., Class A | 251,397 | ||||||
8,350 | KB Home | 294,505 | ||||||
10,605 | Kontoor Brands, Inc. | 553,051 | ||||||
5,919 | Lands’ End, Inc.* | 44,984 | ||||||
23,237 | Laureate Education, Inc. | 275,591 | ||||||
15,113 | La-Z-Boy, Inc. | 489,359 | ||||||
6,468 | LCI Industries | 729,655 | ||||||
1,102 | LGI Homes, Inc.* | 114,950 | ||||||
4,920 | Lifetime Brands, Inc. | 38,966 | ||||||
9,392 | Light & Wonder, Inc.* | 588,033 | ||||||
18,447 | Luminar Technologies, Inc.*(a) | 165,101 | ||||||
6,391 | M/I Homes, Inc.* | 369,655 | ||||||
5,421 | Malibu Boats, Inc., Class A* | 323,959 | ||||||
2,011 | Marine Products Corp. | 25,741 | ||||||
8,380 | MarineMax, Inc.* | 281,400 | ||||||
14,535 | MasterCraft Boat Holdings, Inc.* | 490,847 | ||||||
6,611 | MDC Holdings, Inc. | 244,607 | ||||||
6,066 | Meritage Homes Corp.* | 662,589 | ||||||
14,128 | Modine Manufacturing Co.* | 344,864 | ||||||
3,748 | Monarch Casino & Resort, Inc. | 275,928 | ||||||
4,058 | Monro, Inc. | 204,686 | ||||||
8,829 | Movado Group, Inc. | 305,660 | ||||||
5,604 | Murphy USA, Inc. | 1,429,524 | ||||||
9,516 | National Vision Holdings, Inc.* | 355,518 | ||||||
9,377 | ODP Corp. (The)* | 424,591 | ||||||
3,940 | OneWater Marine, Inc., Class A* | 109,611 | ||||||
7,554 | Overstock.com, Inc.* | 146,321 | ||||||
6,472 | Oxford Industries, Inc. | 761,172 | ||||||
7,770 | Papa John’s International, Inc. | 652,292 | ||||||
7,500 | Patrick Industries, Inc. | 546,375 | ||||||
63,286 | Perdoceo Education Corp.* | 872,398 | ||||||
8,050 | PetMed Express, Inc. | 151,179 | ||||||
3,354 | RCI Hospitality Holdings, Inc. | 280,965 | ||||||
8,135 | Red Rock Resorts, Inc., Class A | 355,255 | ||||||
5,531 | Revolve Group, Inc.* | 149,779 | ||||||
26,591 | Rush Street Interactive, Inc.* | 111,416 | ||||||
24,432 | Sally Beauty Holdings, Inc.* | 393,111 | ||||||
4,765 | SeaWorld Entertainment, Inc.* | 307,819 | ||||||
14,448 | Shoe Carnival, Inc. | 380,705 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
8,809 | Signet Jewelers Ltd. | 630,901 | ||||||
7,589 | Skyline Champion Corp.* | 519,163 | ||||||
9,343 | Sleep Number Corp.* | 372,412 | ||||||
22,346 | Smith & Wesson Brands, Inc. | 244,465 | ||||||
4,931 | Sonic Automotive, Inc., Class A | 280,525 | ||||||
24,003 | Sonos, Inc.* | 466,378 | ||||||
18,280 | Sportsman’s Warehouse Holdings, Inc.* | 164,337 | ||||||
10,327 | Standard Motor Products, Inc. | 402,443 | ||||||
17,429 | Steven Madden Ltd. | 632,673 | ||||||
33,358 | Stitch Fix, Inc., Class A* | 155,448 | ||||||
14,783 | Stoneridge, Inc.* | 351,983 | ||||||
4,107 | Strategic Education, Inc. | 350,122 | ||||||
20,796 | Stride, Inc.* | 883,206 | ||||||
7,179 | Sturm Ruger & Co., Inc. | 418,320 | ||||||
21,527 | Taylor Morrison Home Corp.* | 771,312 | ||||||
8,960 | Texas Roadhouse, Inc. | 909,798 | ||||||
11,848 | Topgolf Callaway Brands Corp.* | 274,637 | ||||||
3,957 | TravelCenters of America, Inc.* | 333,773 | ||||||
22,744 | Tri Pointe Homes, Inc.* | 542,217 | ||||||
26,814 | Tupperware Brands Corp.* | 109,937 | ||||||
10,446 | Udemy, Inc.* | 98,610 | ||||||
339 | Unifi, Inc.* | 3,509 | ||||||
4,734 | Universal Technical Institute, Inc.* | 34,369 | ||||||
21,520 | Upbound Group, Inc. | 577,812 | ||||||
7,923 | Urban Outfitters, Inc.* | 213,525 | ||||||
13,442 | Vista Outdoor, Inc.* | 383,904 | ||||||
2,461 | Visteon Corp.* | 411,085 | ||||||
6,342 | Wingstop, Inc. | 1,080,360 | ||||||
2,275 | Winmark Corp. | 664,300 | ||||||
10,768 | Winnebago Industries, Inc. | 684,414 | ||||||
13,839 | Wolverine World Wide, Inc. | 231,803 | ||||||
42,452 | WW International, Inc.* | 155,374 | ||||||
2,270 | Xometry, Inc., Class A* | 69,031 | ||||||
8,079 | XPEL, Inc.* | 539,758 | ||||||
11,987 | Zumiez, Inc.* | 278,818 | ||||||
|
| |||||||
53,815,762 | ||||||||
|
| |||||||
Consumer Staples – 3.6% | ||||||||
854 | Alico, Inc. | 21,982 | ||||||
3,745 | Andersons, Inc. (The) | 170,884 | ||||||
10,973 | B&G Foods, Inc.(a) | 139,028 | ||||||
9,230 | Beauty Health Co. (The)* | 116,390 | ||||||
9,676 | BellRing Brands, Inc.* | 298,795 | ||||||
7,757 | Cal-Maine Foods, Inc. | 440,598 | ||||||
5,726 | Celsius Holdings, Inc.* | 519,921 | ||||||
5,220 | Central Garden & Pet Co.* | 211,410 | ||||||
8,599 | Central Garden & Pet Co., Class A* | 330,460 | ||||||
3,974 | Chefs’ Warehouse, Inc. (The)* | 129,354 | ||||||
2,263 | Coca-Cola Consolidated, Inc. | 1,260,152 | ||||||
11,447 | Edgewell Personal Care Co. | 488,787 | ||||||
6,710 | elf Beauty, Inc.* | 501,572 | ||||||
4,713 | Energizer Holdings, Inc. | 170,752 | ||||||
8,532 | Fresh Del Monte Produce, Inc. | 266,881 | ||||||
10,429 | Hain Celestial Group, Inc. (The)* | 185,949 | ||||||
21,010 | Herbalife Nutrition Ltd.* | 406,543 | ||||||
33,993 | Hostess Brands, Inc.* | 839,627 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
8,835 | Ingles Markets, Inc., Class A | $ | 789,849 | |||||
3,893 | Inter Parfums, Inc. | 468,756 | ||||||
1,753 | J & J Snack Foods Corp. | 247,541 | ||||||
4,489 | John B. Sanfilippo & Son, Inc. | 402,978 | ||||||
3,483 | Lancaster Colony Corp. | 668,666 | ||||||
592 | Lifecore Biomedical, Inc.* | 3,428 | ||||||
2,742 | Medifast, Inc. | 307,460 | ||||||
1,938 | MGP Ingredients, Inc. | 196,591 | ||||||
11,697 | National Beverage Corp.* | 545,665 | ||||||
10,539 | Nu Skin Enterprises, Inc., Class A | 419,874 | ||||||
2,523 | PriceSmart, Inc. | 175,904 | ||||||
33,048 | Primo Water Corp. | 511,583 | ||||||
10,214 | Simply Good Foods Co. (The)* | 391,094 | ||||||
17,910 | SpartanNash Co. | 479,272 | ||||||
23,838 | Sprouts Farmers Market, Inc.* | 722,053 | ||||||
2,640 | Tootsie Roll Industries, Inc. | 116,239 | ||||||
10,793 | TreeHouse Foods, Inc.* | 526,590 | ||||||
5,326 | Turning Point Brands, Inc. | 127,291 | ||||||
17,064 | United Natural Foods, Inc.* | 695,017 | ||||||
6,665 | Universal Corp. | 337,182 | ||||||
5,465 | USANA Health Sciences, Inc.* | 332,163 | ||||||
7,530 | Utz Brands, Inc. | 123,492 | ||||||
35,740 | Vector Group Ltd. | 474,270 | ||||||
7,888 | Village Super Market, Inc., Class A | 176,139 | ||||||
14,115 | Vital Farms, Inc.* | 228,098 | ||||||
2,995 | WD-40 Co. | 519,423 | ||||||
5,725 | Weis Markets, Inc. | 437,619 | ||||||
|
| |||||||
16,923,322 | ||||||||
|
| |||||||
Energy – 6.1% | ||||||||
38,824 | Alto Ingredients, Inc.* | 113,366 | ||||||
33,234 | Amplify Energy Corp.* | 278,501 | ||||||
5,338 | Arch Resources, Inc. | 839,934 | ||||||
34,269 | Archrock, Inc. | 379,358 | ||||||
8,938 | Ardmore Shipping Corp. (Ireland) | 162,225 | ||||||
21,163 | Berry Corp. | 199,567 | ||||||
6,876 | Bristow Group, Inc.* | 187,302 | ||||||
8,187 | Cactus, Inc., Class A | 376,193 | ||||||
12,483 | California Resources Corp. | 526,783 | ||||||
10,234 | Callon Petroleum Co.* | 396,670 | ||||||
3,144 | Centrus Energy Corp., Class A* | 140,883 | ||||||
23,509 | ChampionX Corp. | 718,670 | ||||||
6,851 | Chord Energy Corp. | 922,282 | ||||||
13,248 | Civitas Resources, Inc. | 929,612 | ||||||
15,824 | Clean Energy Fuels Corp.* | 88,614 | ||||||
24,653 | CNX Resources Corp.* | 378,424 | ||||||
55,041 | Comstock Resources, Inc. | 668,198 | ||||||
12,492 | CONSOL Energy, Inc. | 683,687 | ||||||
5,631 | CVR Energy, Inc. | 178,672 | ||||||
14,140 | Delek US Holdings, Inc. | 355,904 | ||||||
4,816 | Denbury, Inc.* | 401,510 | ||||||
33,378 | DHT Holdings, Inc. | 386,183 | ||||||
17,100 | Diamond Offshore Drilling, Inc.* | 203,148 | ||||||
12,990 | Dorian LPG Ltd. | 285,130 | ||||||
5,338 | Dril-Quip, Inc.* | 182,826 | ||||||
5,166 | Empire Petroleum Corp.* | 67,158 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
19,445 | Energy Fuels, Inc.*(a) | 130,476 | ||||||
56,096 | Equitrans Midstream Corp. | 338,259 | ||||||
5,932 | Expro Group Holdings NV* | 134,834 | ||||||
3,527 | FLEX LNG Ltd. (Norway)(a) | 122,352 | ||||||
7,199 | Frontline PLC (Norway) | 135,917 | ||||||
8,613 | Golar LNG Ltd. (Cameroon)* | 196,635 | ||||||
4,323 | Green Plains, Inc.* | 149,878 | ||||||
2,390 | Gulfport Energy Corp.* | 158,027 | ||||||
51,298 | Helix Energy Solutions Group, Inc.* | 424,747 | ||||||
7,942 | Helmerich & Payne, Inc. | 334,199 | ||||||
6,099 | International Seaways, Inc. | 313,733 | ||||||
58,037 | Kosmos Energy Ltd. (Ghana)* | 456,751 | ||||||
11,355 | Liberty Energy, Inc. | 173,164 | ||||||
56,127 | Magnolia Oil & Gas Corp., Class A | 1,226,375 | ||||||
21,634 | Matador Resources Co. | 1,163,693 | ||||||
21,176 | Murphy Oil Corp. | 826,287 | ||||||
3,003 | Nabors Industries Ltd.* | 451,381 | ||||||
3,777 | NACCO Industries, Inc., Class A | 141,222 | ||||||
11,172 | National Energy Services Reunited Corp.* | 72,171 | ||||||
25,729 | NexTier Oilfield Solutions, Inc.* | 234,906 | ||||||
6,900 | Noble Corp. PLC* | 287,661 | ||||||
9,016 | Northern Oil and Gas, Inc. | 279,857 | ||||||
19,821 | Oceaneering International, Inc.* | 414,061 | ||||||
25,971 | Oil States International, Inc.* | 237,115 | ||||||
9,062 | Par Pacific Holdings, Inc.* | 251,742 | ||||||
13,108 | Patterson-UTI Energy, Inc. | 179,580 | ||||||
18,360 | PBF Energy, Inc., Class A | 802,516 | ||||||
15,496 | Peabody Energy Corp.* | 423,041 | ||||||
46,764 | Permian Resources Corp. | 505,519 | ||||||
40,125 | ProPetro Holding Corp.* | 353,501 | ||||||
9,135 | Ranger Oil Corp., Class A | 379,102 | ||||||
6,896 | REX American Resources Corp.* | 227,637 | ||||||
56,016 | Ring Energy, Inc.* | 117,634 | ||||||
57,162 | RPC, Inc. | 501,311 | ||||||
20,860 | SandRidge Energy, Inc.* | 304,347 | ||||||
6,973 | Scorpio Tankers, Inc. (Monaco) | 420,890 | ||||||
20,985 | SFL Corp. Ltd. (Norway) | 216,565 | ||||||
10,516 | SilverBow Resources, Inc.* | 258,904 | ||||||
10,309 | Sitio Royalties Corp., Class A | 242,365 | ||||||
37,213 | SM Energy Co. | 1,098,156 | ||||||
16,206 | Solaris Oilfield Infrastructure, Inc., Class A | 144,720 | ||||||
31,018 | Talos Energy, Inc.* | 552,431 | ||||||
3,385 | Teekay Tankers Ltd., Class A (Canada)* | 152,833 | ||||||
41,549 | Tellurian, Inc.* | 61,908 | ||||||
45,765 | TETRA Technologies, Inc.* | 162,923 | ||||||
3,935 | Tidewater, Inc.* | 192,185 | ||||||
43,389 | Uranium Energy Corp.* | 160,539 | ||||||
19,360 | US Silica Holdings, Inc.* | 235,030 | ||||||
64,866 | VAALCO Energy, Inc. | 304,221 | ||||||
6,807 | Valaris Ltd.* | 457,771 | ||||||
8,365 | Vital Energy, Inc.* | 429,877 | ||||||
85,856 | W&T Offshore, Inc.* | 481,652 | ||||||
6,528 | Weatherford International PLC* | 434,895 | ||||||
14,284 | World Fuel Services Corp. | 392,096 | ||||||
|
| |||||||
28,900,392 | ||||||||
|
|
68 | 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 – 19.4% | ||||||||
3,691 | 1st Source Corp. | $ | 183,886 | |||||
2,022 | ACNB Corp. | 74,895 | ||||||
11,015 | A-Mark Precious Metals, Inc. | 322,850 | ||||||
5,787 | Ambac Financial Group, Inc.* | 95,775 | ||||||
4,850 | Amerant Bancorp, Inc. | 137,740 | ||||||
22,865 | American Equity Investment Life Holding Co. | 952,327 | ||||||
4,221 | American National Bankshares, Inc. | 142,037 | ||||||
13,766 | Ameris Bancorp | 658,978 | ||||||
6,578 | AMERISAFE, Inc. | 358,764 | ||||||
28,416 | Apollo Commercial Real Estate Finance, Inc. REIT | 326,500 | ||||||
26,815 | Arbor Realty Trust, Inc. REIT | 404,370 | ||||||
14,961 | Ares Commercial Real Estate Corp. REIT | 169,209 | ||||||
4,747 | Argo Group International Holdings Ltd. | 137,900 | ||||||
19,975 | ARMOUR Residential REIT, Inc. REIT | 108,464 | ||||||
8,378 | Arrow Financial Corp. | 255,361 | ||||||
17,932 | Artisan Partners Asset Management, Inc., Class A | 591,218 | ||||||
22,891 | Associated Banc-Corp. | 529,927 | ||||||
12,118 | Atlantic Union Bankshares Corp. | 453,940 | ||||||
2,767 | Atlanticus Holdings Corp.* | 88,682 | ||||||
7,511 | Avantax, Inc.* | 214,740 | ||||||
20,001 | Axos Financial, Inc.* | 947,847 | ||||||
2,042 | B. Riley Financial, Inc.(a) | 81,231 | ||||||
8,293 | Banc of California, Inc. | 145,542 | ||||||
6,504 | BancFirst Corp. | 586,986 | ||||||
10,963 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 200,623 | ||||||
14,380 | Bancorp, Inc. (The)* | 497,404 | ||||||
2,421 | Bank First Corp. | 197,384 | ||||||
3,831 | Bank of Marin Bancorp | 111,099 | ||||||
20,262 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 732,471 | ||||||
15,266 | BankUnited, Inc. | 540,722 | ||||||
5,249 | Bankwell Financial Group, Inc. | 158,415 | ||||||
5,677 | Banner Corp. | 357,537 | ||||||
2,609 | BayCom Corp. | 53,563 | ||||||
11,918 | BCB Bancorp, Inc. | 206,777 | ||||||
6,318 | Berkshire Hills Bancorp, Inc. | 183,601 | ||||||
29,547 | BGC Partners, Inc., Class A | 143,598 | ||||||
20,190 | Blackstone Mortgage Trust, Inc., Class A REIT | 427,422 | ||||||
7,193 | Blue Ridge Bankshares, Inc. | 88,042 | ||||||
7,915 | Bread Financial Holdings, Inc. | 325,069 | ||||||
12,614 | Brightsphere Investment Group, Inc. | 316,233 | ||||||
32,284 | Broadmark Realty Capital, Inc. REIT | 164,648 | ||||||
23,044 | Brookline Bancorp, Inc. | 298,650 | ||||||
4,249 | BRP Group, Inc., Class A* | 122,116 | ||||||
5,450 | Byline Bancorp, Inc. | 134,343 | ||||||
30,993 | Cadence Bank | 823,174 | ||||||
1,626 | Cambridge Bancorp | 129,316 | ||||||
8,513 | Camden National Corp. | 350,310 | ||||||
5,917 | Cannae Holdings, Inc.* | 133,606 | ||||||
8,373 | Capital City Bank Group, Inc. | 298,665 | ||||||
15,629 | Capitol Federal Financial, Inc. | 131,127 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
16,605 | Cathay General Bancorp | 712,687 | ||||||
9,042 | Central Pacific Financial Corp. | 202,812 | ||||||
21,989 | Chimera Investment Corp. REIT | 142,709 | ||||||
150 | Citizens & Northern Corp. | 3,375 | ||||||
6,194 | City Holding Co. | 608,251 | ||||||
10,444 | Civista Bancshares, Inc. | 222,771 | ||||||
7,603 | Claros Mortgage Trust, Inc. | 105,986 | ||||||
7,116 | CNB Financial Corp. | 169,645 | ||||||
31,097 | CNO Financial Group, Inc. | 796,705 | ||||||
8,760 | Cohen & Steers, Inc. | 633,874 | ||||||
4,147 | Colony Bankcorp, Inc. | 52,128 | ||||||
11,044 | Columbia Banking System, Inc. | 328,338 | ||||||
6,682 | Columbia Financial, Inc.* | 140,990 | ||||||
8,201 | Community Bank System, Inc. | 500,671 | ||||||
5,153 | Community Trust Bancorp, Inc. | 220,291 | ||||||
6,776 | ConnectOne Bancorp, Inc. | 164,318 | ||||||
9,164 | Consumer Portfolio Services, Inc.* | 101,354 | ||||||
12,707 | Cowen, Inc., Class A | 495,446 | ||||||
644 | Crawford & Co., Class A | 3,555 | ||||||
14,638 | Curo Group Holdings Corp. | 42,743 | ||||||
15,826 | Customers Bancorp, Inc.* | 487,441 | ||||||
17,942 | CVB Financial Corp. | 429,352 | ||||||
1,779 | Diamond Hill Investment Group, Inc. | 310,613 | ||||||
10,661 | Dime Community Bancshares, Inc. | 326,653 | ||||||
11,687 | Donnelley Financial Solutions, Inc.* | 494,477 | ||||||
19,481 | Dynex Capital, Inc. REIT | 257,734 | ||||||
8,816 | Eagle Bancorp, Inc. | 386,229 | ||||||
15,028 | Eastern Bankshares, Inc. | 235,639 | ||||||
16,996 | Ellington Financial, Inc. REIT | 218,739 | ||||||
10,786 | Employers Holdings, Inc. | 479,006 | ||||||
9,898 | Enact Holdings, Inc. | 240,027 | ||||||
11,931 | Encore Capital Group, Inc.* | 616,594 | ||||||
17,051 | Enova International, Inc.* | 831,236 | ||||||
878 | Enstar Group Ltd.* | 214,680 | ||||||
5,983 | Enterprise Financial Services Corp. | 325,834 | ||||||
3,720 | Esquire Financial Holdings, Inc. | 171,083 | ||||||
23,350 | Essent Group Ltd. | 1,002,883 | ||||||
18,654 | EZCORP, Inc., Class A* | 164,528 | ||||||
3,601 | Farmers & Merchants Bancorp, Inc. | 93,266 | ||||||
11,779 | Farmers National Banc Corp. | 167,851 | ||||||
8,907 | FB Financial Corp. | 335,705 | ||||||
8,024 | Federal Agricultural Mortgage Corp., Class C | 1,138,285 | ||||||
23,988 | Federated Hermes, Inc. | 943,928 | ||||||
10,122 | Financial Institutions, Inc. | 252,645 | ||||||
43,084 | First BanCorp. (Puerto Rico) | 625,149 | ||||||
5,953 | First Bancorp, Inc. (The) | 174,304 | ||||||
4,190 | First Bancshares, Inc. (The) | 131,189 | ||||||
8,024 | First BankCorp | 332,916 | ||||||
9,602 | First Busey Corp. | 231,792 | ||||||
7,472 | First Business Financial Services, Inc. | 264,658 | ||||||
21,802 | First Commonwealth Financial Corp. | 349,050 | ||||||
19,385 | First Financial Bancorp | 477,646 | ||||||
24,877 | First Financial Bankshares, Inc. | 912,488 | ||||||
4,099 | First Financial Corp. | 180,151 | ||||||
11,045 | First Foundation, Inc. | 166,448 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
4,875 | First Guaranty Bancshares, Inc. | $ | 99,986 | |||||
4,967 | First Internet Bancorp | 134,159 | ||||||
10,414 | First Interstate BancSystem, Inc., Class A | 370,114 | ||||||
13,394 | First Merchants Corp. | 548,083 | ||||||
4,624 | First Mid Bancshares, Inc. | 143,298 | ||||||
9,003 | First of Long Island Corp. (The) | 153,231 | ||||||
2,334 | First Western Financial, Inc.* | 60,381 | ||||||
5,428 | FirstCash Holdings, Inc. | 479,021 | ||||||
12,788 | Flushing Financial Corp. | 248,854 | ||||||
4,545 | Focus Financial Partners, Inc., Class A* | 235,704 | ||||||
31,098 | Fulton Financial Corp. | 534,886 | ||||||
4,811 | FVCBankcorp, Inc.* | 65,189 | ||||||
108,581 | Genworth Financial, Inc., Class A* | 676,460 | ||||||
10,038 | German American Bancorp, Inc. | 394,493 | ||||||
18,347 | Glacier Bancorp, Inc. | 869,281 | ||||||
4,241 | Granite Point Mortgage Trust, Inc. REIT | 25,404 | ||||||
6,364 | Great Southern Bancorp, Inc. | 370,321 | ||||||
4,908 | Green Dot Corp., Class A* | 92,908 | ||||||
3,155 | Greene County Bancorp, Inc. | 177,627 | ||||||
8,272 | Hamilton Lane, Inc., Class A | 643,562 | ||||||
12,896 | Hancock Whitney Corp. | 633,452 | ||||||
11,670 | Hanmi Financial Corp. | 275,645 | ||||||
4,819 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 151,365 | ||||||
14,807 | HarborOne Bancorp, Inc. | 202,412 | ||||||
8,189 | Heartland Financial USA, Inc. | 404,864 | ||||||
18,075 | Heritage Commerce Corp. | 218,888 | ||||||
6,240 | Heritage Financial Corp. | 173,909 | ||||||
13,285 | Hilltop Holdings, Inc. | 440,663 | ||||||
1,230 | Hingham Institution For Savings (The) | 350,181 | ||||||
3,741 | Home Bancorp, Inc. | 147,957 | ||||||
28,670 | Home BancShares, Inc. | 690,947 | ||||||
9,188 | HomeStreet, Inc. | 231,813 | ||||||
5,900 | HomeTrust Bancshares, Inc. | 172,693 | ||||||
26,763 | Hope Bancorp, Inc. | 342,834 | ||||||
11,140 | Horace Mann Educators Corp. | 411,734 | ||||||
12,852 | Horizon Bancorp, Inc. | 195,607 | ||||||
10,101 | Houlihan Lokey, Inc. | 966,666 | ||||||
13,218 | Independent Bank Corp. | 291,457 | ||||||
7,136 | Independent Bank Corp. | 568,596 | ||||||
6,363 | Independent Bank Group, Inc. | 374,526 | ||||||
10,553 | International Bancshares Corp. | 512,137 | ||||||
1,189 | Investors Title Co. | 194,223 | ||||||
17,932 | Jackson Financial, Inc., Class A | 813,754 | ||||||
11,341 | Kearny Financial Corp. | 113,864 | ||||||
4,327 | Kinsale Capital Group, Inc. | 1,379,015 | ||||||
12,918 | KKR Real Estate Finance Trust, Inc. REIT | 187,311 | ||||||
14,546 | Ladder Capital Corp. REIT | 164,370 | ||||||
11,930 | Lakeland Bancorp, Inc. | 229,653 | ||||||
8,874 | Lakeland Financial Corp. | 635,556 | ||||||
18,383 | LendingClub Corp.* | 172,800 | ||||||
9,452 | Live Oak Bancshares, Inc. | 326,661 | ||||||
20,172 | Macatawa Bank Corp. | 220,077 | ||||||
32,585 | MBIA, Inc.* | 449,347 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
7,102 | Mercantile Bank Corp. | 245,658 | ||||||
1,827 | Metropolitan Bank Holding Corp.* | 101,965 | ||||||
10,230 | MFA Financial, Inc. REIT | 109,563 | ||||||
5,532 | Midland States Bancorp, Inc. | 144,053 | ||||||
4,558 | MidWestOne Financial Group, Inc. | 136,922 | ||||||
13,121 | Moelis & Co., Class A | 561,972 | ||||||
32,705 | Mr Cooper Group, Inc.* | 1,518,493 | ||||||
5,513 | National Bank Holdings Corp., Class A | 223,221 | ||||||
804 | National Western Life Group, Inc., Class A | 216,911 | ||||||
45,826 | Navient Corp. | 827,159 | ||||||
8,656 | NBT Bancorp, Inc. | 351,347 | ||||||
5,145 | Nelnet, Inc., Class A | 482,961 | ||||||
38,898 | New York Mortgage Trust, Inc. REIT | 103,858 | ||||||
7,305 | Nexpoint Real Estate Finance, Inc. REIT | 131,855 | ||||||
4,448 | Nicolet Bankshares, Inc.* | 331,198 | ||||||
19,377 | NMI Holdings, Inc., Class A* | 452,259 | ||||||
6,261 | Northeast Bank | 275,985 | ||||||
16,755 | Northwest Bancshares, Inc. | 231,554 | ||||||
8,397 | OceanFirst Financial Corp. | 199,177 | ||||||
16,681 | OFG Bancorp (Puerto Rico) | 507,436 | ||||||
42,275 | Old National Bancorp | 746,999 | ||||||
15,909 | Old Second Bancorp, Inc. | 263,771 | ||||||
18,557 | Open Lending Corp., Class A* | 131,384 | ||||||
1,872 | Oportun Financial Corp.* | 11,307 | ||||||
7,233 | Oppenheimer Holdings, Inc., Class A | 318,903 | ||||||
3,211 | Origin Bancorp, Inc. | 121,729 | ||||||
12,309 | Pacific Premier Bancorp, Inc. | 399,058 | ||||||
1,990 | Palomar Holdings, Inc.* | 119,400 | ||||||
4,231 | Park National Corp. | 540,595 | ||||||
9,417 | Parke Bancorp, Inc. | 192,201 | ||||||
11,320 | Pathward Financial, Inc. | 577,433 | ||||||
10,842 | PCB Bancorp | 197,975 | ||||||
7,455 | Peapack-Gladstone Financial Corp. | 276,953 | ||||||
14,388 | PennyMac Financial Services, Inc. | 870,042 | ||||||
11,417 | PennyMac Mortgage Investment Trust REIT | 148,764 | ||||||
13,815 | Peoples Bancorp, Inc. | 429,785 | ||||||
3,900 | Peoples Financial Services Corp. | 193,245 | ||||||
3,651 | Piper Sandler Cos. | 551,265 | ||||||
6,649 | PJT Partners, Inc., Class A | 524,473 | ||||||
9,032 | PRA Group, Inc.* | 384,402 | ||||||
7,923 | Preferred Bank | 557,779 | ||||||
7,559 | Premier Financial Corp. | 187,614 | ||||||
9,147 | Primis Financial Corp. | 107,111 | ||||||
9,453 | ProAssurance Corp. | 188,020 | ||||||
13,477 | PROG Holdings, Inc.* | 333,151 | ||||||
15,346 | Provident Financial Services, Inc. | 358,329 | ||||||
6,354 | QCR Holdings, Inc. | 339,875 | ||||||
45,193 | Radian Group, Inc. | 964,871 | ||||||
20,783 | Ready Capital Corp. REIT | 234,017 | ||||||
13,702 | Redwood Trust, Inc. REIT | 104,272 | ||||||
6,468 | Regional Management Corp. | 203,871 | ||||||
9,930 | Renasant Corp. | 357,281 | ||||||
5,856 | Republic Bancorp, Inc., Class A | 260,592 | ||||||
6,310 | RLI Corp. | 870,212 | ||||||
|
|
70 | 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) | ||||||||
8,023 | S&T Bancorp, Inc. | $ | 298,937 | |||||
4,828 | Safety Insurance Group, Inc. | 389,571 | ||||||
11,023 | Sandy Spring Bancorp, Inc. | 363,208 | ||||||
8,407 | Seacoast Banking Corp. of Florida | 256,498 | ||||||
11,991 | Selective Insurance Group, Inc. | 1,217,446 | ||||||
13,933 | ServisFirst Bancshares, Inc. | 1,030,345 | ||||||
6,898 | Shore Bancshares, Inc. | 117,680 | ||||||
6,932 | Sierra Bancorp | 140,096 | ||||||
4,257 | Silvergate Capital Corp., Class A*(a) | 59,215 | ||||||
16,071 | Simmons First National Corp., Class A | 357,258 | ||||||
24,185 | SiriusPoint Ltd. (Bermuda)* | 171,714 | ||||||
5,945 | Southern First Bancshares, Inc.* | 239,286 | ||||||
6,385 | Southern Missouri Bancorp, Inc. | 295,498 | ||||||
6,393 | Southside Bancshares, Inc. | 244,149 | ||||||
9,688 | SouthState Corp. | 781,628 | ||||||
8,063 | Stellar Bancorp, Inc. | 235,843 | ||||||
6,766 | StepStone Group, Inc., Class A | 193,508 | ||||||
10,052 | Stewart Information Services Corp. | 427,109 | ||||||
6,933 | Stock Yards Bancorp, Inc. | 405,789 | ||||||
6,130 | StoneX Group, Inc.* | 618,088 | ||||||
6,454 | Texas Capital Bancshares, Inc.* | 427,448 | ||||||
3,596 | Tompkins Financial Corp. | 268,945 | ||||||
13,376 | Towne Bank | 405,694 | ||||||
14,011 | TPG RE Finance Trust, Inc. REIT | 118,953 | ||||||
8,760 | TriCo Bancshares | 442,468 | ||||||
6,629 | Triumph Financial, Inc.* | 403,375 | ||||||
5,583 | TrustCo Bank Corp. | 209,139 | ||||||
12,361 | Trustmark Corp. | 363,413 | ||||||
20,762 | Two Harbors Investment Corp. REIT | 344,026 | ||||||
8,412 | UMB Financial Corp. | 762,632 | ||||||
17,220 | United Bankshares, Inc. | 702,059 | ||||||
17,466 | United Community Banks, Inc. | 578,299 | ||||||
2,077 | United Fire Group, Inc. | 59,278 | ||||||
6,559 | Unity Bancorp, Inc. | 173,223 | ||||||
12,432 | Universal Insurance Holdings, Inc. | 240,311 | ||||||
6,633 | Univest Financial Corp. | 187,051 | ||||||
67,487 | Valley National Bancorp | 781,499 | ||||||
9,771 | Veritex Holdings, Inc. | 260,495 | ||||||
2,387 | Virtus Investment Partners, Inc. | 502,296 | ||||||
9,593 | Walker & Dunlop, Inc. | 836,797 | ||||||
14,317 | Washington Federal, Inc. | 502,097 | ||||||
6,559 | Washington Trust Bancorp, Inc. | 275,478 | ||||||
16,163 | Waterstone Financial, Inc. | 260,224 | ||||||
11,230 | WesBanco, Inc. | 405,965 | ||||||
12,525 | West BanCorp, Inc. | 263,777 | ||||||
5,822 | Westamerica BanCorp | 320,909 | ||||||
1,498 | World Acceptance Corp.* | 139,853 | ||||||
12,108 | WSFS Financial Corp. | 604,310 | ||||||
|
| |||||||
91,584,997 | ||||||||
|
| |||||||
Health Care – 11.5% | ||||||||
52,399 | AbCellera Biologics, Inc. (Canada)* | 440,152 | ||||||
36,224 | ACADIA Pharmaceuticals, Inc.* | 749,475 | ||||||
14,719 | AdaptHealth Corp.* | 235,357 | ||||||
3,504 | Addus HomeCare Corp.* | 380,675 | ||||||
24,799 | ADMA Biologics, Inc.* | 88,036 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
22,720 | Alector, Inc.* | 194,029 | ||||||
49,703 | Alkermes PLC* | 1,329,058 | ||||||
15,535 | Amicus Therapeutics, Inc.* | 204,907 | ||||||
12,876 | AMN Healthcare Services, Inc.* | 1,158,969 | ||||||
88,782 | Amneal Pharmaceuticals, Inc.* | 182,891 | ||||||
23,081 | Amphastar Pharmaceuticals, Inc.* | 735,361 | ||||||
15,122 | AngioDynamics, Inc.* | 187,210 | ||||||
3,406 | ANI Pharmaceuticals, Inc.* | 142,507 | ||||||
12,089 | Anika Therapeutics, Inc.* | 383,221 | ||||||
5,775 | Apellis Pharmaceuticals, Inc.* | 378,147 | ||||||
15,904 | Arcus Biosciences, Inc.* | 289,612 | ||||||
5,918 | Arrowhead Pharmaceuticals, Inc.* | 191,151 | ||||||
5,582 | Arvinas, Inc.* | 171,088 | ||||||
25,012 | Atea Pharmaceuticals, Inc.* | 88,542 | ||||||
6,965 | AtriCure, Inc.* | 268,152 | ||||||
231 | Atrion Corp. | 131,208 | ||||||
12,275 | Avanos Medical, Inc.* | 344,559 | ||||||
3,083 | Axonics, Inc.* | 185,257 | ||||||
1,494 | Axsome Therapeutics, Inc.* | 101,876 | ||||||
3,505 | Beam Therapeutics, Inc.* | 141,041 | ||||||
18,913 | BioCryst Pharmaceuticals, Inc.* | 167,380 | ||||||
15,570 | Cardiovascular Systems, Inc.* | 306,885 | ||||||
11,333 | CareDx, Inc.* | 190,621 | ||||||
71,337 | Catalyst Pharmaceuticals, Inc.* | 1,088,603 | ||||||
4,016 | Celldex Therapeutics, Inc.* | 171,845 | ||||||
3,569 | Cerevel Therapeutics Holdings, Inc.* | 95,257 | ||||||
24,027 | Cerus Corp.* | 68,717 | ||||||
3,980 | Chinook Therapeutics, Inc.* | 86,844 | ||||||
29,059 | Coherus Biosciences, Inc.* | 196,729 | ||||||
31,649 | Collegium Pharmaceutical, Inc.* | 839,648 | ||||||
13,289 | Computer Programs and Systems, Inc.* | 398,803 | ||||||
3,216 | CONMED Corp. | 309,347 | ||||||
58,147 | Corcept Therapeutics, Inc.* | 1,211,202 | ||||||
3,094 | CorVel Corp.* | 557,786 | ||||||
27,280 | Cross Country Healthcare, Inc.* | 721,556 | ||||||
5,284 | CryoPort, Inc.* | 114,451 | ||||||
6,865 | Cue Health, Inc.*(a) | 14,760 | ||||||
6,834 | Cutera, Inc.* | 221,627 | ||||||
6,325 | Cytokinetics, Inc.* | 274,252 | ||||||
7,484 | Deciphera Pharmaceuticals, Inc.* | 108,518 | ||||||
3,037 | Denali Therapeutics, Inc.* | 82,455 | ||||||
57,563 | Dynavax Technologies Corp.* | 592,899 | ||||||
9,663 | Eagle Pharmaceuticals, Inc.* | 270,564 | ||||||
13,428 | Embecta Corp. | 429,025 | ||||||
35,753 | Emergent BioSolutions, Inc.* | 442,622 | ||||||
612 | Enanta Pharmaceuticals, Inc.* | 29,682 | ||||||
9,519 | Ensign Group, Inc. (The) | 851,760 | ||||||
11,422 | Evolent Health, Inc., Class A* | 399,884 | ||||||
34,660 | Figs, Inc., Class A* | 319,219 | ||||||
10,034 | Fulgent Genetics, Inc.* | 329,015 | ||||||
38,031 | Geron Corp.* | 105,726 | ||||||
2,902 | Glaukos Corp.* | 137,061 | ||||||
4,090 | Haemonetics Corp.* | 318,079 | ||||||
19,327 | Halozyme Therapeutics, Inc.* | 927,503 | ||||||
15,966 | Harmony Biosciences Holdings, Inc.* | 702,983 | ||||||
8,619 | HealthEquity, Inc.* | 561,700 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
9,176 | HealthStream, Inc.* | $ | 235,364 | |||||
7,262 | Inari Medical, Inc.* | 408,560 | ||||||
273 | Innovage Holding Corp.* | 2,072 | ||||||
45,474 | Innoviva, Inc.* | 548,871 | ||||||
1,592 | Inogen, Inc.* | 24,947 | ||||||
1,309 | Inotiv, Inc.* | 9,817 | ||||||
6,893 | Insmed, Inc.* | 140,479 | ||||||
4,434 | Inspire Medical Systems, Inc.* | 1,152,530 | ||||||
6,578 | Integer Holdings Corp.* | 493,218 | ||||||
3,853 | Intellia Therapeutics, Inc.* | 154,775 | ||||||
5,662 | Intra-Cellular Therapies, Inc.* | 277,608 | ||||||
1,981 | iRadimed Corp. | 75,199 | ||||||
6,320 | iRhythm Technologies, Inc.* | 743,738 | ||||||
60,909 | Ironwood Pharmaceuticals, Inc.* | 686,444 | ||||||
21,921 | iTeos Therapeutics, Inc.* | 388,221 | ||||||
9,485 | IVERIC bio, Inc.* | 197,098 | ||||||
10,468 | Joint Corp. (The)* | 164,348 | ||||||
2,067 | Karuna Therapeutics, Inc.* | 412,201 | ||||||
68,634 | Karyopharm Therapeutics, Inc.* | 207,275 | ||||||
1,262 | Krystal Biotech, Inc.* | 103,370 | ||||||
10,317 | Lantheus Holdings, Inc.* | 763,045 | ||||||
8,941 | LeMaitre Vascular, Inc. | 448,034 | ||||||
5,684 | Ligand Pharmaceuticals, Inc.* | 410,044 | ||||||
6,674 | LivaNova PLC* | 315,814 | ||||||
23,984 | MannKind Corp.* | 126,636 | ||||||
6,563 | Medpace Holdings, Inc.* | 1,272,434 | ||||||
7,696 | Merit Medical Systems, Inc.* | 543,184 | ||||||
867 | Mesa Laboratories, Inc. | 153,043 | ||||||
87,577 | MiMedx Group, Inc.* | 421,245 | ||||||
3,879 | ModivCare, Inc.* | 380,879 | ||||||
131,907 | Multiplan Corp.* | 133,226 | ||||||
36,399 | Myriad Genetics, Inc.* | 688,669 | ||||||
5,144 | National HealthCare Corp. | 286,624 | ||||||
8,066 | National Research Corp. | 364,261 | ||||||
8,264 | Neogen Corp.* | 146,190 | ||||||
11,746 | NeoGenomics, Inc.* | 197,920 | ||||||
6,082 | Nevro Corp.* | 191,218 | ||||||
35,905 | NextGen Healthcare, Inc.* | 650,240 | ||||||
11,667 | NuVasive, Inc.* | 504,364 | ||||||
1,368 | OmniAb, Inc. 12.5 Earnout*(b) | — | ||||||
1,368 | OmniAb, Inc. 15.00 Earnout*(b) | — | ||||||
6,554 | Omnicell, Inc.* | 356,800 | ||||||
137,245 | OPKO Health, Inc.* | 156,459 | ||||||
22,291 | Option Care Health, Inc.* | 683,665 | ||||||
65,199 | Organogenesis Holdings, Inc.* | 159,738 | ||||||
16,462 | Orthofix Medical, Inc.* | 339,117 | ||||||
19,585 | Owens & Minor, Inc.* | 300,238 | ||||||
9,518 | Pacific Biosciences of California, Inc.* | 86,423 | ||||||
10,324 | Pacira BioSciences, Inc.* | 439,493 | ||||||
20,646 | Patterson Cos., Inc. | 547,532 | ||||||
17,242 | Pediatrix Medical Group, Inc.* | 271,389 | ||||||
11,407 | PetIQ, Inc.* | 106,313 | ||||||
19,001 | Phibro Animal Health Corp., Class A | 298,506 | ||||||
16,239 | Prestige Consumer Healthcare, Inc.* | 978,400 | ||||||
2,103 | PROCEPT BioRobotics Corp.* | 78,757 | ||||||
5,718 | Progyny, Inc.* | 214,768 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
3,350 | Prometheus Biosciences, Inc.* | 410,006 | ||||||
3,314 | Prothena Corp. PLC (Ireland)* | 184,789 | ||||||
11,587 | PTC Therapeutics, Inc.* | 506,004 | ||||||
45,824 | Radius Health, Inc.*(b) | 3,666 | ||||||
9,324 | RadNet, Inc.* | 219,907 | ||||||
2,528 | Reata Pharmaceuticals, Inc., Class A* | 78,798 | ||||||
17,999 | REGENXBIO, Inc.* | 400,478 | ||||||
5,355 | Revance Therapeutics, Inc.* | 185,818 | ||||||
3,803 | REVOLUTION Medicines, Inc.* | 101,768 | ||||||
2,217 | Sage Therapeutics, Inc.* | 92,316 | ||||||
14,699 | Select Medical Holdings Corp. | 399,666 | ||||||
5,185 | Shockwave Medical, Inc.* | 986,394 | ||||||
8,208 | SI-BONE, Inc.* | 162,313 | ||||||
45,270 | SIGA Technologies, Inc. | 310,100 | ||||||
6,531 | Silk Road Medical, Inc.* | 346,078 | ||||||
9,203 | STAAR Surgical Co.* | 509,754 | ||||||
32,907 | Supernus Pharmaceuticals, Inc.* | 1,236,974 | ||||||
6,371 | Surgery Partners, Inc.* | 213,110 | ||||||
6,498 | Surmodics, Inc.* | 141,916 | ||||||
7,886 | Syndax Pharmaceuticals, Inc.* | 199,910 | ||||||
18,069 | Tactile Systems Technology, Inc.* | 261,097 | ||||||
1,521 | TransMedics Group, Inc.* | 121,786 | ||||||
18,449 | Travere Therapeutics, Inc.* | 408,830 | ||||||
5,630 | UFP Technologies, Inc.* | 662,764 | ||||||
2,588 | US Physical Therapy, Inc. | 262,242 | ||||||
51,718 | Vanda Pharmaceuticals, Inc.* | 333,064 | ||||||
14,076 | Varex Imaging Corp.* | 249,004 | ||||||
4,229 | Vaxcyte, Inc.* | 173,262 | ||||||
7,977 | Veracyte, Inc.* | 196,314 | ||||||
36,677 | Veradigm, Inc.* | 609,205 | ||||||
23,026 | Vericel Corp.* | 700,221 | ||||||
36,101 | Vir Biotechnology, Inc.* | 823,103 | ||||||
10,981 | Xencor, Inc.* | 352,820 | ||||||
9,396 | Zimvie, Inc.* | 106,926 | ||||||
20,939 | Zynex, Inc.* | 270,532 | ||||||
|
| |||||||
54,009,227 | ||||||||
|
| |||||||
Industrials – 17.7% | ||||||||
5,837 | AAON, Inc. | 530,934 | ||||||
8,870 | AAR Corp.* | 482,439 | ||||||
12,128 | ABM Industries, Inc. | 587,116 | ||||||
27,160 | ACCO Brands Corp. | 153,997 | ||||||
14,645 | ACV Auctions, Inc., Class A* | 179,255 | ||||||
7,118 | Aerojet Rocketdyne Holdings, Inc.* | 401,028 | ||||||
1,533 | AeroVironment, Inc.* | 131,439 | ||||||
7,339 | Air Transport Services Group, Inc.* | 153,605 | ||||||
3,052 | Alamo Group, Inc. | 556,654 | ||||||
4,178 | Albany International Corp., Class A | 421,644 | ||||||
31,506 | Alight, Inc., Class A* | 302,458 | ||||||
1,737 | Allegiant Travel Co.* | 178,129 | ||||||
10,466 | Allied Motion Technologies, Inc. | 451,713 | ||||||
11,608 | Altra Industrial Motion Corp. | 714,240 | ||||||
3,644 | Ameresco, Inc., Class A* | 160,154 | ||||||
4,072 | American Woodmark Corp.* | 207,591 | ||||||
25,393 | API Group Corp.* | 596,482 | ||||||
10,081 | Apogee Enterprises, Inc. | 461,307 | ||||||
|
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
12,366 | Applied Industrial Technologies, Inc. | $ | 1,766,607 | |||||
6,914 | ArcBest Corp. | 665,127 | ||||||
9,246 | Arcosa, Inc. | 560,308 | ||||||
3,243 | Argan, Inc. | 126,023 | ||||||
6,712 | Array Technologies, Inc.* | 125,783 | ||||||
11,911 | ASGN, Inc.* | 1,057,697 | ||||||
7,010 | Astec Industries, Inc. | 315,660 | ||||||
14,619 | Atkore, Inc.* | 2,134,666 | ||||||
6,354 | Atlas Air Worldwide Holdings, Inc.* | 640,547 | ||||||
2,766 | Atlas Technical Consultants, Inc.* | 33,828 | ||||||
4,964 | AZZ, Inc. | 201,787 | ||||||
21,875 | Babcock & Wilcox Enterprises, Inc.* | 141,969 | ||||||
7,112 | Barnes Group, Inc. | 299,700 | ||||||
2,529 | Barrett Business Services, Inc. | 242,733 | ||||||
11,883 | Beacon Roofing Supply, Inc.* | 772,395 | ||||||
8,472 | Bloom Energy Corp., Class A* | 183,758 | ||||||
5,993 | Blue Bird Corp.* | 121,718 | ||||||
8,467 | BlueLinx Holdings, Inc.* | 714,530 | ||||||
18,082 | Boise Cascade Co. | 1,249,647 | ||||||
13,785 | Brady Corp., Class A | 760,381 | ||||||
3,003 | BrightView Holdings, Inc.* | 18,979 | ||||||
4,953 | Brink’s Co. (The) | 323,183 | ||||||
10,644 | Caesarstone Ltd. | 61,948 | ||||||
5,207 | Casella Waste Systems, Inc., Class A* | 405,209 | ||||||
12,262 | CBIZ, Inc.* | 614,204 | ||||||
3,828 | Chart Industries, Inc.* | 511,038 | ||||||
9,142 | Cimpress PLC (Ireland)* | 321,067 | ||||||
5,452 | CIRCOR International, Inc.* | 159,580 | ||||||
8,102 | Columbus McKinnon Corp. | 300,746 | ||||||
9,832 | Comfort Systems USA, Inc. | 1,429,966 | ||||||
33,700 | CoreCivic, Inc.* | 327,227 | ||||||
14,415 | Costamare, Inc. (Monaco) | 151,358 | ||||||
3,888 | Covenant Logistics Group, Inc. | 134,719 | ||||||
3,793 | CRA International, Inc. | 472,115 | ||||||
4,235 | CSW Industrials, Inc. | 599,507 | ||||||
4,335 | Daseke, Inc.* | 35,330 | ||||||
16,151 | Deluxe Corp. | 297,824 | ||||||
4,397 | Distribution Solutions Group, Inc.* | 195,271 | ||||||
3,275 | Douglas Dynamics, Inc. | 122,125 | ||||||
2,514 | Ducommun, Inc.* | 135,253 | ||||||
14,187 | DXP Enterprises, Inc.* | 410,146 | ||||||
3,933 | Dycom Industries, Inc.* | 331,198 | ||||||
5,085 | Eagle Bulk Shipping, Inc. | 331,898 | ||||||
12,204 | EMCOR Group, Inc. | 2,040,753 | ||||||
7,750 | Encore Wire Corp. | 1,495,827 | ||||||
22,110 | Energy Recovery, Inc.* | 487,968 | ||||||
9,797 | Enerpac Tool Group Corp. | 263,833 | ||||||
3,887 | EnerSys | 352,512 | ||||||
7,178 | Ennis, Inc. | 156,121 | ||||||
4,833 | EnPro Industries, Inc. | 519,547 | ||||||
3,385 | ESCO Technologies, Inc. | 315,448 | ||||||
15,312 | Evoqua Water Technologies Corp.* | 743,551 | ||||||
4,385 | Exponent, Inc. | 451,216 | ||||||
8,539 | Federal Signal Corp. | 450,603 | ||||||
10,148 | First Advantage Corp.* | 147,247 | ||||||
18,867 | Fluor Corp.* | 691,853 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
5,969 | Forrester Research, Inc.* | 196,320 | ||||||
10,167 | Forward Air Corp. | 1,049,336 | ||||||
11,689 | Franklin Covey Co.* | 547,863 | ||||||
11,518 | Franklin Electric Co., Inc. | 1,100,775 | ||||||
3,436 | GATX Corp. | 374,833 | ||||||
12,276 | Genco Shipping & Trading Ltd. | 233,858 | ||||||
48,706 | GEO Group, Inc. (The)* | 426,665 | ||||||
5,647 | Gibraltar Industries, Inc.* | 301,606 | ||||||
12,019 | Global Industrial Co. | 338,094 | ||||||
22,947 | GMS, Inc.* | 1,393,112 | ||||||
11,778 | Golden Ocean Group Ltd. (Norway)(a) | 122,256 | ||||||
3,838 | Gorman-Rupp Co. (The) | 106,927 | ||||||
77,217 | GrafTech International Ltd. | 436,276 | ||||||
4,680 | Granite Construction, Inc. | 202,176 | ||||||
16,354 | Great Lakes Dredge & Dock Corp.* | 93,790 | ||||||
3,371 | Greenbrier Cos., Inc. (The) | 108,243 | ||||||
8,768 | Griffon Corp. | 319,769 | ||||||
6,877 | H&E Equipment Services, Inc. | 381,673 | ||||||
8,461 | Hawaiian Holdings, Inc.* | 94,763 | ||||||
7,255 | Heartland Express, Inc. | 117,023 | ||||||
5,227 | Heidrick & Struggles International, Inc. | 179,443 | ||||||
3,318 | Helios Technologies, Inc. | 224,761 | ||||||
3,500 | Herc Holdings, Inc. | 502,565 | ||||||
6,666 | Heritage-Crystal Clean, Inc.* | 239,843 | ||||||
13,849 | Hillenbrand, Inc. | 652,842 | ||||||
16,745 | HNI Corp. | 523,281 | ||||||
11,784 | Hub Group, Inc., Class A* | 1,080,946 | ||||||
37,598 | Hudson Technologies, Inc.* | 380,868 | ||||||
5,809 | Huron Consulting Group, Inc.* | 407,734 | ||||||
5,076 | ICF International, Inc. | 505,011 | ||||||
8,091 | IES Holdings, Inc.* | 340,307 | ||||||
8,764 | Insperity, Inc. | 1,087,525 | ||||||
6,765 | Insteel Industries, Inc. | 201,259 | ||||||
22,725 | Interface, Inc. | 200,434 | ||||||
11,398 | JELD-WEN Holding, Inc.* | 149,884 | ||||||
34,220 | Joby Aviation, Inc.*(a) | 160,834 | ||||||
4,948 | John Bean Technologies Corp. | 548,684 | ||||||
4,279 | Kadant, Inc. | 918,530 | ||||||
5,192 | Kaman Corp. | 134,992 | ||||||
16,297 | Kelly Services, Inc., Class A | 272,649 | ||||||
10,145 | Kennametal, Inc. | 287,408 | ||||||
16,392 | Kforce, Inc. | 1,024,336 | ||||||
31,324 | Kimball International, Inc., Class B | 216,449 | ||||||
10,219 | Korn Ferry | 571,140 | ||||||
23,950 | Legalzoom.com, Inc.* | 195,671 | ||||||
16,483 | Li-Cycle Holdings Corp. (Canada) *(a) | 99,887 | ||||||
1,993 | Lindsay Corp. | 299,927 | ||||||
11,417 | Manitowoc Co., Inc. (The)* | 215,895 | ||||||
7,550 | Marten Transport Ltd. | 166,628 | ||||||
4,768 | Masonite International Corp.* | 423,398 | ||||||
11,737 | Matson, Inc. | 780,628 | ||||||
6,904 | Matthews International Corp., Class A | 263,457 | ||||||
7,597 | Maxar Technologies, Inc. | 391,246 | ||||||
2,500 | McGrath RentCorp | 257,100 | ||||||
2,731 | Miller Industries, Inc. | 75,949 | ||||||
12,930 | MillerKnoll, Inc. | 308,639 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
5,622 | Moog, Inc., Class A | $ | 554,442 | |||||
27,474 | MRC Global, Inc.* | 307,709 | ||||||
17,073 | Mueller Industries, Inc. | 1,262,890 | ||||||
20,752 | Mueller Water Products, Inc., Class A | 287,830 | ||||||
5,516 | MYR Group, Inc.* | 665,285 | ||||||
734 | National Presto Industries, Inc. | 50,374 | ||||||
5,378 | Northwest Pipe Co.* | 207,053 | ||||||
64,389 | NOW, Inc.* | 827,399 | ||||||
6,786 | NV5 Global, Inc.* | 714,023 | ||||||
2,889 | Omega Flex, Inc. | 336,222 | ||||||
3,707 | PAM Transportation Services, Inc.* | 107,503 | ||||||
10,560 | Parsons Corp.* | 475,517 | ||||||
20,455 | PGT Innovations, Inc.* | 432,623 | ||||||
5,296 | Powell Industries, Inc. | 234,878 | ||||||
2,331 | Preformed Line Products Co. | 207,844 | ||||||
12,083 | Primoris Services Corp. | 332,283 | ||||||
6,479 | Proto Labs, Inc.* | 203,700 | ||||||
14,814 | Quanex Building Products Corp. | 384,423 | ||||||
35,305 | Radiant Logistics, Inc.* | 200,532 | ||||||
2,687 | RBC Bearings, Inc.* | 617,499 | ||||||
2,969 | Red Violet, Inc.* | 60,479 | ||||||
26,261 | Resideo Technologies, Inc.* | 481,627 | ||||||
28,761 | Resources Connection, Inc. | 519,424 | ||||||
15,489 | REV Group, Inc. | 181,066 | ||||||
13,452 | Rush Enterprises, Inc., Class A | 762,459 | ||||||
6,194 | Rush Enterprises, Inc., Class B | 371,516 | ||||||
44,763 | Safe Bulkers, Inc. (Greece) | 167,861 | ||||||
3,588 | Saia, Inc.* | 971,882 | ||||||
5,439 | Shoals Technologies Group, Inc., Class A* | 133,473 | ||||||
13,270 | Shyft Group, Inc. (The) | 344,091 | ||||||
11,030 | Simpson Manufacturing Co., Inc. | 1,189,696 | ||||||
7,293 | SP Plus Corp.* | 248,108 | ||||||
6,281 | Spirit Airlines, Inc. | 115,068 | ||||||
6,430 | SPX Technologies, Inc.* | 452,929 | ||||||
2,334 | Standex International Corp. | 269,997 | ||||||
32,287 | Steelcase, Inc., Class A | 254,099 | ||||||
8,428 | Stem, Inc.* | 68,772 | ||||||
7,895 | Sterling Infrastructure, Inc.* | 303,642 | ||||||
5,390 | SunPower Corp.* | 80,958 | ||||||
7,643 | Tennant Co. | 541,277 | ||||||
12,018 | Terex Corp. | 711,586 | ||||||
9,261 | Textainer Group Holdings Ltd. (China) | 304,872 | ||||||
14,825 | Titan International, Inc.* | 183,978 | ||||||
14,133 | Titan Machinery, Inc.* | 647,150 | ||||||
6,634 | Transcat, Inc.* | 596,994 | ||||||
6,164 | TriNet Group, Inc.* | 510,811 | ||||||
5,978 | Trinity Industries, Inc. | 166,846 | ||||||
8,130 | Triton International Ltd. (Bermuda) | 560,482 | ||||||
24,790 | TrueBlue, Inc.* | 463,573 | ||||||
16,682 | Tutor Perini Corp.* | 135,291 | ||||||
16,060 | UFP Industries, Inc. | 1,373,612 | ||||||
2,783 | UniFirst Corp. | 545,830 | ||||||
17,390 | Upwork, Inc.* | 197,203 | ||||||
6,695 | V2X, Inc.* | 310,447 | ||||||
9,701 | Veritiv Corp. | 1,469,119 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
7,056 | Vicor Corp.* | 331,632 | ||||||
24,712 | View, Inc.* | 15,692 | ||||||
11,928 | Wabash National Corp. | 326,827 | ||||||
7,496 | Watts Water Technologies, Inc., Class A | 1,313,524 | ||||||
9,056 | Werner Enterprises, Inc. | 420,651 | ||||||
8,054 | Willdan Group, Inc.* | 145,455 | ||||||
9,991 | Zurn Elkay Water Solutions Corp. | 229,793 | ||||||
|
| |||||||
83,716,748 | ||||||||
|
| |||||||
Information Technology – 12.7% | ||||||||
52,101 | 8x8, Inc.* | 277,177 | ||||||
44,304 | A10 Networks, Inc. | 674,307 | ||||||
18,812 | ACI Worldwide, Inc.* | 486,290 | ||||||
33,035 | Adeia, Inc. | 325,725 | ||||||
10,751 | ADTRAN Holdings, Inc. | 187,605 | ||||||
6,765 | Advanced Energy Industries, Inc. | 629,686 | ||||||
10,551 | Agilysys, Inc.* | 843,130 | ||||||
9,747 | Alarm.com Holdings, Inc.* | 495,440 | ||||||
10,055 | Alpha & Omega Semiconductor Ltd.* | 268,569 | ||||||
9,629 | Altair Engineering, Inc., Class A* | 616,834 | ||||||
5,231 | Ambarella, Inc.* | 493,336 | ||||||
11,759 | American Software, Inc., Class A | 159,217 | ||||||
30,039 | Amkor Technology, Inc. | 773,805 | ||||||
5,057 | Appfolio, Inc., Class A* | 667,827 | ||||||
8,413 | Appian Corp., Class A* | 348,719 | ||||||
9,795 | Asana, Inc., Class A* | 144,868 | ||||||
25,357 | Avid Technology, Inc.* | 736,874 | ||||||
11,338 | Axcelis Technologies, Inc.* | 1,457,387 | ||||||
7,810 | Badger Meter, Inc. | 949,852 | ||||||
6,782 | Belden, Inc. | 572,265 | ||||||
10,812 | Benchmark Electronics, Inc. | 257,217 | ||||||
7,710 | Blackbaud, Inc.* | 429,370 | ||||||
2,331 | Blackline, Inc.* | 159,347 | ||||||
31,006 | Box, Inc., Class A* | 1,034,050 | ||||||
36,860 | Brightcove, Inc.* | 197,938 | ||||||
13,660 | Calix, Inc.* | 698,709 | ||||||
8,343 | Cambium Networks Corp.* | 167,444 | ||||||
32,953 | Casa Systems, Inc.* | 119,290 | ||||||
4,652 | Cass Information Systems, Inc. | 224,924 | ||||||
8,272 | Cerence, Inc.* | 226,487 | ||||||
5,544 | CEVA, Inc.* | 174,969 | ||||||
3,050 | Clear Secure, Inc., Class A | 93,757 | ||||||
6,306 | Clearfield, Inc.* | 395,323 | ||||||
12,981 | Cohu, Inc.* | 482,893 | ||||||
12,215 | CommScope Holding Co., Inc.* | 88,437 | ||||||
12,718 | CommVault Systems, Inc.* | 748,836 | ||||||
9,151 | Comtech Telecommunications Corp. | 146,324 | ||||||
84,148 | Conduent, Inc.* | 334,909 | ||||||
3,065 | Consensus Cloud Solutions, Inc.* | 125,788 | ||||||
6,623 | Corsair Gaming, Inc.* | 115,902 | ||||||
7,655 | Couchbase, Inc.* | 124,470 | ||||||
6,242 | Credo Technology Group Holding Ltd.* | 66,228 | ||||||
11,783 | CSG Systems International, Inc. | 662,205 | ||||||
6,452 | CTS Corp. | 279,436 | ||||||
23,849 | Cvent Holding Corp.* | 173,144 | ||||||
11,448 | Digi International, Inc.* | 382,020 | ||||||
|
|
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
12,570 | Digital Turbine, Inc.* | $ | 135,002 | |||||
13,072 | Diodes, Inc.* | 1,198,572 | ||||||
10,287 | Domo, Inc., Class B* | 158,111 | ||||||
13,990 | Ebix, Inc. | 243,146 | ||||||
27,431 | Edgio, Inc.* | 33,740 | ||||||
18,595 | eGain Corp.* | 145,227 | ||||||
5,933 | Envestnet, Inc.* | 370,872 | ||||||
8,275 | ePlus, Inc.* | 448,257 | ||||||
13,051 | EVERTEC, Inc. (Puerto Rico) | 480,407 | ||||||
5,886 | Evo Payments, Inc., Class A* | 199,241 | ||||||
6,562 | ExlService Holdings, Inc.* | 1,079,515 | ||||||
58,295 | Extreme Networks, Inc.* | 1,091,282 | ||||||
6,135 | Fabrinet (Thailand)* | 747,672 | ||||||
5,426 | FARO Technologies, Inc.* | 147,587 | ||||||
18,897 | FormFactor, Inc.* | 568,800 | ||||||
10,947 | Grid Dynamics Holdings, Inc.* | 127,533 | ||||||
21,327 | Hackett Group, Inc. (The) | 397,535 | ||||||
24,553 | Harmonic, Inc.* | 323,854 | ||||||
6,470 | I3 Verticals, Inc., Class A* | 159,227 | ||||||
13,736 | Identiv, Inc.* | 96,427 | ||||||
6,333 | Impinj, Inc.* | 839,882 | ||||||
18,205 | Infinera Corp.* | 128,709 | ||||||
33,109 | Information Services Group, Inc. | 174,484 | ||||||
46,744 | Inseego Corp.* | 41,859 | ||||||
8,156 | Insight Enterprises, Inc.* | 1,092,252 | ||||||
2,440 | InterDigital, Inc.(a) | 178,096 | ||||||
11,962 | International Money Express, Inc.* | 305,629 | ||||||
4,702 | Itron, Inc.* | 262,231 | ||||||
9,771 | Kimball Electronics, Inc.* | 244,373 | ||||||
22,549 | Knowles Corp.* | 382,882 | ||||||
15,780 | Kulicke & Soffa Industries, Inc. (Singapore) | 841,074 | ||||||
11,505 | LiveRamp Holdings, Inc.* | 271,863 | ||||||
6,177 | MACOM Technology Solutions Holdings, Inc.* | 423,372 | ||||||
11,295 | Maximus, Inc. | 927,094 | ||||||
16,514 | MaxLinear, Inc.* | 564,944 | ||||||
9,539 | Methode Electronics, Inc. | 464,835 | ||||||
20,164 | Mitek Systems, Inc.* | 187,525 | ||||||
10,934 | Model N, Inc.* | 363,009 | ||||||
17,996 | Momentive Global, Inc.* | 124,172 | ||||||
19,312 | MoneyGram International, Inc.* | 209,535 | ||||||
21,516 | Napco Security Technologies, Inc.* | 679,906 | ||||||
9,450 | NETGEAR, Inc.* | 171,045 | ||||||
17,527 | NetScout Systems, Inc.* | 498,468 | ||||||
5,696 | Novanta, Inc.* | 893,759 | ||||||
14,357 | OneSpan, Inc.* | 194,107 | ||||||
12,346 | Onto Innovation, Inc.* | 1,018,175 | ||||||
3,767 | OSI Systems, Inc.* | 348,636 | ||||||
14,964 | Paysafe Ltd.* | 298,382 | ||||||
10,466 | PC Connection, Inc. | 458,411 | ||||||
4,356 | PDF Solutions, Inc.* | 163,089 | ||||||
8,427 | Perficient, Inc.* | 596,632 | ||||||
26,220 | Photronics, Inc.* | 461,996 | ||||||
5,542 | Plexus Corp.* | 531,422 | ||||||
10,640 | Power Integrations, Inc. | 875,140 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
12,240 | Progress Software Corp. | 703,066 | ||||||
5,429 | PROS Holdings, Inc.* | 141,643 | ||||||
6,733 | Qualys, Inc.* | 795,504 | ||||||
55,355 | Rackspace Technology, Inc.* | 130,084 | ||||||
23,669 | Rambus, Inc.* | 1,046,880 | ||||||
7,980 | Rapid7, Inc.* | 377,454 | ||||||
9,615 | Remitly Global, Inc.* | 140,667 | ||||||
27,454 | Repay Holdings Corp.* | 232,810 | ||||||
43,336 | Ribbon Communications, Inc.* | 193,279 | ||||||
3,727 | Rimini Street, Inc.* | 15,952 | ||||||
924 | Rogers Corp.* | 136,013 | ||||||
14,033 | Sabre Corp.* | 71,007 | ||||||
14,299 | Sanmina Corp.* | 864,518 | ||||||
8,988 | Sapiens International Corp. NV (Israel) | 185,333 | ||||||
8,674 | ScanSource, Inc.* | 270,455 | ||||||
6,751 | SecureWorks Corp., Class A* | 51,105 | ||||||
11,356 | Semtech Corp.* | 349,878 | ||||||
5,135 | ShotSpotter, Inc.* | 175,103 | ||||||
3,631 | Silicon Laboratories, Inc.* | 648,242 | ||||||
1,937 | SiTime Corp.* | 240,479 | ||||||
24,004 | SMART Global Holdings, Inc.* | 400,867 | ||||||
6,394 | Sprout Social, Inc., Class A* | 389,906 | ||||||
7,859 | SPS Commerce, Inc.* | 1,183,880 | ||||||
10,116 | Squarespace, Inc., Class A* | 236,816 | ||||||
39,457 | StoneCo Ltd., Class A (Brazil)* | 335,779 | ||||||
5,857 | Super Micro Computer, Inc.* | 573,810 | ||||||
8,673 | Synaptics, Inc.* | 1,020,032 | ||||||
12,771 | Tenable Holdings, Inc.* | 564,861 | ||||||
4,889 | TTEC Holdings, Inc. | 196,831 | ||||||
29,768 | TTM Technologies, Inc.* | 395,617 | ||||||
12,231 | Turtle Beach Corp.* | 98,949 | ||||||
11,887 | Ultra Clean Holdings, Inc.* | 378,720 | ||||||
30,933 | Unisys Corp.* | 154,046 | ||||||
20,106 | Upland Software, Inc.* | 116,414 | ||||||
14,417 | Varonis Systems, Inc.* | 390,412 | ||||||
10,292 | Veeco Instruments, Inc.* | 218,911 | ||||||
12,767 | Verint Systems, Inc.* | 477,230 | ||||||
13,883 | Veritone, Inc.* | 98,430 | ||||||
20,572 | Verra Mobility Corp.* | 354,456 | ||||||
37,875 | Viavi Solutions, Inc.* | 414,352 | ||||||
27,058 | Vishay Intertechnology, Inc. | 574,441 | ||||||
7,794 | Vishay Precision Group, Inc.* | 339,818 | ||||||
7,587 | Workiva, Inc.* | 676,760 | ||||||
23,816 | Xerox Holdings Corp. | 392,726 | ||||||
8,835 | Xperi, Inc.* | 103,281 | ||||||
35,820 | Yext, Inc.* | 262,919 | ||||||
29,005 | Zeta Global Holdings Corp., Class A* | 307,743 | ||||||
23,515 | Zuora, Inc., Class A* | 199,172 | ||||||
|
| |||||||
60,013,976 | ||||||||
|
| |||||||
Materials – 4.6% | ||||||||
8,939 | AdvanSix, Inc. | 367,840 | ||||||
6,310 | Alpha Metallurgical Resources, Inc. | 1,058,439 | ||||||
18,766 | American Vanguard Corp. | 391,646 | ||||||
7,728 | Arconic Corp.* | 204,328 | ||||||
9,212 | ATI, Inc.* | 374,468 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
15,268 | Avient Corp. | $ | 666,143 | |||||
3,432 | Balchem Corp. | 446,160 | ||||||
8,763 | Cabot Corp. | 696,921 | ||||||
8,436 | Carpenter Technology Corp. | 407,712 | ||||||
5,057 | Chase Corp. | 495,283 | ||||||
5,917 | Clearwater Paper Corp.* | 228,337 | ||||||
26,956 | Commercial Metals Co. | 1,394,973 | ||||||
2,934 | Compass Minerals International, Inc. | 113,047 | ||||||
17,839 | Constellium SE* | 285,246 | ||||||
5,530 | Greif, Inc., Class A | 392,907 | ||||||
2,840 | Hawkins, Inc. | 115,503 | ||||||
8,579 | HB Fuller Co. | 598,471 | ||||||
37,972 | Hecla Mining Co. | 195,556 | ||||||
7,118 | Ingevity Corp.* | 587,662 | ||||||
6,956 | Innospec, Inc. | 761,404 | ||||||
3,819 | Intrepid Potash, Inc.* | 120,948 | ||||||
2,688 | Kaiser Aluminum Corp. | 213,212 | ||||||
4,937 | Koppers Holdings, Inc. | 177,189 | ||||||
11,351 | Livent Corp.* | 266,181 | ||||||
8,126 | LSB Industries, Inc.* | 110,432 | ||||||
4,129 | Materion Corp. | 461,127 | ||||||
6,384 | Mativ Holdings, Inc. | 165,409 | ||||||
6,121 | Minerals Technologies, Inc. | 371,851 | ||||||
31,746 | Myers Industries, Inc. | 820,317 | ||||||
20,572 | Novagold Resources, Inc. (Canada)* | 114,997 | ||||||
25,717 | O-I Glass, Inc.* | 571,432 | ||||||
8,845 | Olympic Steel, Inc. | 464,363 | ||||||
23,767 | Orion Engineered Carbons SA (Germany) | 606,059 | ||||||
9,451 | Pactiv Evergreen, Inc. | 102,165 | ||||||
10,900 | Perimeter Solutions SA* | 93,304 | ||||||
1,760 | Piedmont Lithium, Inc.* | 114,224 | ||||||
1,157 | Quaker Chemical Corp. | 226,517 | ||||||
20,887 | Ramaco Resources, Inc. | 207,826 | ||||||
36,781 | Rayonier Advanced Materials, Inc.* | 301,604 | ||||||
15,501 | Resolute Forest Products, Inc.* | 339,782 | ||||||
18,262 | Ryerson Holding Corp. | 656,154 | ||||||
14,167 | Schnitzer Steel Industries, Inc., Class A | 463,119 | ||||||
7,988 | Sensient Technologies Corp. | 602,215 | ||||||
3,803 | Stepan Co. | 395,854 | ||||||
15,219 | Summit Materials, Inc., Class A* | 449,569 | ||||||
38,630 | SunCoke Energy, Inc. | 367,371 | ||||||
4,392 | Sylvamo Corp. | 216,657 | ||||||
19,955 | TimkenSteel Corp.* | 364,977 | ||||||
11,329 | Tredegar Corp. | 131,643 | ||||||
9,448 | TriMas Corp. | 283,346 | ||||||
6,554 | Trinseo PLC | 151,922 | ||||||
22,390 | Tronox Holdings PLC | 349,284 | ||||||
1,890 | United States Lime & Minerals, Inc. | 304,857 | ||||||
23,287 | Warrior Met Coal, Inc. | 891,193 | ||||||
6,814 | Worthington Industries, Inc. | 411,838 | ||||||
|
| |||||||
21,670,984 | ||||||||
|
| |||||||
Real Estate – 6.2% | ||||||||
15,181 | Acadia Realty Trust REIT | 221,187 | ||||||
8,407 | Agree Realty Corp. REIT | 595,047 | ||||||
24,281 | Alexander & Baldwin, Inc. REIT | 453,326 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
536 | Alexander’s, Inc. REIT | 117,336 | ||||||
8,166 | American Assets Trust, Inc. REIT | 206,028 | ||||||
67,824 | Anywhere Real Estate, Inc.* | 392,701 | ||||||
58,911 | Apartment Investment and Management Co., Class A REIT | 441,832 | ||||||
38,876 | Apple Hospitality REIT, Inc. REIT | 641,843 | ||||||
10,787 | Armada Hoffler Properties, Inc. REIT | 138,289 | ||||||
26,718 | Braemar Hotels & Resorts, Inc. REIT | 124,506 | ||||||
27,485 | Brandywine Realty Trust REIT | 161,887 | ||||||
21,633 | Broadstone Net Lease, Inc. REIT | 383,986 | ||||||
8,878 | BRT Apartments Corp. REIT | 187,947 | ||||||
16,633 | CareTrust REIT, Inc. REIT | 327,171 | ||||||
6,270 | CBL & Associates Properties, Inc. REIT | 160,199 | ||||||
2,584 | Centerspace REIT | 161,784 | ||||||
16,341 | Chatham Lodging Trust REIT | 199,524 | ||||||
14,645 | City Office REIT, Inc. REIT | 123,897 | ||||||
6,000 | Community Healthcare Trust, Inc. REIT | 232,440 | ||||||
255,763 | Compass, Inc., Class A* | 923,304 | ||||||
17,362 | Corporate Office Properties Trust REIT | 441,516 | ||||||
11,107 | CTO Realty Growth, Inc. REIT | 195,261 | ||||||
65,127 | Cushman & Wakefield PLC* | 842,743 | ||||||
31,135 | DiamondRock Hospitality Co. REIT | 271,497 | ||||||
13,246 | DigitalBridge Group, Inc. | 162,528 | ||||||
53,412 | Diversified Healthcare Trust REIT | 52,344 | ||||||
40,616 | Douglas Elliman, Inc. | 171,400 | ||||||
14,073 | Easterly Government Properties, Inc. REIT | 212,502 | ||||||
10,389 | Elme Communities REIT | 193,339 | ||||||
39,329 | Empire State Realty Trust, Inc., Class A REIT | 286,708 | ||||||
10,307 | Equity Commonwealth REIT | 218,818 | ||||||
11,484 | Essential Properties Realty Trust, Inc. REIT | 295,828 | ||||||
63,919 | eXp World Holdings, Inc.(a) | 772,142 | ||||||
11,200 | Farmland Partners, Inc. REIT | 120,064 | ||||||
11,074 | Forestar Group, Inc.* | 158,026 | ||||||
15,276 | Four Corners Property Trust, Inc. REIT | 414,743 | ||||||
31,944 | Franklin Street Properties Corp. REIT | 77,304 | ||||||
3,740 | FRP Holdings, Inc.* | 204,391 | ||||||
8,497 | Getty Realty Corp. REIT | 291,702 | ||||||
11,375 | Gladstone Commercial Corp. REIT | 155,610 | ||||||
6,150 | Gladstone Land Corp. REIT | 108,240 | ||||||
9,554 | Global Medical REIT, Inc. REIT | 96,113 | ||||||
22,441 | Global Net Lease, Inc. REIT | 316,867 | ||||||
29,264 | Hersha Hospitality Trust, Class A REIT | 244,647 | ||||||
22,126 | Independence Realty Trust, Inc. REIT | 400,259 | ||||||
32,220 | Industrial Logistics Properties Trust REIT | 132,102 | ||||||
2,768 | Innovative Industrial Properties, Inc. REIT | 244,719 | ||||||
6,824 | InvenTrust Properties Corp. REIT | 165,073 | ||||||
19,414 | iStar, Inc. REIT | 149,488 | ||||||
17,821 | Kennedy-Wilson Holdings, Inc. | 297,789 | ||||||
36,546 | Kite Realty Group Trust REIT | 793,779 | ||||||
7,147 | LTC Properties, Inc. REIT | 256,006 | ||||||
38,059 | LXP Industrial Trust REIT | 396,955 | ||||||
|
|
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
27,790 | Macerich Co. (The) REIT | $ | 332,091 | |||||
24,438 | Marcus & Millichap, Inc. | 839,934 | ||||||
6,798 | National Health Investors, Inc. REIT | 373,890 | ||||||
34,613 | Necessity Retail REIT, Inc. (The) REIT | 237,445 | ||||||
5,427 | NETSTREIT Corp. REIT | 109,571 | ||||||
31,967 | Newmark Group, Inc., Class A | 256,375 | ||||||
5,969 | NexPoint Residential Trust, Inc. REIT | 289,079 | ||||||
45,122 | Offerpad Solutions, Inc.* | 25,647 | ||||||
17,623 | Office Properties Income Trust REIT | 289,722 | ||||||
17,264 | Orion Office REIT, Inc. REIT | 147,780 | ||||||
16,107 | Outfront Media, Inc. REIT | 281,067 | ||||||
42,281 | Paramount Group, Inc. REIT | 222,821 | ||||||
21,218 | Pebblebrook Hotel Trust REIT | 302,781 | ||||||
9,551 | Phillips Edison & Co., Inc. REIT | 325,594 | ||||||
31,259 | Physicians Realty Trust REIT | 463,571 | ||||||
27,343 | Piedmont Office Realty Trust, Inc., Class A REIT | 250,188 | ||||||
6,435 | Plymouth Industrial REIT, Inc. REIT | 139,189 | ||||||
11,374 | Postal Realty Trust, Inc., Class A REIT | 166,402 | ||||||
23,958 | PotlatchDeltic Corp. REIT | 1,105,901 | ||||||
14,797 | RE/MAX Holdings, Inc., Class A | 273,597 | ||||||
55,690 | Redfin Corp.* | 412,663 | ||||||
20,069 | Retail Opportunity Investments Corp. REIT | 285,582 | ||||||
22,833 | RLJ Lodging Trust REIT | 258,926 | ||||||
11,068 | RMR Group, Inc. (The), Class A | 311,454 | ||||||
23,998 | RPT Realty REIT | 257,259 | ||||||
5,340 | Ryman Hospitality Properties, Inc. REIT | 495,392 | ||||||
35,301 | Sabra Health Care REIT, Inc. REIT | 420,435 | ||||||
2,515 | Saul Centers, Inc. REIT | 98,890 | ||||||
36,379 | Service Properties Trust REIT | 399,441 | ||||||
25,516 | SITE Centers Corp. REIT | 341,149 | ||||||
5,867 | St Joe Co. (The) | 251,284 | ||||||
23,157 | STAG Industrial, Inc. REIT | 779,001 | ||||||
35,892 | Summit Hotel Properties, Inc. REIT | 265,601 | ||||||
31,258 | Sunstone Hotel Investors, Inc. REIT | 330,397 | ||||||
21,821 | Tanger Factory Outlet Centers, Inc. REIT | 412,199 | ||||||
10,143 | Terreno Realty Corp. REIT | 630,996 | ||||||
10,934 | UMH Properties, Inc. REIT | 185,987 | ||||||
43,485 | Uniti Group, Inc. REIT | 238,733 | ||||||
2,995 | Universal Health Realty Income Trust REIT | 158,795 | ||||||
12,265 | Urban Edge Properties REIT | 188,881 | ||||||
2,141 | Urstadt Biddle Properties, Inc., Class A REIT | 37,039 | ||||||
19,728 | Veris Residential, Inc. REIT* | 318,410 | ||||||
21,618 | Whitestone REIT | 204,290 | ||||||
16,308 | Xenia Hotels & Resorts, Inc. REIT | 228,964 | ||||||
|
| |||||||
29,279,150 | ||||||||
|
| |||||||
Utilities – 3.5% | ||||||||
11,368 | ALLETE, Inc. | 695,608 | ||||||
10,897 | American States Water Co. | 973,102 | ||||||
13,502 | Avista Corp. | 555,202 | ||||||
12,192 | Black Hills Corp. | 748,711 | ||||||
22,707 | Brookfield Infrastructure Corp., Class A (Canada)(a) | 981,170 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
8,888 | California Water Service Group | 508,749 | ||||||
4,545 | Chesapeake Utilities Corp. | 582,169 | ||||||
27,135 | Clearway Energy, Inc., Class A | 806,181 | ||||||
30,650 | Clearway Energy, Inc., Class C | 962,717 | ||||||
7,339 | MGE Energy, Inc. | 519,454 | ||||||
3,072 | Middlesex Water Co. | 235,008 | ||||||
40,745 | Montauk Renewables, Inc.* | 401,746 | ||||||
16,483 | New Jersey Resources Corp. | 841,128 | ||||||
5,401 | Northwest Natural Holding Co. | 261,084 | ||||||
10,751 | NorthWestern Corp. | 621,193 | ||||||
11,579 | ONE Gas, Inc. | 928,173 | ||||||
10,121 | Ormat Technologies, Inc. | 855,427 | ||||||
12,467 | Otter Tail Corp. | 883,786 | ||||||
17,451 | PNM Resources, Inc. | 855,099 | ||||||
19,338 | Portland General Electric Co. | 924,356 | ||||||
18,142 | Pure Cycle Corp.* | 160,194 | ||||||
5,276 | SJW Group | 403,297 | ||||||
10,488 | Southwest Gas Holdings, Inc. | 660,849 | ||||||
9,191 | Spire, Inc. | 647,046 | ||||||
6,598 | Sunnova Energy International, Inc.* | 117,312 | ||||||
5,126 | Unitil Corp. | 278,444 | ||||||
1,934 | Via Renewables, Inc. | 11,333 | ||||||
4,884 | York Water Co. (The) | 212,356 | ||||||
|
| |||||||
16,630,894 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $453,347,856) | $ | 467,580,120 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.5%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
2,262,941 | 4.475% | $ | 2,262,941 | |||
(Cost $2,262,941) |
| |||||
| ||||||
TOTAL INVESTMENTS – 99.5% |
| |||||
(Cost $455,610,797) | $ | 469,843,061 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5% | 2,401,470 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 472,244,531 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(c) | Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2023, 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 | 40 | 03/17/23 | $ | 3,798,200 | $ | (20,015 | ) |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Australia – 2.2% | ||||||||
5,733 | ASX Ltd. (Financials) | $ | 263,046 | |||||
49,083 | Brambles Ltd. (Industrials) | 425,986 | ||||||
209,059 | Coles Group Ltd. (Consumer Staples) | 2,562,998 | ||||||
32,602 | EBOS Group Ltd. (Health Care) | 896,211 | ||||||
312,105 | Medibank Pvt Ltd. (Financials) | 702,963 | ||||||
53,981 | National Australia Bank Ltd. (Financials) | 1,092,063 | ||||||
27,682 | Sonic Healthcare Ltd. (Health Care) | 601,276 | ||||||
606,297 | Telstra Group Ltd. (Communication Services) | 1,700,843 | ||||||
65,044 | Wesfarmers Ltd. (Consumer Discretionary) | 2,115,924 | ||||||
51,808 | Westpac Banking Corp. (Financials) | 787,125 | ||||||
80,390 | Woolworths Group Ltd. (Consumer Staples) | 2,001,470 | ||||||
|
| |||||||
13,149,905 | ||||||||
|
| |||||||
Austria – 0.3% | ||||||||
16,555 | ANDRITZ AG (Industrials) | 1,026,182 | ||||||
8,384 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 235,173 | ||||||
25,158 | Wienerberger AG (Materials) | 786,529 | ||||||
|
| |||||||
2,047,884 | ||||||||
|
| |||||||
Belgium – 0.6% | ||||||||
5,073 | Ackermans & van Haaren NV (Industrials) | 862,401 | ||||||
1,709 | Groupe Bruxelles Lambert NV (Financials) | 144,122 | ||||||
13,549 | Proximus SADP (Communication Services) | 125,295 | ||||||
12,826 | Solvay SA (Materials) | 1,472,414 | ||||||
6,641 | UCB SA (Health Care) | 573,142 | ||||||
21,836 | Warehouses De Pauw CVA REIT (Real Estate) | 670,629 | ||||||
|
| |||||||
3,848,003 | ||||||||
|
| |||||||
Canada – 4.4% | ||||||||
4,392 | Atco Ltd., Class I (Utilities) | 136,491 | ||||||
9,030 | Bank of Montreal (Financials) | 857,732 | ||||||
20,207 | Bank of Nova Scotia (The) (Financials) | 1,000,962 | ||||||
16,093 | BCE, Inc. (Communication Services) | 713,603 | ||||||
27,271 | Canadian Imperial Bank of Commerce (Financials) | 1,249,925 | ||||||
11,845 | Canadian Utilities Ltd., Class A (Utilities) | 311,383 | ||||||
27,455 | CGI, Inc. (Information Technology)* | 2,467,108 | ||||||
35,137 | Enbridge, Inc. (Energy) | 1,321,138 | ||||||
6,396 | George Weston Ltd. (Consumer Staples) | 803,112 | ||||||
62,469 | Great-West Lifeco, Inc. (Financials) | 1,708,268 | ||||||
23,427 | Hydro One Ltd. (Utilities)(a) | 609,314 | ||||||
8,829 | Intact Financial Corp. (Financials) | 1,271,124 | ||||||
28,363 | Loblaw Cos. Ltd. (Consumer Staples) | 2,429,329 | ||||||
12,857 | Metro, Inc. (Consumer Staples) | 669,268 | ||||||
17,711 | National Bank of Canada (Financials) | 1,303,754 | ||||||
24,072 | Open Text Corp. (Information Technology) | 830,484 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
21,831 | Pembina Pipeline Corp. (Energy) | 718,373 | ||||||
90,780 | Power Corp. of Canada (Financials) | 2,428,446 | ||||||
8,155 | Quebecor, Inc., Class B (Communication Services) | 193,355 | ||||||
11,350 | RioCan Real Estate Investment Trust REIT (Real Estate) | 180,156 | ||||||
19,024 | Royal Bank of Canada (Financials) | 1,935,866 | ||||||
25,650 | Sun Life Financial, Inc. (Financials)(b) | 1,242,323 | ||||||
26,157 | TELUS Corp. (Communication Services) | 521,238 | ||||||
4,870 | Thomson Reuters Corp. (Industrials) | 591,146 | ||||||
17,215 | Toronto-Dominion Bank (The) (Financials) | 1,148,763 | ||||||
|
| |||||||
26,642,661 | ||||||||
|
| |||||||
Denmark – 0.1% | ||||||||
13,854 | Tryg A/S (Financials) | 307,856 | ||||||
|
| |||||||
Finland – 0.5% | ||||||||
7,201 | Elisa OYJ (Communication Services) | 410,242 | ||||||
24,325 | Orion OYJ, Class B (Health Care) | 1,149,242 | ||||||
26,871 | Sampo OYJ, Class A (Financials) | 1,311,988 | ||||||
8,083 | UPM-Kymmene OYJ (Materials) | 294,106 | ||||||
|
| |||||||
3,165,578 | ||||||||
|
| |||||||
France – 2.4% | ||||||||
6,902 | Air Liquide SA (Materials) | 1,102,035 | ||||||
61,934 | AXA SA (Financials) | 1,960,579 | ||||||
15,621 | Bouygues SA (Industrials) | 530,777 | ||||||
5,991 | Capgemini SE (Information Technology) | 1,129,963 | ||||||
60,012 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 1,892,417 | ||||||
8,559 | Dassault Systemes (Information Technology) | 332,030 | ||||||
3,135 | Legrand SA (Industrials) | 291,241 | ||||||
2,950 | L’Oreal SA (Consumer Staples) | 1,173,491 | ||||||
351,365 | Orange SA (Communication Services) | 4,021,345 | ||||||
1,859 | Pernod Ricard SA (Consumer Staples) | 389,760 | ||||||
12,571 | Thales SA (Industrials) | 1,762,431 | ||||||
|
| |||||||
14,586,069 | ||||||||
|
| |||||||
Germany – 1.5% | ||||||||
901 | Allianz SE (Financials) | 212,267 | ||||||
8,478 | Beiersdorf AG (Consumer Staples) | 1,015,974 | ||||||
5,007 | Deutsche Boerse AG (Financials) | 876,138 | ||||||
129,589 | Deutsche Telekom AG (Communication Services) | 2,918,309 | ||||||
44,281 | E.ON SE (Utilities) | 485,801 | ||||||
40,829 | Evonik Industries AG (Materials) | 875,942 | ||||||
1,524 | Hannover Rueck SE (Financials) | 296,897 | ||||||
2,539 | Henkel AG & Co. KGaA (Consumer Staples) | 176,231 | ||||||
1,186 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 410,153 | ||||||
3,700 | SAP SE (Information Technology) | 421,736 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
4,166 | Symrise AG (Materials) | $ | 427,667 | |||||
12,264 | Talanx AG (Financials) | 587,350 | ||||||
|
| |||||||
8,704,465 | ||||||||
|
| |||||||
Hong Kong – 0.2% | ||||||||
95,588 | CK Asset Holdings Ltd. (Real Estate) | 599,137 | ||||||
28,978 | CLP Holdings Ltd. (Utilities) | 205,074 | ||||||
93,059 | Power Assets Holdings Ltd. (Utilities) | 497,927 | ||||||
|
| |||||||
1,302,138 | ||||||||
|
| |||||||
Ireland – 0.1% | ||||||||
4,367 | Kerry Group PLC, Class A (Consumer Staples) | 419,680 | ||||||
|
| |||||||
Israel – 1.1% | ||||||||
110,339 | Bank Hapoalim BM (Financials) | 923,670 | ||||||
151,993 | Bank Leumi Le-Israel BM (Financials) | 1,182,908 | ||||||
13,725 | Check Point Software Technologies Ltd. (Information Technology)* | 1,698,057 | ||||||
11,919 | First International Bank Of Israel Ltd. (The) (Financials) | 422,532 | ||||||
208,221 | Israel Discount Bank Ltd., Class A (Financials) | 988,380 | ||||||
127,690 | Mivne Real Estate KD Ltd. (Real Estate) | 330,148 | ||||||
34,364 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,022,548 | ||||||
61,008 | Shufersal Ltd. (Consumer Staples) | 314,977 | ||||||
|
| |||||||
6,883,220 | ||||||||
|
| |||||||
Italy – 1.1% | ||||||||
144,912 | Assicurazioni Generali SpA (Financials) | 2,875,339 | ||||||
142,446 | Eni SpA (Energy) | 2,019,122 | ||||||
141,664 | Hera SpA (Utilities) | 379,042 | ||||||
12,266 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 522,145 | ||||||
55,511 | Snam SpA (Utilities) | 273,508 | ||||||
44,134 | Terna – Rete Elettrica Nazionale (Utilities) | 333,620 | ||||||
97,884 | UnipolSai Assicurazioni SpA (Financials) | 249,757 | ||||||
|
| |||||||
6,652,533 | ||||||||
|
| |||||||
Japan – 7.0% | ||||||||
24,632 | Brother Industries Ltd. (Information Technology) | 362,206 | ||||||
73,458 | Canon, Inc. (Information Technology) | 1,585,752 | ||||||
16,852 | Daiwa House Industry Co. Ltd. (Real Estate) | 388,840 | ||||||
158 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 326,057 | ||||||
116,127 | Daiwa Securities Group, Inc. (Financials) | 554,995 | ||||||
31,476 | FUJIFILM Holdings Corp. (Information Technology) | 1,468,256 | ||||||
2,194 | Hirose Electric Co. Ltd. (Information Technology) | 268,180 | ||||||
28,220 | Japan Post Bank Co. Ltd. (Financials)(b) | 243,635 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
282,148 | Japan Post Holdings Co. Ltd. (Financials) | 2,506,325 | ||||||
132,052 | Japan Tobacco, Inc. (Consumer Staples) | 2,684,859 | ||||||
63,493 | KDDI Corp. (Communication Services) | 1,857,968 | ||||||
41,576 | Kirin Holdings Co. Ltd. (Consumer Staples) | 622,350 | ||||||
33,056 | Kyocera Corp. (Information Technology) | 1,627,865 | ||||||
16,996 | Kyushu Railway Co. (Industrials) | 371,700 | ||||||
14,083 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 557,261 | ||||||
19,636 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 899,524 | ||||||
55,972 | Mitsubishi Estate Co. Ltd. (Real Estate) | 696,697 | ||||||
129,020 | Mitsubishi HC Capital, Inc. (Financials) | 673,444 | ||||||
159,433 | Mizuho Financial Group, Inc. (Financials) | 2,484,283 | ||||||
21,601 | MS&AD Insurance Group Holdings, Inc. (Financials) | 705,999 | ||||||
4,294 | NH Foods Ltd. (Consumer Staples) | 118,529 | ||||||
7,540 | Nichirei Corp. (Consumer Staples) | 148,791 | ||||||
184,383 | Nippon Telegraph & Telephone Corp. (Communication Services) | 5,342,728 | ||||||
44,242 | Nisshin Seifun Group, Inc. (Consumer Staples) | 511,228 | ||||||
2,382 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 198,303 | ||||||
25,242 | Obayashi Corp. (Industrials) | 186,607 | ||||||
20,085 | Ono Pharmaceutical Co. Ltd. (Health Care) | 409,913 | ||||||
13,606 | Otsuka Holdings Co. Ltd. (Health Care) | 412,930 | ||||||
13,589 | Secom Co. Ltd. (Industrials) | 790,410 | ||||||
96,195 | Sekisui House Ltd. (Consumer Discretionary) | 1,821,642 | ||||||
321,018 | SoftBank Corp. (Communication Services) | 3,623,427 | ||||||
47,066 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 2,063,489 | ||||||
112,088 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 3,465,952 | ||||||
33,582 | Teijin Ltd. (Materials) | 348,849 | ||||||
5,326 | Tobu Railway Co. Ltd. (Industrials) | 118,864 | ||||||
24,731 | Trend Micro, Inc. (Information Technology) | 1,163,790 | ||||||
18,967 | USS Co. Ltd. (Consumer Discretionary) | 307,588 | ||||||
|
| |||||||
41,919,236 | ||||||||
|
| |||||||
Netherlands – 1.4% | ||||||||
4,168 | HAL Trust (Financials) | 552,521 | ||||||
135,605 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 4,316,432 | ||||||
140,811 | Koninklijke KPN NV (Communication Services) | 483,979 | ||||||
28,198 | Wolters Kluwer NV (Industrials) | 3,272,992 | ||||||
|
| |||||||
8,625,924 | ||||||||
|
|
80 | 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) | ||||||||
New Zealand – 0.2% | ||||||||
174,112 | Fletcher Building Ltd. (Industrials) | $ | 512,388 | |||||
16,598 | Mainfreight Ltd. (Industrials) | 749,138 | ||||||
|
| |||||||
1,261,526 | ||||||||
|
| |||||||
Norway – 0.6% | ||||||||
38,474 | DNB Bank ASA (Financials) | 771,968 | ||||||
44,381 | Gjensidige Forsikring ASA (Financials) | 790,974 | ||||||
39,678 | SpareBank 1 SR-Bank ASA (Financials) | 498,537 | ||||||
98,175 | Storebrand ASA (Financials) | 816,026 | ||||||
85,252 | Telenor ASA (Communication Services) | 960,332 | ||||||
|
| |||||||
3,837,837 | ||||||||
|
| |||||||
Singapore – 0.9% | ||||||||
267,317 | Genting Singapore Ltd. (Consumer Discretionary) | 202,550 | ||||||
74,230 | Keppel Corp. Ltd. (Industrials) | 302,181 | ||||||
152,697 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 1,437,188 | ||||||
1,417,789 | Sembcorp Marine Ltd. (Industrials)* | 133,759 | ||||||
34,564 | Singapore Airlines Ltd. (Industrials) | 146,097 | ||||||
147,024 | Singapore Exchange Ltd. (Financials) | 951,290 | ||||||
243,055 | Singapore Telecommunications Ltd. (Communication Services) | 427,917 | ||||||
30,480 | United Overseas Bank Ltd. (Financials) | 677,459 | ||||||
105,182 | UOL Group Ltd. (Real Estate) | 533,665 | ||||||
22,668 | Venture Corp. Ltd. (Information Technology) | 289,128 | ||||||
|
| |||||||
5,101,234 | ||||||||
|
| |||||||
Spain – 0.5% | ||||||||
5,915 | ACS Actividades de Construccion y Servicios SA (Industrials) | 179,780 | ||||||
38,136 | Iberdrola SA (Utilities) | 439,416 | ||||||
44,397 | Naturgy Energy Group SA (Utilities) | 1,226,984 | ||||||
57,631 | Red Electrica Corp. SA (Utilities) | 960,159 | ||||||
|
| |||||||
2,806,339 | ||||||||
|
| |||||||
Sweden – 1.0% | ||||||||
26,556 | Axfood AB (Consumer Staples) | 638,397 | ||||||
114,222 | Investor AB, Class A (Financials) | 2,354,844 | ||||||
4,442 | Investor AB, Class B (Financials) | 86,296 | ||||||
84,358 | Svenska Handelsbanken AB, Class A (Financials) | 898,699 | ||||||
47,706 | Swedbank AB, Class A (Financials) | 978,036 | ||||||
31,789 | Tele2 AB, Class B (Communication Services) | 293,669 | ||||||
368,737 | Telia Co. AB (Communication Services) | 956,441 | ||||||
|
| |||||||
6,206,382 | ||||||||
|
| |||||||
Switzerland – 1.6% | ||||||||
1,230 | Geberit AG (Industrials) | 667,986 | ||||||
30,650 | Novartis AG (Health Care) | 2,592,619 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
909 | SGS SA (Industrials) | 2,092,955 | ||||||
2,927 | Swisscom AG (Communication Services) | 1,812,570 | ||||||
4,541 | Zurich Insurance Group AG (Financials) | 2,162,819 | ||||||
|
| |||||||
9,328,949 | ||||||||
|
| |||||||
United Kingdom – 2.8% | ||||||||
313,531 | BAE Systems PLC (Industrials) | 3,408,595 | ||||||
27,654 | British American Tobacco PLC (Consumer Staples) | 1,052,422 | ||||||
22,095 | Bunzl PLC (Industrials) | 792,850 | ||||||
413,457 | CK Hutchison Holdings Ltd. (Industrials) | 2,465,098 | ||||||
14,673 | Diageo PLC (Consumer Staples) | 626,887 | ||||||
7,646 | Halma PLC (Information Technology) | 200,313 | ||||||
1,480 | Linde PLC (Materials) | 515,588 | ||||||
70,498 | National Grid PLC (Utilities) | 894,451 | ||||||
90,394 | RELX PLC (Industrials) | 2,739,171 | ||||||
224,927 | Sage Group PLC (The) (Information Technology) | 2,038,497 | ||||||
8,688 | Severn Trent PLC (Utilities) | 289,354 | ||||||
669,729 | Tesco PLC (Consumer Staples) | 2,067,559 | ||||||
|
| |||||||
17,090,785 | ||||||||
|
| |||||||
United States – 69.2% | ||||||||
12,675 | 3M Co. (Industrials) | 1,365,605 | ||||||
8,166 | Abbott Laboratories (Health Care) | 830,646 | ||||||
23,623 | AbbVie, Inc. (Health Care) | 3,635,580 | ||||||
15,991 | Accenture PLC, Class A (Information Technology) | 4,246,410 | ||||||
7,103 | Adobe, Inc. (Information Technology)* | 2,301,017 | ||||||
36,432 | Aflac, Inc. (Financials) | 2,482,841 | ||||||
3,083 | Agilent Technologies, Inc. (Health Care) | 437,694 | ||||||
2,778 | Air Products and Chemicals, Inc. (Materials) | 794,452 | ||||||
17,016 | Akamai Technologies, Inc. (Information Technology)* | 1,235,361 | ||||||
9,451 | Allstate Corp. (The) (Financials) | 1,217,100 | ||||||
30,791 | Alphabet, Inc., Class A (Communication Services)* | 2,773,037 | ||||||
29,782 | Alphabet, Inc., Class C (Communication Services)* | 2,689,315 | ||||||
15,921 | Altria Group, Inc. (Consumer Staples) | 739,212 | ||||||
47,042 | Amazon.com, Inc. (Consumer Discretionary)* | 4,432,768 | ||||||
29,332 | Amcor PLC (Materials) | 326,758 | ||||||
28,760 | Amdocs Ltd. (Information Technology) | 2,634,704 | ||||||
11,613 | Ameren Corp. (Utilities) | 960,511 | ||||||
13,337 | American Electric Power Co., Inc. (Utilities) | 1,173,256 | ||||||
12,622 | AmerisourceBergen Corp. (Health Care) | 1,963,478 | ||||||
6,306 | AMETEK, Inc. (Industrials) | 892,677 | ||||||
3,950 | Amgen, Inc. (Health Care) | 915,057 | ||||||
30,641 | Amphenol Corp., Class A (Information Technology) | 2,375,290 | ||||||
3,928 | Analog Devices, Inc. (Information Technology) | 720,670 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
111,016 | Annaly Capital Management, Inc. REIT (Financials) | $ | 2,295,811 | |||||
4,256 | Aon PLC, Class A (Financials) | 1,294,037 | ||||||
114,254 | Apple, Inc. (Information Technology) | 16,842,182 | ||||||
16,994 | Arch Capital Group Ltd. (Financials)* | 1,189,580 | ||||||
43,312 | Archer-Daniels-Midland Co. (Consumer Staples) | 3,447,635 | ||||||
9,517 | Arthur J Gallagher & Co. (Financials) | 1,783,010 | ||||||
74,430 | AT&T, Inc. (Communication Services) | 1,407,471 | ||||||
2,847 | Atmos Energy Corp. (Utilities) | 321,170 | ||||||
15,363 | Automatic Data Processing, Inc. (Information Technology) | 3,377,095 | ||||||
2,630 | AutoZone, Inc. (Consumer Discretionary)* | 6,539,600 | ||||||
42,721 | Bank of America Corp. (Financials) | 1,465,330 | ||||||
6,680 | Baxter International, Inc. (Health Care) | 266,866 | ||||||
4,610 | Becton Dickinson and Co. (Health Care) | 1,081,276 | ||||||
9,805 | Berkshire Hathaway, Inc., Class B (Financials)* | 2,992,290 | ||||||
4,894 | Boston Scientific Corp. (Health Care)* | 228,648 | ||||||
53,753 | Bristol-Myers Squibb Co. (Health Care) | 3,706,807 | ||||||
2,532 | Broadcom, Inc. (Information Technology) | 1,504,742 | ||||||
5,690 | Broadridge Financial Solutions, Inc. (Information Technology) | 801,038 | ||||||
3,641 | Brown-Forman Corp., Class B (Consumer Staples) | 236,192 | ||||||
13,112 | Campbell Soup Co. (Consumer Staples) | 688,642 | ||||||
24,700 | Cardinal Health, Inc. (Health Care) | 1,870,037 | ||||||
12,076 | CDW Corp. (Information Technology) | 2,444,424 | ||||||
21,262 | CenterPoint Energy, Inc. (Utilities) | 591,509 | ||||||
25,452 | C.H. Robinson Worldwide, Inc. (Industrials) | 2,544,182 | ||||||
18,623 | Chevron Corp. (Energy) | 2,994,020 | ||||||
3,899 | Chubb Ltd. (Financials) | 822,767 | ||||||
9,603 | Church & Dwight Co., Inc. (Consumer Staples) | 804,539 | ||||||
4,618 | Cintas Corp. (Industrials) | 2,024,854 | ||||||
101,195 | Cisco Systems, Inc. (Information Technology) | 4,899,862 | ||||||
41,537 | Citigroup, Inc. (Financials) | 2,105,511 | ||||||
8,618 | CMS Energy Corp. (Utilities) | 508,203 | ||||||
52,302 | Coca-Cola Co. (The) (Consumer Staples) | 3,112,492 | ||||||
51,723 | Cognizant Technology Solutions Corp., Class A (Information Technology) | 3,239,412 | ||||||
66,111 | Colgate-Palmolive Co. (Consumer Staples) | 4,845,936 | ||||||
59,097 | Comcast Corp., Class A (Communication Services) | 2,196,635 | ||||||
84,024 | Computershare Ltd. (Information Technology) | 1,405,208 | ||||||
23,586 | Conagra Brands, Inc. (Consumer Staples) | 858,766 | ||||||
21,295 | Consolidated Edison, Inc. (Utilities) | 1,902,708 | ||||||
1,226 | Constellation Brands, Inc., Class A (Consumer Staples) | 274,256 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
699 | Cooper Cos., Inc. (The) (Health Care) | 228,552 | ||||||
17,728 | Corning, Inc. (Information Technology) | 601,866 | ||||||
11,454 | Corteva, Inc. (Materials) | 713,470 | ||||||
5,706 | Costco Wholesale Corp. (Consumer Staples) | 2,762,731 | ||||||
10,580 | CSX Corp. (Industrials) | 322,584 | ||||||
2,255 | Cummins, Inc. (Industrials) | 548,145 | ||||||
46,984 | CVS Health Corp. (Health Care) | 3,925,043 | ||||||
27,549 | Dell Technologies, Inc., Class C (Information Technology) | 1,119,591 | ||||||
14,223 | Dollar General Corp. (Consumer Discretionary) | 3,076,435 | ||||||
1,647 | Dover Corp. (Industrials) | 246,885 | ||||||
37,555 | Dow, Inc. (Materials) | 2,148,146 | ||||||
7,377 | DTE Energy Co. (Utilities) | 809,331 | ||||||
8,110 | Duke Energy Corp. (Utilities) | 764,449 | ||||||
5,217 | Edison International (Utilities) | 345,418 | ||||||
4,763 | Electronic Arts, Inc. (Communication Services) | 528,407 | ||||||
4,991 | Elevance Health, Inc. (Health Care) | 2,344,123 | ||||||
6,286 | Eli Lilly & Co. (Health Care) | 1,956,329 | ||||||
6,427 | Emerson Electric Co. (Industrials) | 531,577 | ||||||
2,430 | Entergy Corp. (Utilities) | 249,974 | ||||||
971 | Everest Re Group Ltd. (Financials) | 372,835 | ||||||
8,870 | Evergy, Inc. (Utilities) | 521,645 | ||||||
22,983 | Exelon Corp. (Utilities) | 928,283 | ||||||
14,891 | Expeditors International of Washington, Inc. (Industrials) | 1,557,003 | ||||||
28,226 | Exxon Mobil Corp. (Energy) | 3,102,320 | ||||||
13,114 | F5, Inc. (Information Technology)* | 1,875,040 | ||||||
73,047 | Fastenal Co. (Industrials) | 3,766,303 | ||||||
34,765 | Fidelity National Financial, Inc. (Financials) | 1,385,733 | ||||||
33,858 | Fidelity National Information Services, Inc. (Information Technology) | 2,145,581 | ||||||
10,588 | FirstEnergy Corp. (Utilities) | 418,650 | ||||||
20,772 | Fiserv, Inc. (Information Technology)* | 2,390,649 | ||||||
4,796 | FleetCor Technologies, Inc. (Information Technology)* | 1,030,133 | ||||||
9,058 | Fortive Corp. (Industrials) | 603,806 | ||||||
6,420 | Gartner, Inc. (Information Technology)* | 2,104,540 | ||||||
13,837 | Gen Digital, Inc. (Information Technology) | 269,960 | ||||||
19,787 | General Dynamics Corp. (Industrials) | 4,509,655 | ||||||
23,382 | General Mills, Inc. (Consumer Staples) | 1,859,103 | ||||||
30,136 | Genuine Parts Co. (Consumer Discretionary) | 5,329,853 | ||||||
54,400 | Gilead Sciences, Inc. (Health Care) | 4,380,832 | ||||||
153,851 | GSK PLC (Health Care) | 2,654,946 | ||||||
168,388 | Haleon PLC (Consumer Staples)* | 656,324 | ||||||
17,813 | Hartford Financial Services Group, Inc. (The) (Financials) | 1,394,402 | ||||||
30,753 | Henry Schein, Inc. (Health Care)* | 2,408,267 | ||||||
23,814 | Hershey Co. (The) (Consumer Staples) | 5,675,352 | ||||||
252,082 | Hewlett Packard Enterprise Co. (Information Technology) | 3,935,000 | ||||||
|
|
82 | 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) | ||||||||
12,098 | Hologic, Inc. (Health Care)* | $ | 963,485 | |||||
15,476 | Home Depot, Inc. (The) (Consumer Discretionary) | 4,589,253 | ||||||
5,948 | Honeywell International, Inc. (Industrials) | 1,138,923 | ||||||
7,035 | Hormel Foods Corp. (Consumer Staples) | 312,213 | ||||||
9,567 | Illinois Tool Works, Inc. (Industrials) | 2,230,642 | ||||||
9,173 | Intel Corp. (Information Technology) | 228,683 | ||||||
24,144 | International Business Machines Corp. (Information Technology) | 3,121,819 | ||||||
6,387 | International Paper Co. (Materials) | 232,423 | ||||||
1,470 | Intuit, Inc. (Information Technology) | 598,555 | ||||||
2,343 | IQVIA Holdings, Inc. (Health Care)* | 488,445 | ||||||
5,114 | J M Smucker Co. (The) (Consumer Staples) | 756,309 | ||||||
36,033 | Johnson & Johnson (Health Care) | 5,522,418 | ||||||
15,079 | JPMorgan Chase & Co. (Financials) | 2,161,575 | ||||||
13,147 | Kellogg Co. (Consumer Staples) | 866,913 | ||||||
30,522 | Keurig Dr Pepper, Inc. (Consumer Staples) | 1,054,535 | ||||||
18,704 | Keysight Technologies, Inc. (Information Technology)* | 2,991,892 | ||||||
8,812 | Kimberly-Clark Corp. (Consumer Staples) | 1,101,941 | ||||||
25,043 | Kinder Morgan, Inc. (Energy) | 427,234 | ||||||
42,299 | Kraft Heinz Co. (The) (Consumer Staples) | 1,647,123 | ||||||
3,738 | L3Harris Technologies, Inc. (Industrials) | 789,428 | ||||||
9,863 | Laboratory Corp. of America Holdings (Health Care) | 2,360,808 | ||||||
18,016 | Liberty Media Corp.-Liberty SiriusXM, Class A (Communication Services)* | 583,538 | ||||||
35,713 | Liberty Media Corp.-Liberty SiriusXM, Class C (Communication Services)* | 1,150,673 | ||||||
4,407 | Lockheed Martin Corp. (Industrials) | 2,090,064 | ||||||
31,239 | Loews Corp. (Financials) | 1,908,391 | ||||||
22,096 | Lowe’s Cos., Inc. (Consumer Discretionary) | 4,546,252 | ||||||
792 | Markel Corp. (Financials)* | 1,053,249 | ||||||
30,420 | Marsh & McLennan Cos., Inc. (Financials) | 4,932,299 | ||||||
49,407 | Masco Corp. (Industrials) | 2,590,409 | ||||||
1,873 | Mastercard, Inc., Class A (Information Technology) | 665,458 | ||||||
15,997 | McDonald’s Corp. (Consumer Discretionary) | 4,221,768 | ||||||
7,859 | McKesson Corp. (Health Care) | 2,749,157 | ||||||
33,065 | Merck & Co., Inc. (Health Care) | 3,512,826 | ||||||
20,120 | Meta Platforms, Inc., Class A (Communication Services)* | 3,519,793 | ||||||
9,287 | MetLife, Inc. (Financials) | 666,157 | ||||||
49,767 | Microsoft Corp. (Information Technology) | 12,412,885 | ||||||
30,730 | Mondelez International, Inc., Class A (Consumer Staples) | 2,002,981 | ||||||
4,885 | Monster Beverage Corp. (Consumer Staples)* | 497,098 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
11,039 | Moody’s Corp. (Financials) | 3,202,966 | ||||||
17,343 | Motorola Solutions, Inc. (Information Technology) | 4,557,914 | ||||||
12,962 | Nasdaq, Inc. (Financials) | 726,650 | ||||||
13,927 | Nestle SA (Consumer Staples) | 1,576,288 | ||||||
13,879 | NetApp, Inc. (Information Technology) | 895,889 | ||||||
22,588 | NiSource, Inc. (Utilities) | 619,589 | ||||||
4,192 | Northrop Grumman Corp. (Industrials) | 1,945,549 | ||||||
7,588 | NVIDIA Corp. (Information Technology) | 1,761,630 | ||||||
3,108 | Omnicom Group, Inc. (Communication Services) | 281,492 | ||||||
3,407 | Oracle Corp. (Information Technology) | 297,772 | ||||||
9,179 | O’Reilly Automotive, Inc. (Consumer Discretionary)* | 7,619,488 | ||||||
12,534 | Otis Worldwide Corp. (Industrials) | 1,060,627 | ||||||
18,057 | PACCAR, Inc. (Industrials) | 1,303,715 | ||||||
1,551 | Packaging Corp. of America (Materials) | 212,053 | ||||||
32,675 | Paychex, Inc. (Information Technology) | 3,607,320 | ||||||
32,125 | PepsiCo, Inc. (Consumer Staples) | 5,574,651 | ||||||
30,105 | Pfizer, Inc. (Health Care) | 1,221,360 | ||||||
36,954 | Philip Morris International, Inc. (Consumer Staples) | 3,595,624 | ||||||
24,629 | PPL Corp. (Utilities) | 666,707 | ||||||
25,647 | Procter & Gamble Co. (The) (Consumer Staples) | 3,528,001 | ||||||
9,780 | Progressive Corp. (The) (Financials) | 1,403,626 | ||||||
16,474 | Quest Diagnostics, Inc. (Health Care) | 2,279,343 | ||||||
12,895 | Raytheon Technologies Corp. (Industrials) | 1,264,871 | ||||||
11,788 | Realty Income Corp. REIT (Real Estate) | 753,843 | ||||||
3,520 | Regeneron Pharmaceuticals, Inc. (Health Care)* | 2,676,678 | ||||||
20,474 | Republic Services, Inc. (Industrials) | 2,639,713 | ||||||
5,405 | Roche Holding AG (Health Care) | 1,679,313 | ||||||
5,959 | Roche Holding AG (Health Care) | 1,728,094 | ||||||
1,490 | Roper Technologies, Inc. (Information Technology) | 640,998 | ||||||
6,880 | Royalty Pharma PLC, Class A (Health Care) | 246,648 | ||||||
4,708 | Salesforce, Inc. (Information Technology)* | 770,276 | ||||||
19,414 | Sanofi (Health Care) | 1,830,117 | ||||||
5,964 | Sempra Energy (Utilities) | 894,361 | ||||||
5,044 | Sherwin-Williams Co. (The) (Materials) | 1,116,489 | ||||||
160,059 | Sirius XM Holdings, Inc. (Communication Services)(b) | 702,659 | ||||||
2,216 | Snap-on, Inc. (Industrials) | 551,075 | ||||||
24,722 | Southern Co. (The) (Utilities) | 1,558,969 | ||||||
46,440 | SS&C Technologies Holdings, Inc. (Information Technology) | 2,726,028 | ||||||
1,081 | Stryker Corp. (Health Care) | 284,173 | ||||||
6,397 | TE Connectivity Ltd. (Information Technology) | 814,466 | ||||||
17,480 | Texas Instruments, Inc. (Information Technology) | 2,996,946 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
125 | Thermo Fisher Scientific, Inc. (Health Care) | $ | 67,720 | |||||
28,338 | TJX Cos., Inc. (The) (Consumer Discretionary) | 2,170,691 | ||||||
4,002 | T-Mobile US, Inc. (Communication Services)* | 569,004 | ||||||
9,536 | Travelers Cos., Inc. (The) (Financials) | 1,765,304 | ||||||
12,276 | Tyson Foods, Inc., Class A (Consumer Staples) | 727,230 | ||||||
803 | Union Pacific Corp. (Industrials) | 166,446 | ||||||
2,399 | United Parcel Service, Inc., Class B (Industrials) | 437,794 | ||||||
11,791 | UnitedHealth Group, Inc. (Health Care) | 5,611,809 | ||||||
21,873 | VeriSign, Inc. (Information Technology)* | 4,305,263 | ||||||
93,352 | Verizon Communications, Inc. (Communication Services) | 3,622,991 | ||||||
6,858 | Vertex Pharmaceuticals, Inc. (Health Care)* | 1,990,809 | ||||||
21,782 | VICI Properties, Inc. REIT (Real Estate) | 730,350 | ||||||
4,959 | Visa, Inc., Class A (Information Technology) | 1,090,682 | ||||||
10,542 | VMware, Inc., Class A (Information Technology)* | 1,160,990 | ||||||
18,140 | W R Berkley Corp. (Financials) | 1,200,687 | ||||||
4,570 | Walgreens Boots Alliance, Inc. (Consumer Staples) | 162,372 | ||||||
42,245 | Walmart, Inc. (Consumer Staples) | 6,004,282 | ||||||
3,337 | Waste Connections, Inc. (Industrials) | 447,858 | ||||||
21,612 | Waste Management, Inc. (Industrials) | 3,236,613 | ||||||
1,238 | WEC Energy Group, Inc. (Utilities) | 109,761 | ||||||
36,760 | Williams Cos., Inc. (The) (Energy) | 1,106,476 | ||||||
15,534 | W.P. Carey, Inc. REIT (Real Estate) | 1,260,739 | ||||||
7,730 | W.W. Grainger, Inc. (Industrials) | 5,166,964 | ||||||
5,288 | Xcel Energy, Inc. (Utilities) | 341,446 | ||||||
6,722 | Xylem, Inc. (Industrials) | 690,013 | ||||||
37,940 | Yum! Brands, Inc. (Consumer Discretionary) | 4,824,450 | ||||||
2,793 | Zebra Technologies Corp., Class A (Information Technology)* | 838,598 | ||||||
7,793 | Zoetis, Inc. (Health Care) | 1,301,431 | ||||||
|
| |||||||
418,167,812 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $632,508,926) | $ | 602,056,016 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.3%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
2,044,942 | 4.475% | $ | 2,044,942 | |||
(Cost $2,044,942) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.0% |
| |||||
(Cost $634,553,868) | $ | 604,100,958 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | (167,696 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 603,933,262 | ||||
|
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 | |
|
Sector Name | % of Market Value | |||
| ||||
Information Technology | 20.8 | % | ||
Financials | 15.4 | |||
Consumer Staples | 13.5 | |||
Health Care | 13.2 | |||
Industrials | 11.8 | |||
Consumer Discretionary | 9.0 | |||
Communication Services | 7.7 | |||
Utilities | 3.4 | |||
Energy | 1.9 | |||
Materials | 1.9 | |||
Real Estate | 1.1 | |||
Securities Lending Reinvestment Vehicle | 0.3 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
February 28, 2023 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $870,601,979, $10,796,584, $2,824,456,505 and $11,988,381, respectively)(a) | $ | 902,605,404 | $ | 11,233,455 | $ | 3,051,651,972 | $ | 12,326,368 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 4,335,015 | 74,219 | 49,602,357 | 262,939 | ||||||||||||||
Cash | 4,541,389 | 50,690 | 3,785,599 | 6,885 | ||||||||||||||
Foreign currency, at value (cost $143,160, $—, $592,442 and $—, respectively) | 143,331 | — | 595,040 | — | ||||||||||||||
Receivables: | ||||||||||||||||||
Investments sold | 22,093,699 | 166,170 | 87,903,660 | 481,374 | ||||||||||||||
Dividends | 2,621,335 | 10,446 | 4,222,466 | 21,989 | ||||||||||||||
Reimbursement from investment adviser | 85,677 | — | — | — | ||||||||||||||
Collateral on futures contracts | 61,392 | 6,693 | 904,356 | — | ||||||||||||||
Foreign tax reclaims | 42,176 | 57,597 | 2,937,577 | — | ||||||||||||||
Securities lending income | 5,263 | 20 | 48,596 | 229 | ||||||||||||||
Fund shares sold | — | — | 27,360,394 | — | ||||||||||||||
Other assets | 457,570 | — | — | — | ||||||||||||||
Total assets | 936,992,251 | 11,599,290 | 3,229,012,017 | 13,099,784 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Variation margin on futures contracts | 13,419 | 124 | 218,623 | — | ||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 28,343,362 | 213,759 | 92,403,115 | 484,672 | ||||||||||||||
Upon return of securities loaned | 4,335,015 | 74,219 | 49,602,357 | 262,939 | ||||||||||||||
Foreign capital gains tax | 2,672,733 | — | — | — | ||||||||||||||
Management fees | 287,200 | 2,188 | 592,906 | 2,421 | ||||||||||||||
Fund shares redeemed | — | — | 27,311,460 | — | ||||||||||||||
Foreign bank overdraft (cost $—, $915, $— and $55, respectively) | — | 914 | — | 56 | ||||||||||||||
Accrued expenses | 733,145 | — | — | — | ||||||||||||||
Total liabilities | 36,384,874 | 291,204 | 170,128,461 | 750,088 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 928,887,103 | 14,745,607 | 3,079,140,301 | 13,637,976 | ||||||||||||||
Total distributable loss | (28,279,726 | ) | (3,437,521 | ) | (20,256,745 | ) | (1,288,280 | ) | ||||||||||
NET ASSETS | $ | 900,607,377 | $ | 11,308,086 | $ | 3,058,883,556 | $ | 12,349,696 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 30,950,000 | 350,000 | 100,800,000 | 400,000 | ||||||||||||||
Net asset value per share: | $29.10 | $32.31 | $30.35 | $30.87 |
(a) | Includes loaned securities having a market value of $3,929,666, $62,901, $47,334,036 and $250,111 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities (continued)
February 28, 2023 (Unaudited)
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap | ActiveBeta® World Low Vol Plus Equity ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $8,967,350, $8,753,442,443, $453,347,856 and $632,508,926, respectively)(a) | $ | 8,292,547 | $ | 10,585,189,859 | $ | 467,580,120 | $ | 602,056,016 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | — | — | 2,262,941 | 2,044,942 | ||||||||||||||
Cash | 11,795 | 14,830,443 | 4,006,978 | 747,119 | ||||||||||||||
Foreign currency, at value (cost $—, $—, $— and $9,728, respectively) | — | — | — | 9,611 | ||||||||||||||
Receivables: | ||||||||||||||||||
Dividends | 9,628 | 15,966,668 | 473,595 | 971,668 | ||||||||||||||
Reimbursement from investment adviser | 2,716 | — | — | — | ||||||||||||||
Collateral on futures contracts | — | — | 255,600 | — | ||||||||||||||
Securities lending income | — | 4 | 1,805 | 3,402 | ||||||||||||||
Foreign tax reclaims | — | — | 612 | 263,184 | ||||||||||||||
Total assets | 8,316,686 | 10,615,986,974 | 474,581,651 | 606,095,942 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | — | — | 2,262,941 | 2,044,942 | ||||||||||||||
Management fees | — | 753,541 | 74,179 | 117,739 | ||||||||||||||
Total liabilities | — | 753,541 | 2,337,120 | 2,162,681 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 9,450,308 | 9,064,345,303 | 469,915,581 | 651,883,907 | ||||||||||||||
Total distributable earnings (loss) | (1,133,622 | ) | 1,550,888,130 | 2,328,950 | (47,950,645 | ) | ||||||||||||
NET ASSETS | $ | 8,316,686 | $ | 10,615,233,433 | $ | 472,244,531 | $ | 603,933,262 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 250,000 | 134,452,500 | 8,050,000 | 15,600,000 | ||||||||||||||
Net asset value per share: | $33.27 | $78.95 | $58.66 | $38.71 |
(a) | Includes loaned securities having a market value of $–, $–, $2,195,968 and $1,911,748 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. |
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Six Months Ended February 28, 2023 (Unaudited)
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 $1,215,756, $9,881, $2,276,845 and $15,895, respectively) | $ | 9,818,130 | $ | 95,146 | $ | 29,375,803 | $ | 142,215 | ||||||||||
Non cash dividend income | 1,886,450 | — | — | — | ||||||||||||||
Securities lending income — unaffiliated issuer | 58,510 | 1,110 | 350,300 | 1,312 | ||||||||||||||
Total investment income | 11,763,090 | 96,256 | 29,726,103 | 143,527 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 1,866,594 | 7,277 | 3,406,122 | 8,772 | ||||||||||||||
Custody, accounting and administrative services | 490,176 | — | — | — | ||||||||||||||
Printing and mailing costs | 95,002 | — | — | — | ||||||||||||||
Professional fees | 55,393 | — | — | — | ||||||||||||||
Trustee fees | 25,259 | 6,015 | 61,037 | 6,027 | ||||||||||||||
Other | 18,084 | — | — | — | ||||||||||||||
Total expenses | 2,550,508 | 13,292 | 3,467,159 | 14,799 | ||||||||||||||
Less — expense reductions | (450,589 | ) | — | — | — | |||||||||||||
Net expenses | 2,099,919 | 13,292 | 3,467,159 | 14,799 | ||||||||||||||
NET INVESTMENT INCOME | 9,663,171 | 82,964 | 26,258,944 | 128,728 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | (17,114,734 | ) | (96,177 | ) | (40,553,175 | ) | (103,728 | ) | ||||||||||
In-kind redemptions | 1,882,421 | (177,083 | ) | 12,512,749 | — | |||||||||||||
Futures contracts | (669,255 | ) | 4,046 | (347,059 | ) | 3,928 | ||||||||||||
Foreign currency transactions | (378,411 | ) | (2,112 | ) | (97,402 | ) | 5,004 | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,672,733, $—, $— and $—, respectively) | 1,150,629 | 1,713,391 | 293,069,404 | 395,358 | ||||||||||||||
Futures contracts | 8,434 | 2,586 | 668,352 | — | ||||||||||||||
Foreign currency translations | (68,008 | ) | 4,746 | 516,999 | (191 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (15,188,924 | ) | 1,449,397 | 265,769,868 | 300,371 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,525,753 | ) | $ | 1,532,361 | $ | 292,028,812 | $ | 429,099 |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2023 (Unaudited)
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 $—, $—, $41,596 and $228,500, respectively) | $ | 59,873 | $ | 85,616,439 | $ | 3,797,569 | $ | 5,748,367 | ||||||||||
Securities lending income — unaffiliated issuer | 3 | 41,485 | 31,699 | 4,173 | ||||||||||||||
Total investment income | 59,876 | 85,657,924 | 3,829,268 | 5,752,540 | ||||||||||||||
Expenses: | ||||||||||||||||||
Trustee fees | 5,933 | 225,914 | 15,078 | 17,081 | ||||||||||||||
Management fees | 1,823 | 4,599,147 | 439,362 | 696,591 | ||||||||||||||
Total expenses | 7,756 | 4,825,061 | 454,440 | 713,672 | ||||||||||||||
NET INVESTMENT INCOME | 52,120 | 80,832,863 | 3,374,828 | 5,038,868 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | (244,010 | ) | (202,250,285 | ) | (6,067,971 | ) | (12,640,681 | ) | ||||||||||
In-kind redemptions | — | 506,322,653 | 14,834,745 | — | ||||||||||||||
Futures contracts | — | (947,564 | ) | (467,305 | ) | — | ||||||||||||
Foreign currency transactions | — | — | — | 7,130 | ||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | 545,091 | (230,582,047 | ) | 12,172,220 | 23,889,390 | |||||||||||||
Futures contracts | — | — | (32,108 | ) | — | |||||||||||||
Foreign currency translations | — | — | — | 8,608 | ||||||||||||||
Net realized and unrealized gain | 301,081 | 72,542,757 | 20,439,581 | 11,264,447 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 353,201 | $ | 153,375,620 | $ | 23,814,409 | $ | 16,303,315 |
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 9,663,171 | $ | 40,487,439 | $ | 82,964 | $ | 552,625 | ||||||||||||||
Net realized gain (loss) | (16,279,979 | ) | (13,373,376 | ) | (271,326 | ) | 72,961 | |||||||||||||||
Net change in unrealized gain (loss) | 1,091,055 | (329,818,743 | ) | 1,720,723 | (5,677,140 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (5,525,753 | ) | (302,704,680 | ) | 1,532,361 | (5,051,554 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (8,396,567 | ) | (53,609,786 | ) | (40,227 | ) | (658,039 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | — | 46,098,249 | — | 1,790,294 | ||||||||||||||||||
Cost of shares redeemed | (110,678,002 | ) | (52,865,514 | ) | (2,547,510 | ) | (4,610,459 | ) | ||||||||||||||
Net decrease in net assets resulting from share transactions | (110,678,002 | ) | (6,767,265 | ) | (2,547,510 | ) | (2,820,165 | ) | ||||||||||||||
TOTAL DECREASE | (124,600,322 | ) | (363,081,731 | ) | (1,055,376 | ) | (8,529,758 | ) | ||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 1,025,207,699 | $ | 1,388,289,430 | $ | 12,363,462 | $ | 20,893,220 | ||||||||||||||
End of period | $ | 900,607,377 | $ | 1,025,207,699 | $ | 11,308,086 | $ | 12,363,462 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 26,258,944 | $ | 89,902,288 | $ | 128,728 | $ | 279,094 | ||||||||||||||
Net realized loss | (28,484,887 | ) | (83,840,464 | ) | (94,796 | ) | (665,882 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 294,254,755 | (686,189,583 | ) | 395,167 | (2,432,140 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 292,028,812 | (680,127,759 | ) | 429,099 | (2,818,928 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (25,290,698 | ) | (93,382,329 | ) | (138,176 | ) | (285,200 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 116,375,843 | 495,342,351 | — | — | ||||||||||||||||||
Cost of shares redeemed | (44,267,174 | ) | (95,030,975 | ) | — | — | ||||||||||||||||
Net increase in net assets resulting from share transactions | 72,108,669 | 400,311,376 | — | — | ||||||||||||||||||
TOTAL INCREASE (DECREASE) | 338,846,783 | (373,198,712 | ) | 290,923 | (3,104,128 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 2,720,036,773 | $ | 3,093,235,485 | $ | 12,058,773 | $ | 15,162,901 | ||||||||||||||
End of period | $ | 3,058,883,556 | $ | 2,720,036,773 | $ | 12,349,696 | $ | 12,058,773 |
90 | The accompanying notes are an integral part of these financial statements. |
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 Six Months Ended February 28, 2023 (Unaudited) | For the Period December 13, 2021* to August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 52,120 | $ | 63,472 | $ | 80,832,863 | $ | 177,914,041 | ||||||||||||||
Net realized gain (loss) | (244,010 | ) | (230,839 | ) | 303,124,804 | 647,304,822 | ||||||||||||||||
Net change in unrealized gain (loss) | 545,091 | (1,219,894 | ) | (230,582,047 | ) | (2,624,189,006 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 353,201 | (1,387,261 | ) | 153,375,620 | (1,798,970,143 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (51,886 | ) | (47,676 | ) | (89,009,000 | ) | (174,777,118 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 1,515,654 | 7,934,654 | 260,988,473 | 1,516,359,247 | ||||||||||||||||||
Cost of shares redeemed | — | — | (1,326,615,607 | ) | (1,695,965,517 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,515,654 | 7,934,654 | (1,065,627,134 | ) | (179,606,270 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | 1,816,969 | 6,499,717 | (1,001,260,514 | ) | (2,153,353,531 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 6,499,717 | $ | — | $ | 11,616,493,947 | $ | 13,769,847,478 | ||||||||||||||
End of period | $ | 8,316,686 | $ | 6,499,717 | $ | 10,615,233,433 | $ | 11,616,493,947 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® U.S. Small Cap Equity ETF | ActiveBeta® World Low Vol Plus Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Period March 15, 2022* to August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 3,374,828 | $ | 5,489,225 | $ | 5,038,868 | $ | 6,264,424 | ||||||||||||||
Net realized gain (loss) | 8,299,469 | 3,891,164 | (12,633,551 | ) | (6,378,645 | ) | ||||||||||||||||
Net change in unrealized gain (loss) | 12,140,112 | (71,373,057 | ) | 23,897,998 | (54,360,729 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 23,814,409 | (61,992,668 | ) | 16,303,315 | (54,474,950 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (3,206,988 | ) | (5,603,655 | ) | (5,381,682 | ) | (4,397,328 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 14,733,631 | 176,204,999 | 34,899,844 | 616,984,063 | ||||||||||||||||||
Cost of shares redeemed | (46,366,312 | ) | (37,882,026 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (31,632,681 | ) | 138,322,973 | 34,899,844 | 616,984,063 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (11,025,260 | ) | 70,726,650 | 45,821,477 | 558,111,785 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 483,269,791 | $ | 412,543,141 | $ | 558,111,785 | $ | — | ||||||||||||||
End of period | $ | 472,244,531 | $ | 483,269,791 | $ | 603,933,262 | $ | 558,111,785 |
* | Commencement of operations. |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 93 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 95 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout the Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.12% of average net assets. |
(c) | Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets. |
(d) | Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets. |
(e) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 99 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
February 28, 2023 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® 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
101
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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, with the exception of ActiveBeta® Europe Equity ETF and ActiveBeta® Japan Equity ETF, which are paid semiannually. 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;
102
GOLDMAN SACHS ACTIVEBETA® ETFS
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,
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 February 28, 2023:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 38,264,875 | $ | — | $ | — | ||||||
Asia | 739,304,925 | 22,753,868 | 198,714 | |||||||||
Europe | 18,940,981 | — | — | |||||||||
North America | 31,368,093 | — | — | |||||||||
South America | 40,920,391 | �� | 10,853,557 | — | ||||||||
Securities Lending Reinvestment Vehicle | 4,335,015 | — | — | |||||||||
Total | $ | 873,134,280 | $ | 33,607,425 | $ | 198,714 |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® EUROPE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 26,086 | $ | — | $ | — | ||||||
Asia | 85,615 | — | — | |||||||||
Europe | 9,887,983 | 83,436 | — | |||||||||
North America | 965,478 | — | — | |||||||||
Oceania | 170,534 | — | — | |||||||||
South America | 14,323 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 74,219 | — | — | |||||||||
Total | $ | 11,224,238 | $ | 83,436 | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 1,589 | $ | — | $ | — | ||||||
ACTIVEBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 6,537,108 | $ | — | $ | — | ||||||
Asia | 708,979,851 | 710,446 | — | |||||||||
Europe | 1,588,551,356 | 13,653,779 | — | |||||||||
North America | 503,947,514 | 2,168,867 | — | |||||||||
Oceania | 223,648,724 | — | — | |||||||||
South America | 3,454,327 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 49,602,357 | — | — | |||||||||
Total | $ | 3,084,721,237 | $ | 16,533,092 | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (31,024 | ) | $ | — | $ | — | |||||
ACTIVEBETA® JAPAN EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 12,326,368 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 262,939 | — | — | |||||||||
Total | $ | 12,589,307 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
105
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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) | ||||||||||||
Europe | $ | 20,205 | $ | — | $ | — | ||||||
North America | 8,272,342 | — | — | |||||||||
Total | $ | 8,292,547 | $ | — | $ | — | ||||||
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 18,841,940 | $ | — | $ | — | ||||||
North America | 10,566,347,919 | — | — | |||||||||
Total | $ | 10,585,189,859 | $ | — | $ | — | ||||||
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 | $ | 653,386 | $ | — | $ | — | ||||||
Asia | 2,078,951 | — | — | |||||||||
Europe | 2,611,338 | — | — | |||||||||
North America | 461,897,000 | — | 3,666 | |||||||||
South America | 335,779 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 2,262,941 | — | — | |||||||||
Total | $ | 469,839,395 | $ | — | $ | 3,666 | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (20,015 | ) | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 | $ | 55,072,071 | $ | 133,758 | $ | — | ||||||
Europe | 87,628,284 | — | — | |||||||||
North America | 444,810,473 | — | — | |||||||||
Oceania | 14,411,430 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 2,044,942 | — | — | |||||||||
Total | $ | 603,967,200 | $ | 133,758 | $ | — |
(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 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 February 28, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Risk | Fund | Statement of Assets and Liabilities | Assets (Liabilities)(a) | |||||||||||||||||
Equity | Goldman Sachs ActiveBeta® Europe Equity ETF | Variation Margin on Futures Contracts | $ | 1,589 | ||||||||||||||||
Equity | Goldman Sachs ActiveBeta® International Equity ETF | Variation Margin on Futures Contracts | (31,024 | ) | ||||||||||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | Variation Margin on Futures Contracts | (20,015 | ) |
(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 February 28, 2023 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 six months ended February 28, 2023. 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
107
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 | $ | (669,255 | ) | $ | 8,434 | ||||
Equity | Goldman Sachs ActiveBeta® Europe Equity ETF | 4,046 | 2,586 | |||||||
Equity | Goldman Sachs ActiveBeta® International Equity ETF | (347,059 | ) | 668,352 | ||||||
Equity | Goldman Sachs ActiveBeta® Japan Equity ETF | 3,928 | — | |||||||
Equity | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | (947,564 | ) | — | ||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | (467,305 | ) | (32,108 | ) |
For the six months ended February 28, 2023, the relevant values for each derivative type was as follows:
Fund | Average Number of Contracts(a) | |||||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | 12 | |||||
Goldman Sachs ActiveBeta® Europe Equity ETF | 2 | |||||
Goldman Sachs ActiveBeta® International Equity ETF | 58 | |||||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | 31 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2023. |
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.
108
GOLDMAN SACHS ACTIVEBETA® ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended February 28, 2023, 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 six months ended February 28, 2023, 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 six months ended February 28, 2023, these expense reimbursements amounted to $450,589.
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
109
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 1,200,000 | $ | 45,853,209 | ||||||||||
Shares Redeemed | (3,900,000 | ) | (111,197,329 | ) | (1,650,000 | ) | (52,865,514 | ) | ||||||||
NET DECREASE IN SHARES | (3,900,000 | ) | $ | (111,197,329 | ) | (450,000 | ) | $ | (7,012,305 | ) | ||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 50,000 | $ | 1,790,247 | ||||||||||
Shares Redeemed | (100,000 | ) | (2,546,984 | ) | (150,000 | ) | (4,610,459 | ) | ||||||||
NET DECREASE IN SHARES | (100,000 | ) | $ | (2,546,984 | ) | (100,000 | ) | $ | (2,820,212 | ) | ||||||
ActiveBeta® International Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 3,900,000 | $ | 116,367,915 | 15,100,000 | $ | 495,288,336 | ||||||||||
Shares Redeemed | (1,500,000 | ) | (44,265,384 | ) | (3,200,000 | ) | (95,030,974 | ) | ||||||||
NET INCREASE IN SHARES | 2,400,000 | $ | 72,102,531 | 11,900,000 | $ | 400,257,362 | ||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET DECREASE IN SHARES | — | $ | — | — | $ | — |
110
GOLDMAN SACHS ACTIVEBETA® ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 50,000 | $ | 1,515,654 | 200,001 | $ | 7,934,694 | ||||||||||
Shares Redeemed | — | — | (1 | ) | (40 | ) | ||||||||||
NET DECREASE IN SHARES | 50,000 | $ | 1,515,654 | 200,000 | $ | 7,934,654 | ||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 3,350,000 | $ | 260,988,473 | 17,200,000 | $ | 1,516,359,247 | ||||||||||
Shares Redeemed | (17,150,000 | ) | (1,326,615,607 | ) | (20,350,000 | ) | (1,695,965,517 | ) | ||||||||
NET INCREASE IN SHARES | (13,800,000 | ) | $ | (1,065,627,134 | ) | (3,150,000 | ) | $ | (179,606,270 | ) | ||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 250,000 | $ | 14,733,631 | 2,950,000 | $ | 176,204,999 | ||||||||||
Shares Redeemed | (850,000 | ) | (46,366,312 | ) | (650,000 | ) | (37,882,026 | ) | ||||||||
NET INCREASE IN SHARES | (600,000 | ) | $ | (31,632,681 | ) | 2,300,000 | $ | 138,322,973 | ||||||||
ActiveBeta® World Low Vol Plus Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 900,000 | $ | 34,901,635 | 14,700,000 | $ | 616,984,063 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 900,000 | $ | 34,901,635 | 14,700,000 | $ | 616,984,063 |
111
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 73,200,828 | $ | 153,180,340 | ||||||
ActiveBeta® Europe Equity ETF | 737,388 | 708,061 | ||||||||
ActiveBeta® International Equity ETF | 242,203,579 | 200,427,251 | ||||||||
ActiveBeta® Japan Equity ETF | 1,000,689 | 1,013,072 | ||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | 936,105 | 939,264 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 626,050,293 | 612,655,668 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 29,837,444 | 22,256,461 | ||||||||
ActiveBeta® World Low Vol Plus Equity ETF | 84,919,759 | 85,294,748 |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | — | $ | 21,843,298 | ||||||
ActiveBeta® Europe Equity ETF | — | 2,510,871 | ||||||||
ActiveBeta® International Equity ETF | 81,103,511 | 44,059,815 | ||||||||
ActiveBeta® Japan Equity ETF | — | — | ||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | 1,521,899 | — | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 237,766,874 | 1,324,279,381 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 14,587,339 | 45,976,953 | ||||||||
ActiveBeta® World Low Vol Plus Equity ETF | 34,441,884 | — |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
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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 February 28, 2023, 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 six months ended February 28, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2023 | ||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 10,851,775 | $ | 35,049,086 | $ | (41,565,846 | ) | $ | 4,335,015 | |||||||||
ActiveBeta® Europe Equity ETF | 61,124 | 1,019,119 | (1,006,024 | ) | 74,219 | |||||||||||||
ActiveBeta® International Equity ETF | 59,641,107 | 293,370,234 | (303,408,984 | ) | 49,602,357 | |||||||||||||
ActiveBeta® Japan Equity ETF | 862,006 | 2,042,757 | (2,641,824 | ) | 262,939 | |||||||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | — | 8,239 | (8,239 | ) | — | |||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 20,073,500 | 43,520,114 | (63,593,614 | ) | — | |||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 2,801,299 | 14,435,015 | (14,973,373 | ) | 2,262,941 | |||||||||||||
ActiveBeta® World Low Vol Plus Equity ETF | — | 7,190,490 | (5,145,548 | ) | 2,044,942 |
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year ended August 31, 2022, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® 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 | |||||||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||||||||||
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/Qualified Late Year Loss Deferral) | (15,871,468 | ) | (620,899 | ) | (115,057,817 | ) | (671,682 | ) | (230,446 | ) | (101,511,677 | ) | — | (5,625,554 | ) |
As of February 28, 2023, 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 | $ | 889,848,766 | $ | 10,929,922 | $ | 2,885,918,044 | $ | 12,300,559 | $ | 8,967,743 | $ | 8,835,099,042 | $ | 459,966,119 | $ | 635,306,959 | ||||||||||||||||
Gross unrealized gain | 198,999,712 | 1,561,406 | 398,563,127 | 1,502,872 | 343,255 | 2,243,999,636 | 66,010,856 | 19,987,822 | ||||||||||||||||||||||||
Gross unrealized loss | (181,908,059 | ) | (1,183,654 | ) | (183,226,842 | ) | (1,214,124 | ) | (1,018,451 | ) | (493,908,819 | ) | (58,396,855 | ) | (51,193,823 | ) | ||||||||||||||||
Net unrealized gains (losses) | $ | 17,091,653 | $ | 377,752 | $ | 215,336,285 | $ | 288,748 | $ | (675,196 | ) | $ | 1,750,090,817 | $ | 7,614,001 | $ | (31,206,001 | ) |
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.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves
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10. OTHER RISKS (continued) |
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 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.
Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
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.
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022), including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and a composite of accounts with comparable investment strategies managed by the Investment Adviser, and information on general investment outlooks in the markets in which the Fund invests; |
(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022) provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 Funds and their service providers 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, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022). In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective proprietary index, a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
managed by the Investment Adviser, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.
The Trustees noted that Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF had launched on December 13, 2021 and did not yet have a meaningful performance history.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF). The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2021 and 2020 (2021 only for Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF); (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other
120
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral (except for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF) in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (e) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2023.
121
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and a composite of accounts with comparable investment strategies managed by the Investment Adviser, and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertaking of the Investment Adviser and its affiliates to implement an expense limitation; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
122
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 their service providers operate, including changes 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 also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. 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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
Costs of Services Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations).
In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) 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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
124
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (d) 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; (e) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2023.
125
GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Month Period Ended 2/28/2023 (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 September 1, 2022 through February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | |||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 998.95 | $ | 2.23 | $ | 1,000 | $ | 1,180.65 | $ | 1.35 | $ | 1,000 | $ | 1,108.54 | $ | 1.31 | $ | 1,000 | $ | 1,035.54 | $ | 1.26 | ||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.56 | + | 2.26 | 1,000 | 1,023.55 | + | 1.26 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,023.56 | + | 1.25 |
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | |||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,031.24 | $ | 1.01 | $ | 1,000 | $ | 1,016.17 | $ | 0.45 | $ | 1,000 | $ | 1,057.74 | $ | 1.02 | $ | 1,000 | $ | 1,029.35 | $ | 1.26 | ||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,023.80 | + | 1.00 | 1,000 | 1,024.35 | + | 0.45 | 1,000 | 1,023.80 | + | 1.00 | 1,000 | 1,023.55 | + | 1.25 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
** | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2023. 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 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 | % |
126
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 $2.30 trillion in assets under supervision as of December 31, 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 Defensive 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 Community Municipal 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.
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 Lawrence W. Stranghoener James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The 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, 2023 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.
Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
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.
© 2023 Goldman Sachs. All rights reserved. 314574- OTU- 04/2023 ACTBETASAR-23
Goldman Sachs Funds
Semi-Annual Report | February 28, 2023 | |||
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) | ||||
Defensive Equity ETF (GDEF) |
Goldman Sachs Equity
∎ | BLOOMBERG CLEAN ENERGY EQUITY ETF |
∎ | EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF |
∎ | HEDGE INDUSTRY VIP ETF |
∎ | INNOVATE EQUITY ETF |
∎ | JUST U.S. LARGE CAP EQUITY ETF |
∎ | DEFENSIVE EQUITY ETF |
1 | ||||
4 | ||||
16 | ||||
41 | ||||
50 | ||||
50 | ||||
51 | ||||
52 | ||||
53 | ||||
54 | ||||
55 | ||||
56 | ||||
76 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Equity ETFs
The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period” with the exception of the Defensive Equity Fund for which is being reported for the two months ended February 28, 2023). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.
• | Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500® Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000® Index generated a return of 1.51%. |
• | The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy. |
• | As the Reporting Period began in September 2022, the S&P 500® Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off. |
• | During the fourth quarter of 2022, the S&P 500® Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November. |
• | Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
• | There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) |
• | Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. |
• | Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. |
• | Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. |
• | On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there. |
• | The S&P 500® Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
• | However, the S&P 500® Index then fell again in February 2023, giving back a portion of the prior month’s gains. |
1
MARKET REVIEW
• | U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.) |
• | Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish. |
• | During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment. |
• | The best performing sectors within the S&P 500® Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services. |
Fund Changes and Highlights
Goldman Sachs Defensive Equity ETF
• | The Fund, which seeks long-term growth of capital with lower volatility than equity markets, launched on January 23, 2023. Before the Fund commenced operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs Defensive Equity Fund (the “predecessor fund”), were transferred to the Fund in a tax-free reorganization on January 20, 2023. |
• | The Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index. |
• | The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500® Index at the time of investment and other instruments with similar economic exposures. |
• | In addition, the Fund uses an options-based overlay strategy in an effort to provide lower volatility and enhanced downside protection. |
• | Specifically, the Fund employs a “put spread collar” overlay strategy whereby the Fund simultaneously purchases a near-the-money put while selling (writing) an out-of-the-money call and put on the S&P 500® Index or other national or regional stock market indices (or ETFs that seek to track such indices). |
• | The difference between strike prices in the put option spread is designed to provide the Fund with downside protection to the extent of the difference between the strike prices of the near-the-money put option bought and the out-of-the-money put option sold. |
• | A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. |
• | A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date. |
• | “Near-the-money” is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. “Out-of-the-money” is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset. |
2
MARKET REVIEW
• | As the seller of S&P 500® Index call and put options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the call option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the index. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of call and put options. |
• | During the period from January 1, 2023 through February 28, 2023 (the “Reporting Period”), the Fund underperformed its benchmark, the S&P 500® Total Return Index. |
• | The Fund’s relative underperformance was driven by its equity strategy, which aims to pick defensive stocks, and its options-based overlay strategy. |
• | Within the Fund’s equity strategy, stock selection detracted overall from relative performance. |
• | In terms of market capitalization, selection among small-cap equities hampered the Fund’s returns. |
• | On a sector level, stock selection within consumer discretionary detracted most from the Fund’s relative performance. These results were offset somewhat by stock selection in the information technology sector and an underweight versus the benchmark in the energy sector, both of which contributed positively. |
• | As for the options-based overlay strategy, the Fund was hurt by its short call positions within the put spread collar, which limited the Fund’s upside participation as the S&P 500® Index appreciated during the Reporting Period. |
3
Bloomberg Clean Energy Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 37.22 | ||||
Net Asset Value (NAV)1 | $ | 37.16 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Bloomberg GS Global Clean Energy Index3 | |||||||||||
Shares | -5.38 | % | -5.12 | % | -5.10 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | “Bloomberg®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) are 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 (“Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
4
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 4.9 | % | Industrials | |||||
NextEra Energy, Inc. | 4.3 | Utilities | ||||||
Vestas Wind Systems A/S | 3.4 | Industrials | ||||||
Enphase Energy, Inc. | 3.4 | Information Technology | ||||||
Edison International | 3.1 | Utilities | ||||||
Samsung SDI Co. Ltd. | 3.0 | Information Technology | ||||||
Schneider Electric SE | 2.8 | Industrials | ||||||
Enel SpA | 2.7 | Utilities | ||||||
Iberdrola SA | 2.7 | Utilities | ||||||
National Grid PLC | 2.6 | Utilities |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 | ||||||
As of February 28, 2023 |
5 | 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). Investments in the securities lending vehicle represented 0.8% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
6 | 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. |
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
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
As of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 60.47 | ||||
Net Asset Value (NAV)1 | $ | 60.46 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive US Large Cap Equal Weight Index3 | S&P 500® Index (Total Return, USD)4 | ||||||||||||||
Shares | 3.57 | % | 3.57 | % | 3.64 | % | 1.26 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. 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. |
4 | The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
6
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Seagen, Inc. | 0.3 | % | Health Care | |||||
Catalent, Inc. | 0.3 | Health Care | ||||||
Palo Alto Networks, Inc. | 0.3 | Information Technology | ||||||
Tesla, Inc. | 0.3 | Consumer Discretionary | ||||||
West Pharmaceutical Services, Inc. | 0.3 | Health Care | ||||||
Meta Platforms, Inc., Class A | 0.2 | Communication Services | ||||||
NVIDIA Corp. | 0.2 | Information Technology | ||||||
Fortinet, Inc. | 0.2 | Information Technology | ||||||
ANSYS, Inc. | 0.2 | Information Technology | ||||||
Cloudflare, Inc., Class A | 0.2 | Information Technology |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATION6 | ||||||||
February 28, 2023 |
6 | 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). Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
Hedge Industry VIP ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 75.67 | ||||
Net Asset Value (NAV)1 | $ | 75.57 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Goldman Sachs Hedge Fund VIP IndexTM3 | S&P 500® Index4 | ||||||||||||||
Shares | 0.28 | % | 0.28 | % | 0.47 | % | 1.26 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index. |
4 | The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
8
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Palo Alto Networks, Inc. | 2.3 | % | Information Technology | |||||
MercadoLibre, Inc. | 2.3 | Consumer Discretionary | ||||||
API Group Corp. | 2.3 | Industrials | ||||||
EQT Corp. | 2.2 | Energy | ||||||
Vertiv Holdings Co. | 2.2 | Industrials | ||||||
Progressive Corp. (The) | 2.2 | Financials | ||||||
Booking Holdings, Inc. | 2.1 | Consumer Discretionary | ||||||
NVIDIA Corp. | 2.1 | Information Technology | ||||||
First Horizon Corp. | 2.1 | Financials | ||||||
Horizon Therapeutics PLC | 2.1 | Health Care |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
As of February 28, 2023 |
6 | 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. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM. |
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
FUND BASICS
Innovate Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 44.48 | ||||
Net Asset Value (NAV)1 | $ | 44.54 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive Innovate Global Equity Index3 | |||||||||||
Shares | 2.18 | % | 2.17 | % | 2.07 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Solactive Innovative Global Equity Index itself is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the ‘Data-Driven World’, ‘Finance Reimagined’, ‘Human Evolution’, ‘Manufacturing Revolution’, and ‘New Age Consumer’ themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
10
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
NVIDIA Corp. | 2.4 | % | Information Technology | |||||
Microsoft Corp. | 2.1 | Information Technology | ||||||
Apple, Inc. | 2.0 | Information Technology | ||||||
Amazon.com, Inc. | 1.9 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 1.8 | Communication Services | ||||||
Meta Platforms, Inc., Class A | 1.8 | Communication Services | ||||||
Alibaba Group Holding Ltd. ADR | 1.1 | Consumer Discretionary | ||||||
Tesla, Inc. | 1.1 | Consumer Discretionary | ||||||
Johnson & Johnson | 0.8 | Health Care | ||||||
MercadoLibre, Inc. | 0.8 | Consumer Discretionary |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 | ||||||
As of February 28, 2023 |
5 | 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). Investments in the securities lending vehicle represented 2.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
11
FUND BASICS
JUST U.S. Large Cap Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 56.94 | ||||
Net Asset Value (NAV)1 | $ | 56.99 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | JUST US Large Cap Diversified Index3 | Russell 1000® Index4 | ||||||||||||||
Shares | 1.28 | % | 0.98 | % | 1.35 | % | 1.37 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | “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. |
4 | The Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
12
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/235 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.9 | % | Information Technology | |||||
Microsoft Corp. | 5.8 | Information Technology | ||||||
Amazon.com, Inc. | 3.2 | Consumer Discretionary | ||||||
NVIDIA Corp. | 1.7 | Information Technology | ||||||
Alphabet, Inc., Class A | 1.7 | Communication Services | ||||||
JPMorgan Chase & Co. | 1.6 | Financials | ||||||
Exxon Mobil Corp. | 1.6 | Energy | ||||||
Alphabet, Inc., Class C | 1.5 | Communication Services | ||||||
UnitedHealth Group, Inc. | 1.3 | Health Care | ||||||
Visa, Inc., Class A | 1.3 | Information Technology |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION6 |
As of February 28, 2023 |
6 | 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). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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
FUND BASICS
Defensive Equity ETF
As of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 42.05 | ||||
Net Asset Value (NAV)1 | $ | 42.04 |
1 | 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. |
PERFORMANCE REVIEW* |
| |||||||||||||
Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | S&P 500® Index (Total Return, USD)3 | ||||||||||||
January 1, 2023–February 28, 2023 | 0.27 | % | N/A | 3.69 | % | |||||||||
January 23, 2023–February 28, 2023 | -0.65 | % | 5.13 | % | 0.14 | % |
* | On January 23, 2023, the Goldman Sachs Defensive Equity ETF acquired the assets and liabilities, and assumed the NAV, performance, financial and other historical information, of the Goldman Sachs Defensive Equity Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since September 30, 2020. The Fund’s performance prior to January 23, 2023 is linked to the Predecessor Fund’s Institutional Class Shares. There were no changes to the investment strategy or objective of the Fund. The Fund was listed on the NYSE Arca on January 23, 2023. Market Price performance is from January 23, 2023 through February 28, 2023. |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
14
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 5.9 | % | Information Technology | |||||
Alphabet, Inc., Class A | 2.6 | Communication Services | ||||||
UnitedHealth Group, Inc. | 1.3 | Health Care | ||||||
Exxon Mobil Corp. | 1.2 | Energy | ||||||
Johnson & Johnson | 1.2 | Health Care | ||||||
Visa, Inc., Class A | 1.1 | Information Technology | ||||||
JPMorgan Chase & Co. | 1.1 | Financials | ||||||
Procter & Gamble Co. (The) | 1.1 | Consumer Staples | ||||||
Berkshire Hathaway, Inc., Class B | 1.1 | Financials | ||||||
Meta Platforms, Inc., Class A | 1.0 | Communication Services |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND SECTOR ALLOCATION5 | ||||||||
February 28, 2023 |
5 | 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). Figures above may not sum to 100% due to rounding. |
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.
15
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.9% | ||||||||
Belgium – 1.1% | ||||||||
171 | Elia Group SA/NV (Utilities) | $ | 22,632 | |||||
2,301 | Umicore SA (Materials) | 77,037 | ||||||
|
| |||||||
99,669 | ||||||||
|
| |||||||
Brazil – 0.3% | ||||||||
4,231 | Centrais Eletricas Brasileiras SA (Utilities) | 27,814 | ||||||
774 | Cosan SA (Energy) | 2,221 | ||||||
264 | Energisa SA (Utilities) | 1,956 | ||||||
|
| |||||||
31,991 | ||||||||
|
| |||||||
Canada – 3.9% | ||||||||
4,035 | Algonquin Power & Utilities Corp. (Utilities) | 30,882 | ||||||
600 | Atco Ltd., Class I (Utilities) | 18,646 | ||||||
2,716 | Ballard Power Systems, Inc. (Industrials)* | 15,560 | ||||||
1,166 | Boralex, Inc., Class A (Utilities) | 31,132 | ||||||
75 | Capital Power Corp. (Utilities) | 2,340 | ||||||
2,835 | Fortis, Inc. (Utilities) | 112,446 | ||||||
1,852 | Hydro One Ltd. (Utilities)(a) | 48,169 | ||||||
1,761 | Innergex Renewable Energy, Inc. (Utilities) | 18,807 | ||||||
2,682 | Northland Power, Inc. (Utilities) | 65,304 | ||||||
114 | SNC-Lavalin Group, Inc. (Industrials) | 2,365 | ||||||
1,219 | TransAlta Renewables, Inc. (Utilities) | 10,252 | ||||||
80 | WSP Global, Inc. (Industrials) | 10,072 | ||||||
|
| |||||||
365,975 | ||||||||
|
| |||||||
China – 20.5% | ||||||||
1,600 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 13,752 | ||||||
7,700 | Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology) | 7,698 | ||||||
3,000 | BYD Co. Ltd., Class A (Consumer Discretionary) | 112,548 | ||||||
12,500 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 12,767 | ||||||
18,100 | CECEP Wind-Power Corp., Class A (Utilities) | 10,311 | ||||||
8,200 | China Baoan Group Co. Ltd., Class A (Industrials) | 15,098 | ||||||
25,332 | China Datang Corp Renewable Power Co. Ltd., Class H (Utilities) | 8,810 | ||||||
38,076 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 46,713 | ||||||
60,200 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 52,478 | ||||||
10,467 | China Suntien Green Energy Corp. Ltd., Class H (Energy)(b) | 4,587 | ||||||
91,500 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 73,577 | ||||||
7,800 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 453,187 | ||||||
426 | Daqo New Energy Corp. ADR (Information Technology)* | 18,821 | ||||||
6,100 | Eve Energy Co. Ltd., Class A (Industrials) | 63,793 | ||||||
200 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 2,083 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
18,700 | GCL System Integration Technology Co. Ltd., Class A (Information Technology)* | 8,527 | ||||||
16,500 | GEM Co. Ltd., Class A (Materials) | 18,727 | ||||||
1,150 | Ginlong Technologies Co. Ltd., Class A (Industrials)* | 26,267 | ||||||
312 | GoodWe Technologies Co. Ltd., Class A (Industrials) | 17,436 | ||||||
5,700 | Gotion High-tech Co. Ltd., Class A (Industrials) | 24,246 | ||||||
6,100 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 39,478 | ||||||
4,180 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 41,303 | ||||||
2,700 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 8,451 | ||||||
7,560 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 66,468 | ||||||
14,300 | Jiangsu Akcome Science & Technology Co. Ltd., Class A (Information Technology)* | 5,842 | ||||||
4,600 | Jilin Electric Power Co. Ltd., Class A (Utilities)* | 3,858 | ||||||
288 | JinkoSolar Holding Co. Ltd. ADR (Information Technology)* | 15,264 | ||||||
24,160 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 153,752 | ||||||
820 | Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials) | 6,591 | ||||||
7,200 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 26,297 | ||||||
1,500 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 15,564 | ||||||
169 | NXP Semiconductors NV (Information Technology) | 30,163 | ||||||
2,800 | Risen Energy Co. Ltd., Class A (Information Technology)* | 12,647 | ||||||
1,200 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 8,018 | ||||||
500 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 16,287 | ||||||
600 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 11,143 | ||||||
4,096 | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | 12,521 | ||||||
4,700 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 80,861 | ||||||
580 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 30,631 | ||||||
6,500 | TBEA Co. Ltd., Class A (Industrials) | 20,159 | ||||||
10,300 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 64,674 | ||||||
5,700 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 12,553 | ||||||
14,300 | Tongwei Co. Ltd., Class A (Information Technology) | 86,190 | ||||||
580 | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | 11,943 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,220 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | $ | 19,492 | |||||
2,300 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 7,563 | ||||||
11,000 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 17,975 | ||||||
1,991 | Xinte Energy Co. Ltd., Class H (Industrials) | 4,388 | ||||||
25,062 | Xinyi Solar Holdings Ltd. (Information Technology) | 26,756 | ||||||
3,600 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 15,536 | ||||||
4,100 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 40,459 | ||||||
|
| |||||||
1,904,253 | ||||||||
|
| |||||||
Czech Republic – 0.5% | ||||||||
959 | CEZ AS (Utilities) | 44,845 | ||||||
|
| |||||||
Denmark – 5.4% | ||||||||
2,036 | Orsted AS (Utilities)(a) | 178,476 | ||||||
11,171 | Vestas Wind Systems A/S (Industrials) | 319,308 | ||||||
|
| |||||||
497,784 | ||||||||
|
| |||||||
Finland – 1.5% | ||||||||
274 | Fortum OYJ (Utilities) | 4,202 | ||||||
2,821 | Neste OYJ (Energy) | 136,689 | ||||||
|
| |||||||
140,891 | ||||||||
|
| |||||||
France – 1.9% | ||||||||
7,387 | Electricite de France SA (Utilities) | 92,401 | ||||||
1,122 | Engie SA (Utilities) | 16,463 | ||||||
641 | Neoen SA (Utilities)(a) | 23,221 | ||||||
369 | Vinci SA (Industrials) | 42,201 | ||||||
|
| |||||||
174,286 | ||||||||
|
| |||||||
Germany – 3.8% | ||||||||
595 | BASF SE (Materials) | 30,588 | ||||||
1,244 | Encavis AG (Utilities) | 24,466 | ||||||
12,704 | E.ON SE (Utilities) | 139,374 | ||||||
794 | Infineon Technologies AG (Information Technology) | 28,221 | ||||||
1,764 | Nordex SE (Industrials)* | 26,620 | ||||||
405 | RWE AG (Utilities) | 17,283 | ||||||
2,596 | Siemens Energy AG (Industrials)* | 52,226 | ||||||
119 | SMA Solar Technology AG (Information Technology)* | 9,326 | ||||||
224 | VERBIO Vereinigte BioEnergie AG (Energy) | 11,298 | ||||||
86 | Wacker Chemie AG (Materials) | 13,534 | ||||||
|
| |||||||
352,936 | ||||||||
|
| |||||||
India – 0.4% | ||||||||
5,297 | Adani Green Energy Ltd. (Utilities)* | 31,096 | ||||||
75,125 | Suzlon Energy Ltd. (Industrials)* | 7,452 | ||||||
933 | Tata Power Co. Ltd. (The) (Utilities) | 2,286 | ||||||
|
| |||||||
40,834 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Israel – 0.2% | ||||||||
1,145 | Enlight Renewable Energy Ltd. (Utilities)* | 18,728 | ||||||
|
| |||||||
Italy – 3.8% | ||||||||
45,060 | Enel SpA (Utilities) | 254,079 | ||||||
1,574 | Eni SpA (Energy) | 22,311 | ||||||
508 | ERG SpA (Utilities) | 14,686 | ||||||
8,385 | Terna – Rete Elettrica Nazionale (Utilities) | 63,384 | ||||||
|
| |||||||
354,460 | ||||||||
|
| |||||||
Japan – 2.1% | ||||||||
278 | Denso Corp. (Consumer Discretionary) | 14,774 | ||||||
595 | Hitachi Ltd. (Industrials) | 30,096 | ||||||
214 | Kyocera Corp. (Information Technology) | 10,539 | ||||||
1,079 | Marubeni Corp. (Industrials) | 13,783 | ||||||
319 | Nidec Corp. (Industrials) | 16,150 | ||||||
1,471 | Panasonic Holdings Corp. (Consumer Discretionary) | 12,818 | ||||||
741 | Renesas Electronics Corp. (Information Technology)* | 9,596 | ||||||
419 | RENOVA, Inc. (Utilities)* | 6,460 | ||||||
55 | Rohm Co. Ltd. (Information Technology) | 4,231 | ||||||
3,877 | SUMCO Corp. (Information Technology) | 53,481 | ||||||
271 | Toshiba Corp. (Industrials) | 8,390 | ||||||
261 | West Holdings Corp. (Utilities) | 6,428 | ||||||
576 | W-Scope Corp. (Materials)* | 5,413 | ||||||
|
| |||||||
192,159 | ||||||||
|
| |||||||
New Zealand – 0.0% | ||||||||
458 | Infratil Ltd. (Utilities) | 2,497 | ||||||
|
| |||||||
Norway – 0.2% | ||||||||
10,951 | NEL ASA (Industrials)* | 16,660 | ||||||
|
| |||||||
Portugal – 0.1% | ||||||||
1,795 | EDP – Energias de Portugal SA (Utilities) | 9,092 | ||||||
|
| |||||||
Singapore – 0.2% | ||||||||
424 | STMicroelectronics NV (Information Technology) | 20,426 | ||||||
|
| |||||||
South Korea – 5.9% | ||||||||
224 | CS Wind Corp. (Industrials) | 11,325 | ||||||
219 | Ecopro Co. Ltd. (Materials) | 47,251 | ||||||
571 | Hanwha Solutions Corp. (Materials)* | 17,951 | ||||||
263 | L&F Co. Ltd. (Information Technology) | 52,073 | ||||||
250 | LG Chem Ltd. (Materials) | 128,472 | ||||||
198 | OCI Co. Ltd. (Materials) | 13,586 | ||||||
530 | Samsung SDI Co. Ltd. (Information Technology) | 278,768 | ||||||
|
| |||||||
549,426 | ||||||||
|
| |||||||
Spain – 3.1% | ||||||||
141 | Acciona SA (Utilities) | 26,632 | ||||||
21,586 | Iberdrola SA (Utilities) | 248,721 | ||||||
932 | Solaria Energia y Medio Ambiente SA (Utilities)* | 17,198 | ||||||
|
| |||||||
292,551 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – 0.9% | ||||||||
1,032 | ABB Ltd. (Industrials) | $ | 34,442 | |||||
118 | BKW AG (Utilities) | 17,299 | ||||||
41,031 | Meyer Burger Technology AG (Information Technology)* | 30,535 | ||||||
|
| |||||||
82,276 | ||||||||
|
| |||||||
Taiwan – 0.6% | ||||||||
1,199 | Delta Electronics, Inc. (Information Technology) | 11,274 | ||||||
5,795 | Sino-American Silicon Products, Inc. (Information Technology) | 30,240 | ||||||
15,767 | United Renewable Energy Co. Ltd. (Information Technology)* | 10,738 | ||||||
|
| |||||||
52,252 | ||||||||
|
| |||||||
Thailand – 0.4% | ||||||||
16,525 | Energy Absolute PCL NVDR (Utilities) | 36,588 | ||||||
|
| |||||||
United Kingdom – 4.5% | ||||||||
4,582 | Drax Group PLC (Utilities) | 35,308 | ||||||
5,561 | ITM Power PLC (Industrials)*(b) | 6,626 | ||||||
19,005 | National Grid PLC (Utilities) | 241,128 | ||||||
6,475 | SSE PLC (Utilities) | 136,829 | ||||||
|
| |||||||
419,891 | ||||||||
|
| |||||||
United States – 37.6% | ||||||||
3,899 | AES Corp. (The) (Utilities) | 96,227 | ||||||
163 | Alliant Energy Corp. (Utilities) | 8,357 | ||||||
361 | Ameresco, Inc., Class A (Industrials)* | 15,866 | ||||||
332 | American Electric Power Co., Inc. (Utilities) | 29,206 | ||||||
351 | Archer-Daniels-Midland Co. (Consumer Staples) | 27,940 | ||||||
1,632 | Array Technologies, Inc. (Industrials)* | 30,584 | ||||||
424 | Avangrid, Inc. (Utilities) | 16,549 | ||||||
1,840 | Bloom Energy Corp., Class A (Industrials)* | 39,910 | ||||||
1,452 | Brookfield Renewable Corp., Class A (Utilities) | 40,527 | ||||||
95 | Bunge Ltd. (Consumer Staples) | 9,072 | ||||||
488 | Clearway Energy, Inc., Class C (Utilities) | 15,328 | ||||||
229 | Consolidated Edison, Inc. (Utilities) | 20,461 | ||||||
537 | Dominion Energy, Inc. (Utilities) | 29,868 | ||||||
110 | DTE Energy Co. (Utilities) | 12,068 | ||||||
495 | Duke Energy Corp. (Utilities) | 46,659 | ||||||
4,346 | Edison International (Utilities) | 287,749 | ||||||
31 | EMCOR Group, Inc. (Industrials) | 5,184 | ||||||
380 | Emerson Electric Co. (Industrials) | 31,430 | ||||||
1,313 | Enovix Corp. (Industrials)* | 12,106 | ||||||
1,499 | Enphase Energy, Inc. (Information Technology)* | 315,584 | ||||||
350 | Enviva, Inc. (Energy) | 15,246 | ||||||
635 | Exelon Corp. (Utilities) | 25,648 | ||||||
1,152 | First Solar, Inc. (Information Technology)* | 194,849 | ||||||
4,637 | FuelCell Energy, Inc. (Industrials)* | 15,488 | ||||||
899 | GE HealthCare Technologies, Inc. (Health Care)* | 68,324 | ||||||
374 | Generac Holdings, Inc. (Industrials)* | 44,884 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
2,694 | General Electric Co. (Industrials) | 228,209 | ||||||
640 | Green Plains, Inc. (Energy)* | 22,189 | ||||||
986 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | 30,970 | ||||||
512 | Itron, Inc. (Information Technology)* | 28,554 | ||||||
40 | MasTec, Inc. (Industrials)* | 3,909 | ||||||
5,575 | NextEra Energy, Inc. (Utilities) | 395,992 | ||||||
279 | ON Semiconductor Corp. (Information Technology)* | 21,597 | ||||||
489 | Ormat Technologies, Inc. (Utilities) | 41,330 | ||||||
6,522 | Plug Power, Inc. (Industrials)* | 96,982 | ||||||
323 | Public Service Enterprise Group, Inc. (Utilities) | 19,519 | ||||||
91 | Quanta Services, Inc. (Industrials) | 14,687 | ||||||
2,564 | QuantumScape Corp. (Consumer Discretionary)*(b) | 24,537 | ||||||
4,685 | REC Silicon ASA (Information Technology)* | 7,718 | ||||||
1,606 | Schneider Electric SE (Industrials) | 259,085 | ||||||
1,452 | Sempra Energy (Utilities) | 217,742 | ||||||
627 | SolarEdge Technologies, Inc. (Information Technology)* | 199,336 | ||||||
1,129 | Sunnova Energy International, Inc. (Utilities)* | 20,074 | ||||||
971 | SunPower Corp. (Industrials)* | 14,584 | ||||||
2,344 | Sunrun, Inc. (Industrials)* | 56,350 | ||||||
516 | Tesla, Inc. (Consumer Discretionary)* | 106,146 | ||||||
529 | Texas Instruments, Inc. (Information Technology) | 90,697 | ||||||
43 | Timken Co. (The) (Industrials) | 3,674 | ||||||
14 | Valmont Industries, Inc. (Industrials) | 4,443 | ||||||
1,405 | Wolfspeed, Inc. (Information Technology)* | 103,942 | ||||||
354 | Xcel Energy, Inc. (Utilities) | 22,858 | ||||||
|
| |||||||
3,490,238 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $9,616,499) | $ | 9,190,708 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stock – 0.1% | ||||||||||||
Brazil – 0.1% | ||||||||||||
1,455 | | Centrais Eletricas Brasileiras SA, Class B (Utilities) | | |||||||||
(Cost $12,184) |
| 4.58 | % | $ | 10,025 | |||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||||
(Cost $9,628,683) | $ | 9,200,733 | ||||||||||
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.8%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||
74,768 | 4.475% | $ | 74,768 | |||
(Cost $74,768) | ||||||
| ||||||
TOTAL INVESTMENTS – 99.8% | ||||||
(Cost $9,703,451) | $ | 9,275,501 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 15,563 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 9,291,064 | ||||
|
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 Name | % of Market Value | |||
| ||||
Utilities | 39.5 | % | ||
Industrials | 25.4 | |||
Information Technology | 22.9 | |||
Materials | 4.7 | |||
Consumer Discretionary | 2.9 | |||
Energy | 2.3 | |||
Health Care | 0.8 | |||
Consumer Staples | 0.4 | |||
Financials | 0.3 | |||
Securities Lending Reinvestment Vehicle | 0.8 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 4.6% | ||||||||
13,984 | Activision Blizzard, Inc. | $ | 1,066,280 | |||||
10,880 | Alphabet, Inc., Class A* | 979,853 | ||||||
52,336 | AT&T, Inc. | 989,674 | ||||||
2,738 | Charter Communications, Inc., Class A* | 1,006,516 | ||||||
27,129 | Comcast Corp., Class A | 1,008,385 | ||||||
9,360 | Electronic Arts, Inc. | 1,038,398 | ||||||
11,733 | Liberty Broadband Corp., Class C* | 1,016,899 | ||||||
13,333 | Live Nation Entertainment, Inc.* | 960,776 | ||||||
21,332 | Match Group, Inc.* | 883,572 | ||||||
7,176 | Meta Platforms, Inc., Class A* | 1,255,370 | ||||||
2,970 | Netflix, Inc.* | 956,726 | ||||||
12,435 | Omnicom Group, Inc. | 1,126,238 | ||||||
45,714 | Paramount Global, Class B | 979,194 | ||||||
41,287 | Pinterest, Inc., Class A* | 1,036,717 | ||||||
28,780 | ROBLOX Corp., Class A* | 1,054,499 | ||||||
106,848 | Snap, Inc., Class A* | 1,084,507 | ||||||
9,695 | Take-Two Interactive Software, Inc.* | 1,062,087 | ||||||
7,092 | T-Mobile US, Inc.* | 1,008,341 | ||||||
21,319 | Trade Desk, Inc. (The), Class A* | 1,193,011 | ||||||
25,577 | Verizon Communications, Inc. | 992,643 | ||||||
9,848 | Walt Disney Co. (The)* | 980,959 | ||||||
71,605 | Warner Bros Discovery, Inc.* | 1,118,470 | ||||||
38,472 | ZoomInfo Technologies, Inc.* | 929,868 | ||||||
|
| |||||||
23,728,983 | ||||||||
|
| |||||||
Consumer Discretionary – 9.1% | ||||||||
6,991 | Advance Auto Parts, Inc. | 1,013,415 | ||||||
9,611 | Airbnb, Inc., Class A* | 1,184,844 | ||||||
10,455 | Amazon.com, Inc.* | 985,175 | ||||||
430 | AutoZone, Inc.* | 1,069,212 | ||||||
12,249 | Best Buy Co., Inc. | 1,018,014 | ||||||
439 | Booking Holdings, Inc.* | 1,108,036 | ||||||
652 | Chipotle Mexican Grill, Inc.* | 972,184 | ||||||
7,310 | Darden Restaurants, Inc. | 1,045,257 | ||||||
4,576 | Dollar General Corp. | 989,789 | ||||||
7,075 | Dollar Tree, Inc.* | 1,027,856 | ||||||
3,022 | Domino’s Pizza, Inc. | 888,498 | ||||||
18,854 | DoorDash, Inc., Class A* | 1,030,560 | ||||||
10,936 | D.R. Horton, Inc. | 1,011,361 | ||||||
21,749 | eBay, Inc. | 998,279 | ||||||
7,867 | Etsy, Inc.* | 955,132 | ||||||
9,279 | Expedia Group, Inc.* | 1,011,133 | ||||||
78,114 | Ford Motor Co. | 942,836 | ||||||
10,737 | Garmin Ltd. | 1,053,622 | ||||||
27,331 | General Motors Co. | 1,058,803 | ||||||
6,423 | Genuine Parts Co. | 1,135,972 | ||||||
7,339 | Hilton Worldwide Holdings, Inc. | 1,060,559 | ||||||
3,344 | Home Depot, Inc. (The) | 991,630 | ||||||
18,377 | Las Vegas Sands Corp.* | 1,056,126 | ||||||
10,461 | Lennar Corp., Class A | 1,011,997 | ||||||
18,608 | LKQ Corp. | 1,066,052 | ||||||
5,190 | Lowe’s Cos., Inc. | 1,067,843 | ||||||
6,149 | Marriott International, Inc., Class A | 1,040,657 | ||||||
4,020 | McDonald’s Corp. | 1,060,918 | ||||||
25,854 | MGM Resorts International | 1,111,981 | ||||||
8,396 | NIKE, Inc., Class B | 997,361 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
205 | NVR, Inc.* | 1,060,592 | ||||||
1,333 | O’Reilly Automotive, Inc.* | 1,106,523 | ||||||
2,758 | Pool Corp. | 984,220 | ||||||
57,908 | Rivian Automotive, Inc., Class A* | 1,117,624 | ||||||
9,056 | Ross Stores, Inc. | 1,001,050 | ||||||
16,426 | Royal Caribbean Cruises Ltd.* | 1,160,333 | ||||||
9,825 | Starbucks Corp. | 1,003,034 | ||||||
67,264 | Stellantis NV | 1,178,465 | ||||||
6,200 | Target Corp. | 1,044,700 | ||||||
6,196 | Tesla, Inc.* | 1,274,579 | ||||||
13,053 | TJX Cos., Inc. (The) | 999,860 | ||||||
4,734 | Tractor Supply Co. | 1,104,253 | ||||||
2,078 | Ulta Beauty, Inc.* | 1,078,066 | ||||||
34,724 | VF Corp. | 861,850 | ||||||
8,273 | Yum! Brands, Inc. | 1,051,995 | ||||||
|
| |||||||
46,992,246 | ||||||||
|
| |||||||
Consumer Staples – 6.7% | ||||||||
22,593 | Altria Group, Inc. | 1,048,993 | ||||||
12,837 | Archer-Daniels-Midland Co. | 1,021,825 | ||||||
15,866 | Brown-Forman Corp., Class B | 1,029,227 | ||||||
10,792 | Bunge Ltd. | 1,030,636 | ||||||
13,240 | Church & Dwight Co., Inc. | 1,109,247 | ||||||
7,466 | Clorox Co. (The) | 1,160,515 | ||||||
17,482 | Coca-Cola Co. (The) | 1,040,354 | ||||||
14,298 | Colgate-Palmolive Co. | 1,048,043 | ||||||
28,764 | Conagra Brands, Inc. | 1,047,297 | ||||||
4,593 | Constellation Brands, Inc., Class A | 1,027,454 | ||||||
2,103 | Costco Wholesale Corp. | 1,018,231 | ||||||
15,833 | Darling Ingredients, Inc.* | 1,001,754 | ||||||
3,889 | Estee Lauder Cos., Inc. (The), Class A | 945,222 | ||||||
13,737 | General Mills, Inc. | 1,092,229 | ||||||
4,729 | Hershey Co. (The) | 1,127,015 | ||||||
23,530 | Hormel Foods Corp. | 1,044,261 | ||||||
6,942 | J M Smucker Co. (The) | 1,026,652 | ||||||
15,591 | Kellogg Co. | 1,028,071 | ||||||
30,386 | Keurig Dr Pepper, Inc. | 1,049,836 | ||||||
8,246 | Kimberly-Clark Corp. | 1,031,162 | ||||||
26,306 | Kraft Heinz Co. (The) | 1,024,356 | ||||||
24,071 | Kroger Co. (The) | 1,038,423 | ||||||
10,718 | Lamb Weston Holdings, Inc. | 1,078,660 | ||||||
14,177 | McCormick & Co., Inc. | 1,053,635 | ||||||
16,134 | Mondelez International, Inc., Class A | 1,051,614 | ||||||
10,350 | Monster Beverage Corp.* | 1,053,216 | ||||||
6,264 | PepsiCo, Inc. | 1,086,992 | ||||||
10,191 | Philip Morris International, Inc. | 991,584 | ||||||
7,509 | Procter & Gamble Co. (The) | 1,032,938 | ||||||
13,748 | Sysco Corp. | 1,025,188 | ||||||
16,487 | Tyson Foods, Inc., Class A | 976,690 | ||||||
29,151 | Walgreens Boots Alliance, Inc. | 1,035,735 | ||||||
7,436 | Walmart, Inc. | 1,056,879 | ||||||
|
| |||||||
34,433,934 | ||||||||
|
| |||||||
Energy – 5.3% | ||||||||
24,857 | APA Corp. | 954,012 | ||||||
33,660 | Baker Hughes Co. | 1,029,996 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
7,008 | Cheniere Energy, Inc. | $ | 1,102,639 | |||||
12,641 | Chesapeake Energy Corp. | 1,021,519 | ||||||
6,200 | Chevron Corp. | 996,774 | ||||||
9,039 | ConocoPhillips | 934,181 | ||||||
43,213 | Coterra Energy, Inc. | 1,079,029 | ||||||
17,230 | Devon Energy Corp. | 929,042 | ||||||
7,440 | Diamondback Energy, Inc. | 1,045,915 | ||||||
8,259 | EOG Resources, Inc. | 933,432 | ||||||
33,572 | EQT Corp. | 1,113,919 | ||||||
9,240 | Exxon Mobil Corp. | 1,015,568 | ||||||
26,184 | Halliburton Co. | 948,646 | ||||||
7,318 | Hess Corp. | 985,735 | ||||||
58,038 | Kinder Morgan, Inc. | 990,128 | ||||||
39,600 | Marathon Oil Corp. | 995,940 | ||||||
8,587 | Marathon Petroleum Corp. | 1,061,353 | ||||||
16,759 | Occidental Petroleum Corp. | 981,407 | ||||||
15,662 | ONEOK, Inc. | 1,025,078 | ||||||
22,615 | Ovintiv, Inc. | 967,244 | ||||||
10,742 | Phillips 66 | 1,101,699 | ||||||
4,747 | Pioneer Natural Resources Co. | 951,346 | ||||||
18,876 | Schlumberger NV | 1,004,392 | ||||||
14,401 | Targa Resources Corp. | 1,067,114 | ||||||
559 | Texas Pacific Land Corp. | 995,126 | ||||||
7,705 | Valero Energy Corp. | 1,014,980 | ||||||
33,398 | Williams Cos., Inc. (The) | 1,005,280 | ||||||
|
| |||||||
27,251,494 | ||||||||
|
| |||||||
Financials – 12.6% | ||||||||
14,561 | Aflac, Inc. | 992,332 | ||||||
8,368 | Allstate Corp. (The) | 1,077,631 | ||||||
6,139 | American Express Co. | 1,068,125 | ||||||
17,416 | American International Group, Inc. | 1,064,292 | ||||||
3,049 | Ameriprise Financial, Inc. | 1,045,411 | ||||||
3,339 | Aon PLC, Class A | 1,015,223 | ||||||
15,070 | Apollo Global Management, Inc. | 1,068,463 | ||||||
16,628 | Arch Capital Group Ltd.* | 1,163,960 | ||||||
5,417 | Arthur J Gallagher & Co. | 1,014,875 | ||||||
29,734 | Bank of America Corp. | 1,019,876 | ||||||
21,207 | Bank of New York Mellon Corp. (The) | 1,079,012 | ||||||
3,442 | Berkshire Hathaway, Inc., Class B* | 1,050,430 | ||||||
1,424 | BlackRock, Inc. | 981,748 | ||||||
11,401 | Blackstone, Inc. | 1,035,211 | ||||||
18,331 | Brown & Brown, Inc. | 1,027,819 | ||||||
9,177 | Capital One Financial Corp. | 1,001,027 | ||||||
8,656 | Cboe Global Markets, Inc. | 1,092,128 | ||||||
13,761 | Charles Schwab Corp. (The) | 1,072,257 | ||||||
4,927 | Chubb Ltd. | 1,039,696 | ||||||
9,418 | Cincinnati Financial Corp. | 1,136,753 | ||||||
20,631 | Citigroup, Inc. | 1,045,785 | ||||||
24,617 | Citizens Financial Group, Inc. | 1,028,006 | ||||||
6,036 | CME Group, Inc. | 1,118,833 | ||||||
9,181 | Discover Financial Services | 1,028,272 | ||||||
2,539 | FactSet Research Systems, Inc. | 1,052,542 | ||||||
29,356 | Fifth Third Bancorp | 1,065,623 | ||||||
43,123 | First Horizon Corp. | 1,068,157 | ||||||
7,565 | First Republic Bank | 930,571 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
2,948 | Goldman Sachs Group, Inc. (The)(a) | 1,036,664 | ||||||
14,030 | Hartford Financial Services Group, Inc. (The) | 1,098,268 | ||||||
70,466 | Huntington Bancshares, Inc. | 1,079,539 | ||||||
9,914 | Intercontinental Exchange, Inc. | 1,009,245 | ||||||
7,624 | JPMorgan Chase & Co. | 1,092,900 | ||||||
55,009 | KeyCorp | 1,006,115 | ||||||
19,353 | KKR & Co., Inc. | 1,090,542 | ||||||
4,514 | LPL Financial Holdings, Inc. | 1,126,514 | ||||||
6,821 | M&T Bank Corp. | 1,059,233 | ||||||
759 | Markel Corp.* | 1,009,364 | ||||||
6,097 | Marsh & McLennan Cos., Inc. | 988,568 | ||||||
14,654 | MetLife, Inc. | 1,051,131 | ||||||
3,320 | Moody’s Corp. | 963,298 | ||||||
10,869 | Morgan Stanley | 1,048,859 | ||||||
1,995 | MSCI, Inc. | 1,041,689 | ||||||
18,019 | Nasdaq, Inc. | 1,010,145 | ||||||
10,995 | Northern Trust Corp. | 1,047,494 | ||||||
6,485 | PNC Financial Services Group, Inc. (The) | 1,024,111 | ||||||
11,721 | Principal Financial Group, Inc. | 1,049,733 | ||||||
7,770 | Progressive Corp. (The) | 1,115,150 | ||||||
10,224 | Prudential Financial, Inc. | 1,022,400 | ||||||
9,596 | Raymond James Financial, Inc. | 1,040,782 | ||||||
45,538 | Regions Financial Corp. | 1,061,946 | ||||||
2,882 | S&P Global, Inc. | 983,338 | ||||||
11,670 | State Street Corp. | 1,034,896 | ||||||
3,498 | SVB Financial Group* | 1,007,809 | ||||||
30,888 | Synchrony Financial | 1,103,010 | ||||||
9,151 | T. Rowe Price Group, Inc. | 1,027,474 | ||||||
5,766 | Travelers Cos., Inc. (The) | 1,067,402 | ||||||
21,735 | Truist Financial Corp. | 1,020,458 | ||||||
21,582 | US Bancorp | 1,030,109 | ||||||
15,460 | W R Berkley Corp. | 1,023,297 | ||||||
22,647 | Wells Fargo & Co. | 1,059,200 | ||||||
4,234 | Willis Towers Watson PLC | 992,280 | ||||||
|
| |||||||
64,807,021 | ||||||||
|
| |||||||
Health Care – 13.0% | ||||||||
9,624 | Abbott Laboratories | 978,953 | ||||||
7,308 | AbbVie, Inc. | 1,124,701 | ||||||
6,955 | Agilent Technologies, Inc. | 987,401 | ||||||
3,892 | Align Technology, Inc.* | 1,204,574 | ||||||
4,792 | Alnylam Pharmaceuticals, Inc.* | 917,428 | ||||||
6,420 | AmerisourceBergen Corp. | 998,695 | ||||||
4,386 | Amgen, Inc. | 1,016,061 | ||||||
44,235 | Avantor, Inc.* | 1,078,007 | ||||||
23,429 | Baxter International, Inc. | 935,989 | ||||||
4,214 | Becton Dickinson and Co. | 988,394 | ||||||
3,693 | Biogen, Inc.* | 996,593 | ||||||
9,264 | BioMarin Pharmaceutical, Inc.* | 922,602 | ||||||
13,327 | Bio-Techne Corp. | 968,073 | ||||||
22,789 | Boston Scientific Corp.* | 1,064,702 | ||||||
14,853 | Bristol-Myers Squibb Co. | 1,024,263 | ||||||
13,787 | Cardinal Health, Inc. | 1,043,814 | ||||||
20,238 | Catalent, Inc.* | 1,380,636 | ||||||
14,071 | Centene Corp.* | 962,456 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
4,389 | Charles River Laboratories International, Inc.* | $ | 962,683 | |||||
3,386 | Cigna Group (The) | 989,051 | ||||||
3,054 | Cooper Cos., Inc. (The) | 998,566 | ||||||
12,131 | CVS Health Corp. | 1,013,424 | ||||||
3,996 | Danaher Corp. | 989,130 | ||||||
10,059 | Dexcom, Inc.* | 1,116,650 | ||||||
13,532 | Edwards Lifesciences Corp.* | 1,088,514 | ||||||
2,134 | Elevance Health, Inc. | 1,002,276 | ||||||
3,131 | Eli Lilly & Co. | 974,430 | ||||||
15,694 | GE Healthcare Technologies, Inc.* | 1,192,744 | ||||||
12,807 | Gilead Sciences, Inc. | 1,031,348 | ||||||
4,098 | HCA Healthcare, Inc. | 997,658 | ||||||
13,027 | Hologic, Inc.* | 1,037,470 | ||||||
9,643 | Horizon Therapeutics PLC* | 1,055,812 | ||||||
2,061 | Humana, Inc. | 1,020,236 | ||||||
2,213 | IDEXX Laboratories, Inc.* | 1,047,280 | ||||||
5,044 | Illumina, Inc.* | 1,004,765 | ||||||
12,584 | Incyte Corp.* | 968,716 | ||||||
3,697 | Insulet Corp.* | 1,021,703 | ||||||
4,334 | Intuitive Surgical, Inc.* | 994,176 | ||||||
4,635 | IQVIA Holdings, Inc.* | 966,259 | ||||||
6,508 | Johnson & Johnson | 997,416 | ||||||
4,243 | Laboratory Corp. of America Holdings | 1,015,605 | ||||||
2,841 | McKesson Corp. | 993,810 | ||||||
12,608 | Medtronic PLC | 1,043,942 | ||||||
9,986 | Merck & Co., Inc. | 1,060,913 | ||||||
693 | Mettler-Toledo International, Inc.* | 993,561 | ||||||
6,303 | Moderna, Inc.* | 874,919 | ||||||
3,433 | Molina Healthcare, Inc.* | 945,208 | ||||||
7,565 | PerkinElmer, Inc. | 942,372 | ||||||
24,413 | Pfizer, Inc. | 990,435 | ||||||
7,233 | Quest Diagnostics, Inc. | 1,000,758 | ||||||
1,411 | Regeneron Pharmaceuticals, Inc.* | 1,072,953 | ||||||
4,692 | ResMed, Inc. | 999,396 | ||||||
27,515 | Royalty Pharma PLC, Class A | 986,413 | ||||||
7,787 | Seagen, Inc.* | 1,399,246 | ||||||
5,087 | STERIS PLC | 956,509 | ||||||
3,935 | Stryker Corp. | 1,034,433 | ||||||
1,817 | Thermo Fisher Scientific, Inc. | 984,378 | ||||||
2,134 | UnitedHealth Group, Inc. | 1,015,656 | ||||||
6,284 | Veeva Systems, Inc., Class A* | 1,041,007 | ||||||
3,345 | Vertex Pharmaceuticals, Inc.* | 971,020 | ||||||
87,042 | Viatris, Inc. | 992,279 | ||||||
3,211 | Waters Corp.* | 998,268 | ||||||
3,996 | West Pharmaceutical Services, Inc. | 1,266,852 | ||||||
8,397 | Zimmer Biomet Holdings, Inc. | 1,040,136 | ||||||
6,439 | Zoetis, Inc. | 1,075,313 | ||||||
|
| |||||||
66,759,031 | ||||||||
|
| |||||||
Industrials – 13.5% | ||||||||
9,333 | 3M Co. | 1,005,537 | ||||||
7,365 | AMETEK, Inc. | 1,042,589 | ||||||
4,991 | Boeing Co. (The)* | 1,005,936 | ||||||
11,261 | Booz Allen Hamilton Holding Corp. | 1,066,755 | ||||||
4,228 | Carlisle Cos., Inc. | 1,091,754 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
23,769 | Carrier Global Corp. | 1,070,318 | ||||||
4,296 | Caterpillar, Inc. | 1,029,107 | ||||||
10,677 | C.H. Robinson Worldwide, Inc. | 1,067,273 | ||||||
2,432 | Cintas Corp. | 1,066,359 | ||||||
16,025 | Copart, Inc.* | 1,129,121 | ||||||
13,885 | CoStar Group, Inc.* | 981,114 | ||||||
34,597 | CSX Corp. | 1,054,863 | ||||||
4,295 | Cummins, Inc. | 1,044,029 | ||||||
2,523 | Deere & Co. | 1,057,743 | ||||||
27,375 | Delta Air Lines, Inc.* | 1,049,557 | ||||||
6,914 | Dover Corp. | 1,036,409 | ||||||
6,557 | Eaton Corp. PLC | 1,147,016 | ||||||
11,811 | Emerson Electric Co. | 976,888 | ||||||
4,827 | Equifax, Inc. | 977,612 | ||||||
9,748 | Expeditors International of Washington, Inc. | 1,019,251 | ||||||
21,014 | Fastenal Co. | 1,083,482 | ||||||
5,491 | FedEx Corp. | 1,115,881 | ||||||
15,690 | Fortive Corp. | 1,045,895 | ||||||
4,632 | General Dynamics Corp. | 1,055,679 | ||||||
13,100 | General Electric Co. | 1,109,701 | ||||||
5,177 | Honeywell International, Inc. | 991,292 | ||||||
26,469 | Howmet Aerospace, Inc. | 1,116,462 | ||||||
4,586 | Hubbell, Inc. | 1,153,562 | ||||||
4,658 | IDEX Corp. | 1,047,957 | ||||||
4,506 | Illinois Tool Works, Inc. | 1,050,619 | ||||||
19,120 | Ingersoll Rand, Inc. | 1,110,298 | ||||||
8,637 | Jacobs Solutions, Inc. | 1,032,122 | ||||||
5,571 | J.B. Hunt Transport Services, Inc. | 1,007,181 | ||||||
16,302 | Johnson Controls International PLC | 1,022,461 | ||||||
4,979 | L3Harris Technologies, Inc. | 1,051,515 | ||||||
10,802 | Leidos Holdings, Inc. | 1,048,550 | ||||||
2,309 | Lockheed Martin Corp. | 1,095,066 | ||||||
20,010 | Masco Corp. | 1,049,124 | ||||||
4,383 | Norfolk Southern Corp. | 985,386 | ||||||
2,393 | Northrop Grumman Corp. | 1,110,615 | ||||||
2,970 | Old Dominion Freight Line, Inc. | 1,007,602 | ||||||
12,845 | Otis Worldwide Corp. | 1,086,944 | ||||||
14,628 | PACCAR, Inc. | 1,056,142 | ||||||
3,268 | Parker-Hannifin Corp. | 1,149,846 | ||||||
63,575 | Plug Power, Inc.* | 945,360 | ||||||
7,054 | Quanta Services, Inc. | 1,138,516 | ||||||
10,856 | Raytheon Technologies Corp. | 1,064,865 | ||||||
8,601 | Republic Services, Inc. | 1,108,927 | ||||||
3,800 | Rockwell Automation, Inc. | 1,120,734 | ||||||
30,222 | Southwest Airlines Co. | 1,014,855 | ||||||
11,994 | Stanley Black & Decker, Inc. | 1,026,806 | ||||||
14,603 | Textron, Inc. | 1,059,156 | ||||||
6,016 | Trane Technologies PLC | 1,112,780 | ||||||
1,487 | TransDigm Group, Inc. | 1,106,135 | ||||||
14,771 | TransUnion | 966,467 | ||||||
34,366 | Uber Technologies, Inc.* | 1,143,013 | ||||||
5,230 | Union Pacific Corp. | 1,084,074 | ||||||
21,961 | United Airlines Holdings, Inc.* | 1,141,094 | ||||||
5,865 | United Parcel Service, Inc., Class B | 1,070,304 | ||||||
2,424 | United Rentals, Inc. | 1,135,717 | ||||||
|
|
22 | 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) | ||||||||
Industrials – (continued) | ||||||||
5,899 | Verisk Analytics, Inc. | $ | 1,009,378 | |||||
6,976 | Waste Management, Inc. | 1,044,726 | ||||||
10,365 | Westinghouse Air Brake Technologies Corp. | 1,081,380 | ||||||
1,796 | W.W. Grainger, Inc. | 1,200,500 | ||||||
10,361 | Xylem, Inc. | 1,063,557 | ||||||
|
| |||||||
69,140,957 | ||||||||
|
| |||||||
Information Technology – 18.4% | ||||||||
3,845 | Accenture PLC, Class A | 1,021,040 | ||||||
2,900 | Adobe, Inc.* | 939,455 | ||||||
13,181 | Advanced Micro Devices, Inc.* | 1,035,763 | ||||||
12,061 | Akamai Technologies, Inc.* | 875,629 | ||||||
13,311 | Amphenol Corp., Class A | 1,031,869 | ||||||
6,159 | Analog Devices, Inc. | 1,129,992 | ||||||
4,015 | ANSYS, Inc.* | 1,218,994 | ||||||
7,458 | Apple, Inc. | 1,099,384 | ||||||
9,273 | Applied Materials, Inc. | 1,077,059 | ||||||
8,501 | Arista Networks, Inc.* | 1,179,089 | ||||||
6,578 | Atlassian Corp., Class A* | 1,080,963 | ||||||
4,975 | Autodesk, Inc.* | 988,483 | ||||||
4,793 | Automatic Data Processing, Inc. | 1,053,597 | ||||||
9,345 | BILL Holdings, Inc.* | 790,867 | ||||||
13,199 | Block, Inc.* | 1,012,759 | ||||||
1,801 | Broadcom, Inc. | 1,070,316 | ||||||
7,045 | Broadridge Financial Solutions, Inc. | 991,795 | ||||||
5,813 | Cadence Design Systems, Inc.* | 1,121,560 | ||||||
5,428 | CDW Corp. | 1,098,736 | ||||||
22,267 | Cisco Systems, Inc. | 1,078,168 | ||||||
20,288 | Cloudflare, Inc., Class A* | 1,217,483 | ||||||
15,855 | Cognizant Technology Solutions Corp., Class A | 992,999 | ||||||
30,284 | Corning, Inc. | 1,028,142 | ||||||
10,073 | Crowdstrike Holdings, Inc., Class A* | 1,215,710 | ||||||
13,972 | Datadog, Inc., Class A* | 1,069,137 | ||||||
4,868 | Enphase Energy, Inc.* | 1,024,860 | ||||||
13,175 | Entegris, Inc. | 1,122,905 | ||||||
3,146 | EPAM Systems, Inc.* | 967,867 | ||||||
14,058 | Fidelity National Information Services, Inc. | 890,855 | ||||||
6,040 | First Solar, Inc.* | 1,021,606 | ||||||
10,034 | Fiserv, Inc.* | 1,154,813 | ||||||
5,091 | FleetCor Technologies, Inc.* | 1,093,496 | ||||||
20,513 | Fortinet, Inc.* | 1,219,293 | ||||||
3,144 | Gartner, Inc.* | 1,030,635 | ||||||
46,510 | Gen Digital, Inc. | 907,410 | ||||||
9,367 | Global Payments, Inc. | 1,050,977 | ||||||
12,986 | GoDaddy, Inc., Class A* | 983,170 | ||||||
66,635 | Hewlett Packard Enterprise Co. | 1,040,172 | ||||||
36,421 | HP, Inc. | 1,075,148 | ||||||
3,008 | HubSpot, Inc.* | 1,163,675 | ||||||
37,776 | Intel Corp. | 941,756 | ||||||
7,984 | International Business Machines Corp. | 1,032,331 | ||||||
2,551 | Intuit, Inc. | 1,038,716 | ||||||
5,944 | Jack Henry & Associates, Inc. | 976,242 | ||||||
5,983 | Keysight Technologies, Inc.* | 957,041 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
2,684 | KLA Corp. | 1,018,256 | ||||||
2,079 | Lam Research Corp. | 1,010,415 | ||||||
24,147 | Marvell Technology, Inc. | 1,090,237 | ||||||
2,887 | Mastercard, Inc., Class A | 1,025,722 | ||||||
13,494 | Microchip Technology, Inc. | 1,093,419 | ||||||
17,375 | Micron Technology, Inc. | 1,004,622 | ||||||
4,329 | Microsoft Corp. | 1,079,739 | ||||||
4,978 | MongoDB, Inc.* | 1,042,990 | ||||||
2,428 | Monolithic Power Systems, Inc. | 1,175,856 | ||||||
4,176 | Motorola Solutions, Inc. | 1,097,495 | ||||||
16,158 | NetApp, Inc. | 1,042,999 | ||||||
5,303 | NVIDIA Corp. | 1,231,144 | ||||||
14,288 | ON Semiconductor Corp.* | 1,106,034 | ||||||
11,985 | Oracle Corp. | 1,047,489 | ||||||
136,734 | Palantir Technologies, Inc., Class A* | 1,071,995 | ||||||
6,872 | Palo Alto Networks, Inc.* | 1,294,479 | ||||||
9,257 | Paychex, Inc. | 1,021,973 | ||||||
3,270 | Paycom Software, Inc.* | 945,226 | ||||||
13,248 | PayPal Holdings, Inc.* | 975,053 | ||||||
7,882 | PTC, Inc.* | 987,851 | ||||||
7,902 | QUALCOMM, Inc. | 976,134 | ||||||
2,489 | Roper Technologies, Inc. | 1,070,768 | ||||||
6,347 | Salesforce, Inc.* | 1,038,433 | ||||||
15,583 | Seagate Technology Holdings PLC | 1,006,038 | ||||||
2,335 | ServiceNow, Inc.* | 1,009,117 | ||||||
9,652 | Skyworks Solutions, Inc. | 1,076,874 | ||||||
6,793 | Snowflake, Inc., Class A* | 1,048,703 | ||||||
11,046 | Splunk, Inc.* | 1,132,215 | ||||||
17,630 | SS&C Technologies Holdings, Inc. | 1,034,881 | ||||||
2,998 | Synopsys, Inc.* | 1,090,552 | ||||||
2,487 | Teledyne Technologies, Inc.* | 1,069,584 | ||||||
10,241 | Teradyne, Inc. | 1,035,775 | ||||||
5,973 | Texas Instruments, Inc. | 1,024,071 | ||||||
18,243 | Trimble, Inc.* | 949,731 | ||||||
17,747 | Twilio, Inc., Class A* | 1,192,776 | ||||||
3,303 | Tyler Technologies, Inc.* | 1,061,089 | ||||||
4,907 | VeriSign, Inc.* | 965,845 | ||||||
4,661 | Visa, Inc., Class A | 1,025,140 | ||||||
8,698 | VMware, Inc., Class A* | 957,911 | ||||||
25,461 | Western Digital Corp.* | 979,739 | ||||||
13,519 | Wolfspeed, Inc.* | 1,000,136 | ||||||
5,977 | Workday, Inc., Class A* | 1,108,554 | ||||||
3,331 | Zebra Technologies Corp., Class A* | 1,000,133 | ||||||
14,343 | Zoom Video Communications, Inc., Class A* | 1,069,844 | ||||||
8,536 | Zscaler, Inc.* | 1,119,496 | ||||||
|
| |||||||
94,518,490 | ||||||||
|
| |||||||
Materials – 5.3% | ||||||||
3,353 | Air Products and Chemicals, Inc. | 958,891 | ||||||
3,802 | Albemarle Corp. | 966,887 | ||||||
5,696 | Avery Dennison Corp. | 1,037,754 | ||||||
18,513 | Ball Corp. | 1,040,616 | ||||||
12,627 | CF Industries Holdings, Inc. | 1,084,533 | ||||||
16,617 | Corteva, Inc. | 1,035,073 | ||||||
12,178 | Crown Holdings, Inc. | 1,053,519 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
17,992 | Dow, Inc. | $ | 1,029,142 | |||||
14,526 | DuPont de Nemours, Inc. | 1,060,834 | ||||||
6,936 | Ecolab, Inc. | 1,105,390 | ||||||
8,099 | FMC Corp. | 1,045,986 | ||||||
24,459 | Freeport-McMoRan, Inc. | 1,002,085 | ||||||
9,544 | International Flavors & Fragrances, Inc. | 889,501 | ||||||
26,218 | International Paper Co. | 954,073 | ||||||
3,240 | Linde PLC (United Kingdom) | 1,128,719 | ||||||
11,107 | LyondellBasell Industries NV, Class A | 1,066,161 | ||||||
2,978 | Martin Marietta Materials, Inc. | 1,071,693 | ||||||
21,820 | Mosaic Co. (The) | 1,160,606 | ||||||
20,014 | Newmont Corp. | 872,810 | ||||||
6,372 | Nucor Corp. | 1,066,928 | ||||||
7,549 | Packaging Corp. of America | 1,032,099 | ||||||
8,159 | PPG Industries, Inc. | 1,077,478 | ||||||
11,956 | RPM International, Inc. | 1,059,660 | ||||||
4,487 | Sherwin-Williams Co. (The) | 993,197 | ||||||
8,832 | Steel Dynamics, Inc. | 1,113,803 | ||||||
5,866 | Vulcan Materials Co. | 1,061,218 | ||||||
|
| |||||||
26,968,656 | ||||||||
|
| |||||||
Real Estate – 5.9% | ||||||||
6,670 | Alexandria Real Estate Equities, Inc. REIT | 999,033 | ||||||
4,813 | American Tower Corp. REIT | 953,022 | ||||||
6,050 | AvalonBay Communities, Inc. REIT | 1,043,746 | ||||||
14,673 | Boston Properties, Inc. REIT | 960,788 | ||||||
8,715 | Camden Property Trust REIT | 1,000,133 | ||||||
12,755 | CBRE Group, Inc., Class A* | 1,085,961 | ||||||
7,310 | Crown Castle, Inc. REIT | 955,782 | ||||||
9,435 | Digital Realty Trust, Inc. REIT | 983,410 | ||||||
1,466 | Equinix, Inc. REIT | 1,009,004 | ||||||
16,801 | Equity Residential REIT | 1,050,399 | ||||||
4,722 | Essex Property Trust, Inc. REIT | 1,076,899 | ||||||
6,854 | Extra Space Storage, Inc. REIT | 1,128,511 | ||||||
39,309 | Healthpeak Properties, Inc. REIT | 945,775 | ||||||
57,287 | Host Hotels & Resorts, Inc. REIT | 962,422 | ||||||
32,893 | Invitation Homes, Inc. REIT | 1,028,235 | ||||||
19,665 | Iron Mountain, Inc. REIT | 1,037,329 | ||||||
47,890 | Kimco Realty Corp. REIT | 987,013 | ||||||
6,408 | Mid-America Apartment Communities, Inc. REIT | 1,025,921 | ||||||
8,316 | Prologis, Inc. REIT | 1,026,194 | ||||||
3,539 | Public Storage REIT | 1,057,984 | ||||||
15,852 | Realty Income Corp. REIT | 1,013,735 | ||||||
3,622 | SBA Communications Corp. REIT | 939,366 | ||||||
8,370 | Simon Property Group, Inc. REIT | 1,021,893 | ||||||
6,823 | Sun Communities, Inc. REIT | 976,644 | ||||||
25,152 | UDR, Inc. REIT | 1,077,512 | ||||||
20,844 | Ventas, Inc. REIT | 1,014,061 | ||||||
31,279 | VICI Properties, Inc. REIT | 1,048,785 | ||||||
14,384 | Welltower, Inc. REIT | 1,066,142 | ||||||
31,326 | Weyerhaeuser Co. REIT | 978,937 | ||||||
12,744 | W.P. Carey, Inc. REIT | 1,034,303 | ||||||
|
| |||||||
30,488,939 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – 5.3% | ||||||||
39,554 | AES Corp. (The) | 976,193 | ||||||
19,890 | Alliant Energy Corp. | 1,019,760 | ||||||
12,298 | Ameren Corp. | 1,017,168 | ||||||
11,394 | American Electric Power Co., Inc. | 1,002,330 | ||||||
6,827 | American Water Works Co., Inc. | 958,374 | ||||||
9,040 | Atmos Energy Corp. | 1,019,802 | ||||||
35,626 | CenterPoint Energy, Inc. | 991,115 | ||||||
16,886 | CMS Energy Corp. | 995,767 | ||||||
11,187 | Consolidated Edison, Inc. | 999,558 | ||||||
12,664 | Constellation Energy Corp. | 948,407 | ||||||
16,912 | Dominion Energy, Inc. | 940,645 | ||||||
9,184 | DTE Energy Co. | 1,007,577 | ||||||
10,438 | Duke Energy Corp. | 983,886 | ||||||
15,610 | Edison International | 1,033,538 | ||||||
9,775 | Entergy Corp. | 1,005,554 | ||||||
17,144 | Evergy, Inc. | 1,008,239 | ||||||
13,005 | Eversource Energy | 980,057 | ||||||
25,445 | Exelon Corp. | 1,027,724 | ||||||
26,118 | FirstEnergy Corp. | 1,032,706 | ||||||
14,423 | NextEra Energy, Inc. | 1,024,466 | ||||||
67,822 | PG&E Corp.* | 1,059,380 | ||||||
36,306 | PPL Corp. | 982,803 | ||||||
17,314 | Public Service Enterprise Group, Inc. | 1,046,285 | ||||||
6,685 | Sempra Energy | 1,002,483 | ||||||
15,583 | Southern Co. (The) | 982,664 | ||||||
11,400 | WEC Energy Group, Inc. | 1,010,724 | ||||||
15,557 | Xcel Energy, Inc. | 1,004,515 | ||||||
|
| |||||||
27,061,720 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $504,583,477) | $ | 512,151,471 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 1,723,028 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 513,874,499 | ||||||
|
|
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 | |||
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.9% | ||||||||
Communication Services – 14.1% | ||||||||
35,202 | Activision Blizzard, Inc. | $ | 2,684,153 | |||||
28,546 | Alphabet, Inc., Class A* | 2,570,853 | ||||||
94,868 | Frontier Communications Parent, Inc.* | 2,595,588 | ||||||
15,059 | Meta Platforms, Inc., Class A* | 2,634,421 | ||||||
7,509 | Netflix, Inc.* | 2,418,874 | ||||||
91,558 | Shaw Communications, Inc., Class B (Canada) | 2,652,435 | ||||||
18,325 | T-Mobile US, Inc.* | 2,605,449 | ||||||
|
| |||||||
18,161,773 | ||||||||
|
| |||||||
Consumer Discretionary – 8.2% | ||||||||
25,933 | Alibaba Group Holding Ltd. ADR (China)* | 2,276,658 | ||||||
27,109 | Amazon.com, Inc.* | 2,554,481 | ||||||
1,094 | Booking Holdings, Inc.* | 2,761,256 | ||||||
2,387 | MercadoLibre, Inc. (Brazil)* | 2,912,140 | ||||||
|
| |||||||
10,504,535 | ||||||||
|
| |||||||
Energy – 8.1% | ||||||||
32,226 | Chesapeake Energy Corp. | 2,604,183 | ||||||
206,477 | Energy Transfer LP | 2,613,999 | ||||||
86,962 | EQT Corp. | 2,885,399 | ||||||
34,256 | Valaris Ltd.* | 2,303,716 | ||||||
|
| |||||||
10,407,297 | ||||||||
|
| |||||||
Financials – 14.5% | ||||||||
37,717 | Apollo Global Management, Inc. | 2,674,135 | ||||||
8,696 | Berkshire Hathaway, Inc., Class B* | 2,653,845 | ||||||
33,463 | Charles Schwab Corp. (The) | 2,607,437 | ||||||
109,424 | First Horizon Corp. | 2,710,432 | ||||||
19,407 | Progressive Corp. (The) | 2,785,293 | ||||||
7,408 | S&P Global, Inc. | 2,527,610 | ||||||
55,727 | Wells Fargo & Co. | 2,606,352 | ||||||
|
| |||||||
18,565,104 | ||||||||
|
| |||||||
Health Care – 8.2% | ||||||||
24,672 | Horizon Therapeutics PLC* | 2,701,337 | ||||||
5,387 | Humana, Inc. | 2,666,673 | ||||||
43,699 | Tenet Healthcare Corp.* | 2,557,703 | ||||||
5,484 | UnitedHealth Group, Inc. | 2,610,055 | ||||||
|
| |||||||
10,535,768 | ||||||||
|
| |||||||
Industrials – 14.7% | ||||||||
123,133 | API Group Corp.* | 2,892,394 | ||||||
26,443 | Atlas Air Worldwide Holdings, Inc.* | 2,665,719 | ||||||
18,333 | Ferguson PLC | 2,641,785 | ||||||
3,577 | TransDigm Group, Inc. | 2,660,823 | ||||||
76,718 | Uber Technologies, Inc.* | 2,551,641 | ||||||
172,922 | Vertiv Holdings Co. | 2,809,982 | ||||||
52,522 | WillScot Mobile Mini Holdings Corp.* | 2,699,631 | ||||||
|
| |||||||
18,921,975 | ||||||||
|
| |||||||
Information Technology – 30.3% | ||||||||
31,446 | Advanced Micro Devices, Inc.* | 2,471,027 | ||||||
17,642 | Apple, Inc. | 2,600,607 | ||||||
23,298 | Fiserv, Inc.* | 2,681,367 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
109,513 | Flex Ltd.* | 2,492,516 | ||||||
7,306 | Mastercard, Inc., Class A | 2,595,749 | ||||||
9,930 | Microsoft Corp. | 2,476,741 | ||||||
11,766 | NVIDIA Corp. | 2,731,594 | ||||||
15,886 | Palo Alto Networks, Inc.* | 2,992,446 | ||||||
34,983 | PayPal Holdings, Inc.* | 2,574,749 | ||||||
15,902 | Salesforce, Inc.* | 2,601,726 | ||||||
5,858 | ServiceNow, Inc.* | 2,531,652 | ||||||
27,591 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,402,348 | ||||||
11,782 | Visa, Inc., Class A | 2,591,333 | ||||||
23,055 | VMware, Inc., Class A* | 2,539,047 | ||||||
14,260 | Workday, Inc., Class A* | 2,644,802 | ||||||
|
| |||||||
38,927,704 | ||||||||
|
| |||||||
Utilities – 1.8% | ||||||||
31,406 | Constellation Energy Corp. | 2,351,995 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 99.9% | ||||||||
(Cost $123,912,081) | $ | 128,376,151 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 98,055 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 128,474,206 | ||||||
|
|
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 | |||
LP | —Limited Partnership | |||
PLC | —Public Limited Company | |||
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 12.3% | ||||||||
13,801 | Activision Blizzard, Inc. | $ | 1,052,326 | |||||
3,546 | AfreecaTV Co. Ltd. (South Korea) | 239,303 | ||||||
64,923 | Alphabet, Inc., Class A* | 5,846,965 | ||||||
14,803 | Baidu, Inc. ADR (China)* | 2,038,225 | ||||||
14,973 | Bumble, Inc., Class A* | 362,047 | ||||||
23,266 | Comcast Corp., Class A | 864,797 | ||||||
6,953 | CTS Eventim AG & Co. KGaA (Germany)* | 458,642 | ||||||
8,598 | Electronic Arts, Inc. | 953,862 | ||||||
55,194 | Gree, Inc. (Japan) | 295,389 | ||||||
23,680 | Hello Group, Inc. ADR (China) | 208,621 | ||||||
38,484 | HUYA, Inc. ADR (China)* | 165,481 | ||||||
4,498 | IDT Corp., Class B* | 136,784 | ||||||
15,574 | IMAX Corp.* | 287,185 | ||||||
5,485 | Infocom Corp. (Japan) | 96,682 | ||||||
45,643 | iQIYI, Inc. ADR (China)* | 352,820 | ||||||
10,416 | JOYY, Inc. ADR (China) | 327,062 | ||||||
19,083 | Kanzhun Ltd. ADR (China)* | 384,522 | ||||||
109,157 | Kuaishou Technology (China)*(a) | 730,077 | ||||||
7,517 | Liberty Media Corp.-Liberty Braves, Class C* | 251,594 | ||||||
10,620 | Liberty Media Corp.-Liberty Formula One, Class A* | 645,271 | ||||||
17,614 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 570,518 | ||||||
8,945 | Live Nation Entertainment, Inc.* | 644,577 | ||||||
5,504 | Madison Square Garden Entertainment Corp.* | 333,157 | ||||||
1,755 | Madison Square Garden Sports Corp. | 335,451 | ||||||
13,949 | Match Group, Inc.* | 577,768 | ||||||
32,420 | Meta Platforms, Inc., Class A* | 5,671,555 | ||||||
12,020 | MIXI, Inc. (Japan) | 236,050 | ||||||
13,801 | NetEase, Inc. ADR (China) | 1,071,510 | ||||||
4,283 | Netflix, Inc.* | 1,379,683 | ||||||
28,616 | Pinterest, Inc., Class A* | 718,548 | ||||||
40,974 | Playtika Holding Corp.* | 393,350 | ||||||
69,700 | Rightmove PLC (United Kingdom) | 473,216 | ||||||
11,856 | ROBLOX Corp., Class A* | 434,404 | ||||||
6,600 | Scout24 SE (Germany)(a) | 363,404 | ||||||
24,494 | Sea Ltd. ADR (Singapore)* | 1,530,630 | ||||||
51,521 | Snap, Inc., Class A* | 522,938 | ||||||
5,592 | Spotify Technology SA* | 650,350 | ||||||
7,045 | Take-Two Interactive Software, Inc.* | 771,780 | ||||||
29,217 | TELUS Corp. (Canada) | 582,215 | ||||||
45,974 | Tencent Holdings Ltd. (China) | 2,012,442 | ||||||
10,523 | TripAdvisor, Inc.* | 226,981 | ||||||
14,213 | Ubisoft Entertainment SA (France)* | 314,722 | ||||||
23,270 | Vivid Seats, Inc., Class A* | 178,481 | ||||||
56,763 | VK Co. Ltd. GDR (Russia)*(b) | — | ||||||
17,159 | Walt Disney Co. (The)* | 1,709,208 | ||||||
8,440 | Warner Music Group Corp., Class A | 266,366 | ||||||
18,238 | Weibo Corp. ADR (China)* | 377,162 | ||||||
5,380 | World Wrestling Entertainment, Inc., Class A | 451,920 | ||||||
19,206 | Yalla Group Ltd. ADR (United Arab Emirates)* | 83,546 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Communication Services – (continued) | ||||||||
3,618 | Ziff Davis, Inc.* | 285,750 | ||||||
15,954 | ZoomInfo Technologies, Inc.* | 385,608 | ||||||
|
| |||||||
39,250,945 | ||||||||
|
| |||||||
Consumer Discretionary – 14.5% | ||||||||
20,273 | 2U, Inc.* | 181,646 | ||||||
6,113 | Academy Sports & Outdoors, Inc. | 361,584 | ||||||
3,253 | adidas AG (Germany) | 488,700 | ||||||
7,622 | Airbnb, Inc., Class A* | 939,640 | ||||||
39,051 | Alibaba Group Holding Ltd. ADR (China)* | 3,428,287 | ||||||
822,215 | Alibaba Health Information Technology Ltd. (China)* | 586,586 | ||||||
65,796 | Amazon.com, Inc.* | 6,199,957 | ||||||
50,368 | ANTA Sports Products Ltd. (China) | 663,488 | ||||||
9,022 | Aptiv PLC* | 1,049,078 | ||||||
10,230 | Bandai Namco Holdings, Inc. (Japan) | 631,907 | ||||||
16,066 | Chegg, Inc.* | 255,289 | ||||||
9,166 | Chewy, Inc., Class A* | 371,681 | ||||||
4,009 | Columbia Sportswear Co. | 349,585 | ||||||
8,117 | Continental AG (Germany) | 585,350 | ||||||
15,131 | Coursera, Inc.* | 170,526 | ||||||
4,175 | Dick’s Sporting Goods, Inc. | 537,030 | ||||||
2,881 | Duolingo, Inc.* | 261,566 | ||||||
14,013 | eBay, Inc. | 643,197 | ||||||
4,131 | Etsy, Inc.* | 501,545 | ||||||
16,413 | Everi Holdings, Inc.* | 311,683 | ||||||
224,528 | Faraday Future Intelligent Electric, Inc.* | 119,449 | ||||||
32,786 | Farfetch Ltd., Class A (United Kingdom)* | 168,192 | ||||||
94,879 | Ford Motor Co. | 1,145,190 | ||||||
25,681 | GameStop Corp., Class A*(c) | 493,846 | ||||||
31,224 | General Motors Co. | 1,209,618 | ||||||
587 | Graham Holdings Co., Class B | 367,849 | ||||||
7,067 | Hyundai Motor Co. (South Korea) | 941,555 | ||||||
7,322 | iRobot Corp.* | 300,861 | ||||||
243,094 | JD Sports Fashion PLC (United Kingdom) | 532,980 | ||||||
13,271 | JD.com, Inc. ADR (China) | 589,763 | ||||||
15,162 | Just Eat Takeaway.com NV (United Kingdom)*(a) | 332,842 | ||||||
12,856 | Kia Corp. (South Korea) | 731,575 | ||||||
74,712 | Koolearn Technology Holding Ltd. (China)*(a)(c) | 424,029 | ||||||
12,203 | Las Vegas Sands Corp.* | 701,306 | ||||||
61,967 | Li Ning Co. Ltd. (China) | 526,950 | ||||||
73,266 | Lucid Group, Inc.*(c) | 668,919 | ||||||
2,641 | Lululemon Athletica, Inc.* | 816,597 | ||||||
13,454 | Macy’s, Inc. | 275,269 | ||||||
43,233 | Meituan, Class B (China)*(a) | 749,603 | ||||||
2,047 | MercadoLibre, Inc. (Brazil)* | 2,497,340 | ||||||
17,744 | MGM Resorts International | 763,169 | ||||||
575,800 | Mullen Automotive, Inc.* | 133,586 | ||||||
13,798 | New Oriental Education & Technology Group, Inc. ADR (China)* | 534,259 | ||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
317,759 | Nexteer Automotive Group Ltd. (China) | $ | 201,598 | |||||
9,914 | NIKE, Inc., Class B | 1,177,684 | ||||||
72,168 | NIO, Inc. ADR (China)* | 677,658 | ||||||
9,211 | Overstock.com, Inc.* | 178,417 | ||||||
28,405 | Peloton Interactive, Inc., Class A* | 366,993 | ||||||
4,521 | Planet Fitness, Inc., Class A* | 366,427 | ||||||
25,654 | Playtech PLC (United Kingdom)* | 174,857 | ||||||
42,757 | Rivian Automotive, Inc., Class A* | 825,210 | ||||||
45,198 | Sharp Corp. (Japan) | 311,905 | ||||||
7,529 | Skechers USA, Inc., Class A* | 335,116 | ||||||
8,774 | Sony Group Corp. (Japan) | 736,239 | ||||||
6,162 | Stride, Inc.* | 261,700 | ||||||
41,407 | TAL Education Group ADR (China)* | 291,091 | ||||||
16,372 | Tesla, Inc.* | 3,367,884 | ||||||
104,044 | Toyota Motor Corp. (Japan) | 1,422,618 | ||||||
22,626 | Udemy, Inc.* | 213,589 | ||||||
5,341 | Wayfair, Inc., Class A* | 216,257 | ||||||
9,134 | Xometry, Inc., Class A* | 277,765 | ||||||
45,439 | XPeng, Inc. ADR (China)*(c) | 405,316 | ||||||
20,993 | Yamaha Motor Co. Ltd. (Japan) | 537,097 | ||||||
9,602 | Zalando SE (Germany)*(a) | 382,878 | ||||||
|
| |||||||
46,271,371 | ||||||||
|
| |||||||
Consumer Staples – 0.6% | ||||||||
14,481 | Beyond Meat, Inc.*(c) | 258,341 | ||||||
12,558 | Walmart, Inc. | 1,784,869 | ||||||
|
| |||||||
2,043,210 | ||||||||
|
| |||||||
Energy – 0.8% | ||||||||
776,432 | China Suntien Green Energy Corp. Ltd., Class H (China) | 340,267 | ||||||
6,897 | HD Hyundai Co. Ltd. (South Korea) | 309,603 | ||||||
21,672 | Oceaneering International, Inc.* | 452,728 | ||||||
24,746 | TotalEnergies SE (France) | 1,537,061 | ||||||
|
| |||||||
2,639,659 | ||||||||
|
| |||||||
Financials – 9.5% | ||||||||
39,646 | 3i Group PLC (United Kingdom) | 780,918 | ||||||
2,666 | Ameriprise Financial, Inc. | 914,091 | ||||||
6,758 | Amundi SA (France)(a) | 447,212 | ||||||
3,896 | Antin Infrastructure Partners SA (France) | 85,526 | ||||||
14,589 | Apollo Global Management, Inc. | 1,034,360 | ||||||
2,165 | BlackRock, Inc. | 1,492,616 | ||||||
13,988 | Blackstone, Inc. | 1,270,110 | ||||||
12,664 | Carlyle Group, Inc. (The) | 435,642 | ||||||
15,776 | Charles Schwab Corp. (The) | 1,229,266 | ||||||
32,027 | CI Financial Corp. (Canada) | 352,157 | ||||||
4,228 | CME Group, Inc. | 783,702 | ||||||
10,801 | CNA Financial Corp. | 472,868 | ||||||
11,773 | Coinbase Global, Inc., Class A*(c) | 763,244 | ||||||
150,898 | Credit Suisse Group AG (Switzerland) | 459,174 | ||||||
5,525 | Discover Financial Services | 618,800 | ||||||
7,858 | DWS Group GmbH & Co. KGaA (Germany)(a) | 256,669 | ||||||
5,223 | Eurazeo SE (France) | 353,388 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
2,832 | Evercore, Inc., Class A | 371,502 | ||||||
23,664 | flatexDEGIRO AG (Germany)* | 202,874 | ||||||
4,294 | Goldman Sachs Group, Inc. (The)(d) | 1,509,985 | ||||||
30,669 | Hargreaves Lansdown PLC (United Kingdom) | 308,026 | ||||||
8,620 | Interactive Brokers Group, Inc., Class A | 742,268 | ||||||
21,830 | KKR & Co., Inc. | 1,230,120 | ||||||
163,887 | Legal & General Group PLC (United Kingdom) | 507,731 | ||||||
9,763 | London Stock Exchange Group PLC (United Kingdom) | 878,431 | ||||||
10,908 | Morgan Stanley | 1,052,622 | ||||||
1,985 | Morningstar, Inc. | 411,550 | ||||||
2,045 | MSCI, Inc. | 1,067,797 | ||||||
7,371 | Northern Trust Corp. | 702,235 | ||||||
107,286 | NU Holdings Ltd., Class A (Brazil)* | 540,721 | ||||||
5,040 | Oppenheimer Holdings, Inc., Class A | 222,214 | ||||||
42,777 | Owl Rock Capital Corp. | 586,045 | ||||||
11,941 | Plus500 Ltd. (Israel) | 259,492 | ||||||
67,795 | Robinhood Markets, Inc., Class A* | 682,696 | ||||||
4,167 | S&P Global, Inc. | 1,421,780 | ||||||
88,353 | SoFi Technologies, Inc.* | 583,130 | ||||||
5,181 | Sprott, Inc. (Canada) | 179,696 | ||||||
7,493 | State Street Corp. | 664,479 | ||||||
7,832 | Stifel Financial Corp. | 523,413 | ||||||
51,617 | TP ICAP Group PLC (United Kingdom) | 120,606 | ||||||
9,039 | TPG, Inc. | 298,468 | ||||||
8,926 | Tradeweb Markets, Inc., Class A | 632,764 | ||||||
55,602 | UBS Group AG (Switzerland) | 1,213,188 | ||||||
25,314 | Upstart Holdings, Inc.*(c) | 468,562 | ||||||
1,045 | Virtus Investment Partners, Inc. | 219,899 | ||||||
58,336 | Waterdrop, Inc. ADR (China)*(c) | 175,008 | ||||||
19,118 | WealthNavi, Inc. (Japan)*(c) | 179,229 | ||||||
57,207 | WisdomTree, Inc. | 341,526 | ||||||
|
| |||||||
30,047,800 | ||||||||
|
| |||||||
Health Care – 21.1% | ||||||||
8,862 | 10X Genomics, Inc., Class A* | 421,122 | ||||||
429,921 | 3SBio, Inc. (China)(a) | 426,114 | ||||||
19,973 | Abbott Laboratories | 2,031,654 | ||||||
15,825 | AbbVie, Inc. | 2,435,468 | ||||||
21,300 | AdaptHealth Corp.* | 340,587 | ||||||
34,882 | Adaptive Biotechnologies Corp.* | 298,241 | ||||||
7,184 | Agilent Technologies, Inc. | 1,019,913 | ||||||
6,468 | Amgen, Inc. | 1,498,377 | ||||||
14,408 | AstraZeneca PLC (United Kingdom) | 1,897,803 | ||||||
15,439 | Baxter International, Inc. | 616,788 | ||||||
3,221 | Biogen, Inc.* | 869,219 | ||||||
145,080 | Bionano Genomics, Inc.*(c) | 194,407 | ||||||
7,476 | BioNTech SE ADR (Germany) | 972,254 | ||||||
7,933 | Bio-Techne Corp. | 576,253 | ||||||
37,494 | Bluebird Bio, Inc.* | 194,969 | ||||||
17,985 | Boston Scientific Corp.* | 840,259 | ||||||
24,983 | Bristol-Myers Squibb Co. | 1,722,828 | ||||||
13,197 | Bukwang Pharmaceutical Co. Ltd. (South Korea) | 82,877 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
6,233 | Castle Biosciences, Inc.* | $ | 156,947 | |||||
9,402 | Celltrion Healthcare Co. Ltd. (South Korea) | 387,235 | ||||||
24,787 | Coherus Biosciences, Inc.* | 167,808 | ||||||
4,364 | CompuGroup Medical SE & Co KgaA (Germany) | 208,261 | ||||||
11,238 | CRISPR Therapeutics AG (Switzerland)* | 554,258 | ||||||
10,834 | Cullinan Oncology, Inc.* | 122,316 | ||||||
12,145 | Dexcom, Inc.* | 1,348,216 | ||||||
26,791 | DocGo, Inc.* | 245,138 | ||||||
24,194 | Editas Medicine, Inc.* | 218,714 | ||||||
12,580 | Edwards Lifesciences Corp.* | 1,011,935 | ||||||
7,121 | Eli Lilly & Co. | 2,216,198 | ||||||
52,167 | Erasca, Inc.* | 187,801 | ||||||
12,399 | Exact Sciences Corp.* | 772,830 | ||||||
29,530 | Exelixis, Inc.* | 504,372 | ||||||
15,036 | Exscientia PLC ADR (United Kingdom)*(c) | 97,884 | ||||||
10,587 | Fulgent Genetics, Inc.* | 347,148 | ||||||
7,351 | Galapagos NV (Belgium)* | 271,915 | ||||||
19,916 | Gilead Sciences, Inc. | 1,603,835 | ||||||
5,972 | Globus Medical, Inc., Class A* | 348,406 | ||||||
17,260 | Guardant Health, Inc.* | 533,161 | ||||||
13,857 | Ideaya Biosciences, Inc.* | 244,576 | ||||||
4,887 | Illumina, Inc.* | 973,490 | ||||||
5,194 | Immunocore Holdings PLC ADR (United Kingdom)* | 284,891 | ||||||
1,040,605 | Imugene Ltd. (Australia)* | 91,225 | ||||||
77,811 | Innovent Biologics, Inc. (China)*(a) | 377,680 | ||||||
2,951 | Insulet Corp.* | 815,538 | ||||||
10,319 | Intellia Therapeutics, Inc.* | 414,514 | ||||||
6,085 | Intuitive Surgical, Inc.* | 1,395,838 | ||||||
117,396 | Invitae Corp.* | 252,401 | ||||||
3,262 | iRhythm Technologies, Inc.* | 383,872 | ||||||
17,122 | Johnson & Johnson | 2,624,118 | ||||||
36,067 | Keymed Biosciences, Inc. (China)*(a) | 289,473 | ||||||
42,512 | Koninklijke Philips NV (Netherlands) | 696,548 | ||||||
28,409 | Maravai LifeSciences Holdings, Inc., Class A* | 419,033 | ||||||
4,302 | Masimo Corp.* | 719,768 | ||||||
21,664 | Medtronic PLC | 1,793,779 | ||||||
21,224 | Merck & Co., Inc. | 2,254,838 | ||||||
8,640 | Moderna, Inc.* | 1,199,318 | ||||||
12,298 | MorphoSys AG (Germany)*(c) | 223,997 | ||||||
12,595 | Myriad Genetics, Inc.* | 238,297 | ||||||
11,527 | NextGen Healthcare, Inc.* | 208,754 | ||||||
10,790 | Novo Nordisk A/S ADR (Denmark) | 1,521,282 | ||||||
22,482 | Ono Pharmaceutical Co. Ltd. (Japan) | 458,833 | ||||||
27,810 | Pacific Biosciences of California, Inc.* | 252,515 | ||||||
52,343 | Pfizer, Inc. | 2,123,556 | ||||||
8,570 | PHC Holdings Corp. (Japan) | 90,598 | ||||||
27,246 | Poseida Therapeutics, Inc.* | 155,030 | ||||||
9,928 | PROCEPT BioRobotics Corp.* | 371,804 | ||||||
9,242 | QIAGEN NV* | 424,670 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
1,647 | Regeneron Pharmaceuticals, Inc.* | 1,252,412 | ||||||
17,410 | Relay Therapeutics, Inc.* | 281,172 | ||||||
10,846 | Repare Therapeutics, Inc. (Canada)* | 111,172 | ||||||
28,241 | ResMed, Inc. CDI | 598,563 | ||||||
7,917 | Roche Holding AG | 2,295,909 | ||||||
48,506 | Sana Biotechnology, Inc.* | 178,017 | ||||||
58,657 | Sangamo Therapeutics, Inc.* | 178,904 | ||||||
17,961 | Sanofi | 1,693,146 | ||||||
4,042 | Sarepta Therapeutics, Inc.* | 493,649 | ||||||
159 | Scilex Holding Co. (Singapore)* | 1,375 | ||||||
23,159 | Scilex Holding Co.* | 179,892 | ||||||
6,422 | Seagen, Inc.* | 1,153,969 | ||||||
154,343 | Senseonics Holdings, Inc.*(c) | 160,517 | ||||||
124,460 | Shanghai MicroPort MedBot Group Co. Ltd. (China)*(c) | 459,818 | ||||||
92,931 | Sharecare, Inc.* | 217,459 | ||||||
24,502 | Siemens Healthineers AG (Germany)(a) | 1,283,109 | ||||||
37,470 | Smith & Nephew PLC (United Kingdom) | 538,006 | ||||||
5,175 | Stryker Corp. | 1,360,404 | ||||||
11,779 | Takara Bio, Inc. (Japan) | 150,032 | ||||||
10,384 | Tandem Diabetes Care, Inc.* | 372,370 | ||||||
12,151 | Teladoc Health, Inc.* | 321,880 | ||||||
3,792 | Thermo Fisher Scientific, Inc. | 2,054,354 | ||||||
2,049 | UFP Technologies, Inc.* | 241,208 | ||||||
16,738 | Veracyte, Inc.* | 411,922 | ||||||
15,025 | Veradigm, Inc.* | 249,565 | ||||||
13,454 | Verona Pharma PLC ADR (United Kingdom)*(c) | 288,454 | ||||||
5,504 | Vertex Pharmaceuticals, Inc.* | 1,597,756 | ||||||
54,879 | Well Health Technologies Corp. (Canada)* | 181,392 | ||||||
|
| |||||||
67,350,173 | ||||||||
|
| |||||||
Industrials – 6.8% | ||||||||
30,250 | 3D Systems Corp.* | 296,148 | ||||||
42,406 | ABB Ltd. (Switzerland) | 1,415,268 | ||||||
5,193 | AeroVironment, Inc.* | 445,248 | ||||||
2,720 | Alfen N.V. (Netherlands)*(a) | 220,092 | ||||||
4,152 | ASGN, Inc.* | 368,698 | ||||||
137,194 | Aurora Innovation, Inc.* | 214,023 | ||||||
17,376 | Blink Charging Co.*(c) | 157,253 | ||||||
1,432 | CACI International, Inc., Class A* | 419,576 | ||||||
30,368 | ChargePoint Holdings, Inc.*(c) | 344,980 | ||||||
3,433 | Daihen Corp. (Japan) | 107,742 | ||||||
147,258 | Desktop Metal, Inc., Class A*(c) | 223,832 | ||||||
6,128 | FANUC Corp. (Japan) | 1,042,365 | ||||||
2,055 | FTI Consulting, Inc.* | 377,524 | ||||||
56,394 | Full Truck Alliance Co. Ltd. ADR (China)* | 394,758 | ||||||
19,301 | General Electric Co. | 1,634,988 | ||||||
8,803 | Kaman Corp. | 228,878 | ||||||
18,807 | Kawasaki Heavy Industries Ltd. (Japan) | 410,616 | ||||||
17,842 | Kratos Defense & Security Solutions, Inc.* | 225,701 | ||||||
4,249 | Leidos Holdings, Inc. | 412,450 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
24,029 | Leonardo DRS, Inc.* | $ | 312,377 | |||||
6,100 | LIG Nex1 Co. Ltd. (South Korea) | 344,357 | ||||||
3,649 | Lockheed Martin Corp. | 1,730,575 | ||||||
23,237 | Lyft, Inc., Class A* | 232,370 | ||||||
59,250 | Mitsubishi Electric Corp. (Japan) | 666,815 | ||||||
5,325 | Moog, Inc., Class A | 525,151 | ||||||
11,219 | Nabtesco Corp. (Japan) | 289,916 | ||||||
18,661 | Nidec Corp. (Japan) | 944,729 | ||||||
120,506 | Nikola Corp.*(c) | 267,523 | ||||||
29,467 | Nordex SE (Germany)* | 444,684 | ||||||
8,561 | Parsons Corp.* | 385,502 | ||||||
16,717 | PNE AG (Germany) | 283,654 | ||||||
9,492 | Proto Labs, Inc.* | 298,428 | ||||||
4,782 | Rainbow Robotics (South Korea)* | 334,641 | ||||||
7,905 | Shibaura Machine Co. Ltd. (Japan) | 183,675 | ||||||
35,434 | Siemens Energy AG (Germany)*(c) | 712,850 | ||||||
20,452 | SunPower Corp.* | 307,189 | ||||||
12,676 | Sunrun, Inc.* | 304,731 | ||||||
8,905 | Textron, Inc. | 645,880 | ||||||
4,214 | Thales SA (France) | 590,795 | ||||||
86,154 | TuSimple Holdings, Inc., Class A* | 165,416 | ||||||
73,257 | Velo3D, Inc.*(c) | 232,225 | ||||||
3,959 | Verisk Analytics, Inc. | 677,424 | ||||||
33,199 | Virgin Galactic Holdings, Inc.*(c) | 190,562 | ||||||
36,877 | Wallbox NV (Spain)* | 209,093 | ||||||
575,761 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China) | 518,585 | ||||||
89,698 | Xinte Energy Co. Ltd., Class H (China) | 197,691 | ||||||
15,518 | Yaskawa Electric Corp. (Japan) | 610,626 | ||||||
|
| |||||||
21,547,604 | ||||||||
|
| |||||||
Information Technology – 31.9% | ||||||||
15,961 | ACI Worldwide, Inc.* | 412,592 | ||||||
3,658 | Adobe, Inc.* | 1,185,009 | ||||||
15,535 | Advanced Micro Devices, Inc.* | 1,220,740 | ||||||
603 | Adyen NV (Netherlands)*(a) | 860,231 | ||||||
23,641 | Affirm Holdings, Inc.* | 321,990 | ||||||
2,617 | Ahnlab, Inc. (South Korea) | 149,910 | ||||||
5,685 | Akamai Technologies, Inc.* | 412,731 | ||||||
18,890 | Alkami Technology, Inc.* | 290,150 | ||||||
6,342 | Alteryx, Inc., Class A* | 414,196 | ||||||
10,389 | Ambarella, Inc.* | 979,787 | ||||||
7,341 | Amphenol Corp., Class A | 569,074 | ||||||
44,030 | Apple, Inc. | 6,490,462 | ||||||
5,801 | Arista Networks, Inc.* | 804,599 | ||||||
22,529 | Atos SE (France)*(c) | 321,109 | ||||||
3,898 | Autodesk, Inc.* | 774,494 | ||||||
29,360 | AvidXchange Holdings, Inc.* | 292,132 | ||||||
3,774 | Belden, Inc. | 318,450 | ||||||
48,033 | BigBear.ai Holdings, Inc.* | 141,217 | ||||||
25,024 | BigCommerce Holdings, Inc.Series 1* | 238,228 | ||||||
91,981 | BlackBerry Ltd. (Canada)* | 356,886 | ||||||
25,045 | Block, Inc.* | 1,921,703 | ||||||
443,915 | BrainChip Holdings Ltd. (Australia)* | 161,651 | ||||||
2,655 | Broadcom, Inc. | 1,577,840 | ||||||
13,572 | C3.ai, Inc., Class A*(c) | 306,456 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
6,277 | Canadian Solar, Inc. (Canada)* | 249,511 | ||||||
5,809 | CEVA, Inc.* | 183,332 | ||||||
6,751 | Ciena Corp.* | 325,533 | ||||||
35,650 | Cisco Systems, Inc. | 1,726,173 | ||||||
9,987 | Cloudflare, Inc., Class A* | 599,320 | ||||||
8,484 | Cognex Corp. | 402,311 | ||||||
4,411 | Consensus Cloud Solutions, Inc.* | 181,027 | ||||||
40,788 | Converge Technology Solutions Corp. (Canada)* | 139,610 | ||||||
14,731 | Corning, Inc. | 500,117 | ||||||
6,714 | Crowdstrike Holdings, Inc., Class A* | 810,313 | ||||||
3,185 | CyberArk Software Ltd.* | 461,092 | ||||||
23,075 | Dassault Systemes (France) | 895,151 | ||||||
8,458 | Digi International, Inc.* | 282,243 | ||||||
7,828 | Digital Garage, Inc. (Japan) | 258,319 | ||||||
25,185 | Dlocal Ltd. (Uruguay)*(c) | 376,264 | ||||||
6,622 | DocuSign, Inc.* | 406,260 | ||||||
20,789 | EngageSmart, Inc.* | 437,401 | ||||||
4,408 | Euronet Worldwide, Inc.* | 479,811 | ||||||
2,217 | ExlService Holdings, Inc.* | 364,719 | ||||||
18,833 | Extreme Networks, Inc.* | 352,554 | ||||||
748 | Fair Isaac Corp.* | 506,688 | ||||||
5,635 | FARO Technologies, Inc.* | 153,272 | ||||||
16,374 | Fidelity National Information Services, Inc. | 1,037,620 | ||||||
3,988 | First Solar, Inc.* | 674,530 | ||||||
3,149 | FleetCor Technologies, Inc.* | 676,374 | ||||||
12,978 | Flywire Corp.* | 320,946 | ||||||
12,089 | ForgeRock, Inc., Class A* | 247,099 | ||||||
18,109 | Fortinet, Inc.* | 1,076,399 | ||||||
22,523 | Gen Digital, Inc. | 439,424 | ||||||
6,272 | Global Payments, Inc. | 703,718 | ||||||
2,138 | Globant SA* | 352,941 | ||||||
47,090 | Hewlett Packard Enterprise Co. | 735,075 | ||||||
19,807 | HP, Inc. | 584,703 | ||||||
29,350 | indie Semiconductor, Inc., Class A (China)* | 307,001 | ||||||
23,861 | Infineon Technologies AG (Germany) | 848,084 | ||||||
29,527 | Infinera Corp.* | 208,756 | ||||||
56,448 | Innoviz Technologies Ltd. (Israel)* | 268,128 | ||||||
10,765 | Instructure Holdings, Inc.* | 277,414 | ||||||
9,417 | Intapp, Inc.* | 372,725 | ||||||
85,260 | Intel Corp. | 2,125,532 | ||||||
5,053 | InterDigital, Inc. | 368,818 | ||||||
10,562 | International Business Machines Corp. | 1,365,667 | ||||||
2,582 | IPG Photonics Corp.* | 318,206 | ||||||
4,076 | Jack Henry & Associates, Inc. | 669,442 | ||||||
13,067 | Juniper Networks, Inc. | 402,202 | ||||||
13,966 | Kainos Group PLC (United Kingdom) | 235,189 | ||||||
2,265 | Keyence Corp. (Japan) | 979,230 | ||||||
5,017 | Keysight Technologies, Inc.* | 802,519 | ||||||
6,389 | Kontron AG (Austria)(c) | 128,396 | ||||||
62,504 | Learning Technologies Group PLC (United Kingdom) | 106,771 | ||||||
42,387 | Marathon Digital Holdings, Inc.*(c) | 300,948 | ||||||
71,343 | Marqeta, Inc., Class A* | 413,789 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
19,274 | Marvell Technology, Inc. | $ | 870,221 | |||||
6,832 | Mastercard, Inc., Class A | 2,427,341 | ||||||
17,862 | Materialise NV ADR (Belgium)* | 153,613 | ||||||
10,424 | Maxeon Solar Technologies Ltd.* | 183,462 | ||||||
10,433 | Micron Technology, Inc. | 603,236 | ||||||
26,331 | Microsoft Corp. | 6,567,478 | ||||||
1,417 | MicroStrategy, Inc., Class A* | 371,637 | ||||||
9,421 | nCino, Inc.* | 256,722 | ||||||
15,299 | NCR Corp.* | 390,583 | ||||||
6,138 | Nemetschek SE (Germany) | 349,422 | ||||||
10,075 | NETGEAR, Inc.* | 182,358 | ||||||
9,850 | NetScout Systems, Inc.* | 280,134 | ||||||
35,235 | NEXTDC Ltd. (Australia)* | 244,023 | ||||||
1,937 | Nice Ltd. ADR (Israel)* | 401,753 | ||||||
146,096 | Nokia OYJ ADR (Finland) | 672,042 | ||||||
2,089 | Novanta, Inc.* | 327,785 | ||||||
11,095 | Nuvei Corp. (Canada)*(a) | 340,482 | ||||||
32,240 | NVIDIA Corp. | 7,484,838 | ||||||
4,629 | NXP Semiconductors NV (China) | 826,184 | ||||||
7,786 | Okta, Inc.* | 555,064 | ||||||
11,212 | OneSpan, Inc.* | 151,586 | ||||||
10,865 | Open Text Corp. (Canada) | 373,539 | ||||||
2,391 | OSI Systems, Inc.* | 221,287 | ||||||
34,630 | Pagseguro Digital Ltd., Class A (Brazil)* | 300,242 | ||||||
5,926 | Palo Alto Networks, Inc.* | 1,116,281 | ||||||
94,371 | PAX Global Technology Ltd. (Hong Kong) | 82,475 | ||||||
52,041 | Payoneer Global, Inc.* | 301,838 | ||||||
19,833 | PayPal Holdings, Inc.* | 1,459,709 | ||||||
28,226 | Paysafe Ltd.* | 562,826 | ||||||
3,679 | PTC, Inc.* | 461,089 | ||||||
11,520 | Q2 Holdings, Inc.* | 371,866 | ||||||
3,252 | Qorvo, Inc.* | 328,094 | ||||||
11,810 | QUALCOMM, Inc. | 1,458,889 | ||||||
28,396 | Repay Holdings Corp.* | 240,798 | ||||||
30,604 | Ribbon Communications, Inc.* | 136,494 | ||||||
51,151 | Riot Platforms, Inc.*(c) | 319,694 | ||||||
34,356 | Sabre Corp.* | 173,841 | ||||||
9,521 | Salesforce, Inc.* | 1,557,731 | ||||||
7,085 | SAP SE (Germany) | 807,567 | ||||||
29,703 | Seiko Epson Corp. (Japan) | 409,298 | ||||||
10,445 | Semtech Corp.* | 321,810 | ||||||
28,168 | SentinelOne, Inc., Class A* | 450,406 | ||||||
8,246 | Shift4 Payments, Inc., Class A* | 531,867 | ||||||
22,842 | Shopify, Inc., Class A (Canada)* | 939,720 | ||||||
1,581 | Silicon Laboratories, Inc.* | 282,256 | ||||||
6,709 | Skyworks Solutions, Inc. | 748,523 | ||||||
6,691 | Snowflake, Inc., Class A* | 1,032,957 | ||||||
14,210 | Software AG (Germany) | 282,557 | ||||||
96,927 | Spirent Communications PLC (United Kingdom) | 249,944 | ||||||
5,973 | Splunk, Inc.* | 612,233 | ||||||
4,250 | Sprout Social, Inc., Class A* | 259,165 | ||||||
13,847 | SS&C Technologies Holdings, Inc. | 812,819 | ||||||
12,970 | STMicroelectronics NV (Singapore) | 624,807 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
32,361 | StoneCo Ltd., Class A (Brazil)* | 275,392 | ||||||
22,916 | Stratasys Ltd.* | 296,762 | ||||||
2,257 | Synaptics, Inc.* | 265,446 | ||||||
23,228 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,022,462 | ||||||
4,158 | TD SYNNEX Corp. | 401,330 | ||||||
32,051 | TELUS International CDA, Inc. (Philippines)*(c) | 683,007 | ||||||
8,488 | Tenable Holdings, Inc.* | 375,424 | ||||||
12,541 | Teradyne, Inc. | 1,268,397 | ||||||
20,423 | Toast, Inc., Class A* | 386,403 | ||||||
26,464 | TomTom NV (Netherlands)* | 204,875 | ||||||
46,680 | Tuya, Inc. ADR (China)* | 96,628 | ||||||
123,919 | Tyro Payments Ltd. (Australia)* | 137,882 | ||||||
37,100 | UiPath, Inc., Class A* | 550,564 | ||||||
41,546 | Valens Semiconductor Ltd. (Israel)* | 191,527 | ||||||
12,238 | Varonis Systems, Inc.* | 331,405 | ||||||
11,189 | Visa, Inc., Class A | 2,460,909 | ||||||
2,469 | WEX, Inc.* | 476,048 | ||||||
2,607 | Zebra Technologies Corp., Class A* | 782,752 | ||||||
30,915 | Zeta Global Holdings Corp., Class A* | 328,008 | ||||||
5,084 | Zscaler, Inc.* | 666,767 | ||||||
|
| |||||||
101,634,878 | ||||||||
|
| |||||||
Real Estate – 0.9% | ||||||||
4,246 | American Tower Corp. REIT | 840,750 | ||||||
6,800 | Digital Realty Trust, Inc. REIT | 708,764 | ||||||
1,082 | Equinix, Inc. REIT | 744,708 | ||||||
10,793 | Zillow Group, Inc., Class A* | 446,291 | ||||||
|
| |||||||
2,740,513 | ||||||||
|
| |||||||
Utilities – 1.3% | ||||||||
10,185 | Atlantica Sustainable Infrastructure PLC (Spain) | 281,106 | ||||||
13,951 | Avangrid, Inc. | 544,508 | ||||||
17,820 | Brookfield Renewable Corp., Class A | 496,287 | ||||||
15,914 | Brookfield Renewable Partners LP (Canada) | 416,947 | ||||||
12,142 | Dominion Energy, Inc. | 675,338 | ||||||
30,538 | Innergex Renewable Energy, Inc. (Canada) | 326,139 | ||||||
18,569 | NextEra Energy, Inc. | 1,318,956 | ||||||
|
| |||||||
4,059,281 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $342,519,038) | $ | 317,585,434 | ||||||
|
| |||||||
Exchange-Traded Fund – 0.1% | ||||||||
179,400 | Greencoat UK Wind PLC/Funds | |||||||
(Cost $323,364) | $ | 337,731 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% | ||||||||||
Health Care – 0.0% | ||||||||||
9,282 | AstraZeneca PLC* | |||||||||
(Cost $0) | 12/28 | $ | 28,403 | |||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $342,842,402) | $ | 317,951,568 | ||||||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 2.6%(d) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
8,390,962 | 4.475 | % | $ | 8,390,962 | ||||
(Cost $8,390,962) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 102.4% |
| |||||||
(Cost $351,233,364) |
| $ | 326,342,530 | |||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)% |
| (7,881,522 | ) | |||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 318,461,008 | |||||
|
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 | |
GDR | —Global Depositary Receipt | |
LP | —Limited Partnership | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 6.6% | ||||||||
8,005 | Activision Blizzard, Inc. | $ | 610,381 | |||||
50,446 | Alphabet, Inc., Class A* | 4,543,167 | ||||||
44,735 | Alphabet, Inc., Class C* | 4,039,570 | ||||||
69,841 | AT&T, Inc. | 1,320,693 | ||||||
1,047 | Charter Communications, Inc., Class A* | 384,888 | ||||||
2,854 | Electronic Arts, Inc. | 316,623 | ||||||
3,060 | Fox Corp., Class A | 107,161 | ||||||
1,467 | Fox Corp., Class B | 47,311 | ||||||
3,996 | Interpublic Group of Cos., Inc. (The) | 142,018 | ||||||
10,011 | Lumen Technologies, Inc. | 34,037 | ||||||
4,513 | Netflix, Inc.* | 1,453,773 | ||||||
1,672 | New York Times Co. (The), Class A | 64,372 | ||||||
95 | Paramount Global, Class A(a) | 2,335 | ||||||
5,938 | Paramount Global, Class B | 127,192 | ||||||
1,186 | Roku, Inc.* | 76,722 | ||||||
1,682 | Take-Two Interactive Software, Inc.* | 184,263 | ||||||
5,812 | T-Mobile US, Inc.* | 826,350 | ||||||
1,052 | TripAdvisor, Inc.* | 22,692 | ||||||
41,000 | Verizon Communications, Inc. | 1,591,210 | ||||||
18,783 | Walt Disney Co. (The)* | 1,870,975 | ||||||
2,302 | ZoomInfo Technologies, Inc.* | 55,639 | ||||||
|
| |||||||
17,821,372 | ||||||||
|
| |||||||
Consumer Discretionary – 10.4% | ||||||||
3,866 | Airbnb, Inc., Class A* | 476,601 | ||||||
91,623 | Amazon.com, Inc.* | 8,633,635 | ||||||
2,785 | Aptiv PLC* | 323,840 | ||||||
2,070 | Best Buy Co., Inc. | 172,038 | ||||||
400 | Booking Holdings, Inc.* | 1,009,600 | ||||||
2,404 | BorgWarner, Inc. | 120,873 | ||||||
702 | Brunswick Corp. | 61,369 | ||||||
1,627 | CarMax, Inc.* | 112,328 | ||||||
288 | Chipotle Mexican Grill, Inc.* | 429,431 | ||||||
1,261 | Darden Restaurants, Inc. | 180,310 | ||||||
270 | Deckers Outdoor Corp.* | 112,415 | ||||||
548 | Dick’s Sporting Goods, Inc. | 70,489 | ||||||
3,644 | DraftKings, Inc., Class A* | 68,726 | ||||||
5,591 | eBay, Inc. | 256,627 | ||||||
1,288 | Etsy, Inc.* | 156,376 | ||||||
1,557 | Expedia Group, Inc.* | 169,666 | ||||||
40,621 | Ford Motor Co. | 490,296 | ||||||
2,004 | Gap, Inc. (The) | 26,072 | ||||||
1,587 | Garmin Ltd. | 155,732 | ||||||
14,603 | General Motors Co. | 565,720 | ||||||
316 | Grand Canyon Education, Inc.* | 35,800 | ||||||
1,598 | H&R Block, Inc. | 58,806 | ||||||
1,384 | Harley-Davidson, Inc. | 65,809 | ||||||
1,353 | Hasbro, Inc. | 74,429 | ||||||
2,743 | Hilton Worldwide Holdings, Inc. | 396,391 | ||||||
10,651 | Home Depot, Inc. (The) | 3,158,448 | ||||||
488 | Hyatt Hotels Corp., Class A* | 56,725 | ||||||
1,194 | Kohl’s Corp. | 33,480 | ||||||
3,406 | Las Vegas Sands Corp.* | 195,743 | ||||||
605 | Lear Corp. | 84,488 | ||||||
278 | Lithia Motors, Inc. | 70,940 | ||||||
6,402 | Lowe’s Cos., Inc. | 1,317,212 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,150 | Lululemon Athletica, Inc.* | 355,580 | ||||||
2,775 | Macy’s, Inc. | 56,777 | ||||||
2,734 | Marriott International, Inc., Class A | 462,702 | ||||||
385 | Marriott Vacations Worldwide Corp. | 58,901 | ||||||
7,618 | McDonald’s Corp. | 2,010,466 | ||||||
3,302 | MGM Resorts International | 142,019 | ||||||
511 | Mohawk Industries, Inc.* | 52,556 | ||||||
12,631 | NIKE, Inc., Class B | 1,500,437 | ||||||
1,152 | Nordstrom, Inc. | 22,441 | ||||||
3,174 | Peloton Interactive, Inc., Class A* | 41,008 | ||||||
567 | Polaris, Inc. | 64,496 | ||||||
2,333 | PulteGroup, Inc. | 127,545 | ||||||
669 | PVH Corp. | 53,681 | ||||||
2,655 | QuantumScape Corp.*(a) | 25,408 | ||||||
417 | Ralph Lauren Corp. | 49,285 | ||||||
2,268 | Royal Caribbean Cruises Ltd.* | 160,212 | ||||||
1,540 | Service Corp. International | 103,996 | ||||||
11,820 | Starbucks Corp. | 1,206,704 | ||||||
2,493 | Tapestry, Inc. | 108,470 | ||||||
4,774 | Target Corp. | 804,419 | ||||||
11,964 | TJX Cos., Inc. (The) | 916,442 | ||||||
1,137 | Tractor Supply Co. | 265,217 | ||||||
414 | Vail Resorts, Inc. | 96,665 | ||||||
811 | Wayfair, Inc., Class A* | 32,837 | ||||||
549 | Whirlpool Corp. | 75,751 | ||||||
683 | Williams-Sonoma, Inc. | 85,320 | ||||||
889 | YETI Holdings, Inc.* | 34,653 | ||||||
|
| |||||||
28,054,403 | ||||||||
|
| |||||||
Consumer Staples – 6.5% | ||||||||
5,498 | Archer-Daniels-Midland Co. | 437,641 | ||||||
1,390 | Bunge Ltd. | 132,745 | ||||||
1,948 | Campbell Soup Co. | 102,309 | ||||||
2,441 | Church & Dwight Co., Inc. | 204,507 | ||||||
1,240 | Clorox Co. (The) | 192,746 | ||||||
39,284 | Coca-Cola Co. (The) | 2,337,791 | ||||||
8,329 | Colgate-Palmolive Co. | 610,516 | ||||||
4,564 | Costco Wholesale Corp. | 2,209,797 | ||||||
5,993 | General Mills, Inc. | 476,503 | ||||||
1,468 | Hershey Co. (The) | 349,854 | ||||||
2,881 | Hormel Foods Corp. | 127,859 | ||||||
658 | Ingredion, Inc. | 65,405 | ||||||
2,564 | Kellogg Co. | 169,070 | ||||||
8,621 | Keurig Dr Pepper, Inc. | 297,856 | ||||||
3,384 | Kimberly-Clark Corp. | 423,169 | ||||||
6,592 | Kroger Co. (The) | 284,379 | ||||||
2,519 | McCormick & Co., Inc. | 187,212 | ||||||
1,759 | Molson Coors Beverage Co., Class B | 93,561 | ||||||
3,681 | Monster Beverage Corp.* | 374,579 | ||||||
13,908 | PepsiCo, Inc. | 2,413,455 | ||||||
23,749 | Procter & Gamble Co. (The) | 3,266,912 | ||||||
5,107 | Sysco Corp. | 380,829 | ||||||
2,863 | Tyson Foods, Inc., Class A | 169,604 | ||||||
7,212 | Walgreens Boots Alliance, Inc. | 256,242 | ||||||
14,652 | Walmart, Inc. | 2,082,489 | ||||||
|
| |||||||
17,647,030 | ||||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 4.9% | ||||||||
3,016 | APA Corp. | $ | 115,754 | |||||
8,866 | Baker Hughes Co. | 271,300 | ||||||
2,343 | Cheniere Energy, Inc. | 368,648 | ||||||
18,223 | Chevron Corp. | 2,929,712 | ||||||
11,745 | ConocoPhillips | 1,213,846 | ||||||
6,123 | Devon Energy Corp. | 330,152 | ||||||
3,468 | EQT Corp. | 115,068 | ||||||
38,829 | Exxon Mobil Corp. | 4,267,695 | ||||||
8,459 | Halliburton Co. | 306,469 | ||||||
18,711 | Kinder Morgan, Inc. | 319,210 | ||||||
4,407 | Marathon Petroleum Corp. | 544,705 | ||||||
7,476 | Occidental Petroleum Corp. | 437,794 | ||||||
4,185 | ONEOK, Inc. | 273,908 | ||||||
4,450 | Phillips 66 | 456,392 | ||||||
2,239 | Pioneer Natural Resources Co. | 448,718 | ||||||
2,217 | Range Resources Corp. | 59,726 | ||||||
3,623 | Valero Energy Corp. | 477,258 | ||||||
254 | Vitesse Energy, Inc.* | 4,417 | ||||||
11,467 | Williams Cos., Inc. (The) | 345,157 | ||||||
|
| |||||||
13,285,929 | ||||||||
|
| |||||||
Financials – 11.9% | ||||||||
2,853 | Allstate Corp. (The) | 367,409 | ||||||
3,220 | Ally Financial, Inc. | 96,761 | ||||||
5,853 | American Express Co. | 1,018,363 | ||||||
8,025 | American International Group, Inc. | 490,408 | ||||||
1,147 | Ameriprise Financial, Inc. | 393,272 | ||||||
2,214 | Aon PLC, Class A | 673,167 | ||||||
3,822 | Arch Capital Group Ltd.* | 267,540 | ||||||
574 | Assurant, Inc. | 73,122 | ||||||
839 | Axis Capital Holdings Ltd. | 50,944 | ||||||
75,871 | Bank of America Corp. | 2,602,375 | ||||||
426 | Bank of Hawaii Corp. | 31,890 | ||||||
7,929 | Bank of New York Mellon Corp. (The) | 403,428 | ||||||
1,622 | BlackRock, Inc. | 1,118,255 | ||||||
3,698 | Capital One Financial Corp. | 403,378 | ||||||
1,142 | Cboe Global Markets, Inc. | 144,086 | ||||||
16,419 | Charles Schwab Corp. (The) | 1,279,368 | ||||||
20,910 | Citigroup, Inc. | 1,059,928 | ||||||
3,873 | CME Group, Inc. | 717,899 | ||||||
1,409 | Comerica, Inc. | 98,771 | ||||||
393 | Evercore, Inc., Class A | 51,554 | ||||||
419 | Everest Re Group Ltd. | 160,883 | ||||||
7,354 | Fifth Third Bancorp | 266,950 | ||||||
1,962 | First Republic Bank | 241,346 | ||||||
3,765 | FNB Corp. | 53,727 | ||||||
3,079 | Franklin Resources, Inc. | 90,738 | ||||||
3,544 | Goldman Sachs Group, Inc. (The)(b) | 1,246,248 | ||||||
382 | Hanover Insurance Group, Inc. (The) | 53,281 | ||||||
3,426 | Hartford Financial Services Group, Inc. (The) | 268,187 | ||||||
15,664 | Huntington Bancshares, Inc. | 239,973 | ||||||
5,959 | Intercontinental Exchange, Inc. | 606,626 | ||||||
2,161 | Jefferies Financial Group, Inc. | 81,664 | ||||||
31,510 | JPMorgan Chase & Co. | 4,516,959 | ||||||
10,028 | KeyCorp | 183,412 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
894 | Lazard Ltd., Class A | 33,400 | ||||||
1,831 | Lincoln National Corp. | 58,079 | ||||||
860 | LPL Financial Holdings, Inc. | 214,622 | ||||||
401 | MarketAxess Holdings, Inc. | 136,921 | ||||||
5,350 | Marsh & McLennan Cos., Inc. | 867,449 | ||||||
7,135 | MetLife, Inc. | 511,794 | ||||||
3,187 | MGIC Investment Corp. | 43,853 | ||||||
1,726 | Moody’s Corp. | 500,799 | ||||||
13,318 | Morgan Stanley | 1,285,187 | ||||||
267 | Morningstar, Inc. | 55,357 | ||||||
838 | MSCI, Inc. | 437,562 | ||||||
3,712 | Nasdaq, Inc. | 208,095 | ||||||
2,219 | Northern Trust Corp. | 211,404 | ||||||
1,239 | OneMain Holdings, Inc. | 53,389 | ||||||
808 | Pinnacle Financial Partners, Inc. | 59,865 | ||||||
4,349 | PNC Financial Services Group, Inc. (The) | 686,794 | ||||||
395 | Primerica, Inc. | 75,816 | ||||||
2,614 | Principal Financial Group, Inc. | 234,110 | ||||||
6,306 | Progressive Corp. (The) | 905,037 | ||||||
3,975 | Prudential Financial, Inc. | 397,500 | ||||||
10,087 | Regions Financial Corp. | 235,229 | ||||||
721 | Reinsurance Group of America, Inc. | 104,163 | ||||||
1,223 | Rocket Cos., Inc., Class A(a) | 9,613 | ||||||
3,518 | S&P Global, Inc. | 1,200,342 | ||||||
633 | SVB Financial Group* | 182,374 | ||||||
4,361 | Synchrony Financial | 155,731 | ||||||
1,553 | Synovus Financial Corp. | 64,931 | ||||||
1,162 | Tradeweb Markets, Inc., Class A | 82,374 | ||||||
2,525 | Travelers Cos., Inc. (The) | 467,428 | ||||||
14,360 | Truist Financial Corp. | 674,202 | ||||||
2,331 | Umpqua Holdings Corp. | 41,165 | ||||||
2,137 | Unum Group | 95,203 | ||||||
761 | Upstart Holdings, Inc.*(a) | 14,086 | ||||||
14,494 | US Bancorp | 691,799 | ||||||
2,222 | W R Berkley Corp. | 147,074 | ||||||
40,970 | Wells Fargo & Co. | 1,916,167 | ||||||
|
| |||||||
32,410,826 | ||||||||
|
| |||||||
Health Care – 13.9% | ||||||||
759 | 10X Genomics, Inc., Class A* | 36,068 | ||||||
14,160 | Abbott Laboratories | 1,440,355 | ||||||
14,593 | AbbVie, Inc. | 2,245,863 | ||||||
2,441 | Agilent Technologies, Inc. | 346,549 | ||||||
646 | Align Technology, Inc.* | 199,937 | ||||||
1,013 | Alnylam Pharmaceuticals, Inc.* | 193,939 | ||||||
1,559 | AmerisourceBergen Corp. | 242,518 | ||||||
4,409 | Amgen, Inc. | 1,021,389 | ||||||
4,153 | Baxter International, Inc. | 165,912 | ||||||
2,344 | Becton Dickinson and Co. | 549,785 | ||||||
1,182 | Biogen, Inc.* | 318,974 | ||||||
1,522 | BioMarin Pharmaceutical, Inc.* | 151,576 | ||||||
11,781 | Boston Scientific Corp.* | 550,408 | ||||||
17,586 | Bristol-Myers Squibb Co. | 1,212,731 | ||||||
4,692 | Centene Corp.* | 320,933 | ||||||
2,471 | Cigna Group (The) | 721,779 | ||||||
13,187 | CVS Health Corp. | 1,101,642 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
5,345 | Danaher Corp. | $ | 1,323,048 | |||||
458 | DaVita, Inc.* | 37,675 | ||||||
288 | Definitive Healthcare Corp.* | 3,289 | ||||||
1,767 | DENTSPLY SIRONA, Inc. | 67,270 | ||||||
3,180 | Dexcom, Inc.* | 353,012 | ||||||
5,099 | Edwards Lifesciences Corp.* | 410,164 | ||||||
1,989 | Elevance Health, Inc. | 934,174 | ||||||
6,958 | Eli Lilly & Co. | 2,165,469 | ||||||
3,549 | GE HealthCare Technologies, Inc.* | 269,724 | ||||||
10,366 | Gilead Sciences, Inc. | 834,774 | ||||||
1,780 | HCA Healthcare, Inc. | 433,341 | ||||||
2,030 | Hologic, Inc.* | 161,669 | ||||||
1,827 | Horizon Therapeutics PLC* | 200,038 | ||||||
1,043 | Humana, Inc. | 516,306 | ||||||
679 | IDEXX Laboratories, Inc.* | 321,330 | ||||||
1,297 | Illumina, Inc.* | 258,362 | ||||||
1,505 | Incyte Corp.* | 115,855 | ||||||
568 | Insulet Corp.* | 156,972 | ||||||
2,908 | Intuitive Surgical, Inc.* | 667,066 | ||||||
1,530 | IQVIA Holdings, Inc.* | 318,959 | ||||||
21,730 | Johnson & Johnson | 3,330,340 | ||||||
731 | Laboratory Corp. of America Holdings | 174,972 | ||||||
906 | Maravai LifeSciences Holdings, Inc., Class A* | 13,363 | ||||||
11,036 | Medtronic PLC | 913,781 | ||||||
20,888 | Merck & Co., Inc. | 2,219,141 | ||||||
2,739 | Moderna, Inc.* | 380,201 | ||||||
781 | Neurocrine Biosciences, Inc.* | 80,521 | ||||||
46,669 | Pfizer, Inc. | 1,893,361 | ||||||
857 | Regeneron Pharmaceuticals, Inc.* | 651,680 | ||||||
455 | Repligen Corp.* | 79,338 | ||||||
1,191 | ResMed, Inc. | 253,683 | ||||||
669 | Signify Health, Inc., Class A* | 19,260 | ||||||
2,900 | Stryker Corp. | 762,352 | ||||||
3,231 | Thermo Fisher Scientific, Inc. | 1,750,427 | ||||||
551 | Ultragenyx Pharmaceutical, Inc.* | 24,514 | ||||||
7,724 | UnitedHealth Group, Inc. | 3,676,161 | ||||||
1,149 | Veeva Systems, Inc., Class A* | 190,343 | ||||||
2,111 | Vertex Pharmaceuticals, Inc.* | 612,802 | ||||||
574 | Waters Corp.* | 178,451 | ||||||
1,730 | Zimmer Biomet Holdings, Inc. | 214,295 | ||||||
|
| |||||||
37,787,841 | ||||||||
|
| |||||||
Industrials – 9.0% | ||||||||
5,359 | 3M Co. | 577,379 | ||||||
312 | Acuity Brands, Inc. | 60,516 | ||||||
1,279 | AECOM | 110,454 | ||||||
850 | Allegion PLC | 95,803 | ||||||
6,650 | American Airlines Group, Inc.* | 106,267 | ||||||
2,239 | AMETEK, Inc. | 316,953 | ||||||
439 | Armstrong World Industries, Inc. | 34,615 | ||||||
262 | Avis Budget Group, Inc.* | 57,551 | ||||||
1,081 | AZEK Co., Inc. (The)* | 26,041 | ||||||
5,327 | Boeing Co. (The)* | 1,073,657 | ||||||
1,275 | Booz Allen Hamilton Holding Corp. | 120,781 | ||||||
8,119 | Carrier Global Corp. | 365,599 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
5,060 | Caterpillar, Inc. | 1,212,123 | ||||||
1,127 | C.H. Robinson Worldwide, Inc. | 112,655 | ||||||
2,383 | ChargePoint Holdings, Inc.*(a) | 27,071 | ||||||
840 | Cintas Corp. | 368,315 | ||||||
20,417 | CSX Corp. | 622,514 | ||||||
1,369 | Cummins, Inc. | 332,777 | ||||||
2,681 | Deere & Co. | 1,123,982 | ||||||
6,593 | Delta Air Lines, Inc.* | 252,776 | ||||||
3,879 | Eaton Corp. PLC | 678,553 | ||||||
5,739 | Emerson Electric Co. | 474,673 | ||||||
2,333 | FedEx Corp. | 474,112 | ||||||
3,439 | Fortive Corp. | 229,244 | ||||||
1,254 | Fortune Brands Innovations, Inc. | 77,685 | ||||||
328 | FTI Consulting, Inc.* | 60,257 | ||||||
10,646 | General Electric Co. | 901,823 | ||||||
332 | Hertz Global Holdings, Inc.* | 6,145 | ||||||
6,552 | Honeywell International, Inc. | 1,254,577 | ||||||
521 | Hubbell, Inc. | 131,052 | ||||||
738 | IDEX Corp. | 166,035 | ||||||
2,971 | Illinois Tool Works, Inc. | 692,718 | ||||||
3,946 | Ingersoll Rand, Inc. | 229,144 | ||||||
1,242 | Jacobs Solutions, Inc. | 148,419 | ||||||
6,727 | Johnson Controls International PLC | 421,917 | ||||||
1,141 | KBR, Inc. | 62,881 | ||||||
1,847 | L3Harris Technologies, Inc. | 390,068 | ||||||
1,141 | Leidos Holdings, Inc. | 110,757 | ||||||
311 | Lennox International, Inc. | 79,252 | ||||||
544 | Lincoln Electric Holdings, Inc. | 91,354 | ||||||
2,273 | Lockheed Martin Corp. | 1,077,993 | ||||||
1,961 | MDU Resources Group, Inc. | 62,458 | ||||||
479 | Mercury Systems, Inc.* | 25,071 | ||||||
1,422 | Northrop Grumman Corp. | 659,964 | ||||||
1,603 | nVent Electric PLC | 73,482 | ||||||
637 | Oshkosh Corp. | 56,814 | ||||||
4,049 | Otis Worldwide Corp. | 342,626 | ||||||
906 | Owens Corning | 88,598 | ||||||
14,290 | Raytheon Technologies Corp. | 1,401,706 | ||||||
1,116 | Rockwell Automation, Inc. | 329,142 | ||||||
525 | Schneider National, Inc., Class B | 14,731 | ||||||
457 | SiteOne Landscape Supply, Inc.* | 67,791 | ||||||
6,099 | Southwest Airlines Co. | 204,804 | ||||||
1,013 | Spirit AeroSystems Holdings, Inc., Class A | 34,624 | ||||||
1,435 | Stanley Black & Decker, Inc. | 122,850 | ||||||
2,400 | Sunrun, Inc.* | 57,696 | ||||||
2,026 | Textron, Inc. | 146,946 | ||||||
580 | Timken Co. (The) | 49,561 | ||||||
2,233 | Trane Technologies PLC | 413,038 | ||||||
1,869 | TransUnion | 122,289 | ||||||
19,780 | Uber Technologies, Inc.* | 657,883 | ||||||
5,974 | Union Pacific Corp. | 1,238,291 | ||||||
3,359 | United Airlines Holdings, Inc.* | 174,534 | ||||||
7,148 | United Parcel Service, Inc., Class B | 1,304,439 | ||||||
679 | United Rentals, Inc. | 318,132 | ||||||
1,509 | Verisk Analytics, Inc. | 258,205 | ||||||
4,732 | Waste Management, Inc. | 708,664 | ||||||
|
|
34 | 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) | ||||||||
Industrials – (continued) | ||||||||
1,974 | WillScot Mobile Mini Holdings Corp.* | $ | 101,464 | |||||
572 | Woodward, Inc. | 56,628 | ||||||
437 | W.W. Grainger, Inc. | 292,104 | ||||||
1,739 | Xylem, Inc. | 178,508 | ||||||
|
| |||||||
24,319,531 | ||||||||
|
| |||||||
Information Technology – 27.8% | ||||||||
6,159 | Accenture PLC, Class A | 1,635,522 | ||||||
3,895 | Adobe, Inc.* | 1,261,785 | ||||||
13,544 | Advanced Micro Devices, Inc.* | 1,064,288 | ||||||
1,298 | Akamai Technologies, Inc.* | 94,235 | ||||||
4,303 | Analog Devices, Inc. | 789,471 | ||||||
729 | ANSYS, Inc.* | 221,332 | ||||||
126,038 | Apple, Inc. | 18,579,262 | ||||||
7,201 | Applied Materials, Inc. | 836,396 | ||||||
1,825 | Autodesk, Inc.* | 362,609 | ||||||
4,059 | Automatic Data Processing, Inc. | 892,249 | ||||||
5,207 | Block, Inc.* | 399,533 | ||||||
3,311 | Broadcom, Inc. | 1,967,694 | ||||||
1,260 | Broadridge Financial Solutions, Inc. | 177,383 | ||||||
2,286 | Cadence Design Systems, Inc.* | 441,061 | ||||||
1,146 | Ceridian HCM Holding, Inc.* | 83,578 | ||||||
1,436 | Ciena Corp.* | 69,244 | ||||||
458 | Cirrus Logic, Inc.* | 47,059 | ||||||
40,087 | Cisco Systems, Inc. | 1,941,013 | ||||||
2,368 | Cloudflare, Inc., Class A* | 142,104 | ||||||
6,326 | Corning, Inc. | 214,768 | ||||||
2,116 | Dell Technologies, Inc., Class C | 85,994 | ||||||
1,655 | DocuSign, Inc.* | 101,534 | ||||||
2,247 | Dropbox, Inc., Class A* | 45,839 | ||||||
1,666 | Dynatrace, Inc.* | 70,855 | ||||||
647 | Elastic NV* | 38,186 | ||||||
499 | F5, Inc.* | 71,347 | ||||||
5,760 | Fidelity National Information Services, Inc. | 365,011 | ||||||
999 | First Solar, Inc.* | 168,971 | ||||||
5,406 | Fortinet, Inc.* | 321,333 | ||||||
642 | Gartner, Inc.* | 210,454 | ||||||
4,686 | Gen Digital, Inc. | 91,424 | ||||||
1,753 | Genpact Ltd. | 83,671 | ||||||
1,311 | GoDaddy, Inc., Class A* | 99,256 | ||||||
10,770 | Hewlett Packard Enterprise Co. | 168,120 | ||||||
8,432 | HP, Inc. | 248,913 | ||||||
34,318 | Intel Corp. | 855,548 | ||||||
7,547 | International Business Machines Corp. | 975,827 | ||||||
2,311 | Intuit, Inc. | 940,993 | ||||||
554 | Jamf Holding Corp.* | 11,756 | ||||||
3,113 | Juniper Networks, Inc. | 95,818 | ||||||
1,741 | Keysight Technologies, Inc.* | 278,490 | ||||||
1,147 | Lam Research Corp. | 557,453 | ||||||
234 | Littelfuse, Inc. | 60,543 | ||||||
7,110 | Marvell Technology, Inc. | 321,016 | ||||||
8,274 | Mastercard, Inc., Class A | 2,939,669 | ||||||
9,105 | Micron Technology, Inc. | 526,451 | ||||||
62,749 | Microsoft Corp. | 15,650,856 | ||||||
556 | MongoDB, Inc.* | 116,493 | ||||||
1,604 | Motorola Solutions, Inc. | 421,547 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,821 | NetApp, Inc. | 117,546 | ||||||
446 | New Relic, Inc.* | 32,545 | ||||||
20,195 | NVIDIA Corp. | 4,688,471 | ||||||
1,268 | Okta, Inc.* | 90,396 | ||||||
3,635 | ON Semiconductor Corp.* | 281,385 | ||||||
12,818 | Oracle Corp. | 1,120,293 | ||||||
2,464 | Palo Alto Networks, Inc.* | 464,144 | ||||||
11,080 | PayPal Holdings, Inc.* | 815,488 | ||||||
347 | Pegasystems, Inc. | 16,094 | ||||||
2,356 | Pure Storage, Inc., Class A* | 67,240 | ||||||
9,396 | QUALCOMM, Inc. | 1,160,688 | ||||||
8,070 | Salesforce, Inc.* | 1,320,333 | ||||||
1,679 | ServiceNow, Inc.* | 725,613 | ||||||
1,066 | Smartsheet, Inc., Class A* | 46,925 | ||||||
1,363 | Splunk, Inc.* | 139,707 | ||||||
1,278 | Synopsys, Inc.* | 464,885 | ||||||
858 | Teradata Corp.* | 34,972 | ||||||
1,312 | Teradyne, Inc. | 132,696 | ||||||
7,610 | Texas Instruments, Inc. | 1,304,734 | ||||||
714 | Thoughtworks Holding, Inc.* | 5,255 | ||||||
2,392 | Trimble, Inc.* | 124,528 | ||||||
1,460 | Twilio, Inc., Class A* | 98,127 | ||||||
345 | Tyler Technologies, Inc.* | 110,831 | ||||||
16,005 | Visa, Inc., Class A | 3,520,140 | ||||||
1,750 | VMware, Inc., Class A* | 192,728 | ||||||
2,663 | Western Digital Corp.* | 102,472 | ||||||
3,801 | Western Union Co. (The) | 49,261 | ||||||
1,031 | Wolfspeed, Inc.* | 76,273 | ||||||
1,674 | Workday, Inc., Class A* | 310,477 | ||||||
502 | Zebra Technologies Corp., Class A* | 150,726 | ||||||
2,116 | Zoom Video Communications, Inc., Class A* | 157,832 | ||||||
708 | Zscaler, Inc.* | 92,854 | ||||||
|
| |||||||
75,159,613 | ||||||||
|
| |||||||
Materials – 2.8% | ||||||||
2,103 | Air Products and Chemicals, Inc. | 601,416 | ||||||
1,111 | Albemarle Corp. | 282,538 | ||||||
635 | AptarGroup, Inc. | 74,117 | ||||||
773 | Avery Dennison Corp. | 140,833 | ||||||
2,143 | Axalta Coating Systems Ltd.* | 63,861 | ||||||
2,996 | Ball Corp. | 168,405 | ||||||
1,027 | Celanese Corp. | 119,368 | ||||||
1,859 | CF Industries Holdings, Inc. | 159,670 | ||||||
4,850 | Cleveland-Cliffs, Inc.* | 103,451 | ||||||
7,192 | Corteva, Inc. | 447,990 | ||||||
6,686 | Dow, Inc. | 382,439 | ||||||
4,872 | DuPont de Nemours, Inc. | 355,802 | ||||||
1,135 | Eastman Chemical Co. | 96,702 | ||||||
2,355 | Ecolab, Inc. | 375,316 | ||||||
13,538 | Freeport-McMoRan, Inc. | 554,652 | ||||||
2,420 | International Flavors & Fragrances, Inc. | 225,544 | ||||||
3,371 | International Paper Co. | 122,671 | ||||||
4,694 | Linde PLC (United Kingdom) | 1,635,249 | ||||||
2,439 | LyondellBasell Industries NV, Class A | 234,120 | ||||||
604 | Martin Marietta Materials, Inc. | 217,362 | ||||||
7,545 | Newmont Corp. | 329,037 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
2,434 | Nucor Corp. | $ | 407,549 | |||||
895 | Packaging Corp. of America | 122,364 | ||||||
383 | Scotts Miracle-Gro Co. (The) | 31,598 | ||||||
1,954 | SSR Mining Inc (Canada) | 26,672 | ||||||
1,286 | Vulcan Materials Co. | 232,650 | ||||||
2,461 | Westrock Co. | 77,275 | ||||||
|
| |||||||
7,588,651 | ||||||||
|
| |||||||
Real Estate – 3.2% | ||||||||
4,466 | American Homes 4 Rent, Class A REIT | 138,535 | ||||||
6,737 | American Tower Corp. REIT | 1,333,993 | ||||||
2,171 | Apartment Income REIT Corp. REIT | 82,064 | ||||||
2,027 | AvalonBay Communities, Inc. REIT | 349,698 | ||||||
2,274 | Boston Properties, Inc. REIT | 148,902 | ||||||
1,504 | Camden Property Trust REIT | 172,599 | ||||||
4,573 | CBRE Group, Inc., Class A* | 389,345 | ||||||
6,266 | Crown Castle, Inc. REIT | 819,280 | ||||||
4,163 | Digital Realty Trust, Inc. REIT | 433,910 | ||||||
1,341 | Equinix, Inc. REIT | 922,970 | ||||||
5,373 | Equity Residential REIT | 335,920 | ||||||
943 | Essex Property Trust, Inc. REIT | 215,061 | ||||||
4,188 | Iron Mountain, Inc. REIT | 220,917 | ||||||
1,549 | JBG SMITH Properties REIT | 26,720 | ||||||
693 | Jones Lang LaSalle, Inc.* | 120,901 | ||||||
8,762 | Kimco Realty Corp. REIT | 180,585 | ||||||
13,459 | Prologis, Inc. REIT | 1,660,841 | ||||||
1,547 | SBA Communications Corp. REIT | 401,214 | ||||||
929 | SL Green Realty Corp. REIT | 31,632 | ||||||
4,698 | UDR, Inc. REIT | 201,262 | ||||||
10,677 | Weyerhaeuser Co. REIT | 333,656 | ||||||
817 | Zillow Group, Inc., Class A* | 33,783 | ||||||
2,290 | Zillow Group, Inc., Class C* | 96,180 | ||||||
|
| |||||||
8,649,968 | ||||||||
|
| |||||||
Utilities – 2.7% | ||||||||
7,687 | AES Corp. (The) | 189,715 | ||||||
2,967 | Ameren Corp. | 245,401 | ||||||
5,929 | American Electric Power Co., Inc. | 521,574 | ||||||
2,097 | American Water Works Co., Inc. | 294,377 | ||||||
816 | Avangrid, Inc. | 31,848 | ||||||
9,600 | Dominion Energy, Inc. | 533,952 | ||||||
2,242 | DTE Energy Co. | 245,970 | ||||||
8,882 | Duke Energy Corp. | 837,217 | ||||||
4,334 | Edison International | 286,954 | ||||||
2,339 | Entergy Corp. | 240,613 | ||||||
3,972 | Eversource Energy | 299,330 | ||||||
11,449 | Exelon Corp. | 462,425 | ||||||
22,910 | NextEra Energy, Inc. | 1,627,297 | ||||||
2,640 | NRG Energy, Inc. | 86,566 | ||||||
5,739 | Public Service Enterprise Group, Inc. | 346,808 | ||||||
3,628 | Sempra Energy | 544,055 | ||||||
4,527 | Vistra Corp. | 99,549 | ||||||
6,286 | Xcel Energy, Inc. | 405,887 | ||||||
|
| |||||||
7,299,538 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $238,800,283) | $ | 270,024,702 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||
76,074 | 4.475% | $ | 76,074 | |||
(Cost $76,074) | ||||||
| ||||||
TOTAL INVESTMENTS – 99.7% | ||||||
(Cost $238,876,357) | $ | 270,100,776 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 610,337 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 270,711,113 | ||||
|
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 | |
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 89.9% | ||||||||
Communication Services – 6.3% | ||||||||
1,886 | Alphabet, Inc., Class A* | $ | 169,853 | |||||
792 | Comcast Corp., Class A | 29,439 | ||||||
146 | Electronic Arts, Inc. | 16,197 | ||||||
373 | Meta Platforms, Inc., Class A* | 65,253 | ||||||
87 | Netflix, Inc.* | 28,025 | ||||||
299 | Pinterest, Inc., Class A* | 7,508 | ||||||
909 | Sirius XM Holdings, Inc. | 3,990 | ||||||
143 | Take-Two Interactive Software, Inc.* | 15,666 | ||||||
144 | T-Mobile US, Inc.* | 20,474 | ||||||
367 | Walt Disney Co. (The)* | 36,557 | ||||||
746 | Warner Bros Discovery, Inc.* | 11,652 | ||||||
|
| |||||||
404,614 | ||||||||
|
| |||||||
Consumer Discretionary – 8.1% | ||||||||
102 | Airbnb, Inc., Class A* | 12,575 | ||||||
92 | Aptiv PLC* | 10,698 | ||||||
8 | AutoZone, Inc.* | 19,893 | ||||||
110 | Best Buy Co., Inc. | 9,142 | ||||||
15 | Chipotle Mexican Grill, Inc.* | 22,366 | ||||||
20 | Deckers Outdoor Corp.* | 8,327 | ||||||
111 | Dollar General Corp. | 24,009 | ||||||
129 | Dollar Tree, Inc.* | 18,741 | ||||||
26 | Domino’s Pizza, Inc. | 7,644 | ||||||
117 | Garmin Ltd. | 11,481 | ||||||
55 | Genuine Parts Co. | 9,727 | ||||||
103 | Hilton Worldwide Holdings, Inc. | 14,885 | ||||||
182 | Home Depot, Inc. (The) | 53,970 | ||||||
116 | Lowe’s Cos., Inc. | 23,867 | ||||||
31 | Lululemon Athletica, Inc.* | 9,585 | ||||||
67 | Marriott International, Inc., Class A | 11,339 | ||||||
164 | McDonald’s Corp. | 43,281 | ||||||
166 | MGM Resorts International | 7,140 | ||||||
262 | NIKE, Inc., Class B | 31,123 | ||||||
30 | O’Reilly Automotive, Inc.* | 24,903 | ||||||
152 | Ross Stores, Inc. | 16,802 | ||||||
341 | Starbucks Corp. | 34,813 | ||||||
122 | Target Corp. | 20,557 | ||||||
380 | TJX Cos., Inc. (The) | 29,108 | ||||||
41 | Tractor Supply Co. | 9,564 | ||||||
34 | Ulta Beauty, Inc.* | 17,639 | ||||||
137 | Yum! Brands, Inc. | 17,421 | ||||||
|
| |||||||
520,600 | ||||||||
|
| |||||||
Consumer Staples – 9.0% | ||||||||
128 | Archer-Daniels-Midland Co. | 10,189 | ||||||
114 | BJ’s Wholesale Club Holdings, Inc.* | 8,185 | ||||||
195 | Brown-Forman Corp., Class B | 12,650 | ||||||
105 | Campbell Soup Co. | 5,515 | ||||||
40 | Casey’s General Stores, Inc. | 8,318 | ||||||
53 | Clorox Co. (The) | 8,238 | ||||||
902 | Coca-Cola Co. (The) | 53,678 | ||||||
269 | Colgate-Palmolive Co. | 19,718 | ||||||
517 | Conagra Brands, Inc. | 18,824 | ||||||
53 | Constellation Brands, Inc., Class A | 11,856 | ||||||
93 | Costco Wholesale Corp. | 45,029 | ||||||
73 | Estee Lauder Cos., Inc. (The), Class A | 17,743 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
189 | General Mills, Inc. | 15,027 | ||||||
92 | Hershey Co. (The) | 21,925 | ||||||
121 | Hormel Foods Corp. | 5,370 | ||||||
42 | J M Smucker Co. (The) | 6,211 | ||||||
106 | Kellogg Co. | 6,990 | ||||||
524 | Keurig Dr Pepper, Inc. | 18,104 | ||||||
115 | Kimberly-Clark Corp. | 14,381 | ||||||
276 | Kraft Heinz Co. (The) | 10,747 | ||||||
192 | Kroger Co. (The) | 8,283 | ||||||
127 | Lamb Weston Holdings, Inc. | 12,781 | ||||||
427 | Mondelez International, Inc., Class A | 27,832 | ||||||
156 | Monster Beverage Corp.* | 15,874 | ||||||
306 | PepsiCo, Inc. | 53,100 | ||||||
498 | Procter & Gamble Co. (The) | 68,505 | ||||||
210 | Sysco Corp. | 15,660 | ||||||
209 | Walgreens Boots Alliance, Inc. | 7,426 | ||||||
321 | Walmart, Inc. | 45,624 | ||||||
|
| |||||||
573,783 | ||||||||
|
| |||||||
Energy – 2.8% | ||||||||
300 | ConocoPhillips | 31,005 | ||||||
265 | Devon Energy Corp. | 14,289 | ||||||
53 | Diamondback Energy, Inc. | 7,451 | ||||||
119 | DT Midstream, Inc. | 5,974 | ||||||
714 | Exxon Mobil Corp. | 78,476 | ||||||
219 | Occidental Petroleum Corp. | 12,824 | ||||||
214 | ONEOK, Inc. | 14,006 | ||||||
538 | Williams Cos., Inc. (The) | 16,194 | ||||||
|
| |||||||
180,219 | ||||||||
|
| |||||||
Financials – 8.9% | ||||||||
214 | Aflac, Inc. | 14,584 | ||||||
46 | Ameriprise Financial, Inc. | 15,772 | ||||||
70 | Aon PLC, Class A | 21,284 | ||||||
74 | Arthur J Gallagher & Co. | 13,864 | ||||||
198 | Bank of New York Mellon Corp. (The) | 10,074 | ||||||
221 | Berkshire Hathaway, Inc., Class B* | 67,445 | ||||||
33 | BlackRock, Inc. | 22,751 | ||||||
67 | Cboe Global Markets, Inc. | 8,453 | ||||||
111 | Chubb Ltd. | 23,423 | ||||||
75 | CME Group, Inc. | 13,902 | ||||||
32 | FactSet Research Systems, Inc. | 13,266 | ||||||
81 | Globe Life, Inc. | 9,857 | ||||||
147 | Intercontinental Exchange, Inc. | 14,965 | ||||||
479 | JPMorgan Chase & Co. | 68,665 | ||||||
9 | Markel Corp.* | 11,969 | ||||||
178 | Marsh & McLennan Cos., Inc. | 28,861 | ||||||
59 | Moody’s Corp. | 17,119 | ||||||
32 | MSCI, Inc. | 16,709 | ||||||
119 | Nasdaq, Inc. | 6,671 | ||||||
102 | PNC Financial Services Group, Inc. (The) | 16,108 | ||||||
158 | Progressive Corp. (The) | 22,676 | ||||||
129 | Raymond James Financial, Inc. | 13,991 | ||||||
72 | S&P Global, Inc. | 24,566 | ||||||
115 | SEI Investments Co. | 6,929 | ||||||
78 | Tradeweb Markets, Inc., Class A | 5,529 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
87 | Travelers Cos., Inc. (The) | $ | 16,105 | |||||
291 | US Bancorp | 13,889 | ||||||
88 | W R Berkley Corp. | 5,825 | ||||||
695 | Wells Fargo & Co. | 32,505 | ||||||
53 | Willis Towers Watson PLC | 12,421 | ||||||
|
| |||||||
570,178 | ||||||||
|
| |||||||
Health Care – 16.5% | ||||||||
449 | Abbott Laboratories | 45,672 | ||||||
328 | AbbVie, Inc. | 50,479 | ||||||
128 | Agilent Technologies, Inc. | 18,172 | ||||||
47 | Alnylam Pharmaceuticals, Inc.* | 8,998 | ||||||
68 | AmerisourceBergen Corp. | 10,578 | ||||||
107 | Amgen, Inc. | 24,788 | ||||||
117 | Becton Dickinson and Co. | 27,442 | ||||||
54 | Biogen, Inc.* | 14,572 | ||||||
504 | Boston Scientific Corp.* | 23,547 | ||||||
404 | Bristol-Myers Squibb Co. | 27,860 | ||||||
178 | Cardinal Health, Inc. | 13,476 | ||||||
20 | Chemed Corp. | 10,432 | ||||||
310 | CVS Health Corp. | 25,897 | ||||||
154 | Danaher Corp. | 38,120 | ||||||
127 | Dexcom, Inc.* | 14,098 | ||||||
265 | Edwards Lifesciences Corp.* | 21,317 | ||||||
71 | Elevance Health, Inc. | 33,347 | ||||||
192 | Eli Lilly & Co. | 59,754 | ||||||
283 | Gilead Sciences, Inc. | 22,790 | ||||||
61 | HCA Healthcare, Inc. | 14,850 | ||||||
90 | Henry Schein, Inc.* | 7,048 | ||||||
178 | Hologic, Inc.* | 14,176 | ||||||
34 | Humana, Inc. | 16,831 | ||||||
30 | IDEXX Laboratories, Inc.* | 14,197 | ||||||
106 | Incyte Corp.* | 8,160 | ||||||
24 | Insulet Corp.* | 6,633 | ||||||
72 | Intuitive Surgical, Inc.* | 16,516 | ||||||
507 | Johnson & Johnson | 77,703 | ||||||
72 | McKesson Corp. | 25,186 | ||||||
452 | Merck & Co., Inc. | 48,021 | ||||||
10 | Mettler-Toledo International, Inc.* | 14,337 | ||||||
104 | Moderna, Inc.* | 14,436 | ||||||
33 | Molina Healthcare, Inc.* | 9,086 | ||||||
283 | QIAGEN NV* | 13,004 | ||||||
89 | Quest Diagnostics, Inc. | 12,314 | ||||||
24 | Regeneron Pharmaceuticals, Inc.* | 18,250 | ||||||
169 | Royalty Pharma PLC, Class A | 6,059 | ||||||
34 | STERIS PLC | 6,393 | ||||||
94 | Stryker Corp. | 24,711 | ||||||
92 | Thermo Fisher Scientific, Inc. | 49,842 | ||||||
181 | UnitedHealth Group, Inc. | 86,145 | ||||||
84 | Veeva Systems, Inc., Class A* | 13,915 | ||||||
96 | Vertex Pharmaceuticals, Inc.* | 27,868 | ||||||
170 | Zimmer Biomet Holdings, Inc. | 21,058 | ||||||
|
| |||||||
1,058,078 | ||||||||
|
| |||||||
Industrials – 11.1% | ||||||||
85 | AMETEK, Inc. | 12,033 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
142 | Booz Allen Hamilton Holding Corp. | 13,452 | ||||||
99 | BWX Technologies, Inc. | 6,050 | ||||||
372 | Carrier Global Corp. | 16,751 | ||||||
131 | Caterpillar, Inc. | 31,381 | ||||||
53 | Cintas Corp. | 23,239 | ||||||
64 | Clean Harbors, Inc.* | 8,453 | ||||||
459 | CSX Corp. | 13,995 | ||||||
52 | Deere & Co. | 21,801 | ||||||
51 | Dover Corp. | 7,645 | ||||||
99 | Eaton Corp. PLC | 17,318 | ||||||
243 | Emerson Electric Co. | 20,099 | ||||||
111 | Expeditors International of Washington, Inc. | 11,606 | ||||||
272 | Fastenal Co. | 14,024 | ||||||
249 | Fortive Corp. | 16,598 | ||||||
95 | General Dynamics Corp. | 21,651 | ||||||
189 | Honeywell International, Inc. | 36,190 | ||||||
186 | Howmet Aerospace, Inc. | 7,845 | ||||||
52 | Hubbell, Inc. | 13,080 | ||||||
108 | Illinois Tool Works, Inc. | 25,181 | ||||||
192 | Ingersoll Rand, Inc. | 11,149 | ||||||
234 | Johnson Controls International PLC | 14,676 | ||||||
62 | L3Harris Technologies, Inc. | 13,094 | ||||||
55 | Lockheed Martin Corp. | 26,084 | ||||||
59 | Nordson Corp. | 12,959 | ||||||
62 | Norfolk Southern Corp. | 13,939 | ||||||
48 | Northrop Grumman Corp. | 22,277 | ||||||
45 | Old Dominion Freight Line, Inc. | 15,267 | ||||||
234 | Otis Worldwide Corp. | 19,801 | ||||||
397 | Raytheon Technologies Corp. | 38,942 | ||||||
144 | Republic Services, Inc. | 18,566 | ||||||
58 | Rockwell Automation, Inc. | 17,106 | ||||||
172 | Rollins, Inc. | 6,054 | ||||||
78 | Trane Technologies PLC | 14,428 | ||||||
18 | TransDigm Group, Inc. | 13,390 | ||||||
423 | Uber Technologies, Inc.* | 14,069 | ||||||
150 | Union Pacific Corp. | 31,092 | ||||||
16 | Valmont Industries, Inc. | 5,077 | ||||||
67 | Verisk Analytics, Inc. | 11,464 | ||||||
185 | Waste Management, Inc. | 27,706 | ||||||
21 | W.W. Grainger, Inc. | 14,037 | ||||||
128 | Xylem, Inc. | 13,139 | ||||||
|
| |||||||
712,708 | ||||||||
|
| |||||||
Information Technology – 18.1% | ||||||||
156 | Accenture PLC, Class A | 41,426 | ||||||
86 | Adobe, Inc.* | 27,860 | ||||||
240 | Amphenol Corp., Class A | 18,605 | ||||||
98 | Analog Devices, Inc. | 17,980 | ||||||
2,553 | Apple, Inc. | 376,338 | ||||||
100 | Arista Networks, Inc.* | 13,870 | ||||||
59 | Atlassian Corp., Class A* | 9,695 | ||||||
57 | Autodesk, Inc.* | 11,325 | ||||||
111 | Automatic Data Processing, Inc. | 24,400 | ||||||
72 | Broadcom, Inc. | 42,789 | ||||||
41 | CDW Corp. | 8,299 | ||||||
116 | Ciena Corp.* | 5,594 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
834 | Cisco Systems, Inc. | $ | 40,382 | |||||
135 | Dynatrace, Inc.* | 5,742 | ||||||
58 | Enphase Energy, Inc.* | 12,211 | ||||||
74 | F5, Inc.* | 10,581 | ||||||
9 | Fair Isaac Corp.* | 6,096 | ||||||
130 | Fiserv, Inc.* | 14,962 | ||||||
190 | Fortinet, Inc.* | 11,294 | ||||||
44 | Gartner, Inc.* | 14,424 | ||||||
179 | International Business Machines Corp. | 23,145 | ||||||
67 | Intuit, Inc. | 27,281 | ||||||
85 | Jack Henry & Associates, Inc. | 13,960 | ||||||
132 | Keysight Technologies, Inc.* | 21,115 | ||||||
34 | KLA Corp. | 12,899 | ||||||
177 | Mastercard, Inc., Class A | 62,886 | ||||||
231 | Micron Technology, Inc. | 13,356 | ||||||
88 | Motorola Solutions, Inc. | 23,127 | ||||||
89 | NetApp, Inc. | 5,745 | ||||||
174 | Paychex, Inc. | 19,210 | ||||||
37 | Paycom Software, Inc.* | 10,695 | ||||||
270 | PayPal Holdings, Inc.* | 19,872 | ||||||
77 | PTC, Inc.* | 9,650 | ||||||
47 | Roper Technologies, Inc. | 20,219 | ||||||
208 | Salesforce, Inc.* | 34,031 | ||||||
68 | Snowflake, Inc., Class A* | 10,498 | ||||||
192 | Texas Instruments, Inc. | 32,918 | ||||||
114 | Trimble, Inc.* | 5,935 | ||||||
51 | VeriSign, Inc.* | 10,038 | ||||||
330 | Visa, Inc., Class A | 72,580 | ||||||
|
| |||||||
1,163,033 | ||||||||
|
| |||||||
Materials – 3.2% | ||||||||
89 | Air Products and Chemicals, Inc. | 25,452 | ||||||
42 | AptarGroup, Inc. | 4,902 | ||||||
35 | Avery Dennison Corp. | 6,377 | ||||||
318 | Corteva, Inc. | 19,808 | ||||||
98 | Ecolab, Inc. | 15,618 | ||||||
74 | FMC Corp. | 9,557 | ||||||
95 | Linde PLC (United Kingdom) | 33,095 | ||||||
21 | Martin Marietta Materials, Inc. | 7,557 | ||||||
353 | Newmont Corp. | 15,394 | ||||||
91 | Packaging Corp. of America | 12,442 | ||||||
114 | PPG Industries, Inc. | 15,055 | ||||||
82 | RPM International, Inc. | 7,268 | ||||||
92 | Sherwin-Williams Co. (The) | 20,364 | ||||||
61 | Vulcan Materials Co. | 11,036 | ||||||
|
| |||||||
203,925 | ||||||||
|
| |||||||
Real Estate – 1.9% | ||||||||
106 | American Tower Corp. REIT | 20,989 | ||||||
62 | AvalonBay Communities, Inc. REIT | 10,696 | ||||||
134 | Crown Castle, Inc. REIT | 17,520 | ||||||
30 | Equinix, Inc. REIT | 20,648 | ||||||
161 | Equity Residential REIT | 10,066 | ||||||
412 | Healthpeak Properties, Inc. REIT | 9,913 | ||||||
48 | Public Storage REIT | 14,350 | ||||||
167 | Realty Income Corp. REIT | 10,680 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
116 | Regency Centers Corp. REIT | 7,296 | ||||||
|
| |||||||
122,158 | ||||||||
|
| |||||||
Utilities – 4.0% | ||||||||
235 | Alliant Energy Corp. | 12,048 | ||||||
100 | Ameren Corp. | 8,271 | ||||||
235 | American Electric Power Co., Inc. | 20,673 | ||||||
114 | American Water Works Co., Inc. | 16,003 | ||||||
376 | CenterPoint Energy, Inc. | 10,460 | ||||||
186 | Consolidated Edison, Inc. | 16,619 | ||||||
113 | Constellation Energy Corp. | 8,463 | ||||||
120 | DTE Energy Co. | 13,165 | ||||||
249 | Duke Energy Corp. | 23,471 | ||||||
103 | Entergy Corp. | 10,596 | ||||||
170 | Eversource Energy | 12,811 | ||||||
401 | Exelon Corp. | 16,196 | ||||||
385 | FirstEnergy Corp. | 15,223 | ||||||
273 | Public Service Enterprise Group, Inc. | 16,497 | ||||||
86 | Sempra Energy | 12,897 | ||||||
388 | Southern Co. (The) | 24,467 | ||||||
273 | Xcel Energy, Inc. | 17,628 | ||||||
|
| |||||||
255,488 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 89.9% | ||||||||
(Cost $5,769,062) | $ | 5,764,784 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 10.1% | 649,193 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 6,413,977 | ||||||
|
|
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. | 39 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Long position contracts: | ||||||||||||||||
S&P 500 E-Mini Index | 3 | 03/17/23 | $ | 596,325 | $ | (1,950 | ) |
PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2023, the Fund had the following purchased option contracts:
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Portfolio | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Purchased Option Contracts: | ||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||
S&P 500 Index | 3,850.000 | 03/31/2023 | 32 | $ | 6,160,000 | $ | 60,000 | $ | 62,437 | $ | (2,437 | ) | ||||||||||||||
Total purchased option contract | 32 | $ | 6,160,000 | $ | 60,000 | $ | 62,437 | $ | (2,437 | ) |
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Portfolio | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Written Option Contracts: | ||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||
S&P 500 Index | 4,100.000 | 03/31/2023 | (32 | ) | $ | (6,560,000 | ) | $ | (71,600 | ) | $ | (82,362 | ) | $ | 10,762 | |||||||||||
Puts | ||||||||||||||||||||||||||
S&P 500 Index | 3,610.000 | 03/31/2023 | (32 | ) | (5,776,000 | ) | (14,000 | ) | (15,963 | ) | 1,963 | |||||||||||||||
Total written option contracts | (64 | ) | $ | (12,336,000 | ) | $ | (85,600 | ) | $ | (98,325 | ) | $ | 12,725 |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities
February 28, 2023 (Unaudited)
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 $9,628,683, $503,658,748, $123,912,081 and $341,802,984, respectively)(a) | $ | 9,200,733 | $ | 511,114,807 | $ | 128,376,151 | $ | 316,441,583 | ||||||||||
Investments in affiliated issuers, at value (cost $—, $924,729, $— and $1,039,418, respectively) | — | 1,036,664 | — | 1,509,985 | ||||||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 74,768 | — | — | 8,390,962 | ||||||||||||||
Cash | 31,305 | 996,494 | 2,732,167 | — | ||||||||||||||
Foreign currency, at value (cost $79, $—, $— and $97,220, respectively) | 79 | — | — | 97,016 | ||||||||||||||
Receivables: | ||||||||||||||||||
Investments sold | 48,946 | — | — | — | ||||||||||||||
Dividends | 11,426 | 763,620 | 51,267 | 419,862 | ||||||||||||||
Foreign tax reclaims | 1,371 | — | 634 | 71,753 | ||||||||||||||
Securities lending income | 516 | — | — | 107,012 | ||||||||||||||
Total assets | 9,369,144 | 513,911,585 | 131,160,219 | 327,038,173 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | 74,768 | — | — | 8,390,962 | ||||||||||||||
Management fees | 3,312 | 37,086 | 45,718 | 129,392 | ||||||||||||||
Investments purchased | — | — | 2,640,295 | — | ||||||||||||||
Due to custodian | — | — | — | 56,811 | ||||||||||||||
Total liabilities | 78,080 | 37,086 | 2,686,013 | 8,577,165 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 9,767,293 | 550,455,931 | 182,097,665 | 406,912,989 | ||||||||||||||
Total distributable loss | (476,229 | ) | (36,581,432 | ) | (53,623,459 | ) | (88,451,981 | ) | ||||||||||
NET ASSETS | $ | 9,291,064 | $ | 513,874,499 | $ | 128,474,206 | $ | 318,461,008 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 250,000 | 8,500,000 | 1,700,000 | 7,150,000 | ||||||||||||||
Net asset value per share: | $ | 37.16 | $ | 60.46 | $ | 75.57 | $ | 44.54 |
(a) | Includes loaned securities having a market value of $72,949, $–, $– and $7,823,070 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities (continued)
February 28, 2023 (Unaudited)
JUST U.S. Large Cap Equity ETF | Defensive Equity ETF | |||||||||
Assets: | ||||||||||
Investments in unaffiliated issuers, at value (cost $237,834,734 and $5,769,062)(a) | $ | 268,778,454 | $ | 5,764,784 | ||||||
Investments in affiliated issuers, at value (cost $965,549 and $—) | 1,246,248 | — | ||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 76,074 | — | ||||||||
Purchased options, at value (premiums paid $— and $62,437) | — | 60,000 | ||||||||
Cash | 275,906 | 431,742 | ||||||||
Receivables: | ||||||||||
Dividends | 452,457 | 9,437 | ||||||||
Securities lending income | 829 | — | ||||||||
Due from broker | — | 316,862 | ||||||||
Investments sold | — | 1,687,048 | ||||||||
Total assets | 270,829,968 | 8,269,873 | ||||||||
Liabilities: | ||||||||||
Written options, at value (premiums received $— and $98,325) | — | 85,600 | ||||||||
Payables: | ||||||||||
Upon return of securities loaned | 76,074 | — | ||||||||
Management fees | 42,781 | 2,760 | ||||||||
Investments purchased | — | 1,688,999 | ||||||||
Accrued expenses | — | 78,537 | ||||||||
Total liabilities | 118,855 | 1,855,896 | ||||||||
Net Assets: | ||||||||||
Paid-in capital | 248,879,580 | 6,933,059 | ||||||||
Total distributable earnings (loss) | 21,831,533 | (519,082 | ) | |||||||
NET ASSETS | $ | 270,711,113 | $ | 6,413,977 | ||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized)(b): | 4,750,000 | 152,572 | ||||||||
Net asset value per share: | $ | 56.99 | $ | 42.04 |
(a) | Includes loaned securities having a market value of $76,139 and $— for JUST U.S. Large Cap Equity ETF and Defensive Equity ETF, respectively. |
(b) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations
For the Six Months Ended February 28, 2023 (Unaudited)
Bloomberg Clean Energy Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Hedge Industry VIP ETF | ||||||||||||
Investment income: |
| |||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $7,157, $— and $—, respectively) | $ | 49,628 | $ | 4,873,556 | $ | 402,008 | ||||||||
Securities lending income — unaffiliated issuer | 978 | 4,116 | 11 | |||||||||||
Dividends — affiliated issuers | — | 8,125 | — | |||||||||||
Non cash dividend income | — | — | 76,438 | |||||||||||
Total investment income | 50,606 | 4,885,797 | 478,457 | |||||||||||
Expenses: |
| |||||||||||||
Management fees | 12,034 | 236,231 | 290,987 | |||||||||||
Trustee fees | 5,941 | 17,586 | 8,570 | |||||||||||
Total expenses | 17,975 | 253,817 | 299,557 | |||||||||||
NET INVESTMENT INCOME | 32,631 | 4,631,980 | 178,900 | |||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investments — unaffiliated issuers | (28,679 | ) | (31,813,717 | ) | (12,617,157 | ) | ||||||||
Investments — affiliated issuers | — | (8,802 | ) | — | ||||||||||
In-kind redemptions — unaffiliated issuers | — | 26,838,796 | 4,389,310 | |||||||||||
In-kind redemptions — affiliated issuers | — | 132,992 | — | |||||||||||
Foreign currency transactions | (1,470 | ) | — | — | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers | (411,207 | ) | 20,234,959 | 7,595,924 | ||||||||||
Investments — affiliated issuers | — | (41,535 | ) | — | ||||||||||
Foreign currency translations | (399 | ) | — | — | ||||||||||
Net realized and unrealized gain (loss) | (441,755 | ) | 15,342,693 | (631,923 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (409,124 | ) | $ | 19,974,673 | $ | (453,023 | ) |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2023 (Unaudited)
Innovate Equity ETF | JUST U.S. Large Cap Equity ETF | |||||||||
Investment income: |
| |||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $55,585 and $—) | $ | 1,699,316 | $ | 2,259,577 | ||||||
Securities lending income — unaffiliated issuer | 389,321 | 2,727 | ||||||||
Non cash dividend income | 252,157 | — | ||||||||
Dividends — affiliated issuers | 8,895 | 8,482 | ||||||||
Total investment income | 2,349,689 | 2,270,786 | ||||||||
Expenses: |
| |||||||||
Management fees | 776,249 | 252,389 | ||||||||
Trustee fees | 12,332 | 11,110 | ||||||||
Total expenses | 788,581 | 263,499 | ||||||||
NET INVESTMENT INCOME | 1,561,108 | 2,007,287 | ||||||||
Realized and unrealized gain (loss): |
| |||||||||
Net realized gain (loss) from: | ||||||||||
Investments — unaffiliated issuers | (29,659,779 | ) | (6,064,371 | ) | ||||||
Investments — affiliated issuers | 222,390 | — | ||||||||
In-kind redemptions — unaffiliated issuers | 6,300,952 | 4,838,549 | ||||||||
In-kind redemptions — affiliated issuers | 60,057 | 13,868 | ||||||||
Foreign currency transactions | (13,162 | ) | — | |||||||
Net change in unrealized gain (loss) on: | ||||||||||
Investments — unaffiliated issuers | 27,338,207 | 2,019,982 | ||||||||
Investments — affiliated issuers | (175,885 | ) | 49,538 | |||||||
Foreign currency translations | (443 | ) | — | |||||||
Net realized and unrealized gain | 4,072,337 | 857,566 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,633,445 | $ | 2,864,853 |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
Defensive Equity ETF | ||||||||||||||
For the February 28, 2023†(a) (Unaudited) | For the Fiscal Year Ended December 31, 2022 | |||||||||||||
Investment income: |
| |||||||||||||
Dividends — unaffiliated issuers | $ | 15,235 | $ | 78,788 | ||||||||||
Dividends — affiliated issuers | 289 | 3,394 | ||||||||||||
Interest | — | 232 | ||||||||||||
Total investment income | 15,524 | 82,414 | ||||||||||||
Expenses: |
| |||||||||||||
Registration fees | 50,545 | 75,855 | ||||||||||||
Printing and mailing costs | 14,130 | 36,522 | ||||||||||||
Management fees | 3,510 | 31,475 | ||||||||||||
Professional fees | 3,753 | 141,458 | ||||||||||||
Custody, accounting and administrative services | 4,216 | 41,071 | ||||||||||||
Transfer Agency fees | 163 | 3,099 | (b) | |||||||||||
Service fees — Class C | 159 | 713 | ||||||||||||
Trustee fees | 1 | 27,444 | ||||||||||||
Distribution and/or Service (12b-1) fees | — | 2,954 | (c) | |||||||||||
Other | 3,331 | 82 | ||||||||||||
Total expenses | 79,808 | 360,673 | ||||||||||||
Less — expense reductions | (74,198 | ) | (322,522 | ) | ||||||||||
Net expenses | 5,610 | 38,151 | ||||||||||||
NET INVESTMENT INCOME | 9,914 | 44,263 | ||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investments — unaffiliated issuers | (104,804 | ) | (717,576 | ) | ||||||||||
Futures contracts | (1,473 | ) | (68,240 | ) | ||||||||||
Written options | (167,388 | ) | 653,925 | |||||||||||
Purchased options | 56,730 | (213,568 | ) | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers | 184,621 | (597,312 | ) | |||||||||||
Futures contracts | 14,439 | — | ||||||||||||
Written options | 21,302 | (26,273 | ) | |||||||||||
Purchased Options | 17,220 | (26,632 | ) | |||||||||||
Net realized and unrealized gain (loss) | 20,647 | (925,015 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,561 | $ | (880,752 | ) |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
(b) | Class specific Transfer Agency fees were $383, $457, $2,097, $69, $13, $68 and $12 for Class A, Class C, Institutional, Investor, Class R6, Class R and Class P, respectively. |
(c) | Class specific Distribution and/or Service (12b-1) fees were $601, $2,140 and $213 for Class A, Class C and Class R, respectively. |
The accompanying notes are an integral part of these financial statements. | 45 |
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 Six Months Ended February 28, 2023 (Unaudited) | For the Period February 8, 2022* to August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 32,631 | $ | 63,220 | $ | 4,631,980 | $ | 11,259,384 | ||||||||||||||
Net realized gain (loss) | (30,149 | ) | (18,185 | ) | (4,850,731 | ) | 39,577,340 | |||||||||||||||
Net change in unrealized gain (loss) | (411,606 | ) | (16,978 | ) | 20,193,424 | (169,980,290 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (409,124 | ) | 28,057 | 19,974,673 | (119,143,566 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (54,746 | ) | (40,416 | ) | (5,645,858 | ) | (11,856,146 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 1,839,938 | 7,927,355 | 40,440,178 | 169,051,301 | ||||||||||||||||||
Cost of shares redeemed | — | — | (154,304,177 | ) | (282,145,961 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,839,938 | 7,927,355 | (113,863,999 | ) | (113,094,660 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | 1,376,068 | 7,914,996 | (99,535,184 | ) | (244,094,372 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 7,914,996 | $ | — | $ | 613,409,683 | $ | 857,504,055 | ||||||||||||||
End of period | $ | 9,291,064 | $ | 7,914,996 | $ | 513,874,499 | $ | 613,409,683 |
* | Commencement of operations. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 178,900 | $ | (89,049 | ) | $ | 1,561,108 | $ | 2,584,544 | |||||||||||||
Net realized loss | (8,227,847 | ) | (23,516,016 | ) | (23,089,542 | ) | (19,394,355 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 7,595,924 | (35,121,455 | ) | 27,161,879 | (133,254,318 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (453,023 | ) | (58,726,520 | ) | 5,633,445 | (150,064,129 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (20,653 | ) | — | (558,596 | ) | (3,566,370 | ) | |||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 18,579,842 | 59,701,538 | 30,974,126 | 51,102,318 | ||||||||||||||||||
Cost of shares redeemed | (34,716,302 | ) | (77,725,146 | ) | (45,118,266 | ) | (63,125,867 | ) | ||||||||||||||
Net decrease in net assets resulting from share transactions | (16,136,460 | ) | (18,023,608 | ) | (14,144,140 | ) | (12,023,549 | ) | ||||||||||||||
TOTAL DECREASE | (16,610,136 | ) | (76,750,128 | ) | (9,069,291 | ) | (165,654,048 | ) | ||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 145,084,342 | $ | 221,834,470 | $ | 327,530,299 | $ | 493,184,347 | ||||||||||||||
End of period | $ | 128,474,206 | $ | 145,084,342 | $ | 318,461,008 | $ | 327,530,299 |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
JUST U.S. Large Cap Equity ETF | ||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 2,007,287 | $ | 3,579,609 | ||||||
Net realized gain (loss) | (1,211,954 | ) | 8,987,322 | |||||||
Net change in unrealized gain (loss) | 2,069,520 | (49,885,593 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | 2,864,853 | (37,318,662 | ) | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (2,035,496 | ) | (3,381,618 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 15,631,777 | 73,677,046 | ||||||||
Cost of shares redeemed | (15,177,640 | ) | (27,788,985 | ) | ||||||
Net increase in net assets resulting from share transactions | 454,137 | 45,888,061 | ||||||||
TOTAL INCREASE | 1,283,494 | 5,187,781 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 269,427,619 | $ | 264,239,838 | ||||||
End of period | $ | 270,711,113 | $ | 269,427,619 |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Defensive Equity ETF(a) | ||||||||||||||
For the Period January 1, 2023 to February 28, 2023† (Unaudited) | For the Fiscal Year Ended December 31, 2022 | For the Fiscal Year Ended December 31, 2021 | ||||||||||||
From operations: | ||||||||||||||
Net investment income | $ | 9,914 | $ | 44,263 | $ | 30,609 | ||||||||
Net realized gain (loss) | (216,935 | ) | (345,459 | ) | 783,924 | |||||||||
Net change in unrealized gain (loss) | 237,582 | (579,556 | ) | 3,547 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 30,561 | (880,752 | ) | 818,080 | ||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | ||||||||||||||
Class A Shares | — | (1,254 | ) | (17,059 | ) | |||||||||
Class C Shares | — | — | (7,588 | ) | ||||||||||
Institutional Shares | — | (45,517 | ) | (497,162 | ) | |||||||||
Investor Shares | — | — | (4,551 | ) | ||||||||||
Class R6 Shares | — | — | (4,623 | ) | ||||||||||
Class R Shares | — | — | (4,340 | ) | ||||||||||
Class P Shares | — | — | (4,623 | ) | ||||||||||
Total distributions to shareholders | — | (46,771 | ) | (539,946 | ) | |||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 1,611,638 | 438,545 | 1,097,648 | |||||||||||
Reinvestment of distributions | — | 46,771 | 539,946 | |||||||||||
Cost of shares redeemed | (796,821 | ) | (920,363 | ) | (519,323 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 814,817 | (435,047 | ) | 1,118,271 | ||||||||||
TOTAL INCREASE (DECREASE) | 845,378 | (1,362,570 | ) | 1,396,405 | ||||||||||
Net assets: | ||||||||||||||
Beginning of period | $ | 5,568,599 | $ | 6,931,169 | $ | 5,534,764 | ||||||||
End of period | $ | 6,413,977 | $ | 5,568,599 | $ | 6,731,169 |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS EQUITY ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS EQUITY ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.05 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 period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS EQUITY ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations of Goldman Sachs Defensive Equity Fund, the predecessor fund. |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
(b) | On January 18, 2023, the Predecessor Fund effected a 4.5 -for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Amount is less than $0.005 per share. |
(e) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 55 |
GOLDMAN SACHS EQUITY ETFS
February 28, 2023 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs 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 | |
Goldman Sachs Defensive Equity ETF* | Diversified |
* | The Goldman Sachs Defensive Equity ETF commenced operations on January 23, 2023. |
Pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of Goldman Sachs Trust, the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”) was reorganized into the Goldman Sachs Defensive Equity ETF (the “Acquiring Fund”) (the “Reorganization”) as of the close of business on January 23, 2023 (the “Closing Date”).
Following the Reorganization, the Acquired Fund’s performance (Institutional Class Shares) and financial history were adopted by the Acquiring Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the surviving Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for shares of Goldman Sachs Financial Square Government Fund equal in value to their Acquired Fund shares. The Acquiring Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of its Reorganization.
Costs incurred by the Acquiring Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Acquiring Fund or Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Acquiring Fund or Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Acquiring Fund and the Acquired Fund. The management fee of the Acquiring Fund is slightly higher than the Acquired Fund, but the Acquiring Fund employs a unitary fee structure pursuant to which GSAM bears all operating expenses of the Fund, subject to limited exceptions, and thus is expected to result in a lower net expense ratio than each share class of the Acquired Fund. The Reorganization did not result in the material change to the Acquired Fund’s portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Acquiring Fund.
The Acquiring Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the corresponding Acquiring Fund’s portfolio turnover ratio for the period ended February 28, 2023.
The investment objective of each Fund (except Goldman Sachs Defensive Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Goldman Sachs Defensive Equity ETF seeks long-term growth of capital with lower volatility than equity markets.
56
GOLDMAN SACHS EQUITY ETFS
1. ORGANIZATION (continued) |
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 Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive 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, 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 with respect to Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive Equity ETF, semi-annually with respect to Goldman Sachs Bloomberg Clean Energy Equity ETF, and annually for Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs Innovate Equity ETF. Capital gains distributions, if any, are declared and paid annually.
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
57
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 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
58
GOLDMAN SACHS EQUITY ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 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.
ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
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.
59
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 February 28, 2023:
BLOOMBERG CLEAN ENERGY EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 2,760,127 | $ | 54,539 | $ | — | ||||||
Europe | 2,485,341 | — | — | |||||||||
North America | 3,856,213 | — | — | |||||||||
Oceania | 2,497 | — | — | |||||||||
South America | 31,991 | 10,025 | — | |||||||||
Securities Lending Reinvestment Vehicle | 74,768 | — | — | |||||||||
Total | $ | 9,210,937 | $ | 64,564 | $ | — | ||||||
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) | ||||||||||||
Europe | $ | 1,128,719 | $ | — | $ | — | ||||||
North America | 511,022,752 | — | — | |||||||||
Total | $ | 512,151,471 | $ | — | $ | — | ||||||
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | 4,679,006 | — | — | |||||||||
North America | 120,785,005 | — | — | |||||||||
South America | 2,912,140 | — | — | |||||||||
Total | $ | 128,376,151 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
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GOLDMAN SACHS EQUITY ETFS
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 | $ | 41,875,925 | $ | — | $ | — | ||||||
Europe | 30,537,742 | — | — | |||||||||
North America | 239,768,572 | 778,455 | — | |||||||||
Oceania | 634,781 | — | — | |||||||||
South America | 3,989,959 | — | — | |||||||||
Right | — | 28,403 | — | |||||||||
Exchange-Traded Fund | 337,731 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 8,390,962 | — | — | |||||||||
Total | $ | 325,535,672 | $ | 806,858 | $ | — | ||||||
JUST U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 1,635,249 | $ | — | $ | — | ||||||
North America | 268,389,453 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 76,074 | — | — | |||||||||
Total | $ | 270,100,776 | $ | — | $ | — | ||||||
DEFENSIVE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | 33,095 | — | — | |||||||||
North America | 5,731,689 | — | — | |||||||||
Total | $ | 5,764,784 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets | ||||||||||||
Purchased Put Options | $ | 60,000 | $ | — | $ | — |
(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. |
61
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
DEFENSIVE EQUITY ETF | ||||||||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Liabilities | ||||||||||||
Futures Contracts(b) | $ | (1,950 | ) | $ | — | $ | — | |||||
Written Put Options | (85,600 | ) | — | — | ||||||||
Total | $ | (87,550 | ) | $ | — | $ | — |
(b) | Amount shown represents unrealized gain (loss) at period 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 February 28, 2023. 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 Fund’s net exposure.
Defensive Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
Equity | Purchased options, at value | $ | 60,000 | Variation margin on futures contracts, Written Options, at value | $ | (87,550) | (a) |
(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 February 28, 2023 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 period ended February 28, 2023. 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 and Consolidated Statements of Operations:
Defensive Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) from Futures Contracts | Net Change in Unrealized Gain (Loss) on Futures Contracts | |||||||
Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | $ | (112,131 | ) | $52,961 |
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GOLDMAN SACHS EQUITY ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal period ended February 28, 2023, the relevant values for each derivative type were as follows:
Number of Contracts(a) | ||||||||||||
Futures contracts | Purchased Options | Written Options | ||||||||||
Defensive Equity ETF | 4 | 32 | 63 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the period ended February 28, 2023. |
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 six months ended February 28, 2023, 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% | |||
Goldman Sachs Defensive Equity ETF(1) | 0.55% |
(1) | For the period January 23, 2023 through Feb 28, 2023. Prior to January 23, 2023 the effective management rate and net management rate for the Acquired Fund with GSAM was 0.53% and 0.52%, respectively. |
B. Distribution and/or Service (12b-1) Plans — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class A Shares of the Acquired Fund, had adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which served as distributor (the “Distributor”), was entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Acquired Fund, as set forth below.
Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class C Shares of the Acquired Fund, had adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor was entitled to a
63
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees were equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Acquired Fund, as set forth below.
Distribution and/or Service Plan | ||||
Class A* | Class C | |||
Distribution and/or Service Plan | 0.25% | 0.75% |
* | With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and /or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Prior to January 23, 2023, Goldman Sachs, as Distributor of the shares of the Acquired Fund pursuant to a Distribution Agreement, could retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the period January 1, 2023 to January 22, 2023, Goldman Sachs did not retain any front end sales charges.
D. Service Plan — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of the Acquired Fund, had adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provided for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.
E. Transfer Agency Agreement — Prior to January 23, 2023, Goldman Sachs also served as the transfer agent of the Acquiree Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services were accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A and Class C Shares of the Acquired Fund and 0.04% of the average daily net assets of Institutional Shares.
F. Other Expense Agreements and Affiliated Transactions — Prior to January 23, 2023, GSAM had agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), 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 Acquired Fund. Such Other Expense reimbursements, if any, were accrued daily and paid monthly. In addition, the Acquired Fund was not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Acquired Fund was 0.004%. These Other Expense limitations remained in place until January 23, 2023. In addition, the Acquired Fund had entered into certain offset arrangements with the transfer agent, which may resulted in a reduction of the Acquired Fund’s expenses and were received irrespective of the application of the “Other Expense” limitations described above.
For the period January 1, 2023 to January 22, 2023, these Other Expense reimbursements were $74,198.
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GOLDMAN SACHS EQUITY ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. 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 six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Depreciation | Ending value as of February 28, 2023 | Shares as of February 28, 2023 | Dividend Income | ||||||||||||||||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 1,291,758 | $ | 159,054 | $ | (496,803 | ) | $ | 124,190 | $ | (41,535 | ) | $ | 1,036,664 | 2,948 | $ | 8,125 | |||||||||||||||
Goldman Sachs Innovate Equity ETF | 1,601,141 | 475,368 | (673,086 | ) | 282,447 | (175,885 | ) | 1,509,985 | 4,294 | 8,895 | ||||||||||||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 1,137,066 | 75,567 | (29,791 | ) | 13,868 | 49,538 | 1,246,248 | 3,544 | 8,482 |
The following table provides information about the Funds’ investments in the Underlying Money Market Fund for the period ended February 28, 2023:
Fund | Beginning Value as of December 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending Value as of February 28, 2023 | Shares as of February 28, 2023 | Dividend Income | ||||||||||||||||
Goldman Sachs Defensive Equity ETF | $278,504 | $ | 123,864 | $ | (402,368 | ) | $ | — | — | $ | 289 |
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.
65
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Share activity is as follows:
Goldman Sachs Bloomberg Clean Energy Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the period February 8, 2022* through August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 50,000 | $ | 1,839,938 | 200,000 | $ | 7,927,355 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 50,000 | $ | 1,839,938 | 200,000 | $ | 7,927,355 |
* | Commencement of operations. |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 700,000 | $ | 40,440,178 | 2,500,000 | $ | 169,051,301 | ||||||||||
Shares Redeemed | (2,600,000 | ) | (154,304,177 | ) | (4,350,000 | ) | (282,145,961 | ) | ||||||||
NET DECREASE IN SHARES | (1,900,000 | ) | $ | (113,863,999 | ) | (1,850,000 | ) | $ | (113,094,660 | ) | ||||||
Goldman Sachs Hedge Industry VIP ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 250,000 | $ | 18,579,842 | 625,000 | $ | 59,701,538 | ||||||||||
Shares Redeemed | (475,000 | ) | (34,716,302 | ) | (850,000 | ) | (77,725,146 | ) | ||||||||
NET DECREASE IN SHARES | (225,000 | ) | $ | (16,136,460 | ) | (225,000 | ) | $ | (18,023,608 | ) | ||||||
Goldman Sachs Innovate Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 700,000 | $ | 30,974,126 | 900,000 | $ | 51,102,318 | ||||||||||
Shares Redeemed | (1,050,000 | ) | (45,118,266 | ) | (1,200,000 | ) | (63,125,867 | ) | ||||||||
NET DECREASE IN SHARES | (350,000 | ) | $ | (14,144,140 | ) | (300,000 | ) | $ | (12,023,549 | ) |
66
GOLDMAN SACHS EQUITY ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 275,000 | $ | 15,631,777 | 1,150,000 | $ | 73,677,046 | ||||||||||
Shares Redeemed | (275,000 | ) | (15,177,640 | ) | (425,000 | ) | (27,788,985 | ) | ||||||||
NET INCREASE IN SHARES | — | $ | 454,137 | 725,000 | $ | 45,888,061 |
Goldman Sachs Defensive Equity ETF(a) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
For the Period January 1, 2023 to February 28, 2023† (Unaudited) | For the Fiscal Year Ended December 31, 2022 | For the Fiscal Year Ended December 31, 2021 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
| |||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | — | $ | — | 5,398 | $ | 51,806 | 66,277 | $ | 733,989 | |||||||||||||||
Reinvestment of distributions | — | — | 134 | 1,254 | 1,613 | 17,059 | ||||||||||||||||||
Shares redeemed | (25,524 | )* | (240,345 | )* | (9,452 | ) | (94,513 | ) | (46,157 | ) | (519,069 | ) | ||||||||||||
(25,524 | ) | (240,345 | ) | (3,920 | ) | (41,453 | ) | 21,733 | 231,979 | |||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | — | — | 24,307 | 241,850 | 3,747 | 42,642 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 725 | 7,588 | ||||||||||||||||||
Shares redeemed | (32,815 | )* | (306,081 | )* | (940 | ) | (8,516 | ) | (24 | ) | (254 | ) | ||||||||||||
(32,815 | ) | (306,081 | ) | 23,367 | 233,334 | 4,448 | 49,976 | |||||||||||||||||
Fund Share Activity (formerly Institutional Shares)** | ||||||||||||||||||||||||
Shares sold | 37,964 | 1,611,638 | 3,112 | 144,889 | 6,431 | 321,017 | ||||||||||||||||||
Reinvestment of distributions | — | — | 1,080 | 45,517 | 10,416 | 497,162 | ||||||||||||||||||
Shares redeemed | (6,007 | ) | (250,395 | ) | (13,844 | ) | (617,012 | ) | — | — | ||||||||||||||
31,957 | 1,361,243 | (9,652 | ) | (426,606 | ) | 16,847 | 818,179 | |||||||||||||||||
Investor Shares | ||||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 429 | 4,551 | ||||||||||||||||||
Shares redeemed | — | — | (5,438 | ) | (50,140 | ) | — | — | ||||||||||||||||
— | — | (5,438 | ) | (50,140 | ) | 429 | 4,551 | |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 436 | 4,623 | ||||||||||||||||||
Shares redeemed | — | — | (5,446 | ) | (50,268 | ) | — | — | ||||||||||||||||
— | — | (5,446 | ) | (50,268 | ) | 436 | 4,623 |
67
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs Defensive Equity ETF(a) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
For the Period January 1, 2023 to February 28, 2023† (Unaudited) | For the Fiscal Year Ended December 31, 2022 | For the Fiscal Year Ended December 31, 2021 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
| |||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Reinvestment of distributions | — | $ | — | — | $ | — | 411 | $ | 4,340 | |||||||||||||||
Shares redeemed | — | — | (5,414 | ) | (49,649 | ) | — | — | ||||||||||||||||
— | — | (5,414 | ) | (49,649 | ) | 411 | 4,340 | |||||||||||||||||
Class P Shares | ||||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 436 | 4,623 | ||||||||||||||||||
Shares redeemed | — | — | (5,446 | ) | (50,265 | ) | — | — | ||||||||||||||||
— | — | (5,446 | ) | (50,265 | ) | 436 | 4,623 | |||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (26,382 | ) | $ | 814,817 | (11,949 | ) | $ | (435,047 | ) | 44,740 | $ | 1,118,271 |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
* | Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023. |
** | On January 18, 2023, the Goldman Sachs Defensive Equity Fund Institutional Shares effected a 4.5-for-1 reverse share split. Shares outstanding have been adjusted to reflect the reverse share split. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF | $ | 1,204,851 | $ | 780,829 | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 132,894,221 | 133,841,558 | ||||||||
Goldman Sachs Hedge Industry VIP ETF | 86,020,177 | 85,125,805 | ||||||||
Goldman Sachs Innovate Equity ETF | 75,879,210 | 75,217,278 | ||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 22,625,862 | 22,206,806 | ||||||||
Goldman Sachs Defensive Equity ETF* | 3,388,636 | 3,990,191 |
* | For the two month period ended February 28, 2023 (amounts include the Predecessor Fund). |
68
GOLDMAN SACHS EQUITY ETFS
7. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF | $ | 1,323,134 | $ | — | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 40,368,820 | 154,018,985 | ||||||||
Goldman Sachs Hedge Industry VIP ETF | 18,589,465 | 34,971,789 | ||||||||
Goldman Sachs Innovate Equity ETF | 30,526,890 | 44,357,038 | ||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 15,468,186 | 15,202,901 | ||||||||
Goldman Sachs Defensive Equity ETF* | 971,349 | — |
* | For the two month period ended February 28, 2023. |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Defensive Equity ETF* | $ | 10,084,536 | $ | 9,959,595 |
* | Amounts reflect the Predecessor Fund for the fiscal year ended December 31, 2022. |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with
69
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
8. SECURITIES LENDING (continued) |
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 February 28, 2023, 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 six months ended February 28, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2023 | ||||||||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF | $ | 45,842 | $ | 1,827,565 | $ | (1,798,639 | ) | $ | 74,768 | |||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | — | 61,976,184 | (61,976,184 | ) | — | |||||||||||||
Goldman Sachs Hedge Industry VIP ETF | — | 24,937,690 | (24,937,690 | ) | — | |||||||||||||
Goldman Sachs Innovate Equity ETF | 6,943,097 | 87,487,610 | (86,039,745 | ) | 8,390,962 | |||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 36,658 | 2,940,820 | (2,901,404 | ) | 76,074 |
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year ended August 31, 2022, the Funds’ capital loss carryforward and certain timing differences 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 | Goldman Sachs Defensive Equity ETF* | |||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||
Perpetual Short-Term | $ | — | $ | — | $ | (7,375,244 | ) | $ | (19,248,303 | ) | $ | (4,017,838 | ) | $ | (129,676 | ) | ||||||||
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 | ) | $ | (80,196 | ) |
* | Amounts reflect the Predecessor Fund as of December 31, 2022. |
70
GOLDMAN SACHS EQUITY ETFS
9. TAX INFORMATION (continued) |
As of February 28, 2023, 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 | Goldman Sachs Defensive Equity ETF | |||||||||||||||||||
Tax Cost | $ | 9,739,456 | $ | 517,837,333 | $ | 125,491,756 | $ | 353,469,983 | $ | 241,761,876 | $ | 5,937,748 | ||||||||||||
Gross unrealized gain | 541,567 | 49,591,949 | 10,970,769 | 560,515,079 | 46,515,783 | 163,453 | ||||||||||||||||||
Gross unrealized loss | (1,005,522 | ) | (55,277,811 | ) | (8,086,374 | ) | (587,642,532 | ) | (18,176,883 | ) | (336,417 | ) | ||||||||||||
Net unrealized gains (losses) on securities | $ | (463,955 | ) | $ | (5,685,862 | ) | $ | 2,884,395 | $ | (27,127,453 | ) | $ | 28,338,900 | $ | (172,964 | ) |
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, net mark to market gains (losses) on regulated options, and differences in the tax treatment of partnership investments and passive foreign investment company investments.
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.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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 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
71
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
10. OTHER RISKS (continued) |
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 (each Fund except Goldman Sachs Defensive Equity ETF) — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take 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.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
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10. OTHER RISKS (continued) |
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except Goldman Sachs Defensive Equity ETF) trading individually or in the aggregate at any point in time.
Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.
Tracking Error Risk (each Fund except Goldman Sachs Defensive Equity ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”), and the Goldman Sachs Defensive Equity ETF (the “Survivor Fund”), as of the close of business on January 23, 2023, all of the assets and liabilities of the Institutional Class Shares of the Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:
Acquired Fund/Survivor Fund | Exchanged Shares Fund Issued | Value of Shares | Acquired Fund’s Shares as of 2023 | |||||||||
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF | 127,650 | $ | 5,398,399 | 127,650 |
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
12. OTHER MATTERS (continued) |
The following chart shows Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation:
Acquired Fund/Survivor Fund | Survivor Aggregate before | Acquired Aggregate before | Survivor Aggregate immediately acquisition | Acquired Unrealized Appreciation (Depreciation)(1) | Acquired Capital Loss Carryforward(2) | |||||||||||||||
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF | — | $ | 5,398,399 | $ | 5,398,399 | $ | (339,771 | ) | $ | 129,676 |
(1) | The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets. |
(2) | Represents Capital Loss Carryforward of Acquired Fund as of December 31, 2022. |
Assuming the acquisition had been completed on January 1, 2023, the Survivor Fund’s pro-forma results of operations for the year ended February 28, 2023 are as follows:
Net investment income | $ | 9,914 | ||
Net realized and unrealized gain on investments | $ | 20,647 | ||
Net increase in net assets from operations | $ | 30,561 |
Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since January 23, 2023.
13. SUBSEQUENT EVENTS |
On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Certain Funds have limited exposure to SVB Financial Group, the former parent company of SVB (“SVB Financial”). On March 17, 2023, SVB Financial filed for Chapter 11 bankruptcy relief. As a result, the Funds’ holdings of securities issued by SVB Financial have been valued to reflect the current market environment. Management is continuing to monitor these developments.
Other than the above, subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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Fund Expenses — Six Months ended 2/28/2023 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
Except with respect to the Goldman Sachs Defensive Equity ETF, whose prior fiscal year end was December 31, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2022 and held for the six months ended February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 | ||||||||||||||||||||||||||||||||||
Beginning Account Value 1/9/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 946.21 | $ | 2.17 | $ | 1,000 | $ | 1,035.66 | $ | 0.45 | $ | 1,000 | $ | 1,002.81 | $ | 2.23 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.56 | + | 2.26 | 1,000 | 1,024.35 | + | 0.45 | 1,000 | 1,022.56 | + | 2.26 |
Goldman Sachs Innovate Equity ETF | Goldman Sachs JUST US Large Cap Equity ETF | Goldman Sachs Defensive Equity ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 1/1/23 | Ending Account Value 2/28/23 | Expenses Paid** | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,021.80 | $ | 2.51 | $ | 1,000 | $ | 1,012.80 | $ | 1.00 | $ | 1,000 | $ | 1,019.43 | $ | 0.93 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.31 | + | 2.51 | 1,000 | 1,023.80 | + | 1.00 | 1,000 | 1,007.16 | + | 0.92 |
+ | 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 February 28, 2023. 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’s prior fiscal year end was December 31, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 59/365, which represents a period of 59 days of a 365 day year (to reflect the Fund’s change in fiscal year end). |
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 | |||
Goldman Sachs Defensive Equity ETF | 0.57 |
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Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited)
Background
The 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 (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at meetings held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”) and benchmark performance indices; and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund, to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
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Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 Funds and their service providers 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, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification, and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies, and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by third-party service providers, except for the Goldman Sachs Hedge Industry VIP ETF, which seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using data, rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index, a comparable market capitalization-weighted reference index, and/or a composite of accounts with comparable investment strategies managed the Investment Adviser, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.
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Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of the underlying indices of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovative Equity ETF, to Frank Russell Company for the use of the underlying index of the Goldman Sachs JUST U.S. Large Cap Equity ETF, and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names with respect to the Goldman Sachs JUST U.S. Large Cap Equity ETF. They noted that no license fee would be payable to the Investment Adviser by the Goldman Sachs Hedge Industry VIP ETF for use of the index created by the Investment Adviser.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to
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Statement Regarding Basis for Approval of Management Agreement for 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 (Unaudited) (continued)
leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued until September 30, 2023.
80
GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Defensive Equity ETF (Unaudited)
Background
The Goldman Sachs Defensive Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on January 23, 2023. At a meeting held on September 19-20, 2022 (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 also approved an Agreement and Plan of Reorganization pursuant to which the Goldman Sachs Defensive Equity Fund, a series of Goldman Sachs Trust managed by the Investment Adviser, would be reorganized with and into the Fund, an open-end management investment company operating as an exchange-traded fund (“ETF”).
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 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 an actively managed ETF that seeks long-term growth of capital with lower volatility than equity markets. 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 investment strategies similar to those of the Fund. 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 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.
Investment Performance
Because the Fund was anticipated to commence operations by acquiring the assets of the Goldman Sachs Defensive Equity Fund, and the Fund was to be the accounting survivor to the Goldman Sachs Defensive Equity Fund, the Trustees were provided with performance information for the Goldman Sachs Defensive Equity Fund.
81
GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Defensive Equity ETF (Unaudited) (continued)
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 also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund’s peer group and category medians. 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. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.
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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) 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 (f) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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.
82
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately 2.30 trillion in assets under supervision as of December 31, 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 Community Municipal Bond ETF |
Goldman Sachs Defensive 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 Access Emerging Markets USD Bond ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate 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 Community Municipal 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®” and the Bloomberg Goldman Sachs Global Clean Energy Index are 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 GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM. is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GSAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR THE INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
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.
FUNDS PROFILE
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
The Goldman Sachs Innovate Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Innovative Global Equity Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Innovate Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Innovate Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Innovate Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.
Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).
No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.
No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.
Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index® and JUST Capital Index® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.
Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).
Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.
Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.
Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.
TRUSTEES 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 Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds 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, 2023 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.
© 2023 Goldman Sachs. All rights reserved. 314573-OTU-04/2023 EQTYETFSAR-23
Goldman Sachs Funds
Semi-Annual Report | February 28, 2023 | |||
Goldman Sachs MarketBeta® ETFs | ||||
MarketBeta® Emerging Markets Equity ETF (GSEE) | ||||
MarketBeta® International Equity ETF (GSID) | ||||
MarketBeta® U.S. Equity ETF (GSUS) |
MarketBeta® is a registered trademark of GSAM.
Goldman Sachs MarketBeta® ETFs
∎ | MARKETBETA® EMERGING MARKETS EQUITY ETF |
∎ | MARKETBETA® INTERNATIONAL EQUITY ETF |
∎ | MARKETBETA® U.S. EQUITY ETF |
1 | ||||
5 | ||||
11 | ||||
59 | ||||
63 | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
79 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs MarketBeta Equity ETFs
The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs MarketBeta Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.
Market and Economic Review
U.S. Equities
• | Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000® Index generated a return of 1.51%. |
• | The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy. |
• | As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off. |
• | During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November. |
• | Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
• | There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) |
• | Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. |
• | Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. |
• | Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. |
• | On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there. |
• | The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
1
MARKET REVIEW
• | However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains. |
• | U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.) |
• | Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish. |
• | During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment. |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market. |
• | As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19. |
• | Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. |
• | International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally. |
• | In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year. |
• | In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. |
• | Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening. |
2
MARKET REVIEW
• | The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession. |
• | China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism. |
• | In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative. |
• | The MSCI EAFE then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years. |
• | All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care. |
• | The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
• | As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows. |
• | Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices. |
• | The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels. |
• | Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market. |
• | In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so. |
• | Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022. |
• | In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports. |
3
MARKET REVIEW
• | November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors. |
• | The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions. |
• | The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off. |
• | The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities. |
• | The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
4
MarketBeta® Emerging Markets Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 39.81 | ||||
Net Asset Value (NAV)1 | $ | 39.85 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive GBS Emerging Markets Large & Mid Cap Index3 | |||||||||||
Shares | -2.76 | % | -2.69 | % | -2.79 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs MarketBeta® Emerging Markets 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 GBS Emerging Markets Large & Mid Cap Index (“Solactive Index”) 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.2 | % | Information Technology | Taiwan | ||||||
Tencent Holdings Ltd. | 4.1 | Communication Services | China | |||||||
Samsung Electronics Co. Ltd. | 3.3 | Information Technology | South Korea | |||||||
Alibaba Group Holding Ltd. ADR | 2.5 | Consumer Discretionary | China | |||||||
Saudi Arabian Oil Co. | 1.7 | Energy | Saudi Arabia | |||||||
Meituan, Class B | 1.3 | Consumer Discretionary | China | |||||||
Reliance Industries Ltd. | 1.2 | Energy | India | |||||||
International Holding Co. PJSC | 1.0 | Industrials | United Arab Emirates | |||||||
Vale SA | 0.9 | Materials | Brazil | |||||||
Infosys Ltd. | 0.9 | Information Technology | India |
FUND VS BENCHMARK5 |
February 28, 2023 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
5 | 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. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
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
FUND BASICS
MarketBeta® International Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 49.43 | ||||
Net Asset Value (NAV)1 | $ | 49.56 |
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. |
PERFORMANCE REVIEW | ||||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive GBS Developed Markets ex North America Large & Mid Cap Index3 | |||||||||||
Shares | 11.82 | % | 12.28 | % | 11.95 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs MarketBeta® International 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 GBS Developed Markets ex North America Large & Mid Cap Index (“Solactive Index”) 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.0 | % | Consumer Staples | United States | ||||||
ASML Holding NV | 1.6 | Information Technology | Netherlands | |||||||
Novo Nordisk A/S, Class B | 1.5 | Health Care | Denmark | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.4 | Consumer Discretionary | France | |||||||
Shell PLC | 1.4 | Energy | Netherlands | |||||||
Roche Holding AG | 1.4 | Health Care | United States | |||||||
AstraZeneca PLC | 1.3 | Health Care | United Kingdom | |||||||
Novartis AG | 1.2 | Health Care | Switzerland | |||||||
BHP Group Ltd. | 1.0 | Materials | Australia | |||||||
HSBC Holdings PLC | 1.0 | Financials | United Kingdom |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
5 | 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). Investments in the securities lending vehicle represented 0.8% of the Fund’s net assets as of February 28, 2023. 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. |
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.
8
FUND BASICS
MarketBeta® U.S. Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
As of February 28, 2023 | ||||||
Market Price1 | $ | 54.00 | ||||
Net Asset Value (NAV)1 | $ | 54.01 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive GBS United States Large & Mid Cap Index3 | |||||||||||
Shares | 1.00 | % | 0.96 | % | 1.02 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs MarketBeta® U.S. 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 GBS United States Large & Mid Cap Index (“Solactive Index”) 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 |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Apple, Inc. | 7.0 | % | Information Technology | United States | ||||||
Microsoft Corp. | 5.4 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.5 | Consumer Discretionary | United States | |||||||
Tesla, Inc. | 1.6 | Consumer Discretionary | United States | |||||||
NVIDIA Corp. | 1.6 | Information Technology | United States | |||||||
Alphabet, Inc., Class A | 1.6 | Communication Services | United States | |||||||
Alphabet, Inc., Class C | 1.4 | Communication Services | United States | |||||||
Exxon Mobil Corp. | 1.3 | Energy | United States | |||||||
UnitedHealth Group, Inc. | 1.3 | Health Care | United States | |||||||
JPMorgan Chase & Co. | 1.2 | Financials | United States |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
5 | 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. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
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 MARKETBETA® EMERGING MARKETS EQUITY ETF
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 96.8% | ||||||||
Australia – 0.1% | ||||||||
1,786 | AngloGold Ashanti Ltd. (Materials) | $ | 30,170 | |||||
1,471 | Yancoal Australia Ltd. (Energy)(a) | 5,725 | ||||||
|
| |||||||
35,895 | ||||||||
|
| |||||||
Brazil – 4.0% | ||||||||
21,456 | Ambev SA (Consumer Staples) | 55,030 | ||||||
3,138 | Americanas SA (Consumer Discretionary)* | 601 | ||||||
2,611 | Atacadao SA (Consumer Staples) | 6,727 | ||||||
28,792 | B3 SA – Brasil Bolsa Balcao (Financials) | 58,183 | ||||||
7,383 | Banco Bradesco SA (Financials) | 16,461 | ||||||
6,395 | Banco BTG Pactual SA (Financials) | 24,744 | ||||||
4,216 | Banco do Brasil SA (Financials) | 32,544 | ||||||
1,747 | Banco Santander Brasil SA (Financials) | 9,480 | ||||||
3,311 | BB Seguridade Participacoes SA (Financials) | 21,696 | ||||||
3,156 | BRF SA (Consumer Staples)* | 3,724 | ||||||
2,521 | Caixa Seguridade Participacoes SA (Financials) | 4,090 | ||||||
5,434 | CCR SA (Industrials) | 11,439 | ||||||
3,441 | Centrais Eletricas Brasileiras SA (Utilities) | 22,620 | ||||||
1,656 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 16,415 | ||||||
1,366 | Cia Energetica de Minas Gerais (Utilities) | 4,056 | ||||||
2,931 | Cia Siderurgica Nacional SA (Materials) | 9,359 | ||||||
5,857 | Cosan SA (Energy) | 16,806 | ||||||
914 | CPFL Energia SA (Utilities) | 5,303 | ||||||
2,071 | CSN Mineracao SA (Materials) | 1,849 | ||||||
359 | Diagnosticos da America SA (Health Care) | 635 | ||||||
1,291 | Energisa SA (Utilities) | 9,567 | ||||||
6,385 | Eneva SA (Utilities)* | 13,979 | ||||||
852 | Engie Brasil Energia SA (Utilities) | 6,410 | ||||||
4,663 | Equatorial Energia SA (Utilities) | 22,713 | ||||||
22,280 | Hapvida Participacoes e Investimentos SA (Health Care)*(a) | 19,162 | ||||||
1,961 | Hypera SA (Health Care) | 15,645 | ||||||
2,193 | Itau Unibanco Holding SA (Financials) | 9,124 | ||||||
3,982 | Klabin SA (Materials) | 14,843 | ||||||
3,983 | Localiza Rent a Car SA (Industrials) | 42,335 | ||||||
4,834 | Lojas Renner SA (Consumer Discretionary) | 17,268 | ||||||
14,058 | Magazine Luiza SA (Consumer Discretionary)* | 9,667 | ||||||
1,329 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 6,407 | ||||||
4,257 | Natura & Co. Holding SA (Consumer Staples) | 12,492 | ||||||
958 | Neoenergia SA (Utilities) | 2,582 | ||||||
9,740 | NU Holdings Ltd., Class A (Financials)* | 49,090 | ||||||
980 | Pagseguro Digital Ltd., Class A (Information Technology)* | 8,497 | ||||||
3,313 | Petro Rio SA (Energy)* | 21,386 | ||||||
17,944 | Petroleo Brasileiro SA (Energy) | 98,816 | ||||||
923 | Porto Seguro SA (Financials) | 4,680 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Brazil – (continued) | ||||||||
5,620 | Raia Drogasil SA (Consumer Staples) | 24,415 | ||||||
5,351 | Rede D’Or Sao Luiz SA (Health Care)(a) | 26,188 | ||||||
5,968 | Rumo SA (Industrials) | 20,531 | ||||||
3,896 | Sendas Distribuidora SA (Consumer Staples) | 13,537 | ||||||
1,320 | StoneCo Ltd., Class A (Information Technology)* | 11,233 | ||||||
3,832 | Suzano SA (Materials) | 35,041 | ||||||
2,055 | Telefonica Brasil SA (Communication Services) | 15,328 | ||||||
3,939 | TIM SA (Communication Services) | 9,250 | ||||||
2,438 | TOTVS SA (Information Technology) | 12,744 | ||||||
3,602 | Ultrapar Participacoes SA (Energy) | 9,093 | ||||||
18,502 | Vale SA (Materials) | 302,371 | ||||||
5,515 | Vibra Energia SA (Consumer Discretionary) | 15,624 | ||||||
7,342 | WEG SA (Industrials) | 55,072 | ||||||
1,594 | XP, Inc., Class A (Financials)* | 19,797 | ||||||
|
| |||||||
1,276,649 | ||||||||
|
| |||||||
Chile – 0.4% | ||||||||
212,110 | Banco de Chile (Financials) | 21,916 | ||||||
332 | Banco de Credito e Inversiones SA (Financials) | 10,331 | ||||||
303,360 | Banco Santander Chile (Financials) | 12,789 | ||||||
6,313 | Cencosud SA (Consumer Staples) | 11,870 | ||||||
614 | Cia Cervecerias Unidas SA (Consumer Staples) | 4,665 | ||||||
83,878 | Cia Sud Americana de Vapores SA (Industrials) | 8,062 | ||||||
5,175 | Empresas CMPC SA (Materials) | 8,551 | ||||||
1,932 | Empresas Copec SA (Energy) | 13,880 | ||||||
96,751 | Enel Americas SA (Utilities) | 11,978 | ||||||
120,992 | Enel Chile SA (Utilities) | 5,421 | ||||||
3,995 | Falabella SA (Consumer Discretionary) | 8,746 | ||||||
2,290 | Quinenco SA (Industrials) | 8,072 | ||||||
|
| |||||||
126,281 | ||||||||
|
| |||||||
China – 30.0% | ||||||||
2,300 | 360 Security Technology, Inc., Class A (Information Technology) | 3,570 | ||||||
700 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 2,212 | ||||||
200 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)* | 3,029 | ||||||
400 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 1,457 | ||||||
816 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 5,388 | ||||||
25,954 | Agricultural Bank of China Ltd., Class A (Financials) | 10,939 | ||||||
149,766 | Agricultural Bank of China Ltd., Class H (Financials) | 51,897 | ||||||
2,089 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 9,391 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,953 | Air China Ltd., Class A (Industrials)* | $ | 3,121 | |||||
8,307 | Air China Ltd., Class H (Industrials)* | 7,651 | ||||||
626 | Airtac International Group (Industrials) | 22,086 | ||||||
9,065 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | 795,816 | ||||||
4,025 | Aluminum Corp. of China Ltd., Class A (Materials) | 3,202 | ||||||
17,357 | Aluminum Corp. of China Ltd., Class H (Materials) | 8,845 | ||||||
200 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 2,290 | ||||||
1,793 | Angang Steel Co. Ltd., Class A (Materials) | 782 | ||||||
7,799 | Angang Steel Co. Ltd., Class H (Materials) | 2,553 | ||||||
162 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 942 | ||||||
1,200 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 5,296 | ||||||
5,802 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 21,288 | ||||||
364 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 14,338 | ||||||
130 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 1,288 | ||||||
200 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 2,018 | ||||||
100 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 2,352 | ||||||
5,954 | ANTA Sports Products Ltd. (Consumer Discretionary) | 78,431 | ||||||
300 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 1,035 | ||||||
91 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 1,875 | ||||||
107 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | 1,438 | ||||||
349 | Autohome, Inc. ADR (Communication Services) | 10,645 | ||||||
541 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 2,213 | ||||||
2,627 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 1,644 | ||||||
1,387 | Baidu, Inc. ADR (Communication Services)* | 190,976 | ||||||
6,442 | Bank of Beijing Co. Ltd., Class A (Financials) | 4,013 | ||||||
1,104 | Bank of Chengdu Co. Ltd., Class A (Financials) | 2,282 | ||||||
11,977 | Bank of China Ltd., Class A (Financials) | 5,565 | ||||||
404,801 | Bank of China Ltd., Class H (Financials) | 148,522 | ||||||
11,844 | Bank of Communications Co. Ltd., Class A (Financials) | 8,348 | ||||||
35,636 | Bank of Communications Co. Ltd., Class H (Financials) | 21,065 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,739 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 3,034 | ||||||
4,270 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 4,416 | ||||||
2,940 | Bank of Nanjing Co. Ltd., Class A (Financials) | 4,191 | ||||||
1,914 | Bank of Ningbo Co. Ltd., Class A (Financials) | 8,133 | ||||||
4,260 | Bank of Shanghai Co. Ltd., Class A (Financials) | 3,665 | ||||||
1,948 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 673 | ||||||
6,595 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 6,242 | ||||||
2,500 | BBMG Corp., Class A (Materials) | 939 | ||||||
333 | BeiGene Ltd. ADR (Health Care)* | 74,802 | ||||||
1,300 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)* | 1,541 | ||||||
100 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 860 | ||||||
800 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 875 | ||||||
2,426 | Beijing Enterprises Holdings Ltd. (Utilities) | 7,943 | ||||||
20,271 | Beijing Enterprises Water Group Ltd. (Utilities) | 5,087 | ||||||
200 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 8,372 | ||||||
383 | Beijing New Building Materials PLC, Class A (Industrials) | 1,658 | ||||||
900 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 650 | ||||||
420 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 1,004 | ||||||
700 | Beijing Shougang Co. Ltd., Class A (Materials) | 416 | ||||||
400 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 2,817 | ||||||
145 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 1,685 | ||||||
45 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 821 | ||||||
100 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 1,054 | ||||||
100 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 839 | ||||||
165 | BGI Genomics Co. Ltd., Class A (Health Care) | 1,321 | ||||||
1,023 | Bilibili, Inc. ADR (Communication Services)* | 19,744 | ||||||
200 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 3,648 | ||||||
6,189 | Blue Moon Group Holdings Ltd. (Consumer Staples)(a) | 3,722 | ||||||
1,013 | BOC Aviation Ltd. (Industrials)(a) | 7,317 | ||||||
|
|
12 | 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) | ||||||||
17,484 | BOC Hong Kong Holdings Ltd. (Financials) | $ | 59,138 | |||||
700 | BOC International China Co. Ltd., Class A (Financials) | 1,144 | ||||||
11,022 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 6,612 | ||||||
487 | BYD Co. Ltd., Class A (Consumer Discretionary) | 18,270 | ||||||
4,559 | BYD Co. Ltd., Class H (Consumer Discretionary) | 122,665 | ||||||
554 | By-health Co. Ltd., Class A (Consumer Staples) | 1,830 | ||||||
1,304 | Caitong Securities Co. Ltd., Class A (Financials) | 1,446 | ||||||
421 | CanSino Biologics, Inc., Class H (Health Care)(a) | 3,197 | ||||||
1,600 | CECEP Wind-Power Corp., Class A (Utilities) | 911 | ||||||
200 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 902 | ||||||
4,300 | CGN Power Co. Ltd., Class A (Utilities) | 1,689 | ||||||
50,045 | CGN Power Co. Ltd., Class H (Utilities)(a) | 11,221 | ||||||
100 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 2,838 | ||||||
1,588 | Changjiang Securities Co. Ltd., Class A (Financials) | 1,293 | ||||||
100 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 2,172 | ||||||
519 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 2,379 | ||||||
300 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 1,640 | ||||||
800 | China Baoan Group Co. Ltd., Class A (Industrials) | 1,473 | ||||||
12,635 | China Bohai Bank Co. Ltd., Class H (Financials)(a) | 2,543 | ||||||
44,304 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 5,757 | ||||||
1,728 | China CITIC Bank Corp. Ltd., Class A (Financials) | 1,223 | ||||||
46,780 | China CITIC Bank Corp. Ltd., Class H (Financials) | 21,633 | ||||||
1,239 | China Coal Energy Co. Ltd., Class A (Energy) | 1,563 | ||||||
10,202 | China Coal Energy Co. Ltd., Class H (Energy) | 7,889 | ||||||
6,992 | China Conch Venture Holdings Ltd. (Industrials) | 14,074 | ||||||
2,822 | China Construction Bank Corp., Class A (Financials) | 2,290 | ||||||
453,613 | China Construction Bank Corp., Class H (Financials) | 277,386 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
700 | China CSSC Holdings Ltd., Class A (Industrials) | 2,406 | ||||||
2,332 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 1,822 | ||||||
10,452 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 4,234 | ||||||
3,400 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 1,164 | ||||||
37,290 | China Energy Engineering Corp. Ltd., Class H (Industrials) | 4,371 | ||||||
12,273 | China Everbright Bank Co. Ltd., Class A (Financials) | 5,261 | ||||||
35,568 | China Everbright Bank Co. Ltd., Class H (Financials) | 10,241 | ||||||
17,102 | China Everbright Environment Group Ltd. (Industrials) | 6,928 | ||||||
14,770 | China Evergrande Group (Real Estate)*(b) | — | ||||||
11,416 | China Feihe Ltd. (Consumer Staples)(a) | 9,133 | ||||||
1,239 | China Galaxy Securities Co. Ltd., Class A (Financials) | 1,715 | ||||||
17,854 | China Galaxy Securities Co. Ltd., Class H (Financials) | 8,893 | ||||||
700 | China Great Wall Securities Co. Ltd., Class A (Financials) | 876 | ||||||
909 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 1,703 | ||||||
15,516 | China Hongqiao Group Ltd. (Materials) | 16,584 | ||||||
500 | China International Capital Corp. Ltd., Class A (Financials) | 3,014 | ||||||
7,509 | China International Capital Corp. Ltd., Class H (Financials)(a) | 16,148 | ||||||
831 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 909 | ||||||
32,443 | China Jinmao Holdings Group Ltd. (Real Estate) | 6,282 | ||||||
1,187 | China Jushi Co. Ltd., Class A (Materials) | 2,587 | ||||||
4,731 | China Lesso Group Holdings Ltd. (Industrials) | 4,984 | ||||||
584 | China Life Insurance Co. Ltd., Class A (Financials) | 3,005 | ||||||
36,255 | China Life Insurance Co. Ltd., Class H (Financials) | 61,430 | ||||||
1,829 | China Literature Ltd. (Communication Services)*(a) | 7,817 | ||||||
1,500 | China Longyuan Power Group Corp. Ltd., Class A (Utilities) | 3,957 | ||||||
16,273 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 19,964 | ||||||
6,041 | China Merchants Bank Co. Ltd., Class A (Financials) | 32,422 | ||||||
20,039 | China Merchants Bank Co. Ltd., Class H (Financials) | 108,498 | ||||||
2,400 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 2,430 | ||||||
700 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 834 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
6,336 | China Merchants Port Holdings Co. Ltd. (Industrials) | $ | 8,879 | |||||
2,194 | China Merchants Securities Co. Ltd., Class A (Financials) | 4,412 | ||||||
1,900 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 4,053 | ||||||
10,400 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 5,102 | ||||||
35,151 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 12,136 | ||||||
19,103 | China National Building Material Co. Ltd., Class H (Materials) | 16,914 | ||||||
1,800 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 2,336 | ||||||
5,500 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 4,795 | ||||||
1,076 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 4,496 | ||||||
300 | China Oilfield Services Ltd., Class A (Energy) | 684 | ||||||
8,824 | China Oilfield Services Ltd., Class H (Energy) | 9,443 | ||||||
23,410 | China Overseas Land & Investment Ltd. (Real Estate) | 58,037 | ||||||
1,939 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 7,704 | ||||||
12,638 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 33,489 | ||||||
10,283 | China Petroleum & Chemical Corp., Class A (Energy) | 6,893 | ||||||
118,064 | China Petroleum & Chemical Corp., Class H (Energy) | 60,314 | ||||||
24,256 | China Power International Development Ltd. (Utilities) | 9,610 | ||||||
6,026 | China Railway Group Ltd., Class A (Industrials) | 5,236 | ||||||
19,484 | China Railway Group Ltd., Class H (Industrials) | 10,152 | ||||||
1,851 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 1,361 | ||||||
300 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)* | 1,741 | ||||||
6,982 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 51,546 | ||||||
10,707 | China Resources Cement Holdings Ltd. (Materials) | 5,756 | ||||||
4,340 | China Resources Gas Group Ltd. (Utilities) | 18,301 | ||||||
14,041 | China Resources Land Ltd. (Real Estate) | 62,249 | ||||||
300 | China Resources Microelectronics Ltd., Class A (Information Technology) | 2,339 | ||||||
2,670 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | 14,626 | ||||||
7,608 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 6,252 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
8,657 | China Resources Power Holdings Co. Ltd. (Utilities) | 17,668 | ||||||
300 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 2,198 | ||||||
1,934 | China Shenhua Energy Co. Ltd., Class A (Energy) | 7,790 | ||||||
16,456 | China Shenhua Energy Co. Ltd., Class H (Energy) | 49,476 | ||||||
2,207 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 2,508 | ||||||
10,200 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 7,433 | ||||||
12,300 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 9,944 | ||||||
8,601 | China State Construction International Holdings Ltd. (Industrials) | 9,785 | ||||||
500 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 720 | ||||||
9,174 | China Suntien Green Energy Corp. Ltd., Class H (Energy)(c) | 4,020 | ||||||
6,828 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 8,064 | ||||||
8,400 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 6,755 | ||||||
622 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 17,678 | ||||||
375 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)*(a) | 9,464 | ||||||
227,351 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 24,619 | ||||||
9,300 | China United Network Communications Ltd., Class A (Communication Services) | 7,064 | ||||||
2,912 | China Vanke Co. Ltd., Class A (Real Estate) | 7,180 | ||||||
9,289 | China Vanke Co. Ltd., Class H (Real Estate) | 16,212 | ||||||
6,693 | China Yangtze Power Co. Ltd., Class A (Utilities) | 20,373 | ||||||
200 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 2,992 | ||||||
5,397 | China Zheshang Bank Co. Ltd., Class A (Financials)* | 2,267 | ||||||
181 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 3,579 | ||||||
4,313 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 8,326 | ||||||
1,752 | Chongqing Hongjiu Fruit Co. Ltd., Class H (Consumer Staples)* | 6,607 | ||||||
2,800 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 1,458 | ||||||
11,359 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 3,922 | ||||||
430 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 5,546 | ||||||
|
|
14 | 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) | ||||||||
31,202 | CITIC Ltd. (Industrials) | $ | 34,424 | |||||
500 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 1,468 | ||||||
3,560 | CITIC Securities Co. Ltd., Class A (Financials) | 10,575 | ||||||
11,119 | CITIC Securities Co. Ltd., Class H (Financials) | 23,543 | ||||||
5,548 | CMOC Group Ltd., Class A (Materials) | 4,709 | ||||||
18,364 | CMOC Group Ltd., Class H (Materials) | 10,317 | ||||||
200 | CNGR Advanced Material Co. Ltd., Class A (Materials) | 2,026 | ||||||
1,100 | CNPC Capital Co. Ltd., Class A (Industrials) | 934 | ||||||
726 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 42,181 | ||||||
2,900 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 1,047 | ||||||
1,100 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | 2,291 | ||||||
6,312 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)* | 6,047 | ||||||
3,741 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 5,801 | ||||||
15,357 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 15,925 | ||||||
63,561 | Country Garden Holdings Co. Ltd. (Real Estate)(c) | 19,434 | ||||||
10,450 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 19,357 | ||||||
7,400 | CRRC Corp. Ltd., Class A (Industrials) | 6,068 | ||||||
22,110 | CRRC Corp. Ltd., Class H (Industrials) | 10,112 | ||||||
1,100 | CSC Financial Co. Ltd., Class A (Financials) | 4,238 | ||||||
4,430 | CSC Financial Co. Ltd., Class H (Financials)(a) | 4,351 | ||||||
10,008 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 4,042 | ||||||
4,400 | Daqin Railway Co. Ltd., Class A (Industrials) | 4,298 | ||||||
224 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1,244 | ||||||
1,793 | Datang International Power Generation Co. Ltd., Class A (Utilities)* | 766 | ||||||
15,662 | Datang International Power Generation Co. Ltd., Class H (Utilities)* | 2,674 | ||||||
900 | DHC Software Co. Ltd., Class A (Information Technology) | 852 | ||||||
200 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1,050 | ||||||
195 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 1,342 | ||||||
744 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 2,112 | ||||||
1,657 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 2,651 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
14,005 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 7,155 | ||||||
944 | Dongxing Securities Co. Ltd., Class A (Financials) | 1,166 | ||||||
3,291 | East Money Information Co. Ltd., Class A (Financials) | 9,904 | ||||||
100 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 2,949 | ||||||
200 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,601 | ||||||
3,731 | ENN Energy Holdings Ltd. (Utilities) | 52,998 | ||||||
900 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 2,500 | ||||||
493 | Eve Energy Co. Ltd., Class A (Industrials) | 5,156 | ||||||
1,168 | Everbright Securities Co. Ltd., Class A (Financials) | 2,628 | ||||||
12,467 | Evergrande Property Services Group Ltd. (Real Estate)*(a)(b) | — | ||||||
1,381 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 1,329 | ||||||
719 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 882 | ||||||
1,300 | First Capital Securities Co. Ltd., Class A (Financials) | 1,120 | ||||||
344 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 1,710 | ||||||
2,076 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 5,488 | ||||||
4,243 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 3,992 | ||||||
1,020 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 12,058 | ||||||
2,952 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 4,077 | ||||||
325 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 1,161 | ||||||
4,489 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 31,423 | ||||||
584 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 3,114 | ||||||
2,956 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 13,237 | ||||||
520 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 5,416 | ||||||
1,702 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a) | 11,861 | ||||||
5,400 | GD Power Development Co. Ltd., Class A (Utilities)* | 3,053 | ||||||
875 | GDS Holdings Ltd. ADR (Information Technology)* | 16,844 | ||||||
1,400 | GEM Co. Ltd., Class A (Materials) | 1,589 | ||||||
1,263 | Gemdale Corp., Class A (Real Estate) | 1,757 | ||||||
6,202 | Genscript Biotech Corp. (Health Care)* | 16,948 | ||||||
1,791 | GF Securities Co. Ltd., Class A (Financials) | 4,207 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
6,097 | GF Securities Co. Ltd., Class H (Financials) | $ | 8,653 | |||||
182 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 2,746 | ||||||
150 | Ginlong Technologies Co. Ltd., Class A (Industrials)* | 3,426 | ||||||
974 | GoerTek, Inc., Class A (Information Technology) | 3,019 | ||||||
400 | Gotion High-tech Co. Ltd., Class A (Industrials) | 1,701 | ||||||
684 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 3,394 | ||||||
12,508 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 16,572 | ||||||
1,600 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 8,175 | ||||||
4,099 | Greentown China Holdings Ltd. (Real Estate) | 5,598 | ||||||
454 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 4,148 | ||||||
13,661 | Guangdong Investment Ltd. (Utilities) | 13,801 | ||||||
100 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 1,383 | ||||||
2,000 | Guanghui Energy Co. Ltd., Class A (Energy) | 3,104 | ||||||
736 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 1,214 | ||||||
13,763 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 8,767 | ||||||
390 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,771 | ||||||
1,071 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 3,152 | ||||||
100 | Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials) | 965 | ||||||
181 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 2,194 | ||||||
195 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 1,928 | ||||||
600 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 3,883 | ||||||
845 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 799 | ||||||
1,433 | Guosen Securities Co. Ltd., Class A (Financials) | 1,991 | ||||||
2,148 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 4,415 | ||||||
4,036 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 4,782 | ||||||
1,401 | Guoyuan Securities Co. Ltd., Class A (Financials) | 1,421 | ||||||
820 | H World Group Ltd. ADR (Consumer Discretionary) | 38,843 | ||||||
7,099 | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | 19,625 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,795 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 6,794 | ||||||
11,160 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 39,453 | ||||||
2,992 | Haitong Securities Co. Ltd., Class A (Financials) | 3,938 | ||||||
13,998 | Haitong Securities Co. Ltd., Class H (Financials) | 9,006 | ||||||
253 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,068 | ||||||
900 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 1,332 | ||||||
200 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 1,274 | ||||||
411 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 4,061 | ||||||
200 | Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology) | 1,283 | ||||||
300 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | 1,683 | ||||||
260 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 1,152 | ||||||
300 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 1,455 | ||||||
215 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 3,571 | ||||||
600 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 6,883 | ||||||
5,224 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 9,384 | ||||||
200 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 1,321 | ||||||
700 | Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials) | 1,883 | ||||||
900 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 3,428 | ||||||
2,972 | Hengan International Group Co. Ltd. (Consumer Staples) | 13,668 | ||||||
500 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 1,565 | ||||||
1,799 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 4,568 | ||||||
700 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 1,483 | ||||||
1,297 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 1,515 | ||||||
3,946 | Hesteel Co. Ltd., Class A (Materials) | 1,430 | ||||||
30 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 511 | ||||||
180 | Hongfa Technology Co. Ltd., Class A (Industrials) | 908 | ||||||
200 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 2,819 | ||||||
3,697 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 14,153 | ||||||
|
|
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) | ||||||||
1,967 | Huadian Power International Corp. Ltd., Class A (Utilities) | $ | 1,624 | |||||
8,562 | Huadian Power International Corp. Ltd., Class H (Utilities) | 3,425 | ||||||
519 | Huadong Medicine Co. Ltd., Class A (Health Care) | 3,587 | ||||||
1,200 | Huafon Chemical Co. Ltd., Class A (Materials) | 1,409 | ||||||
700 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 1,462 | ||||||
619 | Hualan Biological Engineering, Inc., Class A (Health Care) | 1,976 | ||||||
1,493 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 1,525 | ||||||
2,177 | Huaneng Power International, Inc., Class A (Utilities)* | 2,559 | ||||||
18,682 | Huaneng Power International, Inc., Class H (Utilities)* | 9,187 | ||||||
2,300 | Huatai Securities Co. Ltd., Class A (Financials) | 4,169 | ||||||
6,204 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 6,979 | ||||||
879 | Huaxi Securities Co. Ltd., Class A (Financials) | 1,046 | ||||||
3,759 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,823 | ||||||
400 | Huaxin Cement Co. Ltd., Class A (Materials) | 1,004 | ||||||
901 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 2,450 | ||||||
1,200 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 766 | ||||||
300 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 1,515 | ||||||
200 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 3,282 | ||||||
400 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 1,535 | ||||||
2,200 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 1,779 | ||||||
560 | Hundsun Technologies, Inc., Class A (Information Technology) | 3,577 | ||||||
698 | Iflytek Co. Ltd., Class A (Information Technology) | 4,854 | ||||||
100 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 8,465 | ||||||
18,818 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 11,640 | ||||||
380,668 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 190,104 | ||||||
6,180 | Industrial Bank Co. Ltd., Class A (Financials) | 15,033 | ||||||
1,977 | Industrial Securities Co. Ltd., Class A (Financials) | 1,829 | ||||||
100 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1,089 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
13,346 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 3,936 | ||||||
1,420 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 3,419 | ||||||
2,467 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 1,569 | ||||||
1,834 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 8,036 | ||||||
6,324 | Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy) | 8,040 | ||||||
1,100 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | 1,495 | ||||||
4,140 | Innovent Biologics, Inc. (Health Care)*(a) | 20,095 | ||||||
400 | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | 2,244 | ||||||
1,464 | iQIYI, Inc. ADR (Communication Services)* | 11,317 | ||||||
706 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 6,207 | ||||||
215 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,002 | ||||||
260 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 1,762 | ||||||
500 | JCET Group Co. Ltd., Class A (Information Technology) | 2,024 | ||||||
2,303 | JD Health International, Inc. (Consumer Discretionary)*(a) | 16,063 | ||||||
6,759 | JD Logistics, Inc. (Industrials)*(a) | 12,055 | ||||||
5,783 | JD.com, Inc. ADR (Consumer Discretionary) | 256,997 | ||||||
1,200 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 2,681 | ||||||
300 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 357 | ||||||
5,954 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 5,689 | ||||||
392 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 3,887 | ||||||
1,900 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 11,889 | ||||||
325 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 2,997 | ||||||
460 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 11,250 | ||||||
100 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 1,544 | ||||||
260 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 1,180 | ||||||
900 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 2,079 | ||||||
684 | Jiangxi Copper Co. Ltd., Class A (Materials) | 1,930 | ||||||
5,472 | Jiangxi Copper Co. Ltd., Class H (Materials) | 8,616 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
500 | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | $ | 1,287 | |||||
100 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 2,186 | ||||||
140 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,183 | ||||||
303 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | 1,312 | ||||||
600 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1,249 | ||||||
200 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 1,096 | ||||||
200 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 1,508 | ||||||
600 | Juneyao Airlines Co. Ltd., Class A (Industrials)* | 1,552 | ||||||
1,132 | Kanzhun Ltd. ADR (Communication Services)* | 22,810 | ||||||
2,946 | KE Holdings, Inc. ADR (Real Estate)* | 53,765 | ||||||
600 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 1,415 | ||||||
13,567 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 25,269 | ||||||
4,127 | Kingsoft Corp. Ltd. (Communication Services) | 13,591 | ||||||
4,577 | Kuaishou Technology (Communication Services)*(a) | 30,612 | ||||||
668 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials) | 1,683 | ||||||
17,896 | Kunlun Energy Co. Ltd. (Utilities) | 14,318 | ||||||
414 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 108,015 | ||||||
719 | LB Group Co. Ltd., Class A (Materials) | 2,266 | ||||||
34,222 | Lenovo Group Ltd. (Information Technology) | 30,693 | ||||||
1,478 | Lens Technology Co. Ltd., Class A (Information Technology) | 2,711 | ||||||
600 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 2,027 | ||||||
200 | Levima Advanced Materials Corp., Class A (Materials) | 993 | ||||||
2,704 | Li Auto, Inc. ADR (Consumer Discretionary)* | 63,841 | ||||||
11,527 | Li Ning Co. Ltd. (Consumer Discretionary) | 98,022 | ||||||
5,500 | Liaoning Port Co. Ltd., Class A (Industrials) | 1,282 | ||||||
2,000 | Lingyi iTech Guangdong Co., Class A (Information Technology)* | 1,649 | ||||||
130 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 670 | ||||||
10,005 | Longfor Group Holdings Ltd. (Real Estate)(a) | 28,551 | ||||||
2,175 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 13,842 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
11,234 | Lufax Holding Ltd. ADR (Financials) | 24,265 | ||||||
600 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 1,252 | ||||||
2,080 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 8,958 | ||||||
393 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 14,133 | ||||||
254 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 1,225 | ||||||
160 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 2,700 | ||||||
1,200 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 1,134 | ||||||
23,899 | Meituan, Class B (Consumer Discretionary)*(a) | 414,377 | ||||||
5,518 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 2,707 | ||||||
13,988 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 3,047 | ||||||
3,224 | Microport Scientific Corp. (Health Care)* | 9,118 | ||||||
600 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2,191 | ||||||
300 | Montage Technology Co. Ltd., Class A (Information Technology) | 2,493 | ||||||
1,514 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 10,789 | ||||||
390 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 969 | ||||||
1,954 | NARI Technology Co. Ltd., Class A (Industrials) | 7,378 | ||||||
130 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 4,362 | ||||||
700 | NavInfo Co. Ltd., Class A (Information Technology) | 1,313 | ||||||
1,886 | NetEase, Inc. ADR (Communication Services) | 146,429 | ||||||
619 | New China Life Insurance Co. Ltd., Class A (Financials) | 2,775 | ||||||
4,674 | New China Life Insurance Co. Ltd., Class H (Financials) | 11,314 | ||||||
1,400 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 2,658 | ||||||
800 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 30,976 | ||||||
425 | Ninestar Corp., Class A (Information Technology) | 3,300 | ||||||
100 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 4,760 | ||||||
200 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 1,582 | ||||||
200 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 2,075 | ||||||
600 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 1,542 | ||||||
|
|
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) | ||||||||
344 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | $ | 3,315 | |||||
5,288 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2,769 | ||||||
1,450 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 3,296 | ||||||
7,499 | NIO, Inc. ADR (Consumer Discretionary)* | 70,416 | ||||||
8,614 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 48,285 | ||||||
600 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 493 | ||||||
900 | OFILM Group Co. Ltd., Class A (Information Technology)* | 667 | ||||||
554 | Onewo, Inc., Class H (Real Estate)* | 2,777 | ||||||
91 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1,854 | ||||||
1,817 | Orient Securities Co. Ltd., Class A (Financials) | 2,666 | ||||||
4,477 | Orient Securities Co. Ltd., Class H (Financials)(a) | 2,475 | ||||||
200 | Ovctek China, Inc., Class A (Health Care) | 991 | ||||||
2,700 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 2,171 | ||||||
2,485 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | 218,009 | ||||||
2,300 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 1,727 | ||||||
42,797 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 13,521 | ||||||
600 | Perfect World Co. Ltd., Class A (Communication Services) | 1,229 | ||||||
12,972 | PetroChina Co. Ltd., Class A (Energy) | 9,759 | ||||||
102,799 | PetroChina Co. Ltd., Class H (Energy) | 52,647 | ||||||
247 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 2,124 | ||||||
880 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 4,922 | ||||||
33,837 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 29,701 | ||||||
5,713 | Ping An Bank Co. Ltd., Class A (Financials) | 11,325 | ||||||
3,200 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 22,187 | ||||||
30,557 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 207,489 | ||||||
700 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 1,209 | ||||||
3,500 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 7,597 | ||||||
709 | Poly Property Services Co. Ltd., Class H (Real Estate) | 4,295 | ||||||
1,000 | Pop Mart International Group Ltd. (Consumer Discretionary)(a)(c) | 2,777 | ||||||
8,106 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 5,271 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
62,816 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 37,692 | ||||||
4,520 | Power Construction Corp. of China Ltd., Class A (Industrials) | 4,668 | ||||||
1,600 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 5,708 | ||||||
200 | Raytron Technology Co. Ltd., Class A (Information Technology) | 1,331 | ||||||
286 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | 236 | ||||||
532 | Remegen Co. Ltd., Class H (Health Care)*(a) | 3,484 | ||||||
100 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 1,213 | ||||||
2,872 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 5,590 | ||||||
2,203 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 4,763 | ||||||
65 | Sangfor Technologies, Inc., Class A (Information Technology) | 1,335 | ||||||
2,479 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 6,679 | ||||||
782 | Satellite Chemical Co. Ltd., Class A (Materials) | 1,958 | ||||||
634 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 1,782 | ||||||
1,444 | SF Holding Co. Ltd., Class A (Industrials) | 11,202 | ||||||
50 | SG Micro Corp., Class A (Information Technology) | 1,130 | ||||||
2,762 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 7,946 | ||||||
700 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 1,602 | ||||||
1,100 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 3,003 | ||||||
3,718 | Shandong Gold Mining Co. Ltd., Class H (Materials)(a) | 6,366 | ||||||
620 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 3,222 | ||||||
400 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 1,296 | ||||||
3,700 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 1,921 | ||||||
11,796 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 19,025 | ||||||
196 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 1,185 | ||||||
1,419 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 10,102 | ||||||
3,367 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 2,029 | ||||||
14,027 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 3,252 | ||||||
584 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 2,831 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,309 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | $ | 6,751 | |||||
200 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 2,071 | ||||||
1,319 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 5,411 | ||||||
700 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 5,905 | ||||||
2,232 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 1,708 | ||||||
300 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2,676 | ||||||
200 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 1,519 | ||||||
765 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | 3,050 | ||||||
712 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 1,252 | ||||||
3,484 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 5,122 | ||||||
260 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 2,026 | ||||||
1,139 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | 4,208 | ||||||
684 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 1,944 | ||||||
3,403 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 6,000 | ||||||
8,585 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 8,867 | ||||||
426 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 3,082 | ||||||
2,200 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 1,962 | ||||||
2,800 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 2,388 | ||||||
1,368 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 1,543 | ||||||
1,200 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 2,249 | ||||||
900 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 2,887 | ||||||
1,304 | Shanxi Meijin Energy Co. Ltd., Class A (Materials) | 1,765 | ||||||
1,653 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,137 | ||||||
373 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 15,166 | ||||||
700 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 1,826 | ||||||
200 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 2,298 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
6,167 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 3,744 | ||||||
180 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 1,203 | ||||||
100 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 3,257 | ||||||
1,100 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 986 | ||||||
200 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 396 | ||||||
736 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 7,761 | ||||||
312 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 1,558 | ||||||
100 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 1,764 | ||||||
360 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 16,262 | ||||||
2,703 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 2,065 | ||||||
100 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 1,857 | ||||||
200 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 2,321 | ||||||
3,885 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 42,416 | ||||||
500 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 2,159 | ||||||
894 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 1,669 | ||||||
390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 1,620 | ||||||
1,300 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 2,377 | ||||||
100 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,191 | ||||||
300 | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | 1,057 | ||||||
400 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 1,326 | ||||||
100 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 1,079 | ||||||
1,923 | Sinopec Oilfield Service Corp., Class A (Energy)* | 592 | ||||||
1,700 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 800 | ||||||
17,575 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 3,023 | ||||||
6,580 | Sinopharm Group Co. Ltd., Class H (Health Care) | 17,604 | ||||||
1,134 | Sinotrans Ltd., Class A (Industrials) | 641 | ||||||
9,287 | Sinotrans Ltd., Class H (Industrials) | 2,840 | ||||||
3,229 | Sinotruk Hong Kong Ltd. (Industrials) | 5,084 | ||||||
100 | Skshu Paint Co. Ltd., Class A (Materials)* | 1,761 | ||||||
|
|
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) | ||||||||
5,424 | Smoore International Holdings Ltd. (Consumer Staples)(a) | $ | 6,696 | |||||
800 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 1,807 | ||||||
1,368 | SooChow Securities Co. Ltd., Class A (Financials) | 1,385 | ||||||
100 | StarPower Semiconductor Ltd., Class A (Information Technology) | 4,244 | ||||||
11,569 | Sunac China Holdings Ltd. (Real Estate)*(b) | 3,375 | ||||||
300 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 5,161 | ||||||
3,288 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 37,280 | ||||||
406 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 1,263 | ||||||
400 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 1,680 | ||||||
100 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 5,281 | ||||||
200 | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | 1,654 | ||||||
700 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 909 | ||||||
1,104 | TBEA Co. Ltd., Class A (Industrials) | 3,424 | ||||||
4,069 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 2,599 | ||||||
944 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 5,927 | ||||||
30,023 | Tencent Holdings Ltd. (Communication Services) | 1,314,211 | ||||||
4,197 | Tencent Music Entertainment Group ADR (Communication Services)* | 31,645 | ||||||
100 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1,375 | ||||||
684 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 942 | ||||||
400 | Tianqi Lithium Corp., Class A (Materials)* | 4,718 | ||||||
508 | Tianqi Lithium Corp., Class H (Materials)* | 3,611 | ||||||
1,400 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 1,672 | ||||||
8,980 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 14,506 | ||||||
254 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 644 | ||||||
5,364 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 10,633 | ||||||
700 | Tongkun Group Co. Ltd., Class A (Materials) | 1,646 | ||||||
3,300 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 1,605 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,309 | Tongwei Co. Ltd., Class A (Information Technology) | 7,890 | ||||||
65 | Topchoice Medical Corp., Class A (Health Care)* | 1,366 | ||||||
11,844 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 10,336 | ||||||
4,716 | TravelSky Technology Ltd., Class H (Information Technology) | 9,300 | ||||||
387 | Trina Solar Co. Ltd., Class A (Information Technology) | 3,435 | ||||||
3,127 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 111,165 | ||||||
195 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 3,127 | ||||||
3,191 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 31,465 | ||||||
226 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 3,605 | ||||||
5,813 | Uni-President China Holdings Ltd. (Consumer Staples) | 5,095 | ||||||
800 | Unisplendour Corp. Ltd., Class A (Information Technology) | 2,923 | ||||||
300 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 684 | ||||||
2,724 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 40,560 | ||||||
454 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2,499 | ||||||
943 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 14,143 | ||||||
20,958 | Want Want China Holdings Ltd. (Consumer Staples) | 13,190 | ||||||
383 | Weibo Corp. ADR (Communication Services)* | 7,920 | ||||||
2,112 | Weichai Power Co. Ltd., Class A (Industrials) | 3,779 | ||||||
9,467 | Weichai Power Co. Ltd., Class H (Industrials) | 14,039 | ||||||
200 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 1,918 | ||||||
2,000 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 5,694 | ||||||
700 | Western Mining Co. Ltd., Class A (Materials) | 1,156 | ||||||
1,339 | Western Securities Co. Ltd., Class A (Financials) | 1,277 | ||||||
200 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 2,610 | ||||||
298 | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | 3,684 | ||||||
325 | Wingtech Technology Co. Ltd., Class A (Information Technology) | 2,518 | ||||||
928 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 1,593 | ||||||
1,143 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 33,611 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
600 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | $ | 1,415 | |||||
787 | WuXi AppTec Co. Ltd., Class A (Health Care) | 9,360 | ||||||
1,695 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 18,042 | ||||||
17,424 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 121,421 | ||||||
500 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 3,129 | ||||||
140 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 2,237 | ||||||
2,902 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 2,964 | ||||||
800 | Xiamen C & D, Inc., Class A (Industrials) | 1,519 | ||||||
100 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 2,192 | ||||||
400 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 1,315 | ||||||
72,252 | Xiaomi Corp., Class B (Information Technology)*(a) | 109,167 | ||||||
939 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 1,534 | ||||||
3,769 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 3,395 | ||||||
20,518 | Xinyi Solar Holdings Ltd. (Information Technology) | 21,905 | ||||||
3,245 | XPeng, Inc. ADR (Consumer Discretionary)*(c) | 28,945 | ||||||
5,444 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 11,665 | ||||||
200 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 1,575 | ||||||
649 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 3,333 | ||||||
6,619 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 19,943 | ||||||
200 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 890 | ||||||
295 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,828 | ||||||
218 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 1,897 | ||||||
400 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 2,647 | ||||||
800 | Yintai Gold Co. Ltd., Class A (Materials) | 1,335 | ||||||
100 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 1,321 | ||||||
928 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 3,108 | ||||||
800 | YTO Express Group Co. Ltd., Class A (Industrials) | 2,089 | ||||||
900 | Yunda Holding Co. Ltd., Class A (Industrials) | 1,652 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
900 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 1,727 | ||||||
201 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 1,645 | ||||||
100 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 1,992 | ||||||
295 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 5,332 | ||||||
500 | Yunnan Tin Co. Ltd., Class A (Materials) | 1,114 | ||||||
500 | Yunnan Yuntianhua Co. Ltd., Class A (Materials)* | 1,745 | ||||||
387 | Zai Lab Ltd. ADR (Health Care)* | 14,377 | ||||||
400 | Zangge Mining Co. Ltd., Class A (Materials) | 1,606 | ||||||
130 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 5,773 | ||||||
1,300 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 782 | ||||||
2,300 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 1,456 | ||||||
649 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 2,801 | ||||||
809 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 1,687 | ||||||
100 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 842 | ||||||
6,986 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 5,634 | ||||||
400 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 1,193 | ||||||
422 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 3,588 | ||||||
400 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 3,947 | ||||||
200 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 1,133 | ||||||
800 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 2,168 | ||||||
950 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 2,592 | ||||||
1,000 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 3,675 | ||||||
200 | Zhejiang Supcon Technology Co. Ltd., Class A (Information Technology) | 2,819 | ||||||
100 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 819 | ||||||
390 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 1,100 | ||||||
500 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1,847 | ||||||
200 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials) | 669 | ||||||
1,222 | Zheshang Securities Co. Ltd., Class A (Financials) | 1,814 | ||||||
4,671 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | 13,419 | ||||||
|
|
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) | ||||||||
200 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | $ | 1,021 | |||||
3,431 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 17,112 | ||||||
1,700 | Zhongtai Securities Co. Ltd., Class A (Financials) | 1,704 | ||||||
2,684 | Zhuzhou CRRC Times Electric Co. Ltd. (Industrials) | 12,224 | ||||||
200 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 1,489 | ||||||
800 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 1,260 | ||||||
6,002 | Zijin Mining Group Co. Ltd., Class A (Materials) | 9,851 | ||||||
28,038 | Zijin Mining Group Co. Ltd., Class H (Materials) | 42,292 | ||||||
2,268 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 2,189 | ||||||
7,682 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 4,433 | ||||||
1,200 | ZTE Corp., Class A (Information Technology) | 5,565 | ||||||
3,680 | ZTE Corp., Class H (Information Technology) | 10,924 | ||||||
2,305 | ZTO Express Cayman, Inc. ADR (Industrials) | 55,458 | ||||||
|
| |||||||
9,555,957 | ||||||||
|
| |||||||
Colombia – 0.1% | ||||||||
1,105 | Bancolombia SA (Financials) | 8,193 | ||||||
19,969 | Ecopetrol SA (Energy) | 11,127 | ||||||
2,085 | Interconexion Electrica SA ESP (Utilities) | 7,411 | ||||||
|
| |||||||
26,731 | ||||||||
|
| |||||||
Czech Republic – 0.2% | ||||||||
785 | CEZ AS (Utilities) | 36,709 | ||||||
364 | Komercni banka AS (Financials) | 12,302 | ||||||
1,725 | Moneta Money Bank AS (Financials)(a) | 6,596 | ||||||
|
| |||||||
55,607 | ||||||||
|
| |||||||
Egypt – 0.1% | ||||||||
1,394 | Abou Kir Fertilizers & Chemical Industries (Materials) | 1,898 | ||||||
12,315 | Commercial International Bank Egypt SAE (Financials) | 21,353 | ||||||
4,720 | Eastern Co. SAE (Consumer Staples) | 2,854 | ||||||
3,802 | Egyptian Financial Group-Hermes Holding Co. (Financials)* | 2,563 | ||||||
3,439 | ElSewedy Electric Co. (Industrials)* | 1,550 | ||||||
|
| |||||||
30,218 | ||||||||
|
| |||||||
Greece – 0.4% | ||||||||
9,269 | Alpha Services and Holdings SA (Financials)* | 14,548 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Greece – (continued) | ||||||||
12,103 | Eurobank Ergasias Services and Holdings SA (Financials)* | 18,637 | ||||||
921 | Hellenic Telecommunications Organization SA (Communication Services) | 14,182 | ||||||
535 | JUMBO SA (Consumer Discretionary) | 10,701 | ||||||
316 | Motor Oil Hellas Corinth Refineries SA (Energy) | 8,405 | ||||||
470 | Mytilineos SA (Industrials) | 12,720 | ||||||
2,657 | National Bank of Greece SA (Financials)* | 14,934 | ||||||
898 | OPAP SA (Consumer Discretionary) | 13,980 | ||||||
3,120 | Piraeus Financial Holdings SA (Financials)* | 7,944 | ||||||
1,040 | Public Power Corp. SA (Utilities)* | 9,154 | ||||||
328 | Star Bulk Carriers Corp. (Industrials) | 8,039 | ||||||
259 | Terna Energy SA (Utilities) | 5,411 | ||||||
|
| |||||||
138,655 | ||||||||
|
| |||||||
Hong Kong – 0.0% | ||||||||
486 | Orient Overseas International Ltd. (Industrials) | 7,801 | ||||||
709 | Super Hi International Holding Ltd. (Consumer Discretionary)* | 1,581 | ||||||
|
| |||||||
9,382 | ||||||||
|
| |||||||
Hungary – 0.2% | ||||||||
2,360 | MOL Hungarian Oil & Gas PLC (Energy) | 17,982 | ||||||
1,079 | OTP Bank Nyrt (Financials) | 32,815 | ||||||
676 | Richter Gedeon Nyrt (Health Care) | 14,201 | ||||||
|
| |||||||
64,998 | ||||||||
|
| |||||||
India – 14.5% | ||||||||
926 | Aarti Industries Ltd. (Materials) | 5,927 | ||||||
1,034 | Aarti Pharmalabs Ltd. (Health Care)* | 3,785 | ||||||
244 | ABB India Ltd. (Industrials) | 9,496 | ||||||
400 | ACC Ltd. (Materials) | 8,379 | ||||||
1,491 | Adani Enterprises Ltd. (Industrials) | 24,599 | ||||||
1,531 | Adani Green Energy Ltd. (Utilities)* | 8,988 | ||||||
3,745 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 26,839 | ||||||
3,836 | Adani Power Ltd. (Utilities)* | 6,789 | ||||||
1,054 | Adani Total Gas Ltd. (Utilities) | 8,651 | ||||||
1,389 | Adani Transmission Ltd. (Utilities)* | 10,802 | ||||||
774 | Adani Wilmar Ltd. (Consumer Staples)* | 3,386 | ||||||
149 | Alkem Laboratories Ltd. (Health Care) | 5,723 | ||||||
2,911 | Ambuja Cements Ltd. (Materials) | 12,046 | ||||||
588 | Apollo Hospitals Enterprise Ltd. (Health Care) | 31,308 | ||||||
9,300 | Ashok Leyland Ltd. (Industrials) | 16,369 | ||||||
3,204 | Asian Paints Ltd. (Materials) | 109,638 | ||||||
418 | Astral Ltd. (Industrials) | 9,549 | ||||||
1,988 | AU Small Finance Bank Ltd. (Financials)(a) | 14,258 | ||||||
1,060 | Aurobindo Pharma Ltd. (Health Care) | 5,934 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
954 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | $ | 39,432 | |||||
11,077 | Axis Bank Ltd. (Financials) | 113,105 | ||||||
341 | Bajaj Auto Ltd. (Consumer Discretionary) | 15,102 | ||||||
1,198 | Bajaj Finance Ltd. (Financials) | 88,575 | ||||||
1,870 | Bajaj Finserv Ltd. (Financials) | 30,196 | ||||||
130 | Bajaj Holdings & Investment Ltd. (Financials) | 9,835 | ||||||
378 | Balkrishna Industries Ltd. (Consumer Discretionary) | 9,211 | ||||||
4,019 | Bandhan Bank Ltd. (Financials)*(a) | 11,226 | ||||||
5,039 | Bank of Baroda (Financials) | 9,692 | ||||||
1,353 | Berger Paints India Ltd. (Materials) | 9,486 | ||||||
16,936 | Bharat Electronics Ltd. (Industrials) | 19,381 | ||||||
1,151 | Bharat Forge Ltd. (Consumer Discretionary) | 11,361 | ||||||
3,854 | Bharat Petroleum Corp. Ltd. (Energy) | 14,795 | ||||||
10,148 | Bharti Airtel Ltd. (Communication Services) | 91,116 | ||||||
1,917 | Biocon Ltd. (Health Care) | 5,314 | ||||||
33 | Bosch Ltd. (Consumer Discretionary) | 7,184 | ||||||
482 | Britannia Industries Ltd. (Consumer Staples) | 26,015 | ||||||
1,779 | Canara Bank (Financials) | 6,016 | ||||||
2,914 | CG Power & Industrial Solutions Ltd. (Industrials)* | 10,760 | ||||||
2,095 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 19,172 | ||||||
2,247 | Cipla Ltd. (Health Care) | 24,637 | ||||||
6,865 | Coal India Ltd. (Energy) | 17,888 | ||||||
581 | Colgate-Palmolive India Ltd. (Consumer Staples) | 10,356 | ||||||
1,258 | Container Corp. Of India Ltd. (Industrials) | 8,986 | ||||||
569 | Cummins India Ltd. (Industrials) | 10,807 | ||||||
3,192 | Dabur India Ltd. (Consumer Staples) | 20,565 | ||||||
448 | Dalmia Bharat Ltd. (Materials) | 9,938 | ||||||
437 | Deepak Nitrite Ltd. (Materials) | 9,511 | ||||||
1,305 | Delhivery Ltd. (Industrials)* | 5,456 | ||||||
551 | Divi’s Laboratories Ltd. (Health Care) | 18,833 | ||||||
3,018 | DLF Ltd. (Real Estate) | 12,838 | ||||||
434 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 22,662 | ||||||
634 | Eicher Motors Ltd. (Consumer Discretionary) | 23,820 | ||||||
4,647 | Embassy Office Parks REIT (Real Estate) | 17,145 | ||||||
3,780 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 6,399 | ||||||
11,064 | GAIL India Ltd. (Utilities) | 13,738 | ||||||
288 | Gland Pharma Ltd. (Health Care)*(a) | 4,592 | ||||||
1,788 | Godrej Consumer Products Ltd. (Consumer Staples)* | 19,970 | ||||||
444 | Godrej Properties Ltd. (Real Estate)* | 5,910 | ||||||
1,583 | Grasim Industries Ltd. (Materials) | 30,228 | ||||||
173 | Gujarat Fluorochemicals Ltd. (Materials) | 6,582 | ||||||
840 | Gujarat Gas Ltd. (Utilities) | 5,130 | ||||||
1,078 | Havells India Ltd. (Industrials) | 15,610 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
4,695 | HCL Technologies Ltd. (Information Technology) | $ | 61,201 | |||||
290 | HDFC Asset Management Co. Ltd. (Financials)(a) | 6,349 | ||||||
4,788 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 28,311 | ||||||
631 | Hero MotoCorp Ltd. (Consumer Discretionary) | 18,465 | ||||||
5,791 | Hindalco Industries Ltd. (Materials) | 27,965 | ||||||
324 | Hindustan Aeronautics Ltd. (Industrials) | 10,089 | ||||||
2,807 | Hindustan Petroleum Corp. Ltd. (Energy) | 7,309 | ||||||
3,828 | Hindustan Unilever Ltd. (Consumer Staples) | 113,943 | ||||||
10 | Honeywell Automation India Ltd. (Information Technology) | 4,172 | ||||||
8,016 | Housing Development Finance Corp. Ltd. (Financials) | 253,030 | ||||||
25,246 | ICICI Bank Ltd. (Financials) | 261,064 | ||||||
1,106 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 14,742 | ||||||
1,797 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 8,889 | ||||||
16,407 | IDFC First Bank Ltd. (Financials)* | 10,946 | ||||||
4,113 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 15,461 | ||||||
12,954 | Indian Oil Corp. Ltd. (Energy) | 11,917 | ||||||
1,111 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 8,188 | ||||||
1,427 | Indraprastha Gas Ltd. (Utilities) | 7,572 | ||||||
4,551 | Indus Towers Ltd. (Communication Services) | 9,408 | ||||||
2,795 | IndusInd Bank Ltd. (Financials) | 36,437 | ||||||
325 | Info Edge India Ltd. (Communication Services) | 13,727 | ||||||
15,707 | Infosys Ltd. (Information Technology) | 282,638 | ||||||
524 | InterGlobe Aviation Ltd. (Industrials)*(a) | 11,767 | ||||||
14,507 | ITC Ltd. (Consumer Staples) | 66,106 | ||||||
1,962 | Jindal Steel & Power Ltd. (Materials) | 13,034 | ||||||
2,635 | JSW Energy Ltd. (Utilities) | 7,479 | ||||||
4,350 | JSW Steel Ltd. (Materials) | 35,108 | ||||||
1,826 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 9,738 | ||||||
568 | Kansai Nerolac Paints Ltd. (Materials) | 2,767 | ||||||
5,321 | Kotak Mahindra Bank Ltd. (Financials) | 111,305 | ||||||
119 | L&T Technology Services Ltd. (Industrials)(a) | 5,304 | ||||||
3,355 | Larsen & Toubro Ltd. (Industrials) | 85,598 | ||||||
1,590 | Laurus Labs Ltd. (Health Care)(a) | 6,046 | ||||||
1,083 | Life Insurance Corp. of India (Financials) | 7,577 | ||||||
96 | Linde India Ltd. (Materials) | 4,322 | ||||||
447 | LTIMindtree Ltd. (Information Technology)(a) | 25,533 | ||||||
944 | Lupin Ltd. (Health Care) | 7,528 | ||||||
539 | Macrotech Developers Ltd. (Real Estate)*(a) | 5,348 | ||||||
5,139 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 78,924 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
2,358 | Marico Ltd. (Consumer Staples)* | $ | 14,031 | |||||
594 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 61,969 | ||||||
1,377 | Max Financial Services Ltd. (Financials)* | 11,534 | ||||||
3,598 | Max Healthcare Institute Ltd. (Health Care)* | 18,545 | ||||||
394 | Mphasis Ltd. (Information Technology) | 9,701 | ||||||
15 | MRF Ltd. (Consumer Discretionary) | 15,470 | ||||||
519 | Muthoot Finance Ltd. (Financials) | 6,106 | ||||||
161 | Nestle India Ltd. (Consumer Staples) | 36,361 | ||||||
12,613 | NHPC Ltd. (Utilities) | 5,973 | ||||||
3,559 | NMDC Ltd. (Materials) | 4,783 | ||||||
19,101 | NTPC Ltd. (Utilities) | 39,395 | ||||||
576 | Oberoi Realty Ltd. (Real Estate) | 5,974 | ||||||
13,097 | Oil & Natural Gas Corp. Ltd. (Energy) | 24,089 | ||||||
465 | One 97 Communications Ltd. (Information Technology)* | 3,359 | ||||||
95 | Oracle Financial Services Software Ltd. (Information Technology) | 3,642 | ||||||
29 | Page Industries Ltd. (Consumer Discretionary) | 13,320 | ||||||
339 | Patanjali Foods Ltd. (Consumer Staples) | 3,788 | ||||||
833 | PB Fintech Ltd. (Financials)* | 5,625 | ||||||
206 | Persistent Systems Ltd. (Information Technology) | 11,944 | ||||||
3,394 | Petronet LNG Ltd. (Energy) | 9,137 | ||||||
351 | PI Industries Ltd. (Materials) | 13,160 | ||||||
681 | Pidilite Industries Ltd. (Materials) | 18,954 | ||||||
571 | Piramal Enterprises Ltd. (Financials) | 5,323 | ||||||
221 | Polycab India Ltd. (Industrials) | 8,238 | ||||||
5,596 | Power Finance Corp. Ltd. (Financials) | 9,843 | ||||||
14,650 | Power Grid Corp. of India Ltd. (Utilities) | 39,386 | ||||||
9,935 | Punjab National Bank (Financials) | 5,811 | ||||||
5,007 | REC Ltd. (Financials) | 6,923 | ||||||
14,125 | Reliance Industries Ltd. (Energy) | 396,843 | ||||||
9,445 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 9,100 | ||||||
1,252 | SBI Cards & Payment Services Ltd. (Financials) | 11,366 | ||||||
1,930 | SBI Life Insurance Co. Ltd. (Financials)(a) | 26,171 | ||||||
196 | Schaeffler India Ltd. (Industrials) | 7,070 | ||||||
48 | Shree Cement Ltd. (Materials) | 15,148 | ||||||
1,272 | Shriram Finance Ltd. (Financials) | 18,516 | ||||||
381 | Siemens Ltd. (Industrials) | 14,963 | ||||||
118 | Solar Industries India Ltd. (Materials) | 5,595 | ||||||
1,186 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | 6,429 | ||||||
664 | SRF Ltd. (Materials) | 17,418 | ||||||
8,697 | State Bank of India (Financials) | 55,001 | ||||||
5,649 | Steel Authority of India Ltd. (Materials) | 5,655 | ||||||
4,772 | Sun Pharmaceutical Industries Ltd. (Health Care) | 55,220 | ||||||
486 | Tata Communications Ltd. (Communication Services) | 7,105 | ||||||
4,240 | Tata Consultancy Services Ltd. (Information Technology) | 169,915 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
2,836 | Tata Consumer Products Ltd. (Consumer Staples) | $ | 24,539 | |||||
172 | Tata Elxsi Ltd. (Information Technology) | 12,753 | ||||||
7,755 | Tata Motors Ltd. (Consumer Discretionary)* | 39,466 | ||||||
2,174 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 5,782 | ||||||
7,020 | Tata Power Co. Ltd. (The) (Utilities) | 17,200 | ||||||
33,718 | Tata Steel Ltd. (Materials) | 42,399 | ||||||
2,471 | Tata Teleservices Maharashtra Ltd. (Communication Services)* | 1,675 | ||||||
2,605 | Tech Mahindra Ltd. (Information Technology) | 34,671 | ||||||
1,789 | Titan Co. Ltd. (Consumer Discretionary) | 51,350 | ||||||
474 | Torrent Pharmaceuticals Ltd. (Health Care) | 8,370 | ||||||
889 | Trent Ltd. (Consumer Discretionary) | 13,745 | ||||||
473 | Tube Investments of India Ltd. (Consumer Discretionary) | 15,859 | ||||||
1,034 | TVS Motor Co. Ltd. (Consumer Discretionary) | 13,512 | ||||||
529 | UltraTech Cement Ltd. (Materials) | 46,466 | ||||||
346 | United Breweries Ltd. (Consumer Staples) | 6,056 | ||||||
1,553 | United Spirits Ltd. (Consumer Staples)* | 13,913 | ||||||
2,191 | UPL Ltd. (Materials) | 18,399 | ||||||
1,027 | Varun Beverages Ltd. (Consumer Staples) | 16,160 | ||||||
178 | Vedant Fashions Ltd. (Consumer Discretionary) | 2,592 | ||||||
4,111 | Vedanta Ltd. (Materials) | 13,345 | ||||||
1,040 | Voltas Ltd. (Industrials) | 11,222 | ||||||
6,196 | Wipro Ltd. (Information Technology) | 29,010 | ||||||
199 | WNS Holdings Ltd. ADR (Information Technology)* | 17,297 | ||||||
91,338 | Yes Bank Ltd. (Financials)* | 19,280 | ||||||
20,661 | Zomato Ltd. (Consumer Discretionary)* | 13,371 | ||||||
881 | Zydus Lifesciences Ltd. (Health Care) | 4,964 | ||||||
|
| |||||||
4,613,643 | ||||||||
|
| |||||||
Indonesia – 2.1% | ||||||||
67,632 | Adaro Energy Indonesia Tbk PT (Energy) | 13,260 | ||||||
45,220 | Adaro Minerals Indonesia Tbk PT (Materials)* | 3,855 | ||||||
40,631 | Aneka Tambang Tbk (Materials) | 5,302 | ||||||
92,927 | Astra International Tbk PT (Consumer Discretionary) | 37,171 | ||||||
76,157 | Avia Avian Tbk PT (Materials) | 3,121 | ||||||
254,473 | Bank Central Asia Tbk PT (Financials) | 146,009 | ||||||
30,588 | Bank Jago Tbk PT (Financials)* | 5,035 | ||||||
85,704 | Bank Mandiri Persero Tbk PT (Financials) | 56,199 | ||||||
36,056 | Bank Negara Indonesia Persero Tbk PT (Financials) | 20,747 | ||||||
345,569 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 105,823 | ||||||
125,565 | Barito Pacific Tbk PT (Materials) | 7,699 | ||||||
253,952 | Bukalapak.com PT Tbk (Consumer Discretionary)* | 4,363 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
96,028 | Chandra Asri Petrochemical Tbk PT (Materials) | $ | 14,546 | |||||
35,276 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 12,433 | ||||||
90,519 | Dayamitra Telekomunikasi PT (Communication Services) | 4,096 | ||||||
109,146 | Elang Mahkota Teknologi Tbk PT (Communication Services) | 6,799 | ||||||
3,814,832 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)* | 29,518 | ||||||
2,229 | Gudang Garam Tbk PT (Consumer Staples) | 3,654 | ||||||
12,372 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 6,429 | ||||||
7,619 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 5,558 | ||||||
11,061 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 7,344 | ||||||
21,355 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 9,067 | ||||||
6,364 | Indosat Tbk PT (Communication Services) | 2,848 | ||||||
112,650 | Kalbe Farma Tbk PT (Health Care) | 15,586 | ||||||
61,040 | Merdeka Copper Gold Tbk PT (Materials)* | 18,172 | ||||||
93,717 | Sarana Menara Nusantara Tbk PT (Communication Services) | 6,453 | ||||||
18,220 | Semen Indonesia Persero Tbk PT (Materials) | 8,632 | ||||||
91,798 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 17,457 | ||||||
229,591 | Telkom Indonesia Persero Tbk PT (Communication Services) | 58,414 | ||||||
22,760 | �� | Tower Bersama Infrastructure Tbk PT (Communication Services) | 3,119 | |||||
27,693 | Unilever Indonesia Tbk PT (Consumer Staples) | 7,591 | ||||||
7,308 | United Tractors Tbk PT (Energy) | 13,370 | ||||||
9,852 | Vale Indonesia Tbk PT (Materials)* | 4,409 | ||||||
|
| |||||||
664,079 | ||||||||
|
| |||||||
Kuwait – 0.9% | ||||||||
7,088 | Agility Public Warehousing Co. KSC (Industrials) | 13,927 | ||||||
5,719 | Boubyan Bank KSCP (Financials) | 14,256 | ||||||
9,328 | Gulf Bank KSCP (Financials) | 9,209 | ||||||
37,600 | Kuwait Finance House KSCP (Financials) | 104,996 | ||||||
2,881 | Mabanee Co KPSC (Real Estate) | 7,378 | ||||||
11,279 | Mobile Telecommunications Co. KSCP (Communication Services) | 20,544 | ||||||
34,736 | National Bank of Kuwait SAKP (Financials) | 121,106 | ||||||
|
| |||||||
291,416 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Luxembourg – 0.0% | ||||||||
721 | Reinet Investments SCA (Financials) | $ | 14,258 | |||||
|
| |||||||
Mexico – 2.4% | ||||||||
23,472 | Alfa SAB de CV, Class A (Industrials) | 15,294 | ||||||
62,028 | America Movil SAB de CV, Series L (Communication Services) | 64,245 | ||||||
2,051 | Arca Continental SAB de CV (Consumer Staples) | 17,283 | ||||||
8,560 | Becle SAB de CV (Consumer Staples) | 20,703 | ||||||
74,021 | Cemex SAB de CV, Series CPO (Materials)* | 37,000 | ||||||
2,441 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 17,628 | ||||||
1,002 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 6,084 | ||||||
13,838 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 19,679 | ||||||
10,527 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 97,004 | ||||||
883 | Gruma SAB de CV, Class B (Consumer Staples) | 12,924 | ||||||
1,797 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 34,123 | ||||||
552 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 15,809 | ||||||
6,267 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 29,702 | ||||||
2,396 | Grupo Carso SAB de CV, Series A1 (Industrials) | 11,430 | ||||||
234 | Grupo Elektra SAB DE CV (Financials)(c) | 12,314 | ||||||
14,045 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 118,369 | ||||||
8,060 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 16,701 | ||||||
15,294 | Grupo Mexico SAB de CV, Series B (Materials) | 68,512 | ||||||
11,306 | Grupo Televisa SAB, Series CPO (Communication Services) | 11,297 | ||||||
608 | Industrias Penoles SAB de CV (Materials)* | 7,263 | ||||||
7,851 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 15,728 | ||||||
5,962 | Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services) | 6,081 | ||||||
4,562 | Orbia Advance Corp. SAB de CV (Materials) | 9,512 | ||||||
25,082 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 98,562 | ||||||
|
| |||||||
763,247 | ||||||||
|
| |||||||
Pakistan – 0.0% | ||||||||
1,099 | Lucky Cement Ltd. (Materials)* | 1,749 | ||||||
1,825 | TRG Pakistan (Industrials)* | 769 | ||||||
|
| |||||||
2,518 | ||||||||
|
| |||||||
Peru – 0.1% | ||||||||
247 | Credicorp Ltd. (Financials) | 31,473 | ||||||
|
|
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) | ||||||||
Peru – (continued) | ||||||||
196 | InRetail Peru Corp. (Consumer Staples)(a) | $ | 6,664 | |||||
165 | Intercorp Financial Services, Inc. (Financials) | 3,932 | ||||||
|
| |||||||
42,069 | ||||||||
|
| |||||||
Philippines – 0.8% | ||||||||
8,654 | Aboitiz Equity Ventures, Inc. (Industrials) | 8,443 | ||||||
34,944 | ACEN Corp. (Utilities) | 4,003 | ||||||
1,207 | Ayala Corp. (Industrials) | 13,629 | ||||||
29,026 | Ayala Land, Inc. (Real Estate) | 14,946 | ||||||
8,854 | Bank of the Philippine Islands (Financials) | 17,564 | ||||||
10,325 | BDO Unibank, Inc. (Financials) | 23,019 | ||||||
15,467 | Emperador, Inc. (Consumer Staples)* | 5,812 | ||||||
194 | Globe Telecom, Inc. (Communication Services) | 6,221 | ||||||
4,002 | International Container Terminal Services, Inc. (Industrials) | 14,446 | ||||||
14,412 | JG Summit Holdings, Inc. (Industrials) | 12,837 | ||||||
2,167 | Jollibee Foods Corp. (Consumer Discretionary) | 9,396 | ||||||
1,222 | Manila Electric Co. (Utilities) | 7,016 | ||||||
8,765 | Metropolitan Bank & Trust Co. (Financials) | 9,216 | ||||||
35,145 | Monde Nissin Corp. (Consumer Staples)(a) | 7,658 | ||||||
424 | PLDT, Inc. (Communication Services) | 9,844 | ||||||
2,363 | SM Investments Corp. (Industrials) | 36,374 | ||||||
52,535 | SM Prime Holdings, Inc. (Real Estate) | 32,318 | ||||||
4,297 | Universal Robina Corp. (Consumer Staples) | 10,597 | ||||||
|
| |||||||
243,339 | ||||||||
|
| |||||||
Qatar – 1.0% | ||||||||
19,719 | Commercial Bank PSQC (The) (Financials) | 33,300 | ||||||
9,728 | Industries Qatar QSC (Industrials) | 37,184 | ||||||
32,296 | Masraf Al Rayan QSC (Financials) | 23,944 | ||||||
21,009 | Mesaieed Petrochemical Holding Co. (Materials) | 12,121 | ||||||
4,769 | Ooredoo QPSC (Communication Services) | 12,048 | ||||||
1,937 | Qatar Electricity & Water Co. QSC (Utilities) | 9,276 | ||||||
3,889 | Qatar Fuel QSC (Energy) | 17,353 | ||||||
13,134 | Qatar Gas Transport Co. Ltd. (Energy) | 13,164 | ||||||
6,930 | Qatar International Islamic Bank QSC (Financials) | 19,962 | ||||||
10,755 | Qatar Islamic Bank (Financials) | 54,930 | ||||||
21,632 | Qatar National Bank QPSC (Financials) | 100,089 | ||||||
|
| |||||||
333,371 | ||||||||
|
| |||||||
Russia – 0.0%(b) | ||||||||
12,708 | Alrosa PJSC (Materials)* | — | ||||||
801 | Gazprom Neft PJSC (Energy) | — | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Russia – (continued) | ||||||||
49,291 | Gazprom PJSC (Energy) | $ | — | |||||
1,413 | LUKOIL PJSC (Energy) | — | ||||||
263 | MMC Norilsk Nickel PJSC (Materials) | — | ||||||
4,560 | Mobile TeleSystems PJSC (Communication Services) | — | ||||||
3,099 | Novatek PJSC (Energy) | — | ||||||
5,287 | Novolipetsk Steel PJSC (Materials)* | — | ||||||
780 | PIK Group PJSC (Consumer Discretionary)* | — | ||||||
1,389 | Polymetal International PLC (Materials)* | — | ||||||
128 | Polyus PJSC (Materials)* | — | ||||||
5,078 | Rosneft Oil Co. PJSC (Energy) | — | ||||||
44,370 | Sberbank of Russia PJSC (Financials)* | — | ||||||
969 | Severstal PAO (Materials)* | — | ||||||
146,300 | Surgutneftegas PJSC (Energy) | — | ||||||
6,047 | Tatneft PJSC (Energy) | — | ||||||
6,503 | United Co RUSAL International PJSC (Materials) | — | ||||||
1,289 | Yandex NV, Class A (Communication Services)* | — | ||||||
|
| |||||||
�� | ||||||||
|
| |||||||
Saudi Arabia – 4.9% | ||||||||
651 | ACWA Power Co. (Utilities) | 24,183 | ||||||
621 | Advanced Petrochemical Co. (Materials) | 7,993 | ||||||
9,550 | Al Rajhi Bank (Financials)* | 178,904 | ||||||
4,741 | Alinma Bank (Financials) | 37,206 | ||||||
1,245 | Almarai Co. JSC (Consumer Staples) | 17,418 | ||||||
3,594 | Arab National Bank (Financials) | 22,047 | ||||||
117 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 7,720 | ||||||
2,371 | Bank AlBilad (Financials)* | 22,524 | ||||||
2,857 | Banque Saudi Fransi (Financials) | 24,895 | ||||||
346 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 14,254 | ||||||
410 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 25,326 | ||||||
1,825 | Etihad Etisalat Co. (Communication Services) | 19,015 | ||||||
284 | Jarir Marketing Co. (Consumer Discretionary) | 11,186 | ||||||
231 | Mouwasat Medical Services Co. (Health Care) | 11,117 | ||||||
2,041 | Rabigh Refining & Petrochemical Co. (Energy)* | 5,526 | ||||||
7,112 | Riyad Bank (Financials) | 49,370 | ||||||
1,128 | SABIC Agri-Nutrients Co. (Materials) | 40,159 | ||||||
1,738 | Sahara International Petrochemical Co. (Materials) | 16,395 | ||||||
3,935 | Saudi Arabian Mining Co. (Materials)* | 66,690 | ||||||
62,528 | Saudi Arabian Oil Co. (Energy)(a) | 529,863 | ||||||
4,378 | Saudi Basic Industries Corp. (Materials) | 103,248 | ||||||
4,893 | Saudi British Bank (The) (Financials) | 43,224 | ||||||
3,786 | Saudi Electricity Co. (Utilities) | 22,397 | ||||||
1,826 | Saudi Industrial Investment Group (Materials) | 10,870 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Saudi Arabia – (continued) | ||||||||
3,556 | Saudi Kayan Petrochemical Co. (Materials)* | $ | 12,035 | |||||
10,691 | Saudi National Bank (The) (Financials) | 134,611 | ||||||
8,770 | Saudi Telecom Co. (Communication Services) | 82,146 | ||||||
1,266 | Savola Group (The) (Consumer Staples) | 9,176 | ||||||
1,361 | Yanbu National Petrochemical Co. (Materials) | 15,232 | ||||||
|
| |||||||
1,564,730 | ||||||||
|
| |||||||
South Africa – 2.8% | ||||||||
3,536 | Absa Group Ltd. (Financials) | 38,228 | ||||||
396 | African Rainbow Minerals Ltd. (Materials) | 5,488 | ||||||
204 | Anglo American Platinum Ltd. (Materials) | 11,305 | ||||||
1,754 | Aspen Pharmacare Holdings Ltd. (Health Care) | 13,558 | ||||||
1,638 | Bid Corp. Ltd. (Consumer Staples) | 35,890 | ||||||
1,615 | Bidvest Group Ltd. (The) (Industrials) | 20,617 | ||||||
304 | Capitec Bank Holdings Ltd. (Financials) | 29,057 | ||||||
1,195 | Clicks Group Ltd. (Consumer Staples)(c) | 17,414 | ||||||
1,744 | Discovery Ltd. (Financials)* | 14,227 | ||||||
1,405 | Exxaro Resources Ltd. (Energy) | 15,394 | ||||||
18,167 | FirstRand Ltd. (Financials) | 64,874 | ||||||
3,766 | Gold Fields Ltd. (Materials) | 34,219 | ||||||
796 | Grindrod Ltd. (Industrials) | 445 | ||||||
4,135 | Impala Platinum Holdings Ltd. (Materials) | 38,635 | ||||||
821 | Investec Ltd. (Financials) | 5,252 | ||||||
238 | Kumba Iron Ore Ltd. (Materials) | 6,211 | ||||||
6,703 | MTN Group Ltd. (Communication Services) | 52,879 | ||||||
1,655 | MultiChoice Group (Communication Services) | 12,713 | ||||||
1,068 | Naspers Ltd., Class N (Consumer Discretionary) | 189,501 | ||||||
1,989 | Nedbank Group Ltd. (Financials) | 24,985 | ||||||
1,557 | Northam Platinum Holdings Ltd. (Materials)* | 12,829 | ||||||
24,028 | Old Mutual Ltd. (Financials) | 15,590 | ||||||
3,028 | OUTsurance Group Ltd. (Financials) | 5,891 | ||||||
6,726 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 6,870 | ||||||
2,595 | Remgro Ltd. (Financials) | 19,760 | ||||||
8,200 | Sanlam Ltd. (Financials) | 26,727 | ||||||
2,015 | Sasol Ltd. (Materials) | 29,676 | ||||||
2,071 | Shoprite Holdings Ltd. (Consumer Staples) | 25,108 | ||||||
13,460 | Sibanye Stillwater Ltd. (Materials) | 27,211 | ||||||
5,135 | Standard Bank Group Ltd. (Financials) | 51,355 | ||||||
4,084 | Vodacom Group Ltd. (Communication Services) | 28,191 | ||||||
4,962 | Woolworths Holdings Ltd. (Consumer Discretionary) | 20,814 | ||||||
|
| |||||||
900,914 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – 10.7% | ||||||||
172 | Alteogen, Inc. (Health Care)* | 4,894 | ||||||
130 | Amorepacific Corp. (Consumer Staples) | 13,597 | ||||||
163 | AMOREPACIFIC Group (Consumer Staples) | 4,927 | ||||||
29 | BGF retail Co. Ltd. (Consumer Staples) | 3,960 | ||||||
1,409 | BNK Financial Group, Inc. (Financials) | 7,134 | ||||||
437 | Celltrion Healthcare Co. Ltd. (Health Care) | 17,998 | ||||||
89 | Celltrion Pharm, Inc. (Health Care)* | 3,854 | ||||||
461 | Celltrion, Inc. (Health Care) | 50,585 | ||||||
270 | Cheil Worldwide, Inc. (Communication Services) | 4,081 | ||||||
32 | Chong Kun Dang Pharmaceutical Corp. (Health Care) | 1,913 | ||||||
21 | Chunbo Co. Ltd. (Materials) | 3,999 | ||||||
29 | CJ CheilJedang Corp. (Consumer Staples) | 7,035 | ||||||
63 | CJ Corp. (Industrials) | 4,137 | ||||||
46 | CJ ENM Co. Ltd. (Communication Services)* | 3,222 | ||||||
36 | CJ Logistics Corp. (Industrials) | 2,223 | ||||||
236 | Coway Co. Ltd. (Consumer Discretionary) | 9,524 | ||||||
98 | CS Wind Corp. (Industrials) | 4,955 | ||||||
905 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 2,944 | ||||||
212 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | 4,125 | ||||||
154 | DB HiTek Co. Ltd. (Information Technology) | 5,272 | ||||||
188 | DB Insurance Co. Ltd. (Financials) | 10,940 | ||||||
121 | DL E&C Co. Ltd. (Industrials) | 3,018 | ||||||
237 | Dongsuh Cos., Inc. (Consumer Staples) | 3,462 | ||||||
216 | Doosan Bobcat, Inc. (Industrials) | 6,187 | ||||||
30 | Doosan Co. Ltd. (Industrials) | 2,290 | ||||||
1,918 | Doosan Enerbility Co. Ltd. (Industrials)* | 23,568 | ||||||
198 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 5,147 | ||||||
90 | Douzone Bizon Co. Ltd. (Information Technology) | 2,340 | ||||||
229 | Ecopro BM Co. Ltd. (Industrials) | 28,780 | ||||||
92 | Ecopro Co. Ltd. (Materials) | 19,850 | ||||||
83 | E-MART, Inc. (Consumer Staples) | 7,025 | ||||||
74 | F&F Co. Ltd. (Consumer Discretionary) | 7,768 | ||||||
193 | Fila Holdings Corp. (Consumer Discretionary) | 5,688 | ||||||
23 | Green Cross Corp. (Health Care) | 2,082 | ||||||
275 | GS Engineering & Construction Corp. (Industrials) | 4,624 | ||||||
344 | GS Holdings Corp. (Industrials) | 10,568 | ||||||
159 | GS Retail Co. Ltd. (Consumer Staples) | 3,467 | ||||||
1,249 | Hana Financial Group, Inc. (Financials) | 42,852 | ||||||
110 | Hanjin Kal Corp. (Industrials) | 3,724 | ||||||
317 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 8,912 | ||||||
25 | Hanmi Pharm Co. Ltd. (Health Care)* | 4,893 | ||||||
144 | Hanmi Science Co. Ltd. (Health Care)* | 3,542 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
650 | Hanon Systems (Consumer Discretionary) | $ | 4,436 | |||||
38 | Hansol Chemical Co. Ltd. (Materials) | 5,873 | ||||||
33 | Hanssem Co. Ltd. (Consumer Discretionary) | 1,118 | ||||||
131 | Hanwha Aerospace Co. Ltd. (Industrials) | 8,910 | ||||||
158 | Hanwha Corp. (Industrials) | 3,218 | ||||||
1,672 | Hanwha Life Insurance Co. Ltd. (Financials)* | 3,759 | ||||||
465 | Hanwha Solutions Corp. (Materials)* | 14,619 | ||||||
257 | Hanwha Systems Co. Ltd. (Industrials) | 2,402 | ||||||
193 | HD Hyundai Co. Ltd. (Energy) | 8,664 | ||||||
123 | Hite Jinro Co. Ltd. (Consumer Staples)* | 2,222 | ||||||
116 | HL Mando Co. Ltd. (Consumer Discretionary) | 4,160 | ||||||
529 | HLB, Inc. (Health Care)* | 12,913 | ||||||
1,207 | HMM Co. Ltd. (Industrials)* | 20,569 | ||||||
155 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 9,394 | ||||||
36 | Hugel, Inc. (Health Care)* | 3,512 | ||||||
59 | HYBE Co. Ltd. (Communication Services)* | 8,253 | ||||||
11 | Hyosung Advanced Materials Corp. (Materials) | 3,417 | ||||||
8 | Hyosung TNC Corp. (Materials) | 2,766 | ||||||
24 | Hyundai Autoever Corp. (Information Technology) | 2,060 | ||||||
60 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 2,462 | ||||||
454 | Hyundai Doosan Infracore Co. Ltd. (Industrials) | 2,930 | ||||||
117 | Hyundai Elevator Co. Ltd. (Industrials)* | 2,454 | ||||||
299 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 8,225 | ||||||
72 | Hyundai Glovis Co. Ltd. (Industrials) | 8,630 | ||||||
45 | Hyundai Heavy Industries Co. Ltd. (Industrials) | 3,618 | ||||||
233 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 6,198 | ||||||
89 | Hyundai Mipo Dockyard Co. Ltd. (Industrials) | 4,722 | ||||||
260 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 41,753 | ||||||
560 | Hyundai Motor Co. (Consumer Discretionary) | 74,610 | ||||||
323 | Hyundai Rotem Co. Ltd. (Industrials)* | 6,090 | ||||||
359 | Hyundai Steel Co. (Materials) | 9,496 | ||||||
92 | Iljin Materials Co. Ltd. (Information Technology)* | 4,422 | ||||||
1,366 | Industrial Bank of Korea (Financials) | 10,715 | ||||||
1,324 | Kakao Corp. (Communication Services) | 62,435 | ||||||
172 | Kakao Games Corp. (Communication Services)* | 6,389 | ||||||
752 | KakaoBank Corp. (Financials)* | 15,145 | ||||||
103 | Kakaopay Corp. (Information Technology)* | 4,880 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
561 | Kangwon Land, Inc. (Consumer Discretionary)* | 8,564 | ||||||
1,510 | KB Financial Group, Inc. (Financials) | 58,540 | ||||||
18 | KCC Corp. (Materials) | 3,339 | ||||||
49 | KEPCO Engineering & Construction Co., Inc. (Industrials)* | 2,340 | ||||||
81 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials)* | 1,983 | ||||||
1,060 | Kia Corp. (Consumer Discretionary) | 60,320 | ||||||
61 | KIWOOM Securities Co. Ltd. (Financials)* | 4,757 | ||||||
128 | KMW Co. Ltd. (Information Technology)* | 2,438 | ||||||
293 | Korea Aerospace Industries Ltd. (Industrials)* | 9,986 | ||||||
1,259 | Korea Electric Power Corp. (Utilities)(c) | 17,174 | ||||||
135 | Korea Gas Corp. (Utilities)* | 2,862 | ||||||
171 | Korea Investment Holdings Co. Ltd. (Financials)* | 8,012 | ||||||
189 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 11,612 | ||||||
48 | Korea Zinc Co. Ltd. (Materials) | 21,184 | ||||||
880 | Korean Air Lines Co. Ltd. (Industrials) | 15,129 | ||||||
129 | Krafton, Inc. (Communication Services)* | 16,553 | ||||||
316 | KT Corp. (Communication Services) | 7,272 | ||||||
466 | KT&G Corp. (Consumer Staples) | 31,237 | ||||||
74 | Kumho Petrochemical Co. Ltd. (Materials)* | 8,797 | ||||||
110 | L&F Co. Ltd. (Information Technology) | 21,780 | ||||||
45 | LEENO Industrial, Inc. (Information Technology) | 5,519 | ||||||
204 | LG Chem Ltd. (Materials) | 104,833 | ||||||
488 | LG Corp. (Industrials) | 30,351 | ||||||
972 | LG Display Co. Ltd. (Information Technology) | 11,231 | ||||||
462 | LG Electronics, Inc. (Consumer Discretionary) | 38,824 | ||||||
110 | LG Energy Solution Ltd. (Industrials)* | 43,476 | ||||||
40 | LG H&H Co. Ltd. (Consumer Staples) | 20,193 | ||||||
57 | LG Innotek Co. Ltd. (Information Technology) | 11,932 | ||||||
1,049 | LG Uplus Corp. (Communication Services) | 8,776 | ||||||
78 | Lotte Chemical Corp. (Materials) | 10,504 | ||||||
145 | Lotte Corp. (Industrials) | 3,359 | ||||||
48 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 3,156 | ||||||
84 | LS Corp. (Industrials) | 4,279 | ||||||
225 | Meritz Financial Group, Inc. (Financials) | 7,652 | ||||||
901 | Meritz Securities Co. Ltd. (Financials) | 4,780 | ||||||
1,000 | Mirae Asset Securities Co. Ltd. (Financials) | 5,403 | ||||||
627 | NAVER Corp. (Communication Services) | 98,794 | ||||||
60 | NCSoft Corp. (Communication Services) | 19,701 | ||||||
82 | Netmarble Corp. (Communication Services)*(a) | 3,830 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
725 | NH Investment & Securities Co. Ltd. (Financials)* | $ | 5,205 | |||||
12 | NongShim Co. Ltd. (Consumer Staples) | 3,319 | ||||||
84 | OCI Co. Ltd. (Materials) | 5,764 | ||||||
96 | Orion Corp. (Consumer Staples) | 9,069 | ||||||
998 | Pan Ocean Co. Ltd. (Industrials) | 4,774 | ||||||
119 | Pearl Abyss Corp. (Communication Services)* | 4,033 | ||||||
121 | POSCO Chemical Co. Ltd. (Materials) | 20,209 | ||||||
288 | POSCO Holdings, Inc. (Materials) | 69,211 | ||||||
174 | Posco International Corp. (Industrials) | 2,972 | ||||||
83 | S-1 Corp. (Industrials) | 3,538 | ||||||
85 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 49,654 | ||||||
357 | Samsung C&T Corp. (Industrials) | 29,704 | ||||||
114 | Samsung Card Co. Ltd. (Financials) | 2,645 | ||||||
238 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 25,900 | ||||||
23,116 | Samsung Electronics Co. Ltd. (Information Technology) | 1,058,628 | ||||||
687 | Samsung Engineering Co. Ltd. (Industrials)* | 13,628 | ||||||
138 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 22,370 | ||||||
3,027 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 12,581 | ||||||
323 | Samsung Life Insurance Co. Ltd. (Financials) | 16,623 | ||||||
226 | Samsung SDI Co. Ltd. (Information Technology) | 118,871 | ||||||
154 | Samsung SDS Co. Ltd. (Information Technology) | 14,582 | ||||||
257 | Samsung Securities Co. Ltd. (Financials) | 6,506 | ||||||
172 | SD Biosensor, Inc. (Health Care) | 2,990 | ||||||
196 | Seegene, Inc. (Health Care) | 3,614 | ||||||
190 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 2,784 | ||||||
2,148 | Shinhan Financial Group Co. Ltd. (Financials) | 63,064 | ||||||
28 | Shinsegae, Inc. (Consumer Discretionary) | 4,317 | ||||||
114 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 5,746 | ||||||
84 | SK Bioscience Co. Ltd. (Health Care)* | 4,425 | ||||||
46 | SK Chemicals Co. Ltd. (Materials) | 2,722 | ||||||
2,331 | SK Hynix, Inc. (Information Technology) | 157,485 | ||||||
91 | SK IE Technology Co. Ltd. (Materials)*(a) | 4,498 | ||||||
218 | SK Innovation Co. Ltd. (Energy)* | 24,746 | ||||||
468 | SK Networks Co. Ltd. (Industrials) | 1,455 | ||||||
420 | SK Square Co. Ltd. (Information Technology)* | 12,172 | ||||||
261 | SK Telecom Co. Ltd. (Communication Services) | 8,905 | ||||||
152 | SK, Inc. (Industrials) | 20,516 | ||||||
81 | SKC Co. Ltd. (Materials) | 5,999 | ||||||
164 | S-Oil Corp. (Energy) | 10,002 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
63 | Solus Advanced Materials Co. Ltd. (Information Technology) | 2,340 | ||||||
21 | Soulbrain Co. Ltd. (Materials) | 3,714 | ||||||
406 | SSANGYONG C&E Co. Ltd. (Materials) | 1,780 | ||||||
57 | Studio Dragon Corp. (Communication Services)* | 3,291 | ||||||
83 | Wemade Co. Ltd. (Communication Services) | 3,349 | ||||||
149 | WONIK IPS Co. Ltd. (Information Technology) | 3,496 | ||||||
2,592 | Woori Financial Group, Inc. (Financials) | 23,898 | ||||||
203 | Yuhan Corp. (Health Care) | 8,085 | ||||||
|
| |||||||
3,404,196 | ||||||||
|
| |||||||
Taiwan – 15.2% | ||||||||
2,270 | Accton Technology Corp. (Information Technology) | 21,084 | ||||||
13,992 | Acer, Inc. (Information Technology) | 11,641 | ||||||
1,949 | Advantech Co. Ltd. (Information Technology) | 22,836 | ||||||
17,480 | ASE Technology Holding Co. Ltd. (Information Technology) | 60,811 | ||||||
10,734 | Asia Cement Corp. (Materials) | 15,765 | ||||||
139 | ASMedia Technology, Inc. (Information Technology) | 4,521 | ||||||
128 | ASPEED Technology, Inc. (Information Technology) | 11,742 | ||||||
3,089 | Asustek Computer, Inc. (Information Technology) | 28,184 | ||||||
30,651 | AUO Corp. (Information Technology) | 18,711 | ||||||
3,021 | Catcher Technology Co. Ltd. (Information Technology) | 18,293 | ||||||
40,564 | Cathay Financial Holding Co. Ltd. (Financials) | 57,845 | ||||||
7,094 | Chailease Holding Co. Ltd. (Financials) | 52,502 | ||||||
29,658 | Chang Hwa Commercial Bank Ltd. (Financials) | 16,985 | ||||||
7,242 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 8,141 | ||||||
2,955 | Chicony Electronics Co. Ltd. (Information Technology) | 8,922 | ||||||
13,373 | China Airlines Ltd. (Industrials) | 8,910 | ||||||
78,787 | China Development Financial Holding Corp. (Financials) | 34,132 | ||||||
54,860 | China Steel Corp. (Materials) | 56,535 | ||||||
1,790 | Chroma ATE, Inc. (Information Technology) | 10,839 | ||||||
18,520 | Chunghwa Telecom Co. Ltd. (Communication Services) | 70,203 | ||||||
20,097 | Compal Electronics, Inc. (Information Technology) | 15,929 | ||||||
88,291 | CTBC Financial Holding Co. Ltd. (Financials) | 65,922 | ||||||
9,010 | Delta Electronics, Inc. (Information Technology) | 84,720 | ||||||
3,962 | E Ink Holdings, Inc. (Information Technology) | 25,291 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
913 | Eclat Textile Co. Ltd. (Consumer Discretionary) | $ | 14,398 | |||||
308 | eMemory Technology, Inc. (Information Technology) | 18,903 | ||||||
61,585 | E.Sun Financial Holding Co. Ltd. (Financials) | 50,429 | ||||||
12,446 | Eva Airways Corp. (Industrials) | 11,560 | ||||||
4,930 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 25,403 | ||||||
14,589 | Far Eastern New Century Corp. (Industrials) | 15,537 | ||||||
7,779 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 17,616 | ||||||
2,040 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 12,386 | ||||||
50,348 | First Financial Holding Co. Ltd. (Financials) | 44,284 | ||||||
16,020 | Formosa Chemicals & Fibre Corp. (Materials) | 37,435 | ||||||
5,532 | Formosa Petrochemical Corp. (Energy) | 15,451 | ||||||
22,691 | Formosa Plastics Corp. (Materials) | 67,694 | ||||||
313 | Formosa Sumco Technology Corp. (Information Technology) | 1,551 | ||||||
3,646 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 3,315 | ||||||
4,423 | Foxconn Technology Co. Ltd. (Information Technology) | 8,056 | ||||||
34,254 | Fubon Financial Holding Co. Ltd. (Financials) | 67,452 | ||||||
1,337 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 8,930 | ||||||
986 | Globalwafers Co. Ltd. (Information Technology) | 16,568 | ||||||
6,608 | Highwealth Construction Corp. (Real Estate) | 9,195 | ||||||
1,350 | Hiwin Technologies Corp. (Industrials) | 11,121 | ||||||
55,617 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 184,359 | ||||||
1,351 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 27,357 | ||||||
47,233 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 35,421 | ||||||
42,459 | Innolux Corp. (Information Technology) | 20,484 | ||||||
12,262 | Inventec Corp. (Information Technology) | 10,705 | ||||||
426 | Largan Precision Co. Ltd. (Information Technology) | 30,828 | ||||||
9,986 | Lite-On Technology Corp. (Information Technology) | 22,778 | ||||||
333 | Lotes Co. Ltd. (Information Technology) | 9,410 | ||||||
8,504 | Macronix International Co. Ltd. (Information Technology) | 9,615 | ||||||
7,092 | MediaTek, Inc. (Information Technology) | 168,284 | ||||||
50,208 | Mega Financial Holding Co. Ltd. (Financials) | 54,872 | ||||||
1,002 | Merida Industry Co. Ltd. (Consumer Discretionary) | 5,919 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
3,244 | Micro-Star International Co. Ltd. (Information Technology) | 14,586 | ||||||
327 | momo.com, Inc. (Consumer Discretionary) | 8,521 | ||||||
22,972 | Nan Ya Plastics Corp. (Materials) | 56,997 | ||||||
834 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 6,432 | ||||||
5,441 | Nanya Technology Corp. (Information Technology) | 10,429 | ||||||
680 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 7,275 | ||||||
2,605 | Novatek Microelectronics Corp. (Information Technology) | 34,839 | ||||||
1,198 | Oneness Biotech Co. Ltd. (Health Care)* | 10,301 | ||||||
7,956 | Pegatron Corp. (Information Technology) | 17,756 | ||||||
1,069 | PharmaEssentia Corp. (Health Care)* | 17,682 | ||||||
803 | Phison Electronics Corp. (Information Technology) | 9,250 | ||||||
1,390 | Polaris Group/Tw (Health Care)* | 4,521 | ||||||
10,986 | Pou Chen Corp. (Consumer Discretionary) | 12,115 | ||||||
14,131 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 15,444 | ||||||
3,114 | Powertech Technology, Inc. (Information Technology) | 9,004 | ||||||
2,571 | President Chain Store Corp. (Consumer Staples) | 22,529 | ||||||
12,750 | Quanta Computer, Inc. (Information Technology) | 33,518 | ||||||
2,117 | Realtek Semiconductor Corp. (Information Technology) | 26,402 | ||||||
8,638 | Ruentex Development Co. Ltd. (Real Estate) | 12,601 | ||||||
3,438 | Ruentex Industries Ltd. (Consumer Discretionary) | 7,628 | ||||||
21,122 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 33,032 | ||||||
64,149 | Shin Kong Financial Holding Co. Ltd. (Financials) | 18,717 | ||||||
160 | Silicon Motion Technology Corp. ADR (Information Technology) | 10,755 | ||||||
2,461 | Sino-American Silicon Products, Inc. (Information Technology) | 12,842 | ||||||
48,417 | SinoPac Financial Holdings Co. Ltd. (Financials) | 27,331 | ||||||
2,564 | Standard Foods Corp. (Consumer Staples) | 3,522 | ||||||
6,140 | Synnex Technology International Corp. (Information Technology) | 12,595 | ||||||
7,991 | TA Chen Stainless Pipe (Materials) | 11,408 | ||||||
52,694 | Taishin Financial Holding Co. Ltd. (Financials) | 28,449 | ||||||
28,197 | Taiwan Business Bank (Financials) | 13,326 | ||||||
30,183 | Taiwan Cement Corp. (Materials) | 38,782 | ||||||
45,490 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 39,788 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
3,645 | Taiwan Fertilizer Co. Ltd. (Materials) | $ | 6,879 | |||||
10,626 | Taiwan High Speed Rail Corp. (Industrials) | 10,253 | ||||||
8,402 | Taiwan Mobile Co. Ltd. (Communication Services) | 26,638 | ||||||
118,698 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 1,990,669 | ||||||
9,811 | Tatung Co. Ltd. (Industrials)* | 10,787 | ||||||
7,665 | Teco Electric and Machinery Co. Ltd. (Industrials) | 7,736 | ||||||
2,223 | Tripod Technology Corp. (Information Technology) | 7,661 | ||||||
5,640 | Unimicron Technology Corp. (Information Technology) | 23,693 | ||||||
22,922 | Uni-President Enterprises Corp. (Consumer Staples) | 50,780 | ||||||
57,577 | United Microelectronics Corp. (Information Technology)* | 94,388 | ||||||
4,357 | Vanguard International Semiconductor Corp. (Information Technology) | 13,227 | ||||||
1,483 | VisEra Technologies Co. Ltd. (Information Technology) | 11,340 | ||||||
309 | Voltronic Power Technology Corp. (Industrials) | 16,277 | ||||||
14,268 | Walsin Lihwa Corp. (Industrials) | 26,504 | ||||||
1,518 | Walsin Technology Corp. (Information Technology) | 5,007 | ||||||
3,430 | Wan Hai Lines Ltd. (Industrials) | 8,961 | ||||||
1,571 | Win Semiconductors Corp. (Information Technology) | 8,765 | ||||||
13,273 | Winbond Electronics Corp. (Information Technology) | 10,041 | ||||||
12,927 | Wistron Corp. (Information Technology) | 14,064 | ||||||
387 | Wiwynn Corp. (Information Technology) | 12,307 | ||||||
7,512 | WPG Holdings Ltd. (Information Technology) | 12,154 | ||||||
1,578 | Yageo Corp. (Information Technology) | 27,863 | ||||||
8,562 | Yang Ming Marine Transport Corp. (Industrials) | 18,153 | ||||||
57,010 | Yuanta Financial Holding Co. Ltd. (Financials) | 42,566 | ||||||
2,383 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 6,358 | ||||||
2,978 | Zhen Ding Technology Holding Ltd. (Information Technology) | 10,947 | ||||||
|
| |||||||
4,830,175 | ||||||||
|
| |||||||
Thailand – 2.3% | ||||||||
4,900 | Advanced Info Service PCL NVDR (Communication Services) | 28,007 | ||||||
19,730 | Airports of Thailand PCL NVDR (Industrials)* | 40,614 | ||||||
39,237 | Asset World Corp. PCL NVDR (Consumer Discretionary) | 6,550 | ||||||
4,264 | B Grimm Power PCL NVDR (Utilities) | 4,705 | ||||||
4,783 | Bangkok Bank PCL NVDR (Financials) | 22,128 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
8,481 | Bangkok Commercial Asset Management PCL NVDR (Financials) | 3,552 | ||||||
28,766 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 22,791 | ||||||
41,225 | Bangkok Expressway & Metro PCL NVDR (Industrials) | 10,790 | ||||||
2,450 | Bangkok Life Assurance PCL NVDR (Financials) | 2,201 | ||||||
19,640 | Banpu PCL NVDR (Energy) | 6,057 | ||||||
4,769 | Berli Jucker PCL NVDR (Consumer Staples) | 5,195 | ||||||
6,604 | Beyond Securities PCL NVDR (Financials)* | 2,018 | ||||||
37,715 | BTS Group Holdings PCL NVDR (Industrials) | 8,591 | ||||||
2,527 | Bumrungrad Hospital PCL NVDR (Health Care) | 15,087 | ||||||
1,716 | Carabao Group PCL NVDR (Consumer Staples) | 4,904 | ||||||
8,066 | Central Pattana PCL NVDR (Real Estate) | 16,033 | ||||||
15,515 | Central Retail Corp. PCL NVDR (Consumer Discretionary) | 19,645 | ||||||
17,397 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 10,928 | ||||||
3,951 | Com7 PCL NVDR (Consumer Discretionary) | 3,410 | ||||||
22,582 | CP ALL PCL NVDR (Consumer Staples) | 39,616 | ||||||
1,052 | Electricity Generating PCL NVDR (Utilities) | 5,090 | ||||||
7,122 | Energy Absolute PCL NVDR (Utilities) | 15,769 | ||||||
176 | Fabrinet (Information Technology)* | 21,449 | ||||||
3,151 | Global Power Synergy PCL NVDR (Utilities) | 6,063 | ||||||
20,546 | Gulf Energy Development PCL NVDR (Utilities) | 30,521 | ||||||
24,011 | Home Product Center PCL NVDR (Consumer Discretionary) | 9,512 | ||||||
9,794 | Indorama Ventures PCL NVDR (Materials) | 10,184 | ||||||
4,901 | Intouch Holdings PCL NVDR (Communication Services) | 9,811 | ||||||
49,747 | IRPC PCL NVDR (Energy) | 4,026 | ||||||
1,022 | Jasmine Technology Solution PCL NVDR (Information Technology)* | 1,193 | ||||||
2,800 | Jay Mart PCL NVDR (Information Technology) | 2,238 | ||||||
3,490 | JMT Network Services PCL NVDR (Financials) | 4,592 | ||||||
7,834 | Kasikornbank PCL NVDR (Financials) | 30,368 | ||||||
3,122 | KCE Electronics PCL NVDR (Information Technology) | 4,108 | ||||||
21,675 | Krung Thai Bank PCL NVDR (Financials) | 10,610 | ||||||
5,107 | Krungthai Card PCL NVDR (Financials) | 8,490 | ||||||
28,543 | Land & Houses PCL NVDR (Real Estate) | 7,915 | ||||||
|
|
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) | ||||||||
Thailand – (continued) | ||||||||
14,903 | Minor International PCL NVDR (Consumer Discretionary)* | $ | 14,127 | |||||
3,320 | Muangthai Capital PCL NVDR (Financials) | 3,288 | ||||||
5,461 | Ngern Tid Lor PCL NVDR (Financials) | 3,863 | ||||||
7,268 | Osotspa PCL NVDR (Consumer Staples) | 6,632 | ||||||
49,626 | PSG Corp. PCL NVDR (Industrials)* | 1,657 | ||||||
6,277 | PTT Exploration & Production PCL NVDR (Energy) | 26,642 | ||||||
9,947 | PTT Global Chemical PCL NVDR (Materials) | 13,299 | ||||||
13,419 | PTT Oil & Retail Business PCL NVDR (Consumer Discretionary) | 8,315 | ||||||
49,016 | PTT PCL NVDR (Energy) | 44,035 | ||||||
1,325 | Ramkhamhaeng Hospital PCL NVDR (Health Care) | 2,099 | ||||||
3,370 | Ratch Group PCL NVDR (Utilities) | 3,886 | ||||||
5,081 | SCB X PCL NVDR (Financials) | 14,952 | ||||||
5,775 | SCG Packaging PCL NVDR (Materials) | 8,497 | ||||||
1,978 | Siam Cement PCL (The) NVDR (Materials) | 18,302 | ||||||
6,235 | Siam Global House PCL NVDR (Consumer Discretionary) | 3,264 | ||||||
7,781 | Siam Makro PCL NVDR (Consumer Staples) | 8,862 | ||||||
3,905 | Srisawad Corp. PCL NVDR (Financials) | 5,967 | ||||||
15,917 | STARK Corp. PCL NVDR (Industrials)* | 1,072 | ||||||
35,867 | Thai Beverage PCL (Consumer Staples) | 17,052 | ||||||
19,198 | Thai Life Insurance PCL NVDR (Financials)* | 7,388 | ||||||
5,992 | Thai Oil PCL NVDR (Energy) | 8,562 | ||||||
12,671 | Thai Union Group PCL NVDR (Consumer Staples) | 5,701 | ||||||
1,702 | Thonburi Healthcare Group PCL NVDR (Health Care) | 3,359 | ||||||
2,289 | Tisco Financial Group PCL NVDR (Financials) | 6,671 | ||||||
200,954 | TMBThanachart Bank PCL NVDR (Financials) | 7,961 | ||||||
2,701 | TOA Paint Thailand PCL NVDR (Materials) | 2,484 | ||||||
1,883 | Total Access Communication PCL NVDR (Communication Services) | 2,784 | ||||||
96,273 | True Corp. PCL NVDR (Communication Services) | 13,893 | ||||||
28,561 | VGI PCL NVDR (Communication Services) | 3,524 | ||||||
|
| |||||||
722,899 | ||||||||
|
| |||||||
Turkey – 1.1% | ||||||||
612 | AG Anadolu Grubu Holding AS (Industrials) | 2,867 | ||||||
15,111 | Akbank TAS (Financials) | 14,007 | ||||||
618 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 2,998 | ||||||
925 | Aksa Enerji Uretim AS (Utilities) | 1,770 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
635 | Alarko Holding AS (Industrials) | 2,654 | ||||||
951 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 2,806 | ||||||
12 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 109 | ||||||
872 | Arcelik AS (Consumer Discretionary) | 5,515 | ||||||
2,867 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 8,383 | ||||||
682 | Aydem Yenilenebilir Enerji AS (Utilities)* | 601 | ||||||
352 | Aygaz AS (Utilities) | 1,443 | ||||||
381 | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | 327 | ||||||
3,092 | Bera Holding AS (Industrials) | 1,936 | ||||||
2,200 | BIM Birlesik Magazalar AS (Consumer Staples) | 15,883 | ||||||
126 | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | 550 | ||||||
32 | Borusan Yatirim ve Pazarlama AS (Financials) | 1,453 | ||||||
232 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 721 | ||||||
390 | Can2 Termik AS (Utilities)* | 1,375 | ||||||
12 | Celebi Hava Servisi AS (Industrials) | 334 | ||||||
259 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 1,708 | ||||||
338 | Coca-Cola Icecek AS (Consumer Staples) | 3,420 | ||||||
186 | Deva Holding AS (Health Care) | 481 | ||||||
4,573 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 2,270 | ||||||
58 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 473 | ||||||
170 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 1,520 | ||||||
87 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 597 | ||||||
6 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 1,766 | ||||||
710 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 1,045 | ||||||
9,379 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 4,168 | ||||||
1,151 | Enerjisa Enerji AS (Utilities)(a) | 1,959 | ||||||
8,745 | Enka Insaat ve Sanayi AS (Industrials) | 15,156 | ||||||
8,232 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 19,229 | ||||||
158 | Fenerbahce Futbol AS (Communication Services)* | 446 | ||||||
308 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 8,991 | ||||||
422 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 1,168 | ||||||
153 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)* | 2,031 | ||||||
249 | Gubre Fabrikalari TAS (Materials)* | 3,056 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
6,445 | Haci Omer Sabanci Holding AS (Financials) | $ | 14,878 | |||||
5,076 | Hektas Ticaret TAS (Materials)* | 9,561 | ||||||
2,254 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 1,239 | ||||||
638 | Is Yatirim Menkul Degerler AS (Financials) | 1,690 | ||||||
2,699 | Izmir Demir Celik Sanayi AS (Materials)* | 885 | ||||||
105 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 597 | ||||||
1,087 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials) | 1,179 | ||||||
196 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials) | 210 | ||||||
3,632 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials) | 4,336 | ||||||
85 | Kartonsan Karton Sanayi ve Ticaret AS (Materials) | 366 | ||||||
435 | Kiler Holding AS (Industrials)* | 477 | ||||||
156 | Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 187 | ||||||
2,403 | KOC Holding AS (Industrials) | 9,871 | ||||||
329 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 2,806 | ||||||
4 | Konya Cimento Sanayii AS (Materials)* | 750 | ||||||
311 | Kordsa Teknik Tekstil AS (Consumer Discretionary) | 1,348 | ||||||
4,683 | Koza Altin Isletmeleri AS (Materials) | 6,067 | ||||||
903 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 2,183 | ||||||
365 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 1,048 | ||||||
468 | Migros Ticaret AS (Consumer Staples)* | 3,585 | ||||||
369 | MLP Saglik Hizmetleri AS (Health Care)*(a) | 1,514 | ||||||
5,410 | ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)* | 2,155 | ||||||
41 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials) | 2,065 | ||||||
1,489 | Oyak Cimento Fabrikalari AS (Materials)* | 3,999 | ||||||
439 | Oyak Yatirim Menkul Degerler AS (Financials) | 902 | ||||||
204 | Pegasus Hava Tasimaciligi AS (Industrials)* | 5,488 | ||||||
747 | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | 1,551 | ||||||
4,972 | Petkim Petrokimya Holding AS (Materials)* | 4,429 | ||||||
277 | Qua Granite Hayal (Industrials)* | 1,096 | ||||||
1,544 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | 2,736 | ||||||
2,175 | Sasa Polyester Sanayi AS (Materials)* | 12,673 | ||||||
573 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 1,189 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
2,934 | Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 482 | ||||||
372 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)* | 1,545 | ||||||
1,266 | Sok Marketler Ticaret AS (Consumer Staples)* | 1,713 | ||||||
849 | TAV Havalimanlari Holding AS (Industrials)* | 3,371 | ||||||
892 | Tekfen Holding AS (Industrials) | 1,701 | ||||||
597 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 5,420 | ||||||
879 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 721 | ||||||
3,421 | Turk Hava Yollari AO (Industrials)* | 26,021 | ||||||
150 | Turk Prysmian Kablo ve Sistemleri AS (Industrials) | 239 | ||||||
2,446 | Turk Telekomunikasyon AS (Communication Services) | 2,332 | ||||||
65 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 1,949 | ||||||
5,788 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 9,786 | ||||||
3,018 | Turkiye Halk Bankasi AS (Financials)* | 1,842 | ||||||
16,855 | Turkiye Is Bankasi AS, Class C (Financials) | 10,142 | ||||||
721 | Turkiye Petrol Rafinerileri AS (Energy)* | 22,651 | ||||||
1,004 | Turkiye Sigorta AS (Financials) | 527 | ||||||
4,986 | Turkiye Sinai Kalkinma Bankasi AS (Financials)* | 1,048 | ||||||
6,403 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 16,008 | ||||||
5,551 | Turkiye Vakiflar Bankasi TAO, Class D (Financials)* | 2,837 | ||||||
880 | Ulker Biskuvi Sanayi AS (Consumer Staples)* | 1,435 | ||||||
133 | Verusa Holding AS (Financials) | 772 | ||||||
1,245 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 814 | ||||||
439 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)* | 1,302 | ||||||
12,869 | Yapi ve Kredi Bankasi AS (Financials) | 6,823 | ||||||
346 | Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)* | 588 | ||||||
4,361 | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate) | 1,162 | ||||||
2,751 | Zorlu Enerji Elektrik Uretim AS (Utilities)* | 755 | ||||||
|
| |||||||
362,262 | ||||||||
|
| |||||||
United Arab Emirates – 2.5% | ||||||||
13,556 | Abu Dhabi Commercial Bank PJSC (Financials) | 30,929 | ||||||
7,669 | Abu Dhabi National Energy Co. PJSC (Utilities) | 7,037 | ||||||
|
|
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) | ||||||||
United Arab Emirates – (continued) | ||||||||
14,099 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | $ | 16,583 | |||||
8,632 | ADNOC Drilling Co. PJSC (Energy) | 7,779 | ||||||
17,376 | Aldar Properties PJSC (Real Estate) | 22,235 | ||||||
6,753 | Alpha Dhabi Holding PJSC (Industrials)* | 39,494 | ||||||
14,841 | Borouge PLC (Materials) | 10,304 | ||||||
43,850 | Dubai Electricity & Water Authority PJSC (Utilities) | 28,415 | ||||||
14,205 | Dubai Islamic Bank PJSC (Financials) | 22,200 | ||||||
33,581 | Emaar Properties PJSC (Real Estate) | 51,201 | ||||||
11,976 | Emirates NBD Bank PJSC (Financials) | 44,345 | ||||||
16,949 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 117,674 | ||||||
21,531 | First Abu Dhabi Bank PJSC (Financials) | 82,540 | ||||||
2,817 | International Holding Co. PJSC (Industrials)* | 303,034 | ||||||
|
| |||||||
783,770 | ||||||||
|
| |||||||
United States – 0.0% | ||||||||
3,399 | JBS SA (Consumer Staples) | 12,494 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $28,885,534) | $ | 30,869,753 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 2.1% | ||||||||||
Brazil – 1.2% | ||||||||||
1,182 | Alpargatas SA (Consumer Discretionary)* | 2.09 | % | $ | 2,135 | |||||
25,279 | Banco Bradesco SA (Financials) | 7.83 | 63,334 | |||||||
1,237 | Bradespar SA (Materials) | 11.30 | 6,554 | |||||||
943 | Braskem SA, Class A (Materials) | 8.06 | 3,634 | |||||||
1,183 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 4.58 | 8,151 | |||||||
6,989 | Cia Energetica de Minas Gerais (Utilities) | 13.12 | 14,030 | |||||||
5,325 | Gerdau SA (Materials) | 12.13 | 29,202 | |||||||
23,485 | Itau Unibanco Holding SA (Financials) | 4.13 | 114,395 | |||||||
25,168 | Itausa SA (Financials) | 6.04 | 39,675 | |||||||
22,244 | Petroleo Brasileiro SA (Energy) | 42.48 | 107,541 | |||||||
4,737 | Raizen SA (Energy) | 5.12 | 2,794 | |||||||
2,397 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 8.82 | 3,136 | |||||||
|
| |||||||||
394,581 | ||||||||||
| ||||||||||
Chile – 0.2% | ||||||||||
696 | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | 9.59 | 61,870 | |||||||
| ||||||||||
Preferred Stocks – (continued) | ||||||||||
Colombia – 0.1% | ||||||||||
2,217 | Bancolombia SA (Financials) | 10.16 | % | 14,112 | ||||||
| ||||||||||
Russia – 0.0%(b) | ||||||||||
4,252 | Sberbank of Russia PJSC (Financials)* | 0.00 | — | |||||||
31,665 | Surgutneftegas PJSC (Energy) | 17.05 | — | |||||||
640 | Tatneft PJSC (Energy) | 11.81 | — | |||||||
|
| |||||||||
— | ||||||||||
| ||||||||||
South Korea – 0.6% | ||||||||||
174 | Hyundai Motor Co. (Consumer Discretionary) | 7.63 | 12,373 | |||||||
109 | Hyundai Motor Co. (Consumer Discretionary) | 7.67 | 7,595 | |||||||
38 | LG Chem Ltd. (Materials) | 3.32 | 8,443 | |||||||
90 | LG Electronics, Inc. (Consumer Discretionary) | 1.59 | 3,231 | |||||||
4,009 | Samsung Electronics Co. Ltd. (Information Technology) | 2.69 | 161,784 | |||||||
|
| |||||||||
193,426 | ||||||||||
| ||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $674,411) | $ | 663,989 | ||||||||
|
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% | ||||||||||
Taiwan – 0.0% | ||||||||||
2,549 | SinoPac Financial Holdings Co. Ltd.* | 3/23 | $ | — | ||||||
(Cost $0) | ||||||||||
|
Shares | Description | Value | ||||||
Exchange-Traded Fund – 0.9% | ||||||||
United States – 0.9% | ||||||||
12,873 | iShares MSCI Malaysia ETF | |||||||
(Cost $302,162) | $ | 279,859 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $29,862,107) | $ | 31,813,601 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.4%(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
134,788 | 4.475% | $ | 134,788 | |||
(Cost $134,788) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.2% |
| |||||
(Cost $29,996,895) | $ | 31,948,389 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% | (69,271 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 31,879,118 | ||||
|
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 | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
Sector Name | % of Market Value | |
Financials | 21.5% | |
Information Technology | 19.3 | |
Consumer Discretionary | 12.8 | |
Communication Services | 9.3 | |
Materials | 8.6 | |
Industrials | 7.5 | |
Consumer Staples | 5.9 | |
Energy | 5.8 | |
Health Care | 3.6 | |
Utilities | 2.6 | |
Real Estate | 1.8 | |
Exchange-Traded Fund | 0.9 | |
Securities Lending Reinvestment Vehicle | 0.4 | |
| ||
TOTAL INVESTMENTS | 100.0% | |
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.1% | ||||||||
Australia – 8.4% | ||||||||
14,509 | AGL Energy Ltd. (Utilities) | $ | 67,511 | |||||
14,381 | Allkem Ltd. (Materials)* | 110,070 | ||||||
63,187 | Alumina Ltd. (Materials) | 64,128 | ||||||
73,129 | AMP Ltd. (Financials)* | 51,041 | ||||||
5,833 | Ampol Ltd. (Energy) | 129,648 | ||||||
70,210 | ANZ Group Holdings Ltd. (Financials) | 1,167,082 | ||||||
28,941 | APA Group (Utilities) | 209,411 | ||||||
15,005 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 369,735 | ||||||
4,693 | ASX Ltd. (Financials) | 215,328 | ||||||
34,748 | Atlas Arteria Ltd. (Industrials) | 160,277 | ||||||
45,053 | Aurizon Holdings Ltd. (Industrials) | 100,563 | ||||||
124,237 | BHP Group Ltd. (Materials) | 3,786,822 | ||||||
11,355 | BlueScope Steel Ltd. (Materials) | 145,947 | ||||||
34,055 | Brambles Ltd. (Industrials) | 295,560 | ||||||
8,142 | carsales.com Ltd. (Communication Services) | 124,581 | ||||||
10,649 | Charter Hall Group REIT (Real Estate) | 95,581 | ||||||
1,608 | Cochlear Ltd. (Health Care) | 240,965 | ||||||
31,833 | Coles Group Ltd. (Consumer Staples) | 390,263 | ||||||
41,275 | Commonwealth Bank of Australia (Financials) | 2,802,586 | ||||||
26,190 | Dexus REIT (Real Estate) | 148,884 | ||||||
1,538 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 51,816 | ||||||
3,866 | EBOS Group Ltd. (Health Care) | 106,274 | ||||||
33,291 | Endeavour Group Ltd. (Consumer Staples) | 153,332 | ||||||
44,201 | Evolution Mining Ltd. (Materials) | 81,075 | ||||||
4,277 | Flutter Entertainment PLC (Consumer Discretionary)* | 691,023 | ||||||
43,938 | Fortescue Metals Group Ltd. (Materials) | 634,073 | ||||||
248,798 | Glencore PLC (Materials) | 1,492,030 | ||||||
40,515 | Goodman Group REIT (Real Estate) | 542,601 | ||||||
46,867 | GPT Group (The) REIT (Real Estate) | 148,858 | ||||||
5,098 | IDP Education Ltd. (Consumer Discretionary) | 98,666 | ||||||
18,119 | IGO Ltd. (Materials) | 160,430 | ||||||
60,084 | Insurance Australia Group Ltd. (Financials) | 188,407 | ||||||
16,884 | Lendlease Corp. Ltd. (Real Estate) | 86,987 | ||||||
53,664 | Lottery Corp. Ltd. (The) (Consumer Discretionary)* | 187,817 | ||||||
22,034 | Lynas Rare Earths Ltd. (Materials)* | 121,841 | ||||||
9,003 | Macquarie Group Ltd. (Financials) | 1,150,609 | ||||||
67,499 | Medibank Pvt Ltd. (Financials) | 152,030 | ||||||
3,992 | Mineral Resources Ltd. (Materials) | 222,252 | ||||||
96,357 | Mirvac Group REIT (Real Estate) | 147,501 | ||||||
77,305 | National Australia Bank Ltd. (Financials) | 1,563,919 | ||||||
21,847 | Newcrest Mining Ltd. (Materials) | 332,071 | ||||||
28,021 | Northern Star Resources Ltd. (Materials) | 195,951 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
11,101 | Orica Ltd. (Materials) | 121,273 | ||||||
41,867 | Origin Energy Ltd. (Utilities) | 226,146 | ||||||
7,458 | OZ Minerals Ltd. (Materials) | 141,072 | ||||||
61,982 | Pilbara Minerals Ltd. (Materials)* | 174,296 | ||||||
44,215 | Qantas Airways Ltd. (Industrials)* | 191,421 | ||||||
36,263 | QBE Insurance Group Ltd. (Financials) | 368,766 | ||||||
4,551 | Ramsay Health Care Ltd. (Health Care) | 207,309 | ||||||
1,230 | REA Group Ltd. (Communication Services) | 101,915 | ||||||
8,324 | Reece Ltd. (Industrials) | 92,844 | ||||||
9,106 | Rio Tinto Ltd. (Materials) | 716,796 | ||||||
26,176 | Rio Tinto PLC (Materials) | 1,810,131 | ||||||
81,233 | Santos Ltd. (Energy) | 383,456 | ||||||
127,157 | Scentre Group REIT (Real Estate) | 255,530 | ||||||
8,301 | SEEK Ltd. (Communication Services) | 135,354 | ||||||
4,377 | Seven Group Holdings Ltd. (Industrials) | 72,256 | ||||||
11,255 | Sonic Healthcare Ltd. (Health Care) | 244,468 | ||||||
108,250 | South32 Ltd. (Materials) | 316,813 | ||||||
52,933 | Stockland REIT (Real Estate) | 137,070 | ||||||
30,929 | Suncorp Group Ltd. (Financials) | 268,012 | ||||||
282,727 | Telstra Group Ltd. (Communication Services) | 793,133 | ||||||
10,487 | TPG Telecom Ltd. (Communication Services) | 35,855 | ||||||
75,299 | Transurban Group (Industrials) | 720,031 | ||||||
17,682 | Treasury Wine Estates Ltd. (Consumer Staples) | 167,053 | ||||||
93,704 | Vicinity Ltd. REIT (Real Estate) | 128,906 | ||||||
5,424 | Washington H Soul Pattinson & Co. Ltd. (Energy) | 106,658 | ||||||
27,780 | Wesfarmers Ltd. (Consumer Discretionary) | 903,702 | ||||||
85,909 | Westpac Banking Corp. (Financials) | 1,305,225 | ||||||
19,876 | Whitehaven Coal Ltd. (Energy) | 96,906 | ||||||
4,284 | WiseTech Global Ltd. (Information Technology) | 182,002 | ||||||
46,578 | Woodside Energy Group Ltd. (Energy) | 1,127,929 | ||||||
29,812 | Woolworths Group Ltd. (Consumer Staples) | 742,230 | ||||||
|
| |||||||
31,460,104 | ||||||||
|
| |||||||
Austria – 0.4% | ||||||||
6,405 | ams-OSRAM AG (Information Technology)* | 50,147 | ||||||
1,767 | ANDRITZ AG (Industrials) | 109,530 | ||||||
2,023 | BAWAG Group AG (Financials)*(a) | 126,471 | ||||||
930 | CA Immobilien Anlagen AG (Real Estate) | 26,629 | ||||||
8,534 | Erste Group Bank AG (Financials) | 336,491 | ||||||
867 | EVN AG (Utilities) | 19,079 | ||||||
344 | Mayr Melnhof Karton AG (Materials) | 58,005 | ||||||
11,903 | Mondi PLC (Materials) | 201,241 | ||||||
3,493 | OMV AG (Energy) | 170,806 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Austria – (continued) | ||||||||
3,325 | Raiffeisen Bank International AG (Financials)* | $ | 55,713 | |||||
793 | Verbund AG (Utilities) | 69,044 | ||||||
880 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 24,684 | ||||||
2,725 | voestalpine AG (Materials) | 101,203 | ||||||
2,593 | Wienerberger AG (Materials) | 81,066 | ||||||
|
| |||||||
1,430,109 | ||||||||
|
| |||||||
Belgium – 0.9% | ||||||||
542 | Ackermans & van Haaren NV (Industrials) | 92,139 | ||||||
4,219 | Ageas SA/NV (Financials) | 191,185 | ||||||
17,937 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 1,088,640 | ||||||
1,711 | Azelis Group NV (Industrials) | 43,476 | ||||||
540 | D’ieteren Group (Consumer Discretionary) | 105,085 | ||||||
704 | Elia Group SA/NV (Utilities) | 93,175 | ||||||
1,237 | Etablissements Franz Colruyt NV (Consumer Staples) | 33,570 | ||||||
2,457 | Groupe Bruxelles Lambert NV (Financials) | 207,201 | ||||||
6,876 | KBC Group NV (Financials) | 515,544 | ||||||
3,482 | Proximus SADP (Communication Services) | 32,200 | ||||||
370 | Sofina SA (Financials) | 92,760 | ||||||
1,738 | Solvay SA (Materials) | 199,521 | ||||||
2,965 | UCB SA (Health Care) | 255,890 | ||||||
4,951 | Umicore SA (Materials) | 165,759 | ||||||
3,916 | Warehouses De Pauw CVA REIT (Real Estate) | 120,269 | ||||||
|
| |||||||
3,236,414 | ||||||||
|
| |||||||
Brazil – 0.0% | ||||||||
3,985 | Yara International ASA (Materials) | 190,304 | ||||||
|
| |||||||
Chile – 0.0% | ||||||||
8,485 | Antofagasta PLC (Materials) | 161,276 | ||||||
|
| |||||||
China – 1.1% | ||||||||
99,990 | Alibaba Health Information Technology Ltd. (Consumer Discretionary)* | 71,335 | ||||||
40,897 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a) | 122,438 | ||||||
15,687 | BYD Electronic International Co. Ltd. (Information Technology) | 45,665 | ||||||
78,117 | China Evergrande New Energy Vehicle Group Ltd. (Health Care)*(b) | — | ||||||
52,491 | China Gas Holdings Ltd. (Utilities) | 73,292 | ||||||
73,649 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 323,701 | ||||||
42,845 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 82,966 | ||||||
205,483 | CSPC Pharmaceutical Group Ltd. (Health Care) | 220,679 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
57,877 | ESR Group Ltd. (Real Estate)(a) | 98,360 | ||||||
52,145 | Fosun International Ltd. (Industrials) | 42,649 | ||||||
146,450 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 189,931 | ||||||
6,347 | NXP Semiconductors NV (Information Technology) | 1,132,813 | ||||||
19,397 | Prosus NV (Consumer Discretionary)* | 1,397,150 | ||||||
28,068 | Shimao Group Holdings Ltd. (Real Estate)*(b) | 7,902 | ||||||
23,504 | Wharf Holdings Ltd. (The) (Real Estate) | 52,042 | ||||||
44,188 | Wilmar International Ltd. (Consumer Staples) | 129,332 | ||||||
38,765 | Xinyi Glass Holdings Ltd. (Industrials) | 72,399 | ||||||
72,356 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 69,338 | ||||||
|
| |||||||
4,131,992 | ||||||||
|
| |||||||
Denmark – 2.8% | ||||||||
66 | AP Moller – Maersk A/S, Class A (Industrials) | 151,599 | ||||||
111 | AP Moller – Maersk A/S, Class B (Industrials) | 259,548 | ||||||
2,255 | Carlsberg AS, Class B (Consumer Staples) | 319,967 | ||||||
2,523 | Chr Hansen Holding A/S (Materials) | 175,402 | ||||||
2,999 | Coloplast A/S, Class B (Health Care) | 347,761 | ||||||
16,607 | Danske Bank A/S (Financials) | 386,779 | ||||||
2,211 | Demant A/S (Health Care)* | 66,443 | ||||||
4,287 | DSV A/S (Industrials) | 782,509 | ||||||
1,588 | Genmab A/S (Health Care)* | 599,177 | ||||||
39,507 | Novo Nordisk A/S, Class B (Health Care) | 5,607,990 | ||||||
4,971 | Novozymes A/S, Class B (Materials) | 240,263 | ||||||
4,383 | Orsted AS (Utilities)(a) | 384,215 | ||||||
2,196 | Pandora A/S (Consumer Discretionary) | 208,836 | ||||||
8,315 | Tryg A/S (Financials) | 184,771 | ||||||
24,036 | Vestas Wind Systems A/S (Industrials) | 687,036 | ||||||
|
| |||||||
10,402,296 | ||||||||
|
| |||||||
Faroe Islands – 0.0% | ||||||||
1,217 | Bakkafrost P/F (Consumer Staples) | 80,219 | ||||||
|
| |||||||
Finland – 1.3% | ||||||||
3,608 | Elisa OYJ (Communication Services) | 205,548 | ||||||
10,609 | Fortum OYJ (Utilities) | 162,687 | ||||||
2,331 | Huhtamaki OYJ (Materials) | 82,541 | ||||||
5,916 | Kesko OYJ, Class B (Consumer Staples) | 129,055 | ||||||
8,669 | Kone OYJ, Class B (Industrials) | 451,859 | ||||||
16,982 | Metso Outotec OYJ (Industrials) | 181,535 | ||||||
11,615 | Neste OYJ (Energy) | 562,796 | ||||||
127,948 | Nokia OYJ (Information Technology) | 594,250 | ||||||
79,995 | Nordea Bank Abp (Financials) | 1,015,811 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Finland – (continued) | ||||||||
2,509 | Orion OYJ, Class B (Health Care) | $ | 118,538 | |||||
11,687 | Sampo OYJ, Class A (Financials) | 570,623 | ||||||
14,182 | Stora Enso OYJ, Class R (Materials) | 201,461 | ||||||
12,947 | UPM-Kymmene OYJ (Materials) | 471,087 | ||||||
13,499 | Wartsila OYJ Abp (Industrials) | 131,075 | ||||||
|
| |||||||
4,878,866 | ||||||||
|
| |||||||
France – 9.4% | ||||||||
11,332 | Adevinta ASA (Communication Services)* | 85,100 | ||||||
689 | Aeroports de Paris (Industrials)* | 100,433 | ||||||
12,786 | Air Liquide SA (Materials) | 2,041,527 | ||||||
14,324 | Airbus SE (Industrials) | 1,883,939 | ||||||
56,008 | AXA SA (Financials) | 1,772,986 | ||||||
1,158 | BioMerieux (Health Care) | 113,890 | ||||||
27,577 | BNP Paribas SA (Financials) | 1,934,585 | ||||||
19,279 | Bollore SE (Communication Services) | 108,156 | ||||||
6,837 | Bouygues SA (Industrials) | 232,311 | ||||||
4,008 | Capgemini SE (Information Technology) | 755,949 | ||||||
14,303 | Carrefour SA (Consumer Staples) | 283,800 | ||||||
10,346 | Cie de Saint-Gobain (Industrials) | 618,049 | ||||||
17,520 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 552,475 | ||||||
35,085 | Credit Agricole SA (Financials) | 430,195 | ||||||
15,840 | Danone SA (Consumer Staples) | 894,343 | ||||||
16,621 | Dassault Systemes (Information Technology) | 644,780 | ||||||
42,509 | Engie SA (Utilities) | 623,738 | ||||||
7,462 | EssilorLuxottica SA (Health Care) | 1,300,972 | ||||||
834 | Hermes International (Consumer Discretionary) | 1,517,287 | ||||||
1,740 | Kering (Consumer Discretionary) | 1,024,125 | ||||||
5,920 | L’Oreal SA (Consumer Staples) | 2,354,939 | ||||||
6,415 | Legrand SA (Industrials) | 595,952 | ||||||
6,316 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 5,284,818 | ||||||
50,231 | Orange SA (Communication Services) | 574,890 | ||||||
4,908 | Pernod Ricard SA (Consumer Staples) | 1,029,016 | ||||||
9,287 | Safran SA (Industrials) | 1,319,354 | ||||||
592 | Sartorius Stedim Biotech (Health Care) | 193,807 | ||||||
20,278 | Societe Generale SA (Financials) | 587,512 | ||||||
2,039 | Sodexo SA (Consumer Discretionary) | 189,726 | ||||||
1,422 | Teleperformance (Industrials) | 370,976 | ||||||
2,603 | Thales SA (Industrials) | 364,936 | ||||||
60,395 | TotalEnergies SE (Energy) | 3,751,346 | ||||||
13,841 | Vinci SA (Industrials) | 1,582,917 | ||||||
5,381 | Worldline SA (Information Technology)*(a) | 225,523 | ||||||
|
| |||||||
35,344,352 | ||||||||
|
| |||||||
Germany – 7.2% | ||||||||
3,696 | adidas AG (Consumer Discretionary) | 555,252 | ||||||
9,591 | Allianz SE (Financials) | 2,259,545 | ||||||
22,533 | BASF SE (Materials) | 1,158,371 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
23,267 | Bayer AG (Health Care) | 1,388,937 | ||||||
7,872 | Bayerische Motoren Werke AG (Consumer Discretionary) | 816,042 | ||||||
2,401 | Beiersdorf AG (Consumer Staples) | 287,728 | ||||||
2,208 | BioNTech SE ADR (Health Care) | 285,907 | ||||||
900 | Carl Zeiss Meditec AG (Health Care) | 120,547 | ||||||
2,650 | Continental AG (Consumer Discretionary) | 191,102 | ||||||
4,598 | Covestro AG (Materials)(a) | 203,093 | ||||||
9,527 | Daimler Truck Holding AG (Industrials)* | 303,253 | ||||||
45,579 | Deutsche Bank AG (Financials) | 570,371 | ||||||
4,498 | Deutsche Boerse AG (Financials) | 787,072 | ||||||
24,157 | Deutsche Post AG (Industrials) | 1,027,815 | ||||||
79,555 | Deutsche Telekom AG (Communication Services) | 1,791,557 | ||||||
52,292 | E.ON SE (Utilities) | 573,689 | ||||||
4,679 | Evonik Industries AG (Materials) | 100,383 | ||||||
4,883 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 191,187 | ||||||
9,759 | Fresenius SE & Co. KGaA (Health Care) | 269,395 | ||||||
1,472 | Hannover Rueck SE (Financials) | 286,766 | ||||||
595 | Hapag-Lloyd AG (Industrials)(a)(c) | 170,622 | ||||||
3,549 | HeidelbergCement AG (Materials) | 245,093 | ||||||
2,473 | Henkel AG & Co. KGaA (Consumer Staples) | 171,650 | ||||||
30,073 | Infineon Technologies AG (Information Technology) | 1,068,875 | ||||||
1,621 | Knorr-Bremse AG (Industrials) | 110,743 | ||||||
20,273 | Mercedes-Benz Group AG (Consumer Discretionary) | 1,561,941 | ||||||
3,171 | Merck KGaA (Health Care) | 603,127 | ||||||
1,275 | MTU Aero Engines AG (Industrials) | 308,964 | ||||||
3,436 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 1,188,269 | ||||||
2,468 | Puma SE (Consumer Discretionary) | 158,086 | ||||||
15,335 | RWE AG (Utilities) | 654,414 | ||||||
25,433 | SAP SE (Information Technology) | 2,898,919 | ||||||
19,602 | Siemens AG (Industrials) | 3,008,014 | ||||||
10,686 | Siemens Energy AG (Industrials)*(c) | 214,978 | ||||||
6,799 | Siemens Healthineers AG (Health Care)(a) | 356,047 | ||||||
3,156 | Symrise AG (Materials) | 323,984 | ||||||
1,317 | Talanx AG (Financials) | 63,074 | ||||||
19,251 | Telefonica Deutschland Holding AG (Communication Services) | 58,613 | ||||||
1,903 | Vantage Towers AG (Communication Services) | 68,616 | ||||||
702 | Volkswagen AG (Consumer Discretionary) | 125,667 | ||||||
18,542 | Vonovia SE (Real Estate) | 468,982 | ||||||
5,729 | Zalando SE (Consumer Discretionary)*(a) | 228,443 | ||||||
|
| |||||||
27,225,133 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Guatemala – 0.0% | ||||||||
3,896 | Millicom International Cellular SA SDR (Communication Services)* | $ | 77,183 | |||||
|
| |||||||
Hong Kong – 2.6% | ||||||||
288,688 | AIA Group Ltd. (Financials) | 3,061,759 | ||||||
23,722 | Cathay Pacific Airways Ltd. (Industrials)* | 23,331 | ||||||
39,063 | CK Asset Holdings Ltd. (Real Estate) | 244,844 | ||||||
14,896 | CK Infrastructure Holdings Ltd. (Utilities) | 78,565 | ||||||
46,333 | CLP Holdings Ltd. (Utilities) | 327,893 | ||||||
1,943 | Futu Holdings Ltd. ADR (Financials)* | 95,615 | ||||||
42,798 | Hang Lung Properties Ltd. (Real Estate) | 82,548 | ||||||
17,748 | Hang Seng Bank Ltd. (Financials) | 288,508 | ||||||
32,220 | Henderson Land Development Co. Ltd. (Real Estate) | 113,085 | ||||||
55,766 | HK Electric Investments & HK Electric Investments Ltd. (Utilities)(c) | 35,664 | ||||||
83,538 | HKT Trust & HKT Ltd. (Communication Services) | 108,553 | ||||||
266,172 | Hong Kong & China Gas Co. Ltd. (Utilities) | 250,251 | ||||||
31,078 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1,245,575 | ||||||
27,061 | Hongkong Land Holdings Ltd. (Real Estate) | 123,669 | ||||||
4,829 | Jardine Matheson Holdings Ltd. (Industrials) | 239,132 | ||||||
52,164 | Link REIT (Real Estate) | 342,909 | ||||||
38,365 | MTR Corp. Ltd. (Industrials) | 193,303 | ||||||
33,558 | New World Development Co. Ltd. (Real Estate) | 91,275 | ||||||
33,445 | Power Assets Holdings Ltd. (Utilities) | 178,953 | ||||||
67,385 | Prudential PLC (Financials) | 1,035,654 | ||||||
240,486 | Sino Biopharmaceutical Ltd. (Health Care) | 124,080 | ||||||
82,901 | Sino Land Co. Ltd. (Real Estate) | 106,247 | ||||||
35,645 | Sun Hung Kai Properties Ltd. (Real Estate) | 486,801 | ||||||
10,363 | Swire Pacific Ltd., Class A (Real Estate) | 84,494 | ||||||
19,037 | Swire Pacific Ltd., Class B (Real Estate) | 24,058 | ||||||
25,810 | Swire Properties Ltd. (Real Estate) | 67,899 | ||||||
33,780 | Techtronic Industries Co. Ltd. (Industrials) | 335,885 | ||||||
185,308 | WH Group Ltd. (Consumer Staples)(a) | 107,651 | ||||||
36,138 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 197,966 | ||||||
|
| |||||||
9,696,167 | ||||||||
|
| |||||||
Ireland – 0.6% | ||||||||
3,147 | AerCap Holdings NV (Industrials)* | 196,499 | ||||||
18,269 | CRH PLC (Materials) | 862,543 | ||||||
3,833 | Kerry Group PLC, Class A (Consumer Staples) | 368,361 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Ireland – (continued) | ||||||||
3,751 | Kingspan Group PLC (Industrials) | 244,962 | ||||||
4,816 | Ryanair Holdings PLC ADR (Industrials)* | 446,780 | ||||||
6,280 | Smurfit Kappa Group PLC (Materials) | 235,562 | ||||||
|
| |||||||
2,354,707 | ||||||||
|
| |||||||
Israel – 0.8% | ||||||||
1,594 | Airport City Ltd. (Real Estate)* | 21,067 | ||||||
3,741 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 32,576 | ||||||
5,270 | Amot Investments Ltd. (Real Estate) | 26,112 | ||||||
941 | Ashtrom Group Ltd. (Industrials) | 14,425 | ||||||
897 | Azrieli Group Ltd. (Real Estate) | 50,338 | ||||||
29,023 | Bank Hapoalim BM (Financials) | 242,957 | ||||||
36,728 | Bank Leumi Le-Israel BM (Financials) | 285,841 | ||||||
49,720 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 68,843 | ||||||
327 | Big Shopping Centers Ltd. (Real Estate)*(c) | 28,367 | ||||||
2,464 | Check Point Software Technologies Ltd. (Information Technology)* | 304,846 | ||||||
232 | Delek Group Ltd. (Energy)* | 21,828 | ||||||
608 | Elbit Systems Ltd. (Industrials) | 103,092 | ||||||
227 | Elco Ltd. (Industrials) | 8,377 | ||||||
6,331 | Energix-Renewable Energies Ltd. (Utilities) | 17,418 | ||||||
2,452 | Enlight Renewable Energy Ltd. (Utilities)* | 40,119 | ||||||
160 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)* | 13,324 | ||||||
1,271 | First International Bank Of Israel Ltd. (The) (Financials) | 45,057 | ||||||
192 | Fox Wizel Ltd. (Consumer Discretionary) | 15,269 | ||||||
700 | Gav-Yam Lands Corp. Ltd. (Real Estate) | 5,003 | ||||||
1,970 | Global-e Online Ltd. (Consumer Discretionary)* | 55,751 | ||||||
2,719 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 22,888 | ||||||
17,703 | ICL Group Ltd. (Materials) | 128,714 | ||||||
96 | Israel Corp. Ltd. (Materials) | 32,771 | ||||||
28,967 | Israel Discount Bank Ltd., Class A (Financials) | 137,500 | ||||||
1,594 | JFrog Ltd. (Information Technology)* | 36,662 | ||||||
1,219 | Kornit Digital Ltd. (Industrials)* | 24,990 | ||||||
794 | Matrix IT Ltd. (Information Technology) | 14,532 | ||||||
1,175 | Maytronics Ltd. (Consumer Discretionary) | 14,153 | ||||||
564 | Melisron Ltd. (Real Estate) | 33,750 | ||||||
15,532 | Mivne Real Estate KD Ltd. (Real Estate) | 40,159 | ||||||
3,686 | Mizrahi Tefahot Bank Ltd. (Financials) | 109,682 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
1,137 | Mobileye Global, Inc., Class A (Consumer Discretionary)*(c) | $ | 44,923 | |||||
1,559 | Nice Ltd. (Information Technology)* | 322,640 | ||||||
657 | Nova Ltd. (Information Technology)* | 59,981 | ||||||
2,590 | OPC Energy Ltd. (Utilities)* | 20,965 | ||||||
4,003 | Phoenix Holdings Ltd. (The) (Financials) | 38,233 | ||||||
2,218 | Plus500 Ltd. (Financials) | 48,200 | ||||||
3,480 | Shapir Engineering and Industry Ltd. (Industrials) | 22,959 | ||||||
6,401 | Shikun & Binui Ltd. (Industrials)* | 14,603 | ||||||
6,506 | Shufersal Ltd. (Consumer Staples) | 33,590 | ||||||
1,222 | Strauss Group Ltd. (Consumer Staples) | 27,832 | ||||||
27,087 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 269,313 | ||||||
2,681 | Tower Semiconductor Ltd. (Information Technology)* | 109,647 | ||||||
1,363 | Wix.com Ltd. (Information Technology)* | 123,392 | ||||||
1,978 | ZIM Integrated Shipping Services Ltd. (Industrials)(c) | 46,800 | ||||||
|
| |||||||
3,179,489 | ||||||||
|
| |||||||
Italy – 2.2% | ||||||||
37,817 | A2A SpA (Utilities) | 55,966 | ||||||
3,044 | Amplifon SpA (Health Care) | 88,387 | ||||||
27,372 | Assicurazioni Generali SpA (Financials) | 543,114 | ||||||
4,681 | Banca Mediolanum SpA (Financials) | 45,552 | ||||||
13,024 | Davide Campari-Milano NV (Consumer Staples) | 146,338 | ||||||
552 | DiaSorin SpA (Health Care) | 66,823 | ||||||
190,586 | Enel SpA (Utilities) | 1,074,654 | ||||||
59,609 | Eni SpA (Energy) | 844,937 | ||||||
3,285 | Ferrari NV (Consumer Discretionary) | 854,562 | ||||||
14,968 | FinecoBank Banca Fineco SpA (Financials) | 259,533 | ||||||
20,851 | Hera SpA (Utilities) | 55,790 | ||||||
8,395 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | 92,768 | ||||||
1,757 | Interpump Group SpA (Industrials) | 96,798 | ||||||
413,108 | Intesa Sanpaolo SpA (Financials) | 1,122,196 | ||||||
9,684 | Leonardo SpA (Industrials) | 109,015 | ||||||
15,213 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 162,947 | ||||||
4,821 | Moncler SpA (Consumer Discretionary) | 295,512 | ||||||
15,269 | Nexi SpA (Information Technology)*(a) | 123,907 | ||||||
9,624 | Pirelli & C SpA (Consumer Discretionary)(a) | 49,215 | ||||||
11,324 | Poste Italiane SpA (Financials)(a) | 122,493 | ||||||
12,570 | PRADA SpA (Consumer Discretionary) | 85,033 | ||||||
6,274 | Prysmian SpA (Industrials) | 241,991 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Italy – (continued) | ||||||||
2,391 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 101,781 | ||||||
50,287 | Snam SpA (Utilities) | 247,768 | ||||||
811 | Stevanato Group SpA (Health Care) | 17,639 | ||||||
247,015 | Telecom Italia SpA (Communication Services)* | 80,998 | ||||||
147,878 | Telecom Italia SpA-RSP (Communication Services)* | 47,675 | ||||||
34,516 | Terna – Rete Elettrica Nazionale (Utilities) | 260,915 | ||||||
44,783 | UniCredit SpA (Financials) | 918,883 | ||||||
10,437 | UnipolSai Assicurazioni SpA (Financials) | 26,631 | ||||||
|
| |||||||
8,239,821 | ||||||||
|
| |||||||
Japan – 22.5% | ||||||||
758 | ABC-Mart, Inc. (Consumer Discretionary) | 37,339 | ||||||
9,307 | Acom Co. Ltd. (Financials) | 22,889 | ||||||
4,492 | Advantest Corp. (Information Technology) | 356,484 | ||||||
18,031 | Aeon Co. Ltd. (Consumer Staples) | 336,224 | ||||||
2,257 | Aeon Mall Co. Ltd. (Real Estate) | 29,460 | ||||||
4,767 | AGC, Inc. (Industrials) | 176,381 | ||||||
4,837 | Air Water, Inc. (Materials) | 58,130 | ||||||
3,797 | Aisin Corp. (Consumer Discretionary) | 103,974 | ||||||
12,866 | Ajinomoto Co., Inc. (Consumer Staples) | 379,515 | ||||||
4,336 | Alfresa Holdings Corp. (Health Care) | 52,396 | ||||||
8,280 | Amada Co. Ltd. (Industrials) | 75,314 | ||||||
10,689 | ANA Holdings, Inc. (Industrials)*(c) | 216,856 | ||||||
11,856 | Asahi Group Holdings Ltd. (Consumer Staples) | 419,179 | ||||||
5,371 | Asahi Intecc Co. Ltd. (Health Care) | 91,478 | ||||||
32,511 | Asahi Kasei Corp. (Materials) | 226,693 | ||||||
44,458 | Astellas Pharma, Inc. (Health Care) | 626,325 | ||||||
3,139 | Azbil Corp. (Information Technology) | 81,577 | ||||||
4,601 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 284,204 | ||||||
3,230 | BayCurrent Consulting, Inc. (Industrials) | 126,862 | ||||||
1,823 | Benefit One, Inc. (Industrials) | 27,944 | ||||||
13,796 | Bridgestone Corp. (Consumer Discretionary) | 529,194 | ||||||
5,981 | Brother Industries Ltd. (Information Technology) | 87,949 | ||||||
1,933 | Calbee, Inc. (Consumer Staples) | 38,329 | ||||||
24,301 | Canon, Inc. (Information Technology) | 524,590 | ||||||
4,002 | Capcom Co. Ltd. (Communication Services) | 125,893 | ||||||
5,210 | Casio Computer Co. Ltd. (Consumer Discretionary) | 51,062 | ||||||
4,175 | Central Japan Railway Co. (Industrials) | 469,253 | ||||||
16,281 | Chiba Bank Ltd. (The) (Financials) | 119,166 | ||||||
17,871 | Chubu Electric Power Co., Inc. (Utilities) | 185,250 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
15,631 | Chugai Pharmaceutical Co. Ltd. (Health Care) | $ | 389,470 | |||||
7,661 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 37,738 | ||||||
2,966 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 31,224 | ||||||
26,305 | Concordia Financial Group Ltd. (Financials) | 112,972 | ||||||
456 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 41,779 | ||||||
10,103 | CyberAgent, Inc. (Communication Services) | 86,482 | ||||||
5,695 | Dai Nippon Printing Co. Ltd. (Industrials) | 152,603 | ||||||
2,823 | Daifuku Co. Ltd. (Industrials) | 153,984 | ||||||
23,867 | Dai-ichi Life Holdings, Inc. (Financials) | 508,739 | ||||||
46,386 | Daiichi Sankyo Co. Ltd. (Health Care) | 1,458,512 | ||||||
6,512 | Daikin Industries Ltd. (Industrials) | 1,116,049 | ||||||
1,462 | Daito Trust Construction Co. Ltd. (Real Estate) | 137,705 | ||||||
14,973 | Daiwa House Industry Co. Ltd. (Real Estate) | 345,484 | ||||||
53 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 109,373 | ||||||
33,634 | Daiwa Securities Group, Inc. (Financials) | 160,744 | ||||||
10,526 | Denso Corp. (Consumer Discretionary) | 559,393 | ||||||
4,339 | Dentsu Group, Inc. (Communication Services) | 139,202 | ||||||
699 | Disco Corp. (Information Technology) | 219,119 | ||||||
8,366 | East Japan Railway Co. (Industrials) | 424,150 | ||||||
2,243 | Ebara Corp. (Industrials) | 95,342 | ||||||
6,809 | Eisai Co. Ltd. (Health Care) | 367,506 | ||||||
4,051 | Electric Power Development Co. Ltd. (Utilities) | 64,654 | ||||||
71,071 | ENEOS Holdings, Inc. (Energy) | 245,382 | ||||||
4,644 | FANUC Corp. (Industrials) | 789,939 | ||||||
4,095 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 808,688 | ||||||
2,634 | Food & Life Cos. Ltd. (Consumer Discretionary) | 66,713 | ||||||
3,200 | Fuji Electric Co. Ltd. (Industrials) | 123,569 | ||||||
9,168 | FUJIFILM Holdings Corp. (Information Technology) | 427,658 | ||||||
4,588 | Fujitsu Ltd. (Information Technology) | 590,109 | ||||||
4,166 | Fukuoka Financial Group, Inc. (Financials) | 92,975 | ||||||
112 | GLP J REIT (Real Estate) | 117,661 | ||||||
1,070 | GMO Payment Gateway, Inc. (Information Technology) | 87,900 | ||||||
5,376 | Hakuhodo DY Holdings, Inc. (Communication Services) | 59,911 | ||||||
3,454 | Hamamatsu Photonics KK (Information Technology) | 169,385 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
5,635 | Hankyu Hanshin Holdings, Inc. (Industrials) | 160,303 | ||||||
1,283 | Harmonic Drive Systems, Inc. (Industrials) | 45,541 | ||||||
6,104 | Haseko Corp. (Consumer Discretionary) | 70,040 | ||||||
540 | Hikari Tsushin, Inc. (Consumer Discretionary) | 78,375 | ||||||
6,598 | Hino Motors Ltd. (Industrials)* | 26,835 | ||||||
736 | Hirose Electric Co. Ltd. (Information Technology) | 89,964 | ||||||
1,599 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 44,842 | ||||||
2,515 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 56,221 | ||||||
22,049 | Hitachi Ltd. (Industrials) | 1,115,278 | ||||||
38,640 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1,004,756 | ||||||
2,589 | Hoshizaki Corp. (Industrials) | 91,707 | ||||||
8,527 | Hoya Corp. (Health Care) | 843,216 | ||||||
11,654 | Hulic Co. Ltd. (Real Estate) | 92,743 | ||||||
2,885 | Ibiden Co. Ltd. (Information Technology) | 99,015 | ||||||
5,132 | Idemitsu Kosan Co. Ltd. (Energy) | 114,346 | ||||||
3,504 | IHI Corp. (Industrials) | 90,934 | ||||||
3,564 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 59,210 | ||||||
22,307 | Inpex Corp. (Energy) | 234,673 | ||||||
8,237 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 84,115 | ||||||
14,494 | Isuzu Motors Ltd. (Consumer Discretionary) | 173,334 | ||||||
1,358 | Ito En Ltd. (Consumer Staples) | 45,760 | ||||||
35,548 | ITOCHU Corp. (Industrials) | 1,061,886 | ||||||
2,085 | Itochu Techno-Solutions Corp. (Information Technology) | 46,379 | ||||||
6,022 | J Front Retailing Co. Ltd. (Consumer Discretionary)(c) | 55,881 | ||||||
10,359 | Japan Airlines Co. Ltd. (Industrials)* | 194,989 | ||||||
12,837 | Japan Exchange Group, Inc. (Financials) | 191,497 | ||||||
171 | Japan Metropolitan Fund Invest REIT (Real Estate) | 128,424 | ||||||
9,791 | Japan Post Bank Co. Ltd. (Financials)(c) | 84,530 | ||||||
52,331 | Japan Post Holdings Co. Ltd. (Financials) | 464,857 | ||||||
4,707 | Japan Post Insurance Co. Ltd. (Financials) | 81,620 | ||||||
27,018 | Japan Tobacco, Inc. (Consumer Staples) | 549,325 | ||||||
12,166 | JFE Holdings, Inc. (Materials) | 150,585 | ||||||
5,507 | JGC Holdings Corp. (Industrials) | 70,912 | ||||||
4,834 | JSR Corp. (Materials) | 109,835 | ||||||
5,431 | JTEKT Corp. (Consumer Discretionary) | 40,549 | ||||||
10,309 | Kajima Corp. (Industrials) | 123,134 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
3,064 | Kakaku.com, Inc. (Communication Services) | $ | 45,708 | |||||
18,049 | Kansai Electric Power Co., Inc. (The) (Utilities) | 169,870 | ||||||
4,829 | Kansai Paint Co. Ltd. (Materials) | 64,734 | ||||||
11,272 | Kao Corp. (Consumer Staples) | 421,205 | ||||||
3,766 | Kawasaki Heavy Industries Ltd. (Industrials) | 82,224 | ||||||
4,191 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 100,456 | ||||||
36,128 | KDDI Corp. (Communication Services) | 1,057,198 | ||||||
2,407 | Keihan Holdings Co. Ltd. (Industrials) | 59,196 | ||||||
5,836 | Keikyu Corp. (Industrials) | 54,369 | ||||||
2,635 | Keio Corp. (Industrials) | 91,789 | ||||||
3,577 | Keisei Electric Railway Co. Ltd. (Industrials) | 103,333 | ||||||
2,499 | Kewpie Corp. (Consumer Staples) | 40,380 | ||||||
4,592 | Keyence Corp. (Information Technology) | 1,985,265 | ||||||
3,439 | Kikkoman Corp. (Consumer Staples) | 160,822 | ||||||
4,468 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 135,304 | ||||||
18,409 | Kirin Holdings Co. Ltd. (Consumer Staples) | 275,564 | ||||||
1,154 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 69,470 | ||||||
3,315 | Kobe Bussan Co. Ltd. (Consumer Staples) | 90,654 | ||||||
2,766 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 46,339 | ||||||
6,031 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 101,258 | ||||||
22,778 | Komatsu Ltd. (Industrials) | 545,140 | ||||||
2,339 | Konami Group Corp. (Communication Services) | 103,200 | ||||||
801 | Kose Corp. (Consumer Staples) | 90,499 | ||||||
28,567 | Kubota Corp. (Industrials) | 431,079 | ||||||
7,778 | Kuraray Co. Ltd. (Materials) | 69,720 | ||||||
2,703 | Kurita Water Industries Ltd. (Industrials) | 122,237 | ||||||
8,100 | Kyocera Corp. (Information Technology) | 398,890 | ||||||
6,054 | Kyowa Kirin Co. Ltd. (Health Care) | 129,556 | ||||||
10,723 | Kyushu Electric Power Co., Inc. (Utilities) | 56,994 | ||||||
3,340 | Kyushu Railway Co. (Industrials) | 73,045 | ||||||
1,883 | Lasertec Corp. (Information Technology) | 306,196 | ||||||
1,094 | Lawson, Inc. (Consumer Staples) | 43,048 | ||||||
6,180 | Lion Corp. (Consumer Staples) | 66,602 | ||||||
6,830 | Lixil Corp. (Industrials) | 108,857 | ||||||
10,017 | M3, Inc. (Health Care) | 239,146 | ||||||
5,975 | Makita Corp. (Industrials) | 149,139 | ||||||
40,713 | Marubeni Corp. (Industrials) | 520,065 | ||||||
4,292 | Marui Group Co. Ltd. (Financials) | 65,350 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
2,980 | MatsukiyoCocokara & Co. (Consumer Staples) | 138,483 | ||||||
14,302 | Mazda Motor Corp. (Consumer Discretionary) | 128,830 | ||||||
2,087 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 82,582 | ||||||
24,719 | Mebuki Financial Group, Inc. (Financials) | 66,418 | ||||||
4,276 | Medipal Holdings Corp. (Health Care) | 56,034 | ||||||
3,223 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 147,645 | ||||||
2,520 | Mercari, Inc. (Consumer Discretionary)* | 44,733 | ||||||
9,449 | MINEBEA MITSUMI, Inc. (Industrials) | 163,848 | ||||||
6,966 | MISUMI Group, Inc. (Industrials) | 165,693 | ||||||
32,574 | Mitsubishi Chemical Group Corp. (Materials) | 189,635 | ||||||
32,966 | Mitsubishi Corp. (Industrials) | 1,120,285 | ||||||
48,045 | Mitsubishi Electric Corp. (Industrials) | 540,711 | ||||||
28,556 | Mitsubishi Estate Co. Ltd. (Real Estate) | 355,443 | ||||||
4,641 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 65,723 | ||||||
18,336 | Mitsubishi HC Capital, Inc. (Financials) | 95,708 | ||||||
7,594 | Mitsubishi Heavy Industries Ltd. (Industrials) | 279,587 | ||||||
3,076 | Mitsubishi Materials Corp. (Materials) | 47,874 | ||||||
15,800 | Mitsubishi Motors Corp. (Consumer Discretionary)* | 62,288 | ||||||
264,963 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,877,295 | ||||||
35,837 | Mitsui & Co. Ltd. (Industrials) | 1,006,062 | ||||||
4,158 | Mitsui Chemicals, Inc. (Materials) | 100,276 | ||||||
21,439 | Mitsui Fudosan Co. Ltd. (Real Estate) | 408,429 | ||||||
8,613 | Mitsui OSK Lines Ltd. (Industrials)(c) | 225,102 | ||||||
2,281 | Miura Co. Ltd. (Industrials) | 55,009 | ||||||
58,241 | Mizuho Financial Group, Inc. (Financials) | 907,510 | ||||||
5,967 | MonotaRO Co. Ltd. (Industrials) | 81,128 | ||||||
9,589 | MS&AD Insurance Group Holdings, Inc. (Financials) | 313,403 | ||||||
15,031 | Murata Manufacturing Co. Ltd. (Information Technology) | 807,745 | ||||||
2,622 | Nabtesco Corp. (Industrials) | 67,756 | ||||||
4,732 | Nagoya Railroad Co. Ltd. (Industrials) | 71,806 | ||||||
6,010 | NEC Corp. (Information Technology) | 215,092 | ||||||
10,882 | Nexon Co. Ltd. (Communication Services) | 235,831 | ||||||
7,359 | NGK Insulators Ltd. (Industrials) | 97,677 | ||||||
4,682 | NGK Spark Plug Co. Ltd. (Consumer Discretionary)(c) | 94,145 | ||||||
2,487 | NH Foods Ltd. (Consumer Staples) | 68,650 | ||||||
2,921 | Nichirei Corp. (Consumer Staples) | 57,642 | ||||||
12,091 | Nidec Corp. (Industrials) | 612,117 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,214 | Nihon M&A Center Holdings, Inc. (Industrials) | $ | 60,216 | |||||
8,244 | Nikon Corp. (Consumer Discretionary) | 81,705 | ||||||
28,049 | Nintendo Co. Ltd. (Communication Services) | 1,055,119 | ||||||
41 | Nippon Building Fund, Inc. REIT (Real Estate) | 173,072 | ||||||
1,990 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 111,030 | ||||||
22,068 | Nippon Paint Holdings Co. Ltd. (Materials) | 192,628 | ||||||
58 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 123,737 | ||||||
4,354 | Nippon Sanso Holdings Corp. (Materials) | 77,609 | ||||||
1,543 | Nippon Shinyaku Co. Ltd. (Health Care) | 69,099 | ||||||
21,060 | Nippon Steel Corp. (Materials) | 469,546 | ||||||
52,369 | Nippon Telegraph & Telephone Corp. (Communication Services) | 1,517,457 | ||||||
3,565 | Nippon Television Holdings, Inc. (Communication Services) | 29,339 | ||||||
11,916 | Nippon Yusen KK (Industrials)(c) | 308,977 | ||||||
3,156 | Nissan Chemical Corp. (Materials) | 138,552 | ||||||
54,175 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 209,835 | ||||||
5,808 | Nisshin Seifun Group, Inc. (Consumer Staples) | 67,113 | ||||||
1,597 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 132,951 | ||||||
1,997 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 225,774 | ||||||
3,581 | Nitto Denko Corp. (Materials) | 215,572 | ||||||
71,796 | Nomura Holdings, Inc. (Financials) | 295,849 | ||||||
2,660 | Nomura Real Estate Holdings, Inc. (Real Estate) | 59,267 | ||||||
110 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 121,940 | ||||||
7,894 | Nomura Research Institute Ltd. (Information Technology) | 176,176 | ||||||
11,516 | NSK Ltd. (Industrials) | 63,745 | ||||||
14,688 | NTT Data Corp. (Information Technology) | 203,798 | ||||||
16,106 | Obayashi Corp. (Industrials) | 119,067 | ||||||
673 | OBIC Business Consultants Co. Ltd. (Information Technology) | 23,419 | ||||||
1,534 | Obic Co. Ltd. (Information Technology) | 224,556 | ||||||
8,349 | Odakyu Electric Railway Co. Ltd. (Industrials) | 101,194 | ||||||
21,376 | Oji Holdings Corp. (Materials) | 86,781 | ||||||
29,773 | Olympus Corp. (Health Care) | 501,408 | ||||||
4,601 | Omron Corp. (Information Technology) | 246,981 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
9,752 | Ono Pharmaceutical Co. Ltd. (Health Care) | 199,028 | ||||||
1,803 | Open House Group Co. Ltd. (Consumer Discretionary) | 64,859 | ||||||
814 | Oracle Corp. Japan (Information Technology) | 55,456 | ||||||
4,876 | Oriental Land Co. Ltd. (Consumer Discretionary) | 778,750 | ||||||
27,485 | ORIX Corp. (Financials) | 492,638 | ||||||
68 | Orix JREIT, Inc. REIT (Real Estate) | 91,056 | ||||||
9,701 | Osaka Gas Co. Ltd. (Utilities) | 157,606 | ||||||
2,647 | Otsuka Corp. (Information Technology) | 89,195 | ||||||
9,914 | Otsuka Holdings Co. Ltd. (Health Care) | 300,881 | ||||||
9,360 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 171,100 | ||||||
52,793 | Panasonic Holdings Corp. (Consumer Discretionary) | 460,047 | ||||||
3,117 | Park24 Co. Ltd. (Industrials)* | 45,629 | ||||||
4,397 | Persol Holdings Co. Ltd. (Industrials) | 88,027 | ||||||
2,022 | Pola Orbis Holdings, Inc. (Consumer Staples) | 25,770 | ||||||
2,050 | Rakus Co. Ltd. (Information Technology) | 25,509 | ||||||
22,070 | Rakuten Group, Inc. (Consumer Discretionary) | 108,880 | ||||||
33,990 | Recruit Holdings Co. Ltd. (Industrials) | 924,266 | ||||||
28,098 | Renesas Electronics Corp. (Information Technology)* | 363,872 | ||||||
56,663 | Resona Holdings, Inc. (Financials) | 311,945 | ||||||
4,371 | Resonac Holdings Corp. (Materials) | 71,783 | ||||||
13,642 | Ricoh Co. Ltd. (Information Technology) | 105,959 | ||||||
833 | Rinnai Corp. (Consumer Discretionary) | 58,401 | ||||||
2,094 | Rohm Co. Ltd. (Information Technology) | 161,106 | ||||||
5,958 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 59,967 | ||||||
8,938 | Santen Pharmaceutical Co. Ltd. (Health Care) | 68,242 | ||||||
6,556 | SBI Holdings, Inc. (Financials) | 141,357 | ||||||
1,791 | SBI Shinsei Bank Ltd. (Financials) | 32,582 | ||||||
1,072 | SCREEN Holdings Co. Ltd. (Information Technology) | 85,546 | ||||||
3,512 | SCSK Corp. (Information Technology) | 50,921 | ||||||
5,086 | Secom Co. Ltd. (Industrials) | 295,829 | ||||||
3,795 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 64,859 | ||||||
5,467 | Seibu Holdings, Inc. (Industrials) | 55,025 | ||||||
7,011 | Seiko Epson Corp. (Information Technology) | 96,609 | ||||||
9,503 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 127,321 | ||||||
|
|
44 | 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) | ||||||||
14,479 | Sekisui House Ltd. (Consumer Discretionary) | $ | 274,188 | |||||
18,141 | Seven & i Holdings Co. Ltd. (Consumer Staples)(c) | 811,061 | ||||||
14,845 | Seven Bank Ltd. (Financials) | 29,861 | ||||||
9,901 | SG Holdings Co. Ltd. (Industrials) | 142,684 | ||||||
6,587 | Sharp Corp. (Consumer Discretionary)(c) | 45,456 | ||||||
6,929 | Shimadzu Corp. (Information Technology) | 200,166 | ||||||
563 | Shimamura Co. Ltd. (Consumer Discretionary) | 52,574 | ||||||
1,949 | Shimano, Inc. (Consumer Discretionary) | 303,550 | ||||||
13,374 | Shimizu Corp. (Industrials) | 72,165 | ||||||
9,473 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1,331,777 | ||||||
1,628 | Shinko Electric Industries Co. Ltd. (Information Technology) | 44,640 | ||||||
7,173 | Shionogi & Co. Ltd. (Health Care) | 319,063 | ||||||
9,730 | Shiseido Co. Ltd. (Consumer Staples) | 447,945 | ||||||
13,155 | Shizuoka Financial Group, Inc. (Financials) | 105,074 | ||||||
1,505 | SMC Corp. (Industrials) | 763,466 | ||||||
68,405 | SoftBank Corp. (Communication Services) | 772,108 | ||||||
25,809 | SoftBank Group Corp. (Communication Services) | 1,045,320 | ||||||
1,792 | Sohgo Security Services Co. Ltd. (Industrials) | 47,032 | ||||||
5,599 | Sojitz Corp. (Industrials) | 107,446 | ||||||
7,543 | Sompo Holdings, Inc. (Financials) | 323,339 | ||||||
30,259 | Sony Group Corp. (Consumer Discretionary) | 2,539,077 | ||||||
2,158 | Square Enix Holdings Co. Ltd. (Communication Services) | 96,165 | ||||||
3,403 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 70,950 | ||||||
14,897 | Subaru Corp. (Consumer Discretionary) | 239,233 | ||||||
834 | Sugi Holdings Co. Ltd. (Consumer Staples) | 34,899 | ||||||
8,343 | SUMCO Corp. (Information Technology) | 115,086 | ||||||
38,755 | Sumitomo Chemical Co. Ltd. (Materials) | 135,713 | ||||||
28,912 | Sumitomo Corp. (Industrials) | 493,063 | ||||||
18,176 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 223,572 | ||||||
2,813 | Sumitomo Heavy Industries Ltd. (Industrials) | 66,187 | ||||||
6,069 | Sumitomo Metal Mining Co. Ltd. (Materials) | 225,446 | ||||||
29,535 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 1,294,887 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,495 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 277,593 | ||||||
4,189 | Sumitomo Pharma Co. Ltd. (Health Care) | 26,232 | ||||||
7,463 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 176,145 | ||||||
4,345 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 39,107 | ||||||
1,655 | Sundrug Co. Ltd. (Consumer Staples) | 44,772 | ||||||
3,053 | Suntory Beverage & Food Ltd. (Consumer Staples) | 107,135 | ||||||
1,446 | Suzuken Co. Ltd. (Health Care) | 36,518 | ||||||
10,192 | Suzuki Motor Corp. (Consumer Discretionary) | 357,878 | ||||||
3,735 | Sysmex Corp. (Health Care) | 223,774 | ||||||
12,516 | T&D Holdings, Inc. (Financials) | 189,373 | ||||||
4,225 | Taisei Corp. (Industrials) | 137,716 | ||||||
989 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 38,989 | ||||||
3,000 | Taiyo Yuden Co. Ltd. (Information Technology) | 90,849 | ||||||
37,627 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,163,491 | ||||||
2,199 | TBS Holdings, Inc. (Communication Services) | 28,881 | ||||||
9,276 | TDK Corp. (Information Technology) | 310,528 | ||||||
4,432 | Teijin Ltd. (Materials) | 46,040 | ||||||
17,240 | Terumo Corp. (Health Care) | 463,353 | ||||||
2,839 | THK Co. Ltd. (Industrials) | 63,568 | ||||||
5,396 | TIS, Inc. (Information Technology) | 133,895 | ||||||
4,795 | Tobu Railway Co. Ltd. (Industrials) | 107,013 | ||||||
142 | Toei Animation Co. Ltd. (Communication Services) | 14,219 | ||||||
2,589 | Toho Co. Ltd. (Communication Services) | 90,092 | ||||||
2,187 | Toho Gas Co. Ltd. (Utilities) | 41,054 | ||||||
11,362 | Tohoku Electric Power Co., Inc. (Utilities) | 54,135 | ||||||
45,168 | Tokio Marine Holdings, Inc. (Financials) | 958,471 | ||||||
933 | Tokyo Century Corp. (Financials) | 31,199 | ||||||
36,422 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 120,859 | ||||||
3,662 | Tokyo Electron Ltd. (Information Technology) | 1,255,750 | ||||||
10,054 | Tokyo Gas Co. Ltd. (Utilities) | 193,972 | ||||||
13,465 | Tokyu Corp. (Industrials) | 162,116 | ||||||
14,324 | Tokyu Fudosan Holdings Corp. (Real Estate) | 69,194 | ||||||
6,475 | TOPPAN, Inc. (Industrials) | 117,079 | ||||||
36,717 | Toray Industries, Inc. (Materials) | 210,035 | ||||||
10,279 | Toshiba Corp. (Industrials) | 318,222 | ||||||
7,038 | Tosoh Corp. (Materials) | 95,690 | ||||||
3,741 | TOTO Ltd. (Industrials) | 124,824 | ||||||
2,151 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 87,010 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
1,784 | Toyota Boshoku Corp. (Consumer Discretionary) | $ | 27,739 | |||||
3,793 | Toyota Industries Corp. (Industrials) | 222,487 | ||||||
265,055 | Toyota Motor Corp. (Consumer Discretionary) | 3,624,160 | ||||||
5,424 | Toyota Tsusho Corp. (Industrials) | 221,396 | ||||||
3,239 | Trend Micro, Inc. (Information Technology) | 152,421 | ||||||
912 | Tsuruha Holdings, Inc. (Consumer Staples) | 64,208 | ||||||
9,716 | Unicharm Corp. (Consumer Staples) | 359,709 | ||||||
75 | United Urban Investment Corp. REIT (Real Estate) | 82,810 | ||||||
4,899 | USS Co. Ltd. (Consumer Discretionary) | 79,447 | ||||||
2,259 | Welcia Holdings Co. Ltd. (Consumer Staples) | 49,404 | ||||||
5,434 | West Japan Railway Co. (Industrials) | 210,794 | ||||||
507 | Workman Co. Ltd. (Consumer Discretionary) | 21,402 | ||||||
3,107 | Yakult Honsha Co. Ltd. (Consumer Staples) | 211,901 | ||||||
15,045 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 52,906 | ||||||
4,005 | Yamaha Corp. (Consumer Discretionary) | 152,009 | ||||||
7,435 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 190,221 | ||||||
7,554 | Yamato Holdings Co. Ltd. (Industrials) | 127,605 | ||||||
3,160 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 36,677 | ||||||
6,113 | Yaskawa Electric Corp. (Industrials) | 240,544 | ||||||
6,280 | Yokogawa Electric Corp. (Information Technology) | 93,775 | ||||||
3,241 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 61,482 | ||||||
64,279 | Z Holdings Corp. (Communication Services) | 173,987 | ||||||
2,868 | ZOZO, Inc. (Consumer Discretionary) | 63,691 | ||||||
|
| |||||||
84,870,003 | ||||||||
|
| |||||||
Jordan – 0.0% | ||||||||
3,231 | Hikma Pharmaceuticals PLC (Health Care) | 67,749 | ||||||
|
| |||||||
Luxembourg – 0.1% | ||||||||
11,435 | ArcelorMittal (Materials) | 344,948 | ||||||
3,162 | Eurofins Scientific SE (Health Care) | 221,318 | ||||||
|
| |||||||
566,266 | ||||||||
|
| |||||||
Macau – 0.1% | ||||||||
52,778 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 350,979 | ||||||
59,743 | Sands China Ltd. (Consumer Discretionary)* | 207,021 | ||||||
|
| |||||||
558,000 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Mexico – 0.0% | ||||||||
4,521 | Fresnillo PLC (Materials) | 41,784 | ||||||
|
| |||||||
Netherlands – 5.2% | ||||||||
648 | Adyen NV (Information Technology)*(a) | 924,427 | ||||||
4,275 | Akzo Nobel NV (Materials) | 313,909 | ||||||
1,350 | Argenx SE ADR (Health Care)* | 494,127 | ||||||
1,105 | ASM International NV (Information Technology) | 378,509 | ||||||
9,887 | ASML Holding NV (Information Technology) | 6,123,338 | ||||||
2,517 | EXOR NV (Financials)* | 208,097 | ||||||
2,171 | HAL Trust (Financials) | 287,793 | ||||||
2,291 | Heineken Holding NV (Consumer Staples) | 196,677 | ||||||
5,835 | Heineken NV (Consumer Staples) | 597,144 | ||||||
91,398 | ING Groep NV (Financials) | 1,285,842 | ||||||
2,341 | JDE Peet’s NV (Consumer Staples) | 69,116 | ||||||
22,834 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 726,827 | ||||||
4,214 | Koninklijke DSM NV (Materials) | 521,526 | ||||||
76,772 | Koninklijke KPN NV (Communication Services) | 263,872 | ||||||
21,476 | Koninklijke Philips NV (Health Care) | 351,879 | ||||||
6,419 | NN Group NV (Financials) | 260,722 | ||||||
171,546 | Shell PLC (Energy) | 5,247,090 | ||||||
23,116 | Universal Music Group NV (Communication Services) | 547,900 | ||||||
6,125 | Wolters Kluwer NV (Industrials) | 710,940 | ||||||
|
| |||||||
19,509,735 | ||||||||
|
| |||||||
New Zealand – 0.4% | ||||||||
17,858 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | 79,992 | ||||||
29,588 | Auckland International Airport Ltd. (Industrials)* | 160,215 | ||||||
10,860 | Chorus Ltd. (Communication Services) | 55,845 | ||||||
19,182 | Contact Energy Ltd. (Utilities) | 91,033 | ||||||
14,144 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 227,661 | ||||||
17,915 | Fletcher Building Ltd. (Industrials) | 52,721 | ||||||
17,245 | Infratil Ltd. (Utilities) | 94,020 | ||||||
2,024 | Mainfreight Ltd. (Industrials) | 91,352 | ||||||
15,975 | Mercury NZ Ltd. (Utilities) | 62,056 | ||||||
29,032 | Meridian Energy Ltd. (Utilities) | 95,510 | ||||||
9,137 | Ryman Healthcare Ltd. (Health Care) | 29,776 | ||||||
45,452 | Spark New Zealand Ltd. (Communication Services) | 140,799 | ||||||
3,314 | Xero Ltd. (Information Technology)* | 173,644 | ||||||
|
| |||||||
1,354,624 | ||||||||
|
| |||||||
Norway – 0.8% | ||||||||
526 | Aker ASA, Class A (Industrials) | 37,341 | ||||||
9,977 | Aker BP ASA (Energy)(c) | 270,288 | ||||||
20,653 | AutoStore Holdings Ltd. (Industrials)*(a)(c) | 43,176 | ||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
21,645 | DNB Bank ASA (Financials) | $ | 434,300 | |||||
1,656 | Entra ASA (Real Estate)(a) | 18,614 | ||||||
23,035 | Equinor ASA (Energy) | 712,765 | ||||||
4,574 | Gjensidige Forsikring ASA (Financials) | 81,519 | ||||||
1,824 | Kongsberg Gruppen ASA (Industrials) | 76,193 | ||||||
6,853 | Leroy Seafood Group ASA (Consumer Staples) | 34,243 | ||||||
10,418 | Mowi ASA (Consumer Staples) | 180,891 | ||||||
38,179 | NEL ASA (Industrials)* | 58,081 | ||||||
4,036 | Nordic Semiconductor ASA (Information Technology)* | 58,259 | ||||||
32,711 | Norsk Hydro ASA (Materials) | 239,202 | ||||||
17,928 | Orkla ASA (Consumer Staples) | 121,154 | ||||||
1,520 | Salmar ASA (Consumer Staples) | 63,465 | ||||||
1,800 | Schibsted ASA, Class A (Communication Services) | 36,777 | ||||||
2,273 | Schibsted ASA, Class B (Communication Services) | 43,366 | ||||||
4,168 | SpareBank 1 SR-Bank ASA (Financials) | 52,369 | ||||||
11,027 | Storebrand ASA (Financials) | 91,656 | ||||||
14,305 | Telenor ASA (Communication Services) | 161,140 | ||||||
5,708 | TOMRA Systems ASA (Industrials) | 91,612 | ||||||
9,393 | Var Energi ASA (Energy)(c) | 26,877 | ||||||
|
| |||||||
2,933,288 | ||||||||
|
| |||||||
Poland – 0.3% | ||||||||
10,295 | Allegro.eu SA (Consumer Discretionary)*(a) | 67,414 | ||||||
4,327 | Bank Pekao SA (Financials) | 87,455 | ||||||
1,685 | CD Projekt SA (Communication Services) | 50,279 | ||||||
4,489 | Cyfrowy Polsat SA (Communication Services) | 17,452 | ||||||
1,174 | Dino Polska SA (Consumer Staples)*(a) | 98,321 | ||||||
5,093 | InPost SA (Industrials)* | 42,334 | ||||||
3,347 | KGHM Polska Miedz SA (Materials) | 96,100 | ||||||
320 | mBank SA (Financials)* | 23,655 | ||||||
28,722 | PGE Polska Grupa Energetyczna SA (Utilities)* | 43,241 | ||||||
18,326 | Polski Koncern Naftowy ORLEN SA (Energy) | 275,317 | ||||||
21,640 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 151,579 | ||||||
13,943 | Powszechny Zaklad Ubezpieczen SA (Financials) | 115,073 | ||||||
817 | Santander Bank Polska SA (Financials) | 55,018 | ||||||
|
| |||||||
1,123,238 | ||||||||
|
| |||||||
Portugal – 0.2% | ||||||||
187,197 | Banco Comercial Portugues SA, Class R (Financials) | 45,303 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Portugal – (continued) | ||||||||
68,009 | EDP – Energias de Portugal SA (Utilities) | 344,462 | ||||||
10,827 | Galp Energia SGPS SA (Energy) | 132,732 | ||||||
6,772 | Jeronimo Martins SGPS SA (Consumer Staples) | 139,469 | ||||||
5,240 | Navigator Co SA (The) (Materials) | 18,494 | ||||||
|
| |||||||
680,460 | ||||||||
|
| |||||||
Russia – 0.0% | ||||||||
12,172 | Evraz PLC (Materials)*(b) | — | ||||||
|
| |||||||
Singapore – 1.8% | ||||||||
75,291 | CapitaLand Ascendas REIT REIT (Real Estate) | 154,928 | ||||||
128,660 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 185,418 | ||||||
60,321 | Capitaland Investment Ltd. (Real Estate) | 166,693 | ||||||
12,638 | City Developments Ltd. (Real Estate) | 72,383 | ||||||
44,642 | DBS Group Holdings Ltd. (Financials) | 1,133,170 | ||||||
68,661 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 64,777 | ||||||
139,689 | Genting Singapore Ltd. (Consumer Discretionary) | 105,845 | ||||||
65,556 | Grab Holdings Ltd., Class A (Industrials)* | 210,435 | ||||||
2,231 | Jardine Cycle & Carriage Ltd. (Industrials) | 49,239 | ||||||
34,892 | Keppel Corp. Ltd. (Industrials) | 142,041 | ||||||
33,662 | Keppel DC REIT (Real Estate) | 49,512 | ||||||
49,462 | Mapletree Industrial Trust REIT (Real Estate) | 86,714 | ||||||
80,013 | Mapletree Logistics Trust REIT (Real Estate) | 100,451 | ||||||
76,553 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) | 97,813 | ||||||
30,271 | Olam Group Ltd. (Consumer Staples) | 34,630 | ||||||
94,344 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 887,968 | ||||||
16,519 | SATS Ltd. (Industrials)* | 34,728 | ||||||
8,611 | Sea Ltd. ADR (Communication Services)* | 538,101 | ||||||
666,437 | Sembcorp Marine Ltd. (Industrials)* | 62,874 | ||||||
32,358 | Singapore Airlines Ltd. (Industrials) | 136,773 | ||||||
19,962 | Singapore Exchange Ltd. (Financials) | 129,160 | ||||||
36,183 | Singapore Technologies Engineering Ltd. (Industrials) | 95,958 | ||||||
194,341 | Singapore Telecommunications Ltd. (Communication Services) | 342,152 | ||||||
16,011 | STMicroelectronics NV (Information Technology) | 771,302 | ||||||
40,245 | Suntec Real Estate Investment Trust REIT (Real Estate) | 42,453 | ||||||
35,253 | United Overseas Bank Ltd. (Financials) | 783,545 | ||||||
12,677 | UOL Group Ltd. (Real Estate) | 64,320 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Singapore – (continued) | ||||||||
6,650 | Venture Corp. Ltd. (Information Technology) | $ | 84,820 | |||||
|
| |||||||
6,628,203 | ||||||||
|
| |||||||
South Africa – 0.3% | ||||||||
30,377 | Anglo American PLC (Materials) | 1,060,801 | ||||||
|
| |||||||
South Korea – 0.0% | ||||||||
4,129 | Delivery Hero SE (Consumer Discretionary)*(a) | 167,227 | ||||||
|
| |||||||
Spain – 2.5% | ||||||||
5,426 | ACS Actividades de Construccion y Servicios SA (Industrials) | 164,917 | ||||||
1,733 | Aena SME SA (Industrials)*(a) | 269,061 | ||||||
11,041 | Amadeus IT Group SA (Information Technology)* | 695,514 | ||||||
146,754 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 1,147,480 | ||||||
408,387 | Banco Santander SA (Financials) | 1,612,195 | ||||||
94,300 | CaixaBank SA (Financials) | 405,221 | ||||||
14,250 | Cellnex Telecom SA (Communication Services)*(a) | 537,387 | ||||||
1,391 | Corp ACCIONA Energias Renovables SA (Utilities) | 54,020 | ||||||
5,897 | EDP Renovaveis SA (Utilities) | 121,386 | ||||||
7,765 | Endesa SA (Utilities) | 152,920 | ||||||
10,041 | Ferrovial SA (Industrials) | 279,629 | ||||||
7,170 | Grifols SA (Health Care)* | 87,710 | ||||||
151,934 | Iberdrola SA (Utilities) | 1,750,635 | ||||||
27,103 | Industria de Diseno Textil SA (Consumer Discretionary) | 836,126 | ||||||
23,518 | Mapfre SA (Financials) | 50,580 | ||||||
4,575 | Naturgy Energy Group SA (Utilities) | 126,438 | ||||||
9,908 | Red Electrica Corp. SA (Utilities) | 165,072 | ||||||
31,357 | Repsol SA (Energy) | 498,978 | ||||||
126,228 | Telefonica SA (Communication Services) | 515,246 | ||||||
|
| |||||||
9,470,515 | ||||||||
|
| |||||||
Sweden – 3.4% | ||||||||
4,423 | AAK AB (Consumer Staples) | 76,066 | ||||||
5,500 | AddTech AB, Class B (Industrials) | 99,150 | ||||||
7,150 | Alfa Laval AB (Industrials) | 236,537 | ||||||
23,853 | Assa Abloy AB, Class B (Industrials) | 583,482 | ||||||
63,246 | Atlas Copco AB, Class A (Industrials) | 756,143 | ||||||
37,033 | Atlas Copco AB, Class B (Industrials) | 392,823 | ||||||
2,638 | Avanza Bank Holding AB (Financials) | 70,247 | ||||||
2,737 | Axfood AB (Consumer Staples) | 65,797 | ||||||
5,603 | Beijer Ref AB (Industrials)(c) | 87,468 | ||||||
6,502 | Boliden AB (Materials) | 268,189 | ||||||
5,990 | Castellum AB (Real Estate)(c) | 76,881 | ||||||
5,656 | Electrolux AB, Class B (Consumer Discretionary) | 68,890 | ||||||
8,843 | Elekta AB, Class B (Health Care)(c) | 69,380 | ||||||
21,185 | Embracer Group AB (Communication Services)*(c) | 102,872 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
15,304 | Epiroc AB, Class A (Industrials) | 295,702 | ||||||
9,250 | Epiroc AB, Class B (Industrials) | 152,916 | ||||||
13,247 | EQT AB (Financials) | 298,510 | ||||||
14,795 | Essity AB, Class B (Consumer Staples) | 401,491 | ||||||
4,386 | Evolution AB (Consumer Discretionary)(a) | 532,699 | ||||||
6,360 | Fabege AB (Real Estate) | 54,131 | ||||||
15,318 | Fastighets AB Balder, Class B (Real Estate)* | 76,409 | ||||||
4,837 | Getinge AB, Class B (Health Care) | 104,592 | ||||||
17,625 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 223,156 | ||||||
49,164 | Hexagon AB, Class B (Information Technology) | 547,571 | ||||||
2,218 | Holmen AB, Class B (Materials) | 89,966 | ||||||
9,593 | Husqvarna AB, Class B (Industrials) | 85,475 | ||||||
3,322 | Industrivarden AB, Class A (Financials) | 91,805 | ||||||
3,689 | Industrivarden AB, Class C (Financials) | 101,735 | ||||||
6,544 | Indutrade AB (Industrials) | 139,934 | ||||||
3,308 | Investment AB Latour, Class B (Industrials) | 68,897 | ||||||
13,331 | Investor AB, Class A (Financials) | 274,837 | ||||||
41,366 | Investor AB, Class B (Financials) | 803,632 | ||||||
5,929 | Kinnevik AB, Class B (Financials)* | 88,776 | ||||||
1,781 | L E Lundbergforetagen AB, Class B (Financials) | 83,119 | ||||||
4,786 | Lifco AB, Class B (Industrials) | 96,192 | ||||||
39,327 | Nibe Industrier AB, Class B (Industrials) | 408,784 | ||||||
1,925 | Saab AB, Class B (Industrials) | 111,565 | ||||||
3,991 | Sagax AB, Class B (Real Estate) | 98,774 | ||||||
2,484 | Sagax AB, Class D (Real Estate) | 6,526 | ||||||
26,474 | Samhallsbyggnadsbolaget i Norden AB (Real Estate)(c) | 43,562 | ||||||
3,646 | Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate)(c) | 6,695 | ||||||
25,794 | Sandvik AB (Industrials) | 533,758 | ||||||
12,437 | Securitas AB, Class B (Industrials) | 107,786 | ||||||
35,918 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 451,360 | ||||||
8,209 | Skanska AB, Class B (Industrials) | 150,033 | ||||||
8,974 | SKF AB, Class B (Industrials) | 171,544 | ||||||
6,209 | SSAB AB, Class A (Materials) | 45,392 | ||||||
14,980 | SSAB AB, Class B (Materials) | 103,050 | ||||||
14,699 | Svenska Cellulosa AB SCA, Class B (Materials) | 206,208 | ||||||
35,078 | Svenska Handelsbanken AB, Class A (Financials) | 373,700 | ||||||
852 | Svenska Handelsbanken AB, Class B (Financials) | 10,719 | ||||||
5,051 | Sweco AB, Class B (Industrials) | 59,574 | ||||||
26,783 | Swedbank AB, Class A (Financials) | 549,087 | ||||||
|
|
48 | 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) | ||||||||
4,113 | Swedish Orphan Biovitrum AB (Health Care)* | $ | 95,089 | |||||
12,140 | Tele2 AB, Class B (Communication Services) | 112,150 | ||||||
71,730 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 399,623 | ||||||
53,623 | Telia Co. AB (Communication Services) | 139,089 | ||||||
2,545 | Thule Group AB (Consumer Discretionary)(a) | 56,910 | ||||||
5,822 | Trelleborg AB, Class B (Industrials) | 150,957 | ||||||
1,883 | Vitrolife AB (Health Care) | 38,062 | ||||||
4,658 | Volvo AB, Class A (Industrials) | 97,460 | ||||||
35,918 | Volvo AB, Class B (Industrials) | 722,589 | ||||||
11,764 | Volvo Car AB, Class B (Consumer Discretionary)* | 55,793 | ||||||
8,772 | Wallenstam AB, Class B (Real Estate) | 36,708 | ||||||
|
| |||||||
12,908,017 | ||||||||
|
| |||||||
Switzerland – 4.8% | ||||||||
39,248 | ABB Ltd. (Industrials) | 1,309,872 | ||||||
12,257 | Alcon, Inc. (Health Care) | 839,060 | ||||||
11,102 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 1,679,070 | ||||||
82,805 | Credit Suisse Group AG (Financials) | 251,971 | ||||||
832 | Geberit AG (Industrials) | 451,841 | ||||||
195 | Givaudan SA (Materials) | 591,086 | ||||||
1,249 | Kuehne + Nagel International AG (Industrials) | 321,162 | ||||||
1,819 | Lonza Group AG (Health Care) | 1,088,392 | ||||||
55,373 | Novartis AG (Health Care) | 4,683,885 | ||||||
547 | Partners Group Holding AG (Financials) | 521,525 | ||||||
482 | Schindler Holding AG (Industrials) | 104,140 | ||||||
998 | Schindler Holding AG Participation Certificates (Industrials) | 225,102 | ||||||
149 | SGS SA (Industrials) | 343,070 | ||||||
3,762 | Sika AG (Materials) | 1,059,260 | ||||||
2,533 | Straumann Holding AG (Health Care) | 337,418 | ||||||
691 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 241,232 | ||||||
1,248 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 80,093 | ||||||
623 | Swisscom AG (Communication Services) | 385,798 | ||||||
78,860 | UBS Group AG (Financials) | 1,720,658 | ||||||
3,685 | Zurich Insurance Group AG (Financials) | 1,755,118 | ||||||
|
| |||||||
17,989,753 | ||||||||
|
| |||||||
United Kingdom – 11.9% | ||||||||
23,464 | 3i Group PLC (Financials) | 462,177 | ||||||
49,101 | abrdn PLC (Financials) | 133,512 | ||||||
6,004 | Admiral Group PLC (Financials) | 159,985 | ||||||
8,276 | Allfunds Group PLC (Financials) | 72,583 | ||||||
10,749 | Ashtead Group PLC (Industrials) | 717,032 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
8,731 | Associated British Foods PLC (Consumer Staples) | 212,144 | ||||||
36,735 | AstraZeneca PLC (Health Care) | 4,838,688 | ||||||
22,578 | Auto Trader Group PLC (Communication Services)(a) | 162,747 | ||||||
68,882 | Aviva PLC (Financials) | 372,262 | ||||||
22,863 | B&M European Value Retail SA (Consumer Discretionary) | 136,126 | ||||||
75,439 | BAE Systems PLC (Industrials) | 820,145 | ||||||
388,836 | Barclays PLC (Financials) | 822,108 | ||||||
24,385 | Barratt Developments PLC (Consumer Discretionary) | 138,486 | ||||||
2,593 | Berkeley Group Holdings PLC (Consumer Discretionary) | 131,721 | ||||||
404,602 | BP PLC (Energy) | 2,696,522 | ||||||
54,829 | British American Tobacco PLC (Consumer Staples) | 2,086,615 | ||||||
22,009 | British Land Co. PLC (The) REIT (Real Estate) | 119,024 | ||||||
170,305 | BT Group PLC (Communication Services) | 287,311 | ||||||
8,279 | Bunzl PLC (Industrials) | 297,081 | ||||||
9,302 | Burberry Group PLC (Consumer Discretionary) | 277,708 | ||||||
64,945 | CK Hutchison Holdings Ltd. (Industrials) | 387,213 | ||||||
23,446 | CNH Industrial NV (Industrials) | 386,021 | ||||||
3,730 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 205,150 | ||||||
43,008 | Compass Group PLC (Consumer Discretionary) | 999,699 | ||||||
40,087 | ConvaTec Group PLC (Health Care)(a) | 108,904 | ||||||
3,419 | Croda International PLC (Materials) | 271,615 | ||||||
2,418 | DCC PLC (Industrials) | 135,302 | ||||||
55,632 | Diageo PLC (Consumer Staples) | 2,376,813 | ||||||
33,467 | DS Smith PLC (Materials) | 136,663 | ||||||
755 | Endava PLC ADR (Information Technology)* | 60,053 | ||||||
14,431 | Entain PLC (Consumer Discretionary) | 237,517 | ||||||
22,575 | Experian PLC (Industrials) | 766,618 | ||||||
8,044 | Farfetch Ltd., Class A (Consumer Discretionary)* | 41,266 | ||||||
9,282 | Halma PLC (Information Technology) | 243,174 | ||||||
8,666 | Hargreaves Lansdown PLC (Financials) | 87,037 | ||||||
489,830 | HSBC Holdings PLC (Financials) | 3,769,189 | ||||||
22,989 | Imperial Brands PLC (Consumer Staples) | 558,024 | ||||||
34,759 | Informa PLC (Communication Services) | 281,269 | ||||||
4,129 | InterContinental Hotels Group PLC (Consumer Discretionary) | 280,231 | ||||||
6,987 | Intermediate Capital Group PLC (Financials) | 118,593 | ||||||
3,947 | Intertek Group PLC (Industrials) | 199,452 | ||||||
49,299 | J Sainsbury PLC (Consumer Staples) | 160,072 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
61,254 | JD Sports Fashion PLC (Consumer Discretionary) | $ | 134,299 | |||||
4,497 | Johnson Matthey PLC (Materials) | 118,794 | ||||||
47,608 | Kingfisher PLC (Consumer Discretionary) | 165,532 | ||||||
18,244 | Land Securities Group PLC REIT (Real Estate) | 151,915 | ||||||
146,524 | Legal & General Group PLC (Financials) | 453,939 | ||||||
3,845 | Liberty Global PLC, Class A (Communication Services)* | 78,784 | ||||||
6,186 | Liberty Global PLC, Class C (Communication Services)* | 131,453 | ||||||
1,649,832 | Lloyds Banking Group PLC (Financials) | 1,051,016 | ||||||
8,883 | London Stock Exchange Group PLC (Financials) | 799,253 | ||||||
54,322 | M&G PLC (Financials) | 140,934 | ||||||
98,554 | Melrose Industries PLC (Industrials) | 178,793 | ||||||
89,768 | National Grid PLC (Utilities) | 1,138,942 | ||||||
128,186 | NatWest Group PLC (Financials) | 453,616 | ||||||
3,039 | Next PLC (Consumer Discretionary) | 251,729 | ||||||
14,305 | Ocado Group PLC (Consumer Staples)* | 95,043 | ||||||
17,533 | Pearson PLC (Consumer Discretionary) | 194,943 | ||||||
7,784 | Persimmon PLC (Consumer Discretionary) | 136,879 | ||||||
20,923 | Phoenix Group Holdings PLC (Financials) | 160,443 | ||||||
17,557 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,224,735 | ||||||
46,934 | RELX PLC (Industrials) | 1,422,221 | ||||||
61,776 | Rentokil Initial PLC (Industrials) | 383,219 | ||||||
20,195 | Rightmove PLC (Communication Services) | 137,110 | ||||||
205,279 | Rolls-Royce Holdings PLC (Industrials)* | 360,206 | ||||||
25,087 | Sage Group PLC (The) (Information Technology) | 227,362 | ||||||
22,824 | Schroders PLC (Financials) | 137,441 | ||||||
29,610 | Segro PLC REIT (Real Estate) | 295,167 | ||||||
6,157 | Severn Trent PLC (Utilities) | 205,059 | ||||||
21,405 | Smith & Nephew PLC (Health Care) | 307,340 | ||||||
8,671 | Smiths Group PLC (Industrials) | 185,124 | ||||||
1,808 | Spirax-Sarco Engineering PLC (Industrials) | 255,768 | ||||||
26,499 | SSE PLC (Utilities) | 559,974 | ||||||
13,321 | St James’s Place PLC (Financials) | 206,668 | ||||||
70,940 | Standard Chartered PLC (Financials) | 673,499 | ||||||
84,244 | Taylor Wimpey PLC (Consumer Discretionary) | 125,652 | ||||||
180,290 | Tesco PLC (Consumer Staples) | 556,584 | ||||||
60,962 | Unilever PLC (Consumer Staples) | 3,052,519 | ||||||
16,723 | United Utilities Group PLC (Utilities) | 206,101 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
669,519 | Vodafone Group PLC (Communication Services) | 808,770 | ||||||
6,364 | Weir Group PLC (The) (Industrials) | 146,310 | ||||||
4,950 | Whitbread PLC (Consumer Discretionary) | 185,115 | ||||||
12,669 | Wise PLC, Class A (Information Technology)* | 89,848 | ||||||
26,235 | WPP PLC (Communication Services) | 325,237 | ||||||
|
| |||||||
44,667,188 | ||||||||
|
| |||||||
United States – 7.1% | ||||||||
3,537 | Carnival PLC (Consumer Discretionary)* | 33,375 | ||||||
12,821 | Computershare Ltd. (Information Technology) | 214,417 | ||||||
11,742 | CSL Ltd. (Health Care) | 2,346,169 | ||||||
999 | CyberArk Software Ltd. (Information Technology)* | 144,625 | ||||||
5,089 | Ferguson PLC (Industrials) | 735,931 | ||||||
750 | Fiverr International Ltd. (Industrials)* | 29,708 | ||||||
100,435 | GSK PLC (Health Care) | 1,733,167 | ||||||
124,689 | Haleon PLC (Consumer Staples)* | 485,999 | ||||||
13,363 | Holcim AG (Materials)* | 828,941 | ||||||
1,986 | ICON PLC (Health Care)* | 448,101 | ||||||
10,937 | James Hardie Industries PLC CDI (Materials) | 228,858 | ||||||
21,792 | JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(a) | 20,683 | ||||||
66,893 | Nestle SA (Consumer Staples) | 7,571,096 | ||||||
647 | Roche Holding AG (Health Care) | 201,020 | ||||||
17,230 | Roche Holding AG (Health Care) | 4,996,654 | ||||||
28,185 | Sanofi (Health Care) | 2,656,940 | ||||||
13,557 | Schneider Electric SE (Industrials) | 2,187,060 | ||||||
53,037 | Stellantis NV (Consumer Discretionary) | 931,092 | ||||||
7,073 | Swiss Re AG (Financials) | 741,071 | ||||||
11,432 | Tenaris SA (Energy) | 190,099 | ||||||
|
| |||||||
26,725,006 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $359,964,243) | $ | 373,410,289 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.5% | ||||||||||||
Germany – 0.5% | ||||||||||||
1,457 | Bayerische Motoren Werke AG (Consumer Discretionary) | 6.24 | % | $ | 138,677 | |||||||
1,872 | Dr. Ing hc F Porsche AG (Consumer Discretionary)* | 0.00 | 226,518 | |||||||||
4,227 | Henkel AG & Co. KGaA (Consumer Staples) | 2.68 | 308,502 | |||||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) | ||||||||||||
Germany – (continued) | ||||||||||||
3,757 | Porsche Automobil Holding SE (Consumer Discretionary) | 4.46 | % | $ | 214,196 | |||||||
662 | Sartorius AG (Health Care) | 0.31 | 282,646 | |||||||||
|
| |||||||||||
4,491 | Volkswagen AG (Consumer Discretionary) | 19.27 | 615,151 | |||||||||
|
| |||||||||||
1,785,690 | ||||||||||||
|
| |||||||||||
Spain – 0.0% | ||||||||||||
6,414 | Grifols SA, Class B (Health Care)* | 0.00 | 54,518 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $2,044,026) | $ | 1,840,208 | ||||||||||
|
|
Units | Description | Expiration Month | Value | |||||||||
Rights – 0.0% | ||||||||||||
Hong Kong – 0.0% | ||||||||||||
10,432 | Link REIT* | 03/23 | $ | 9,835 | ||||||||
|
| |||||||||||
Sweden – 0.0% | ||||||||||||
5,603 | Beijer Ref AB* | 03/23 | 9,456 | |||||||||
|
| |||||||||||
TOTAL RIGHTS | ||||||||||||
(Cost $0) | $ | 19,291 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $362,008,269) | $ | 375,269,788 | ||||||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.8%(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
2,841,624 | 4.475% | $ | 2,841,624 | |||
(Cost $2,841,624) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.4% |
| |||||
(Cost $364,849,893) | $ | 378,111,412 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% | (1,431,473 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 376,679,939 | ||||
|
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 | |
CVA | —Dutch Certification | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SDR | —Swedish Depositary Receipt | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2023, 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 | 5 | 03/17/23 | $ | 511,650 | $ | 10,565 |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Sector Name | % of Market Value | |
Financials | 18.5% | |
Industrials | 15.9 | |
Health Care | 12.7 | |
Consumer Discretionary | 11.5 | |
Consumer Staples | 9.8 | |
Information Technology | 8.1 | |
Materials | 7.7 | |
Energy | 4.7 | |
Communication Services | 4.6 | |
Utilities | 3.2 | |
Real Estate | 2.5 | |
Securities Lending Reinvestment Vehicle | 0.8 | |
| ||
TOTAL INVESTMENTS | 100.0% | |
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 7.8% | ||||||||
16,587 | Activision Blizzard, Inc. | $ | 1,264,759 | |||||
137,935 | Alphabet, Inc., Class A* | 12,422,426 | ||||||
121,777 | Alphabet, Inc., Class C* | 10,996,463 | ||||||
164,920 | AT&T, Inc. | 3,118,637 | ||||||
2,266 | Charter Communications, Inc., Class A* | 833,004 | ||||||
99,279 | Comcast Corp., Class A | 3,690,200 | ||||||
5,779 | DISH Network Corp., Class A* | 65,938 | ||||||
6,360 | Electronic Arts, Inc. | 705,578 | ||||||
6,964 | Fox Corp., Class A | 243,879 | ||||||
3,157 | Fox Corp., Class B | 101,813 | ||||||
370 | Liberty Broadband Corp., Class A* | 32,090 | ||||||
2,771 | Liberty Broadband Corp., Class C* | 240,163 | ||||||
1,753 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 56,780 | ||||||
3,475 | Liberty Media Corp.-Liberty SiriusXM, Class C* | 111,965 | ||||||
3,583 | Live Nation Entertainment, Inc.* | 258,191 | ||||||
23,714 | Lumen Technologies, Inc. | 80,628 | ||||||
6,439 | Match Group, Inc.* | 266,703 | ||||||
51,972 | Meta Platforms, Inc., Class A* | 9,091,982 | ||||||
10,148 | Netflix, Inc.* | 3,268,975 | ||||||
4,671 | Omnicom Group, Inc. | 423,053 | ||||||
211 | Paramount Global, Class A(a) | 5,186 | ||||||
13,417 | Paramount Global, Class B | 287,392 | ||||||
13,396 | Pinterest, Inc., Class A* | 336,374 | ||||||
7,946 | ROBLOX Corp., Class A* | 291,142 | ||||||
2,811 | Roku, Inc.* | 181,844 | ||||||
15,575 | Sirius XM Holdings, Inc.(a) | 68,374 | ||||||
23,152 | Snap, Inc., Class A* | 234,993 | ||||||
2,754 | Spotify Technology SA* | 320,290 | ||||||
3,827 | Take-Two Interactive Software, Inc.* | 419,248 | ||||||
14,362 | T-Mobile US, Inc.* | 2,041,989 | ||||||
10,226 | Trade Desk, Inc. (The), Class A* | 572,247 | ||||||
97,256 | Verizon Communications, Inc. | 3,774,505 | ||||||
42,220 | Walt Disney Co. (The)* | 4,205,534 | ||||||
51,190 | Warner Bros Discovery, Inc.* | 799,588 | ||||||
2,728 | Warner Music Group Corp., Class A | 86,096 | ||||||
6,776 | ZoomInfo Technologies, Inc.* | 163,776 | ||||||
|
| |||||||
61,061,805 | ||||||||
|
| |||||||
Consumer Discretionary – 10.9% | ||||||||
1,365 | Advance Auto Parts, Inc. | 197,870 | ||||||
8,646 | Airbnb, Inc., Class A* | 1,065,879 | ||||||
206,090 | Amazon.com, Inc.* | 19,419,861 | ||||||
6,240 | Aptiv PLC* | 725,587 | ||||||
438 | AutoZone, Inc.* | 1,089,105 | ||||||
4,558 | Best Buy Co., Inc. | 378,815 | ||||||
896 | Booking Holdings, Inc.* | 2,261,504 | ||||||
1,503 | Burlington Stores, Inc.* | 322,018 | ||||||
4,748 | Caesars Entertainment, Inc.* | 241,008 | ||||||
3,646 | CarMax, Inc.* | 251,720 | ||||||
22,878 | Carnival Corp.* | 242,964 | ||||||
2,084 | Chewy, Inc., Class A* | 84,506 | ||||||
637 | Chipotle Mexican Grill, Inc.* | 949,818 | ||||||
20,903 | Coupang, Inc. (South Korea)* | 324,206 | ||||||
2,824 | Darden Restaurants, Inc. | 403,804 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
5,167 | Dollar General Corp. | 1,117,622 | ||||||
4,791 | Dollar Tree, Inc.* | 696,036 | ||||||
815 | Domino’s Pizza, Inc. | 239,618 | ||||||
6,080 | DoorDash, Inc., Class A* | 332,333 | ||||||
7,353 | D.R. Horton, Inc. | 680,005 | ||||||
12,543 | eBay, Inc. | 575,724 | ||||||
2,891 | Etsy, Inc.* | 350,996 | ||||||
3,470 | Expedia Group, Inc.* | 378,126 | ||||||
91,326 | Ford Motor Co. | 1,102,305 | ||||||
3,550 | Garmin Ltd. | 348,362 | ||||||
31,693 | General Motors Co. | 1,227,787 | ||||||
3,213 | Genuine Parts Co. | 568,251 | ||||||
3,004 | Hasbro, Inc. | 165,250 | ||||||
6,147 | Hilton Worldwide Holdings, Inc. | 888,303 | ||||||
23,592 | Home Depot, Inc. (The) | 6,995,972 | ||||||
7,647 | Las Vegas Sands Corp.* | 439,473 | ||||||
5,787 | Lennar Corp., Class A | 559,834 | ||||||
337 | Lennar Corp., Class B | 27,519 | ||||||
6,009 | LKQ Corp. | 344,256 | ||||||
13,937 | Lowe’s Cos., Inc. | 2,867,538 | ||||||
11,871 | Lucid Group, Inc.*(a) | 108,382 | ||||||
2,826 | Lululemon Athletica, Inc.* | 873,799 | ||||||
6,442 | Marriott International, Inc., Class A | 1,090,244 | ||||||
16,959 | McDonald’s Corp. | 4,475,650 | ||||||
1,114 | MercadoLibre, Inc. (Brazil)* | 1,359,080 | ||||||
7,102 | MGM Resorts International | 305,457 | ||||||
28,762 | NIKE, Inc., Class B | 3,416,638 | ||||||
69 | NVR, Inc.* | 356,980 | ||||||
1,435 | O’Reilly Automotive, Inc.* | 1,191,194 | ||||||
5,243 | PulteGroup, Inc. | 286,635 | ||||||
11,981 | Rivian Automotive, Inc., Class A* | 231,233 | ||||||
7,819 | Ross Stores, Inc. | 864,312 | ||||||
5,067 | Royal Caribbean Cruises Ltd.* | 357,933 | ||||||
26,031 | Starbucks Corp. | 2,657,505 | ||||||
10,632 | Target Corp. | 1,791,492 | ||||||
62,223 | Tesla, Inc.* | 12,799,893 | ||||||
24,944 | TJX Cos., Inc. (The) | 1,910,710 | ||||||
2,551 | Tractor Supply Co. | 595,046 | ||||||
1,160 | Ulta Beauty, Inc.* | 601,808 | ||||||
924 | Vail Resorts, Inc. | 215,745 | ||||||
8,068 | VF Corp. | 200,248 | ||||||
1,254 | Whirlpool Corp. | 173,027 | ||||||
9,346 | Yum China Holdings, Inc. (China) | 548,891 | ||||||
6,519 | Yum! Brands, Inc. | 828,956 | ||||||
|
| |||||||
85,104,833 | ||||||||
|
| |||||||
Consumer Staples – 6.6% | ||||||||
41,464 | Altria Group, Inc. | 1,925,174 | ||||||
12,644 | Archer-Daniels-Midland Co. | 1,006,462 | ||||||
1,130 | Brown-Forman Corp., Class A | 73,360 | ||||||
7,067 | Brown-Forman Corp., Class B | 458,436 | ||||||
4,594 | Campbell Soup Co. | 241,277 | ||||||
5,639 | Church & Dwight Co., Inc. | 472,435 | ||||||
2,850 | Clorox Co. (The) | 443,004 | ||||||
89,824 | Coca-Cola Co. (The) | 5,345,426 | ||||||
19,306 | Colgate-Palmolive Co. | 1,415,130 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
11,048 | Conagra Brands, Inc. | $ | 402,258 | |||||
3,825 | Constellation Brands, Inc., Class A | 855,652 | ||||||
10,256 | Costco Wholesale Corp. | 4,965,750 | ||||||
4,921 | Estee Lauder Cos., Inc. (The), Class A | 1,196,049 | ||||||
13,619 | General Mills, Inc. | 1,082,847 | ||||||
3,396 | Hershey Co. (The) | 809,335 | ||||||
6,604 | Hormel Foods Corp. | 293,086 | ||||||
2,346 | J M Smucker Co. (The) | 346,950 | ||||||
6,042 | Kellogg Co. | 398,409 | ||||||
20,349 | Keurig Dr Pepper, Inc. | 703,058 | ||||||
7,805 | Kimberly-Clark Corp. | 976,015 | ||||||
18,036 | Kraft Heinz Co. (The) | 702,322 | ||||||
15,288 | Kroger Co. (The) | 659,524 | ||||||
5,757 | McCormick & Co., Inc. | 427,860 | ||||||
4,073 | Molson Coors Beverage Co., Class B | 216,643 | ||||||
31,536 | Mondelez International, Inc., Class A | 2,055,516 | ||||||
8,568 | Monster Beverage Corp.* | 871,880 | ||||||
31,857 | PepsiCo, Inc. | 5,528,145 | ||||||
35,850 | Philip Morris International, Inc. | 3,488,205 | ||||||
54,831 | Procter & Gamble Co. (The) | 7,542,552 | ||||||
11,628 | Sysco Corp. | 867,100 | ||||||
6,562 | Tyson Foods, Inc., Class A | 388,733 | ||||||
16,484 | Walgreens Boots Alliance, Inc. | 585,677 | ||||||
32,499 | Walmart, Inc. | 4,619,083 | ||||||
|
| |||||||
51,363,353 | ||||||||
|
| |||||||
Energy – 4.7% | ||||||||
23,070 | Baker Hughes Co. | 705,942 | ||||||
5,713 | Cheniere Energy, Inc. | 898,884 | ||||||
43,903 | Chevron Corp. | 7,058,285 | ||||||
28,818 | ConocoPhillips | 2,978,340 | ||||||
17,688 | Coterra Energy, Inc. | 441,669 | ||||||
15,022 | Devon Energy Corp. | 809,986 | ||||||
4,055 | Diamondback Energy, Inc. | 570,052 | ||||||
13,561 | EOG Resources, Inc. | 1,532,664 | ||||||
95,013 | Exxon Mobil Corp. | 10,442,879 | ||||||
19,403 | Halliburton Co. | 702,971 | ||||||
6,434 | Hess Corp. | 866,660 | ||||||
45,504 | Kinder Morgan, Inc. | 776,298 | ||||||
10,814 | Marathon Petroleum Corp. | 1,336,611 | ||||||
20,993 | Occidental Petroleum Corp. | 1,229,350 | ||||||
10,285 | ONEOK, Inc. | 673,153 | ||||||
10,914 | Phillips 66 | 1,119,340 | ||||||
5,230 | Pioneer Natural Resources Co. | 1,048,144 | ||||||
32,787 | Schlumberger NV | 1,744,596 | ||||||
8,895 | Valero Energy Corp. | 1,171,738 | ||||||
28,134 | Williams Cos., Inc. (The) | 846,834 | ||||||
|
| |||||||
36,954,396 | ||||||||
|
| |||||||
Financials – 11.3% | ||||||||
13,073 | Aflac, Inc. | 890,925 | ||||||
6,022 | Allstate Corp. (The) | 775,513 | ||||||
6,174 | Ally Financial, Inc. | 185,529 | ||||||
12,671 | American Express Co. | 2,204,627 | ||||||
17,172 | American International Group, Inc. | 1,049,381 | ||||||
2,453 | Ameriprise Financial, Inc. | 841,060 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
10,802 | Annaly Capital Management, Inc. REIT | 223,385 | ||||||
4,555 | Aon PLC, Class A | 1,384,948 | ||||||
8,961 | Apollo Global Management, Inc. | 635,335 | ||||||
8,277 | Arch Capital Group Ltd.* | 579,390 | ||||||
4,829 | Arthur J Gallagher & Co. | 904,713 | ||||||
161,878 | Bank of America Corp. | 5,552,415 | ||||||
17,118 | Bank of New York Mellon Corp. (The) | 870,964 | ||||||
30,029 | Berkshire Hathaway, Inc., Class B* | 9,164,250 | ||||||
3,219 | BlackRock, Inc. | 2,219,275 | ||||||
16,086 | Blackstone, Inc. | 1,460,609 | ||||||
8,717 | Capital One Financial Corp. | 950,850 | ||||||
2,446 | Cboe Global Markets, Inc. | 308,612 | ||||||
35,222 | Charles Schwab Corp. (The) | 2,744,498 | ||||||
8,927 | Chubb Ltd. | 1,883,776 | ||||||
3,553 | Cincinnati Financial Corp. | 428,847 | ||||||
44,774 | Citigroup, Inc. | 2,269,594 | ||||||
11,319 | Citizens Financial Group, Inc. | 472,681 | ||||||
8,285 | CME Group, Inc. | 1,535,708 | ||||||
3,334 | Coinbase Global, Inc., Class A* | 216,143 | ||||||
6,242 | Discover Financial Services | 699,104 | ||||||
894 | Everest Re Group Ltd. | 343,269 | ||||||
413 | F & G Annuities & Life, Inc. | 8,413 | ||||||
5,965 | Fidelity National Financial, Inc. | 237,765 | ||||||
15,790 | Fifth Third Bancorp | 573,177 | ||||||
4,131 | First Republic Bank | 508,154 | ||||||
6,681 | Franklin Resources, Inc. | 196,889 | ||||||
2,055 | Globe Life, Inc. | 250,073 | ||||||
7,806 | Goldman Sachs Group, Inc. (The)(b) | 2,744,980 | ||||||
7,335 | Hartford Financial Services Group, Inc. (The) | 574,184 | ||||||
32,858 | Huntington Bancshares, Inc. | 503,385 | ||||||
2,288 | Interactive Brokers Group, Inc., Class A | 197,020 | ||||||
12,811 | Intercontinental Exchange, Inc. | 1,304,160 | ||||||
67,173 | JPMorgan Chase & Co. | 9,629,250 | ||||||
21,521 | KeyCorp | 393,619 | ||||||
14,978 | KKR & Co., Inc. | 844,010 | ||||||
4,590 | Loews Corp. | 280,403 | ||||||
3,935 | M&T Bank Corp. | 611,066 | ||||||
293 | Markel Corp.* | 389,649 | ||||||
11,452 | Marsh & McLennan Cos., Inc. | 1,856,827 | ||||||
13,530 | MetLife, Inc. | 970,507 | ||||||
3,645 | Moody’s Corp. | 1,057,597 | ||||||
29,963 | Morgan Stanley | 2,891,429 | ||||||
1,795 | MSCI, Inc. | 937,259 | ||||||
7,886 | Nasdaq, Inc. | 442,089 | ||||||
4,612 | Northern Trust Corp. | 439,385 | ||||||
9,281 | PNC Financial Services Group, Inc. (The) | 1,465,656 | ||||||
5,631 | Principal Financial Group, Inc. | 504,312 | ||||||
13,512 | Progressive Corp. (The) | 1,939,242 | ||||||
8,507 | Prudential Financial, Inc. | 850,700 | ||||||
4,495 | Raymond James Financial, Inc. | 487,528 | ||||||
21,531 | Regions Financial Corp. | 502,103 | ||||||
14,358 | Robinhood Markets, Inc., Class A* | 144,585 | ||||||
2,621 | Rocket Cos., Inc., Class A(a) | 20,601 | ||||||
7,533 | S&P Global, Inc. | 2,570,260 | ||||||
|
|
54 | 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) | ||||||||
7,985 | State Street Corp. | $ | 708,110 | |||||
1,354 | SVB Financial Group* | 390,101 | ||||||
10,377 | Synchrony Financial | 370,563 | ||||||
5,079 | T. Rowe Price Group, Inc. | 570,270 | ||||||
5,405 | Travelers Cos., Inc. (The) | 1,000,574 | ||||||
30,534 | Truist Financial Corp. | 1,433,571 | ||||||
31,022 | US Bancorp | 1,480,680 | ||||||
4,633 | W R Berkley Corp. | 306,658 | ||||||
88,170 | Wells Fargo & Co. | 4,123,711 | ||||||
2,486 | Willis Towers Watson PLC | 582,619 | ||||||
|
| |||||||
88,088,535 | ||||||||
|
| |||||||
Health Care – 14.4% | ||||||||
40,093 | Abbott Laboratories | 4,078,260 | ||||||
40,917 | AbbVie, Inc. | 6,297,126 | ||||||
6,834 | Agilent Technologies, Inc. | 970,223 | ||||||
1,694 | Align Technology, Inc.* | 524,293 | ||||||
2,836 | Alnylam Pharmaceuticals, Inc.* | 542,952 | ||||||
3,960 | AmerisourceBergen Corp. | 616,018 | ||||||
12,335 | Amgen, Inc. | 2,857,526 | ||||||
14,939 | Avantor, Inc.* | 364,063 | ||||||
11,651 | Baxter International, Inc. | 465,458 | ||||||
6,574 | Becton Dickinson and Co. | 1,541,932 | ||||||
3,313 | Biogen, Inc.* | 894,046 | ||||||
4,275 | BioMarin Pharmaceutical, Inc.* | 425,747 | ||||||
33,096 | Boston Scientific Corp.* | 1,546,245 | ||||||
49,212 | Bristol-Myers Squibb Co. | 3,393,660 | ||||||
6,038 | Cardinal Health, Inc. | 457,137 | ||||||
3,945 | Catalent, Inc.* | 269,128 | ||||||
12,989 | Centene Corp.* | 888,448 | ||||||
7,056 | Cigna Group (The) | 2,061,058 | ||||||
1,137 | Cooper Cos., Inc. (The) | 371,765 | ||||||
30,347 | CVS Health Corp. | 2,535,188 | ||||||
15,340 | Danaher Corp. | 3,797,110 | ||||||
1,182 | DaVita, Inc.* | 97,231 | ||||||
8,888 | Dexcom, Inc.* | 986,657 | ||||||
14,198 | Edwards Lifesciences Corp.* | 1,142,087 | ||||||
5,516 | Elevance Health, Inc. | 2,590,700 | ||||||
20,351 | Eli Lilly & Co. | 6,333,638 | ||||||
8,384 | GE HealthCare Technologies, Inc.* | 637,184 | ||||||
29,036 | Gilead Sciences, Inc. | 2,338,269 | ||||||
4,874 | HCA Healthcare, Inc. | 1,186,575 | ||||||
3,094 | Henry Schein, Inc.* | 242,291 | ||||||
5,622 | Hologic, Inc.* | 447,736 | ||||||
5,209 | Horizon Therapeutics PLC* | 570,333 | ||||||
2,896 | Humana, Inc. | 1,433,578 | ||||||
1,899 | IDEXX Laboratories, Inc.* | 898,683 | ||||||
3,634 | Illumina, Inc.* | 723,893 | ||||||
4,261 | Incyte Corp.* | 328,012 | ||||||
8,148 | Intuitive Surgical, Inc.* | 1,869,070 | ||||||
4,197 | IQVIA Holdings, Inc.* | 874,949 | ||||||
1,415 | Jazz Pharmaceuticals PLC* | 198,666 | ||||||
60,508 | Johnson & Johnson | 9,273,456 | ||||||
2,048 | Laboratory Corp. of America Holdings | 490,209 | ||||||
3,207 | McKesson Corp. | 1,121,841 | ||||||
30,780 | Medtronic PLC | 2,548,584 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
58,481 | Merck & Co., Inc. | 6,213,021 | ||||||
509 | Mettler-Toledo International, Inc.* | 729,758 | ||||||
7,740 | Moderna, Inc.* | 1,074,389 | ||||||
129,907 | Pfizer, Inc. | 5,270,327 | ||||||
2,617 | Quest Diagnostics, Inc. | 362,088 | ||||||
2,414 | Regeneron Pharmaceuticals, Inc.* | 1,835,654 | ||||||
3,361 | ResMed, Inc. | 715,893 | ||||||
8,642 | Royalty Pharma PLC, Class A | 309,816 | ||||||
3,176 | Seagen, Inc.* | 570,695 | ||||||
2,305 | STERIS PLC | 433,409 | ||||||
7,704 | Stryker Corp. | 2,025,228 | ||||||
1,084 | Teleflex, Inc. | 258,241 | ||||||
9,071 | Thermo Fisher Scientific, Inc. | 4,914,305 | ||||||
21,569 | UnitedHealth Group, Inc. | 10,265,550 | ||||||
3,239 | Veeva Systems, Inc., Class A* | 536,573 | ||||||
5,934 | Vertex Pharmaceuticals, Inc.* | 1,722,581 | ||||||
28,012 | Viatris, Inc. | 319,337 | ||||||
1,371 | Waters Corp.* | 426,230 | ||||||
1,706 | West Pharmaceutical Services, Inc. | 540,853 | ||||||
4,855 | Zimmer Biomet Holdings, Inc. | 601,389 | ||||||
10,788 | Zoetis, Inc. | 1,801,596 | ||||||
|
| |||||||
112,157,958 | ||||||||
|
| |||||||
Industrials – 8.2% | ||||||||
12,792 | 3M Co. | 1,378,210 | ||||||
2,916 | A O Smith Corp. | 191,377 | ||||||
5,289 | AMETEK, Inc. | 748,711 | ||||||
13,788 | Boeing Co. (The)* | 2,778,971 | ||||||
19,335 | Carrier Global Corp. | 870,655 | ||||||
12,039 | Caterpillar, Inc. | 2,883,942 | ||||||
2,669 | C.H. Robinson Worldwide, Inc. | 266,793 | ||||||
1,990 | Cintas Corp. | 872,555 | ||||||
9,918 | Copart, Inc.* | 698,822 | ||||||
9,320 | CoStar Group, Inc.* | 658,551 | ||||||
48,561 | CSX Corp. | 1,480,625 | ||||||
3,253 | Cummins, Inc. | 790,739 | ||||||
6,347 | Deere & Co. | 2,660,916 | ||||||
14,803 | Delta Air Lines, Inc.* | 567,547 | ||||||
3,235 | Dover Corp. | 484,927 | ||||||
9,174 | Eaton Corp. PLC | 1,604,808 | ||||||
13,655 | Emerson Electric Co. | 1,129,405 | ||||||
2,824 | Equifax, Inc. | 571,945 | ||||||
3,666 | Expeditors International of Washington, Inc. | 383,317 | ||||||
13,243 | Fastenal Co. | 682,809 | ||||||
5,382 | FedEx Corp. | 1,093,730 | ||||||
8,063 | Fortive Corp. | 537,480 | ||||||
1,444 | Generac Holdings, Inc.* | 173,294 | ||||||
5,573 | General Dynamics Corp. | 1,270,142 | ||||||
25,061 | General Electric Co. | 2,122,917 | ||||||
15,530 | Honeywell International, Inc. | 2,973,684 | ||||||
6,243 | Illinois Tool Works, Inc. | 1,455,618 | ||||||
9,364 | Ingersoll Rand, Inc. | 543,768 | ||||||
1,900 | J.B. Hunt Transport Services, Inc. | 343,501 | ||||||
15,847 | Johnson Controls International PLC | 993,924 | ||||||
4,392 | L3Harris Technologies, Inc. | 927,547 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
3,132 | Leidos Holdings, Inc. | $ | 304,023 | |||||
6,066 | Lockheed Martin Corp. | 2,876,861 | ||||||
5,201 | Masco Corp. | 272,688 | ||||||
5,357 | Norfolk Southern Corp. | 1,204,361 | ||||||
3,207 | Northrop Grumman Corp. | 1,488,401 | ||||||
2,311 | Old Dominion Freight Line, Inc. | 784,030 | ||||||
9,646 | Otis Worldwide Corp. | 816,245 | ||||||
11,013 | PACCAR, Inc. | 795,139 | ||||||
2,959 | Parker-Hannifin Corp. | 1,041,124 | ||||||
34,028 | Raytheon Technologies Corp. | 3,337,807 | ||||||
4,769 | Republic Services, Inc. | 614,867 | ||||||
2,652 | Rockwell Automation, Inc. | 782,154 | ||||||
5,974 | Rollins, Inc. | 210,285 | ||||||
1,210 | Snap-on, Inc. | 300,903 | ||||||
13,697 | Southwest Airlines Co. | 459,945 | ||||||
3,520 | Stanley Black & Decker, Inc. | 301,347 | ||||||
4,809 | Textron, Inc. | 348,797 | ||||||
5,307 | Trane Technologies PLC | 981,636 | ||||||
1,203 | TransDigm Group, Inc. | 894,876 | ||||||
4,445 | TransUnion | 290,836 | ||||||
44,318 | Uber Technologies, Inc.* | 1,474,017 | ||||||
14,207 | Union Pacific Corp. | 2,944,827 | ||||||
7,545 | United Airlines Holdings, Inc.* | 392,038 | ||||||
16,897 | United Parcel Service, Inc., Class B | 3,083,534 | ||||||
1,596 | United Rentals, Inc. | 747,774 | ||||||
3,588 | Verisk Analytics, Inc. | 613,943 | ||||||
9,491 | Waste Management, Inc. | 1,421,372 | ||||||
4,033 | Westinghouse Air Brake Technologies Corp. | 420,763 | ||||||
1,042 | W.W. Grainger, Inc. | 696,504 | ||||||
4,159 | Xylem, Inc. | 426,921 | ||||||
|
| |||||||
64,469,248 | ||||||||
|
| |||||||
Information Technology – 28.0% | ||||||||
15,237 | Accenture PLC, Class A | 4,046,185 | ||||||
10,742 | Adobe, Inc.* | 3,479,871 | ||||||
37,150 | Advanced Micro Devices, Inc.* | 2,919,247 | ||||||
3,579 | Akamai Technologies, Inc.* | 259,835 | ||||||
2,799 | Amdocs Ltd. | 256,416 | ||||||
13,704 | Amphenol Corp., Class A | 1,062,334 | ||||||
11,755 | Analog Devices, Inc. | 2,156,690 | ||||||
2,007 | ANSYS, Inc.* | 609,345 | ||||||
368,128 | Apple, Inc. | 54,265,748 | ||||||
19,451 | Applied Materials, Inc. | 2,259,234 | ||||||
2,708 | AppLovin Corp., Class A* | 36,558 | ||||||
5,454 | Arista Networks, Inc.* | 756,470 | ||||||
3,405 | Atlassian Corp., Class A* | 559,544 | ||||||
4,988 | Autodesk, Inc.* | 991,066 | ||||||
9,593 | Automatic Data Processing, Inc. | 2,108,733 | ||||||
2,325 | BILL Holdings, Inc.* | 196,765 | ||||||
12,369 | Block, Inc.* | 949,073 | ||||||
9,460 | Broadcom, Inc. | 5,621,983 | ||||||
2,703 | Broadridge Financial Solutions, Inc. | 380,528 | ||||||
6,287 | Cadence Design Systems, Inc.* | 1,213,014 | ||||||
3,129 | CDW Corp. | 633,372 | ||||||
86,949 | Cisco Systems, Inc. | 4,210,071 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
6,126 | Cloudflare, Inc., Class A* | 367,621 | ||||||
11,890 | Cognizant Technology Solutions Corp., Class A | 744,671 | ||||||
17,683 | Corning, Inc. | 600,338 | ||||||
4,957 | Crowdstrike Holdings, Inc., Class A* | 598,260 | ||||||
6,181 | Datadog, Inc., Class A* | 472,970 | ||||||
5,394 | Dell Technologies, Inc., Class C | 219,212 | ||||||
4,580 | DocuSign, Inc.* | 280,983 | ||||||
3,081 | Enphase Energy, Inc.* | 648,643 | ||||||
1,290 | EPAM Systems, Inc.* | 396,869 | ||||||
1,390 | F5, Inc.* | 198,742 | ||||||
13,613 | Fidelity National Information Services, Inc. | 862,656 | ||||||
13,569 | Fiserv, Inc.* | 1,561,656 | ||||||
1,656 | FleetCor Technologies, Inc.* | 355,692 | ||||||
15,290 | Fortinet, Inc.* | 908,838 | ||||||
1,778 | Gartner, Inc.* | 582,846 | ||||||
13,203 | Gen Digital, Inc. | 257,591 | ||||||
6,203 | Global Payments, Inc. | 695,977 | ||||||
1,733 | GLOBALFOUNDRIES, Inc.*(a) | 113,234 | ||||||
29,570 | Hewlett Packard Enterprise Co. | 461,588 | ||||||
22,706 | HP, Inc. | 670,281 | ||||||
1,070 | HubSpot, Inc.* | 413,940 | ||||||
95,548 | Intel Corp. | 2,382,012 | ||||||
20,919 | International Business Machines Corp. | 2,704,827 | ||||||
6,326 | Intuit, Inc. | 2,575,821 | ||||||
4,110 | Keysight Technologies, Inc.* | 657,436 | ||||||
3,270 | KLA Corp. | 1,240,573 | ||||||
3,149 | Lam Research Corp. | 1,530,446 | ||||||
19,672 | Marvell Technology, Inc. | 888,191 | ||||||
19,585 | Mastercard, Inc., Class A | 6,958,355 | ||||||
12,483 | Microchip Technology, Inc. | 1,011,497 | ||||||
25,200 | Micron Technology, Inc. | 1,457,064 | ||||||
170,061 | Microsoft Corp. | 42,416,615 | ||||||
1,545 | MongoDB, Inc.* | 323,708 | ||||||
3,858 | Motorola Solutions, Inc. | 1,013,921 | ||||||
4,978 | NetApp, Inc. | 321,330 | ||||||
54,612 | NVIDIA Corp. | 12,678,722 | ||||||
3,448 | Okta, Inc.* | 245,808 | ||||||
9,964 | ON Semiconductor Corp.* | 771,313 | ||||||
35,756 | Oracle Corp. | 3,125,074 | ||||||
39,765 | Palantir Technologies, Inc., Class A* | 311,758 | ||||||
6,871 | Palo Alto Networks, Inc.* | 1,294,290 | ||||||
7,458 | Paychex, Inc. | 823,363 | ||||||
1,179 | Paycom Software, Inc.* | 340,802 | ||||||
26,334 | PayPal Holdings, Inc.* | 1,938,182 | ||||||
2,332 | Qorvo, Inc.* | 235,275 | ||||||
25,924 | QUALCOMM, Inc. | 3,202,392 | ||||||
2,445 | Roper Technologies, Inc. | 1,051,839 | ||||||
22,437 | Salesforce, Inc.* | 3,670,918 | ||||||
4,442 | Seagate Technology Holdings PLC | 286,776 | ||||||
4,677 | ServiceNow, Inc.* | 2,021,259 | ||||||
3,695 | Skyworks Solutions, Inc. | 412,251 | ||||||
6,310 | Snowflake, Inc., Class A* | 974,138 | ||||||
3,766 | Splunk, Inc.* | 386,015 | ||||||
5,086 | SS&C Technologies Holdings, Inc. | 298,548 | ||||||
|
|
56 | 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) | ||||||||
3,509 | Synopsys, Inc.* | $ | 1,276,434 | |||||
7,333 | TE Connectivity Ltd. | 933,638 | ||||||
3,594 | Teradyne, Inc. | 363,497 | ||||||
20,996 | Texas Instruments, Inc. | 3,599,764 | ||||||
5,683 | Trimble, Inc.* | 295,857 | ||||||
3,999 | Twilio, Inc., Class A* | 268,773 | ||||||
6,992 | Unity Software, Inc.* | 212,836 | ||||||
2,128 | VeriSign, Inc.* | 418,854 | ||||||
37,494 | Visa, Inc., Class A | 8,246,430 | ||||||
5,255 | VMware, Inc., Class A* | 578,733 | ||||||
7,301 | Western Digital Corp.* | 280,942 | ||||||
4,623 | Workday, Inc., Class A* | 857,428 | ||||||
1,189 | Zebra Technologies Corp., Class A* | 356,997 | ||||||
4,972 | Zoom Video Communications, Inc., Class A* | 370,861 | ||||||
1,989 | Zscaler, Inc.* | 260,857 | ||||||
|
| |||||||
218,257,110 | ||||||||
|
| |||||||
Materials – 2.6% | ||||||||
5,122 | Air Products and Chemicals, Inc. | 1,464,790 | ||||||
2,708 | Albemarle Corp. | 688,671 | ||||||
34,404 | Amcor PLC | 383,261 | ||||||
7,214 | Ball Corp. | 405,499 | ||||||
2,277 | Celanese Corp. | 264,656 | ||||||
16,392 | Corteva, Inc. | 1,021,058 | ||||||
16,267 | Dow, Inc. | 930,472 | ||||||
10,541 | DuPont de Nemours, Inc. | 769,809 | ||||||
2,765 | Eastman Chemical Co. | 235,578 | ||||||
5,843 | Ecolab, Inc. | 931,199 | ||||||
2,902 | FMC Corp. | 374,793 | ||||||
32,943 | Freeport-McMoRan, Inc. | 1,349,675 | ||||||
5,900 | International Flavors & Fragrances, Inc. | 549,880 | ||||||
8,205 | International Paper Co. | 298,580 | ||||||
11,346 | Linde PLC (United Kingdom) | 3,952,606 | ||||||
5,963 | LyondellBasell Industries NV, Class A | 572,388 | ||||||
1,429 | Martin Marietta Materials, Inc. | 514,254 | ||||||
7,862 | Mosaic Co. (The) | 418,180 | ||||||
18,359 | Newmont Corp. | 800,636 | ||||||
5,903 | Nucor Corp. | 988,398 | ||||||
2,108 | Packaging Corp. of America | 288,206 | ||||||
5,434 | PPG Industries, Inc. | 717,614 | ||||||
5,501 | Sherwin-Williams Co. (The) | 1,217,646 | ||||||
1,974 | Southern Copper Corp. (Mexico) | 145,464 | ||||||
3,000 | Vulcan Materials Co. | 542,730 | ||||||
5,815 | Westrock Co. | 182,591 | ||||||
|
| |||||||
20,008,634 | ||||||||
|
| |||||||
Real Estate – 2.6% | ||||||||
3,767 | Alexandria Real Estate Equities, Inc. REIT | 564,221 | ||||||
10,756 | American Tower Corp. REIT | 2,129,795 | ||||||
3,171 | AvalonBay Communities, Inc. REIT | 547,061 | ||||||
3,306 | Boston Properties, Inc. REIT | 216,477 | ||||||
7,022 | CBRE Group, Inc., Class A* | 597,853 | ||||||
9,984 | Crown Castle, Inc. REIT | 1,305,408 | ||||||
6,652 | Digital Realty Trust, Inc. REIT | 693,338 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
2,137 | Equinix, Inc. REIT | 1,470,833 | ||||||
8,484 | Equity Residential REIT | 530,420 | ||||||
1,489 | Essex Property Trust, Inc. REIT | 339,581 | ||||||
3,054 | Extra Space Storage, Inc. REIT | 502,841 | ||||||
12,409 | Healthpeak Properties, Inc. REIT | 298,560 | ||||||
16,372 | Host Hotels & Resorts, Inc. REIT | 275,050 | ||||||
14,126 | Invitation Homes, Inc. REIT | 441,579 | ||||||
6,676 | Iron Mountain, Inc. REIT | 352,159 | ||||||
2,657 | Mid-America Apartment Communities, Inc. REIT | 425,386 | ||||||
21,323 | Prologis, Inc. REIT | 2,631,258 | ||||||
3,525 | Public Storage REIT | 1,053,799 | ||||||
14,483 | Realty Income Corp. REIT | 926,188 | ||||||
2,475 | SBA Communications Corp. REIT | 641,891 | ||||||
7,514 | Simon Property Group, Inc. REIT | 917,384 | ||||||
7,496 | UDR, Inc. REIT | 321,129 | ||||||
9,212 | Ventas, Inc. REIT | 448,164 | ||||||
22,270 | VICI Properties, Inc. REIT | 746,713 | ||||||
10,938 | Welltower, Inc. REIT | 810,725 | ||||||
16,997 | Weyerhaeuser Co. REIT | 531,156 | ||||||
4,748 | W.P. Carey, Inc. REIT | 385,348 | ||||||
|
| |||||||
20,104,317 | ||||||||
|
| |||||||
Utilities – 2.7% | ||||||||
5,804 | Alliant Energy Corp. | 297,571 | ||||||
5,952 | Ameren Corp. | 492,290 | ||||||
11,890 | American Electric Power Co., Inc. | 1,045,963 | ||||||
4,202 | American Water Works Co., Inc. | 589,877 | ||||||
3,252 | Atmos Energy Corp. | 366,858 | ||||||
1,639 | Avangrid, Inc. | 63,970 | ||||||
14,532 | CenterPoint Energy, Inc. | 404,280 | ||||||
6,694 | CMS Energy Corp. | 394,745 | ||||||
8,208 | Consolidated Edison, Inc. | 733,385 | ||||||
7,570 | Constellation Energy Corp. | 566,917 | ||||||
19,268 | Dominion Energy, Inc. | 1,071,686 | ||||||
4,726 | DTE Energy Co. | 518,490 | ||||||
17,810 | Duke Energy Corp. | 1,678,771 | ||||||
8,839 | Edison International | 585,230 | ||||||
4,694 | Entergy Corp. | 482,872 | ||||||
5,242 | Evergy, Inc. | 308,282 | ||||||
7,987 | Eversource Energy | 601,900 | ||||||
22,776 | Exelon Corp. | 919,923 | ||||||
12,567 | FirstEnergy Corp. | 496,899 | ||||||
45,923 | NextEra Energy, Inc. | 3,261,911 | ||||||
9,366 | NiSource, Inc. | 256,909 | ||||||
40,216 | PG&E Corp.* | 628,174 | ||||||
16,566 | PPL Corp. | 448,442 | ||||||
11,535 | Public Service Enterprise Group, Inc. | 697,060 | ||||||
7,278 | Sempra Energy | 1,091,409 | ||||||
24,962 | Southern Co. (The) | 1,574,104 | ||||||
7,296 | WEC Energy Group, Inc. | 646,863 | ||||||
12,649 | Xcel Energy, Inc. | 816,746 | ||||||
|
| |||||||
21,041,527 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $769,126,462) | $ | 778,611,716 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
303,839 | 4.475 | % | $ | 303,839 | ||||
(Cost $303,839) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% |
| |||||||
(Cost $769,430,301) |
| $ | 778,915,555 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 1,600,653 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 780,516,208 | |||||
|
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 | |
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Assets and Liabilities
February 28, 2023 (Unaudited)
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||||
Assets: | ||||||||||||||
Investments in unaffiliated issuers, at value (cost $29,862,107, $362,008,269 and $766,752,064, respectively)(a) | $31,813,601 | $375,269,788 | $775,866,736 | |||||||||||
Investments in affiliated issuers, at value (cost $—, $— and $2,374,398, respectively) | — | — | 2,744,980 | |||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 134,788 | 2,841,624 | 303,839 | |||||||||||
Cash | 125,475 | 520,892 | 715,884 | |||||||||||
Foreign currency, at value (cost $5,871, $56,867 and $—, respectively) | 5,845 | 56,641 | — | |||||||||||
Receivables: | ||||||||||||||
Dividends | 60,279 | 567,793 | 1,229,465 | |||||||||||
Securities lending income | 426 | 3,078 | 2,310 | |||||||||||
Collateral on futures contracts | — | 14,160 | — | |||||||||||
Foreign tax reclaims | — | 306,282 | — | |||||||||||
Total assets | 32,140,414 | 379,580,258 | 780,863,214 | |||||||||||
Liabilities: | ||||||||||||||
Payables: | ||||||||||||||
Upon return of securities loaned | 134,788 | 2,841,624 | 303,839 | |||||||||||
Foreign capital gains tax | 117,297 | — | — | |||||||||||
Management fees | 9,211 | 58,695 | 43,167 | |||||||||||
Total liabilities | 261,296 | 2,900,319 | 347,006 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital | 30,703,760 | 362,448,833 | 744,611,157 | |||||||||||
Total distributable earnings | 1,175,358 | 14,231,106 | 35,905,051 | |||||||||||
NET ASSETS | $31,879,118 | $376,679,939 | $780,516,208 | |||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 800,000 | 7,600,000 | 14,450,000 | |||||||||||
Net asset value per share: | $39.85 | $49.56 | $54.01 |
(a) | Includes loaned securities having a market value of $90,483, $2,684,847 and $298,367, respectively. |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Operations
For the Six Months Ended February 28, 2023 (Unaudited)
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 $31,890, $314,285 and $—, respectively) | $ | 255,873 | $ | 3,231,541 | $ | 6,275,345 | ||||||||
Securities lending income — unaffiliated issuer | 2,187 | 22,144 | 14,544 | |||||||||||
Dividends — affiliated issuers | — | — | 21,150 | |||||||||||
Total investment income | 258,060 | 3,253,685 | 6,311,039 | |||||||||||
Expenses: | ||||||||||||||
Management fees | 63,933 | 402,768 | 312,332 | |||||||||||
Trustee fees | 6,430 | 12,668 | 20,872 | |||||||||||
Total expenses | 70,363 | 415,436 | 333,204 | |||||||||||
Less — expense reductions | (14,072 | ) | (83,087 | ) | (74,045 | ) | ||||||||
Net expenses | 56,291 | 332,349 | 259,159 | |||||||||||
NET INVESTMENT INCOME | 201,769 | 2,921,336 | 6,051,880 | |||||||||||
Realized and unrealized gain (loss): | ||||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investments — unaffiliated issuers | (244,614 | ) | (1,878,792 | ) | (3,157,835 | ) | ||||||||
Investments — affiliated issuers | — | — | (1,852 | ) | ||||||||||
In-kind redemptions — unaffiliated issuers | — | 6,121,330 | 30,799,155 | |||||||||||
In-kind redemptions — affiliated issuers | — | — | 156,099 | |||||||||||
Futures contracts | 13,008 | 98,558 | (108,715 | ) | ||||||||||
Foreign currency transactions | (559 | ) | (22,640 | ) | — | |||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(149,454), $— and $—, respectively) | (891,096 | ) | 29,918,690 | (13,670,332 | ) | |||||||||
Investments — affiliated issuers | — | — | 37,066 | |||||||||||
Futures contracts | — | 19,211 | — | |||||||||||
Foreign currency translations | (726 | ) | 40,611 | — | ||||||||||
Net realized and unrealized gain (loss) | (1,123,987 | ) | 34,296,968 | 14,053,586 | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (922,218 | ) | $ | 37,218,304 | $ | 20,105,466 |
60 | 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 Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 201,769 | $ | 950,088 | $ | 2,921,336 | $ | 11,504,193 | ||||||||||||||
Net realized gain (loss) | (232,165 | ) | (127,326 | ) | 4,318,456 | (2,402,327 | ) | |||||||||||||||
Net change in unrealized gain (loss) | (891,822 | ) | (8,206,380 | ) | 29,978,512 | (88,828,407 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (922,218 | ) | (7,383,618 | ) | 37,218,304 | (79,726,541 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (179,944 | ) | (2,556,833 | ) | (2,164,068 | ) | (12,795,314 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | — | 6,730,275 | 42,993,682 | 106,009,495 | ||||||||||||||||||
Cost of shares redeemed | — | — | (58,418,272 | ) | (13,629,357 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | — | 6,730,275 | (15,424,590 | ) | 92,380,138 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (1,102,162 | ) | (3,210,176 | ) | 19,629,646 | (141,717 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 32,981,280 | $ | 36,191,456 | $ | 357,050,293 | $ | 357,192,010 | ||||||||||||||
End of period | $ | 31,879,118 | $ | 32,981,280 | $ | 376,679,939 | $ | 357,050,293 |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets (continued)
MarketBeta® U.S. Equity ETF | ||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 6,051,880 | $ | 7,408,353 | ||||||
Net realized gain | 27,686,852 | 7,403,369 | ||||||||
Net change in unrealized loss | (13,633,266 | ) | (89,478,740 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | 20,105,466 | (74,667,018 | ) | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (6,036,015 | ) | (6,429,882 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 201,332,632 | 367,338,844 | ||||||||
Cost of shares redeemed | (120,121,636 | ) | (29,867,204 | ) | ||||||
Net increase in net assets resulting from share transactions | 81,210,996 | 337,471,640 | ||||||||
TOTAL INCREASE | 95,280,447 | 256,374,740 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 685,235,761 | $ | 428,861,021 | ||||||
End of period | $ | 780,516,208 | $ | 685,235,761 |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.32 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. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 63 |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.10% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives.If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
64 | 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
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 65 |
GOLDMAN SACHS MARKETBETA ETFS
February 28, 2023 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs 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.
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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
67
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 (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.
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 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
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GOLDMAN SACHS MARKETBETA ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 February 28, 2023:
MARKETBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 931,132 | $ | — | $ | — | ||||||
Asia | 26,686,733 | 885,055 | 3,375 | |||||||||
Europe | 273,518 | — | — | |||||||||
North America | 1,055,600 | — | — | |||||||||
Oceania | 35,895 | — | — | |||||||||
South America | 1,533,600 | 408,693 | — | |||||||||
Securities Lending Reinvestment Vehicle | 134,788 | — | — | |||||||||
Total | $ | 30,651,266 | $ | 1,293,748 | $ | 3,375 | ||||||
MARKETBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 1,060,801 | $ | — | $ | — | ||||||
Asia | 109,228,054 | 72,709 | 7,902 | |||||||||
Europe | 203,321,414 | 1,568,628 | — | |||||||||
North America | 26,537,931 | 228,858 | — | |||||||||
Oceania | 32,814,728 | — | — | |||||||||
South America | 351,580 | 77,183 | — | |||||||||
Securities Lending Reinvestment Vehicle | 2,841,624 | — | — | |||||||||
Total | $ | 376,156,132 | $ | 1,947,378 | $ | 7,902 | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 10,565 | $ | — | $ | — |
69
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 | $ | 873,096 | $ | — | $ | — | ||||||
Europe | 3,952,606 | — | — | |||||||||
North America | 772,426,934 | — | — | |||||||||
South America | 1,359,080 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 303,839 | — | — | |||||||||
Total | $ | 778,915,555 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2023. 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 | $10,565 | Variation Margin on Futures Contracts | $ | — |
(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 February 28, 2023 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 six months ended February 28, 2023. 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 | $ | 13,008 | $ | — | |||||
Equity | MarketBeta® International Equity ETF | 98,558 | 19,211 | |||||||
Equity | MarketBeta® U.S. Equity ETF | (108,715 | ) | — |
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GOLDMAN SACHS MARKETBETA ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
For the six months ended February 28, 2023, 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 | 16 | |||||
MarketBeta® U.S. Equity ETF | — |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2023. |
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 the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2023, contractual and effective net unitary management fees with GSAM were at the following rates:
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, 2023 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2023, GSAM waived $14,072, $83,087 and $74,045 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Depreciation | Ending value as of February 28, 2023 | Shares as of February 28, 2023 | Dividend Income | ||||||||||||||||||||||||
MarketBeta U.S. Equity ETF | $ | 2,296,421 | $ | 692,465 | $ | (435,219 | ) | $ | 154,247 | $ | 37,066 | $ | 2,744,980 | 7,806 | $ | 21,150 |
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 Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 150,000 | $ | 6,730,275 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET DECREASE | — | $ | — | 150,000 | $ | 6,730,275 | ||||||||||
MarketBeta International Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 900,000 | $ | 42,988,135 | 2,100,000 | $ | 106,009,495 | ||||||||||
Shares Redeemed | (1,300,000 | ) | (58,394,140 | ) | (300,000 | ) | (13,629,357 | ) | ||||||||
NET DECREASE | (400,000 | ) | $ | (15,406,005 | ) | 1,800,000 | $ | 92,380,138 |
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6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
MarketBeta U.S. Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 4,000,000 | $ | 201,332,632 | 6,400,000 | $ | 367,338,844 | ||||||||||
Shares Redeemed | (2,250,000 | ) | (120,121,636 | ) | (500,000 | ) | (29,867,204 | ) | ||||||||
NET INCREASE IN SHARES | 1,750,000 | $ | 81,210,996 | 5,900,000 | $ | 337,471,640 |
* | Commencement of operations |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta Emerging Markets Equity ETF | $ | 1,074,786 | $ | 864,857 | ||||||
MarketBeta International Equity ETF | 8,471,368 | 5,877,839 | ||||||||
MarketBeta U.S. Equity ETF | 8,990,304 | 249,392,585 |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta Emerging Markets Equity ETF | $ | — | $ | — | ||||||
MarketBeta International Equity ETF | 41,305,084 | 58,178,841 | ||||||||
MarketBeta U.S. Equity ETF | 201,331,318 | 120,114,356 |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
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Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 February 28, 2023, 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 six months ended February 28, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2023 | ||||||||||||||
MarketBeta Emerging Markets Equity ETF | $ | 140,256 | $ | 5,682,772 | $ | (5,688,240 | ) | $ | 134,788 | |||||||||
MarketBeta International Equity ETF | 6,986,472 | 70,622,459 | (74,767,307 | ) | 2,841,624 | |||||||||||||
MarketBeta U.S. Equity ETF | 1,947,872 | 14,316,558 | (15,960,591 | ) | 303,839 |
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:
Marketbeta Emerging Markets Equity ETF | MarketBeta International Equity ETF | MarketBeta U.S. Equity ETF | ||||||||||
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 | ) |
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GOLDMAN SACHS MARKETBETA ETFS
9. TAX INFORMATION (continued) |
As of February 28, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
MarketBeta | MarketBeta | MarketBeta | ||||||||||
Tax Cost | $ | 30,381,818 | $ | 366,596,291 | $ | 771,877,686 | ||||||
Gross unrealized gain | 5,878,473 | 1,852,668,694 | 58,347,290 | |||||||||
Gross unrealized loss | (4,311,902 | ) | (1,841,153,573 | ) | (51,309,421 | ) | ||||||
Net unrealized gains (losses) | $ | 1,566,571 | $ | 11,515,121 | $ | 7,037,869 |
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.
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.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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
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GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
10. OTHER RISKS (continued) |
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 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.
Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
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.
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GOLDMAN SACHS MARKETBETA ETFS
10. OTHER RISKS (continued) |
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS MARKETBETA ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS MARKETBETA ETFS
Fund Expenses — Six Month Period Ended 2/28/23 (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 September 1, 2022 through February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 8/1/2022 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 8/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 8/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 972.43 | $ | 1.76 | $ | 1,000 | $ | 1,118.20 | $ | 1.05 | $ | 1,000 | $ | 1,009.96 | $ | 0.35 | ||||||||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,023.01 | + | $ | 1.81 | $ | 1,000 | $ | 1,023.80 | + | $ | 1.00 | $ | 1,000 | $ | 1,024.45 | + | $ | 0.35 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
Fund | ||||
MarketBeta® Emerging Markets Equity ETF | 0.36 | % | ||
MarketBeta® International Equity ETF | 0.20 | |||
MarketBeta® U.S. Equity ETF | 0.07 |
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GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited)
Background
The Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
80
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 Funds and their service providers 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, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The
81
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective index.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement a management fee waiver for each Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of its indices.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money
82
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (e) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued with respect to each Fund until September 30, 2023.
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 $2.30 trillion in assets under supervision as of December 31, 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 Defensive 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 Community Municipal 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 MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets 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 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.
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, 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 Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds 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, 2023 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.
© 2023 Goldman Sachs. All rights reserved. 313754-OTU-1780690 MCEQWGETFSAR-23
Goldman Sachs Funds
Semi-Annual Report | February 28, 2023 | |||
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 |
1 | ||||
6 | ||||
17 | ||||
23 | ||||
30 | ||||
30 | ||||
31 | ||||
32 | ||||
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | 33 | |||
34 | ||||
35 | ||||
47 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Future Thematic Equity ETFs
The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs Future Thematic Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.
U.S. Equities
• | Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000® Index generated a return of 1.51%. |
• | The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy. |
• | As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off. |
• | During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November. |
• | Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
• | There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) |
• | Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. |
• | Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. |
• | Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. |
• | On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there. |
• | The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
1
MARKET REVIEW
• | However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains. |
• | U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.) |
• | Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish. |
• | During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment. |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market. |
• | As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19. |
• | Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. |
• | International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally. |
• | In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year. |
• | In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October. Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. |
• | Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening. |
2
MARKET REVIEW
• | The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession. |
• | China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism. |
• | In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative. |
• | The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years. |
• | All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care. |
• | The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
• | As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows. |
• | Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices. |
• | The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels. |
• | Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index amid the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market. |
• | In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so. |
• | Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022. |
• | In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports. |
3
MARKET REVIEW
• | November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors. |
• | The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions. |
• | The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off. |
• | The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities. |
• | The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector. |
Fund Changes and Highlights
Goldman Sachs Future Consumer Equity ETF
• | The Fund underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period. |
• | From a theme perspective, e-commerce and sustainable living detracted from the Fund’s performance, while luxury and financial technology contributed positively. |
• | In terms of sectors, the Fund was hurt by its overweight positions versus the benchmark in communication services and utilities. On the positive side, the Fund benefited from stock selection in the consumer discretionary and information technology sectors. |
• | From a country perspective, stock selection in the U.S., along with an overweight and stock selection in China, detracted from the Fund’s relative returns. Exposure to Italy and France bolstered relative performance. |
• | Among individual stocks, the Fund was hampered by its overweight positions versus the benchmark in U.S.-based e-commerce retailing behemoth Amazon.com and U.S.-based wireless communications and broadcast towers real estate investment trust American Tower. These results were offset somewhat by overweight positions in French luxury goods company LVMH Moet Hennessy Louis Vuitton and Italian apparel manufacturer Moncler, each of which contributed positively to the Fund’s performance. |
• | Effective January 3, 2023, Laura Destribats no longer served as a portfolio manager for the Fund. As of February 2, 2023, Jennifer Sullivan became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Nathan Lin. Mr. Deladerrière, Mr. Garigipati and Mr. Lin have been portfolio managers for the Fund since 2021. |
4
MARKET REVIEW
Goldman Sachs Future Health Care Equity ETF
• | Effective January 18, 2023, Anant Padmanabhan no longer served as a portfolio manager for the Fund. Jenny Chang and Raj Garigipati continued to serve as portfolio managers for the Fund. Ms. Chang and Mr. Garigipati have been portfolio managers for the Fund since 2021. |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
• | The Fund posted negative absolute returns but outperformed its benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index, during the Reporting Period. |
• | From a theme perspective, environmental responsibility and new age consumer added significantly to the Fund’s returns, while other themes detracted modestly. |
• | In terms of sectors, the Fund benefited from stock selection in utilities and industrials. Stock selection in real estate hindered relative performance. |
• | Regarding countries, the Fund’s exposure to France contributed most positively. Its exposure to the U.S. and Italy was also advantageous. On the other hand, exposure to Australia detracted slightly from the Fund’s relative performance. |
• | Among individual stocks, the Fund’s out-of-benchmark investments in infrastructure and construction firm VINCI and environmental management services provider Veolia Environnement, both France-based companies, added to relative performance. The Fund was hurt by its overweight positions in American Tower and SBA Communications, both of which operate wireless communications infrastructure in the U.S. |
Goldman Sachs Future Tech Leaders Equity ETF
• | The Fund underperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period. |
• | On the sector level, the Fund was hampered by its overweight positions versus the benchmark in the information technology services, interactive media and services, and entertainment industries. Adding to relative performance was stock selection within the Internet and direct marketing retail industry and an overweight allocation to the semiconductors and semiconductor equipment industry. |
• | From a country perspective, the Fund’s exposure to the U.S. detracted from relative returns, offset somewhat by exposure to Taiwan and Germany, which added value. |
• | Among individual stocks, the Fund’s overweight position in U.S.-based Bill.com Holdings, which provides cloud-based software solutions to small and mid-sized businesses, and its out-of-benchmark exposure to Atlassian, an Australian software company, hurt relative performance. The Fund benefited from its overweight position in German semiconductor manufacturer Infineon Technologies and its avoidance of China-based information security provider Venustech Group. |
5
Goldman Sachs Future Consumer Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
February 28, 2023 | ||||||
Market Price1 | $ | 25.06 | ||||
Net Asset Value (NAV)1 | $ | 25.06 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 01, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI ACWI Growth Index3 | |||||||||||
Shares | -1.46 | % | -0.95 | % | 0.65 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
6
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Amazon.com, Inc. | 5.7 | % | Consumer Discretionary | United States | ||||||
Mastercard, Inc., Class A | 5.3 | Information Technology | United States | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 4.8 | Consumer Discretionary | France | |||||||
NVIDIA Corp. | 4.5 | Information Technology | United States | |||||||
Alphabet, Inc., Class C | 4.5 | Communication Services | United States | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.0 | Information Technology | Taiwan | |||||||
Moncler SpA | 3.7 | Consumer Discretionary | Italy | |||||||
NextEra Energy, Inc. | 3.7 | Utilities | United States | |||||||
NIKE, Inc., Class B | 3.5 | Consumer Discretionary | United States | |||||||
American Tower Corp. REIT | 3.5 | Real Estate | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | 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). Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
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
FUND BASICS
Goldman Sachs Future Health Care Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
February 28, 2023 | ||||||
Market Price1 | $ | 31.19 | ||||
Net Asset Value (NAV)1 | $ | 31.13 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
PERFORMANCE REVIEW | ||||||||||||||
September 01, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI ACWI Health Care Index3 | |||||||||||
Shares | 3.97 | % | 3.94 | % | 3.25 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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. Total returns for periods less than one full year are not annualized. |
3 | The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries*. All securities in the index are classified in the Health Care as per the Global Industry Classification Standard (GICS®). |
* | DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
8
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
AstraZeneca PLC | 5.1 | % | Health Care | United Kingdom | ||||||
Eli Lilly & Co. | 4.9 | Health Care | United States | |||||||
Boston Scientific Corp. | 4.5 | Health Care | United States | |||||||
Gilead Sciences, Inc. | 4.3 | Health Care | United States | |||||||
Intuitive Surgical, Inc. | 3.9 | Health Care | United States | |||||||
Insulet Corp. | 3.6 | Health Care | United States | |||||||
Dexcom, Inc. | 3.4 | Health Care | United States | |||||||
CSL Ltd. | 3.3 | Health Care | United States | |||||||
Seagen, Inc. | 3.3 | Health Care | United States | |||||||
Mettler-Toledo International, Inc. | 3.1 | Health Care | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | 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. Figures above may not sum to 100% due to rounding. |
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
FUND BASICS
Goldman Sachs Future Planet Equity ETF
as of February 28, 2023
FUND SNAPSHOT | ||||||
February 28, 2023 | ||||||
Market Price1 | $ | 31.04 | ||||
Net Asset Value (NAV)1 | $ | 31.10 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 01, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI All Country World Index3 | |||||||||||
Shares | 3.28 | % | 3.35 | % | 3.32 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,882 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2023. It is not possible to invest directly into an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
10
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Iberdrola SA | 4.1 | % | Utilities | Spain | ||||||
Schneider Electric SE | 3.9 | Industrials | United States | |||||||
Enel SpA | 3.6 | Utilities | Italy | |||||||
Ecolab, Inc. | 3.6 | Materials | United States | |||||||
Danaher Corp. | 3.4 | Health Care | United States | |||||||
Infineon Technologies AG | 3.3 | Information Technology | Germany | |||||||
NextEra Energy, Inc. | 3.3 | Utilities | United States | |||||||
Neste OYJ | 3.3 | Energy | Finland | |||||||
Koninklijke DSM NV | 3.0 | Materials | Netherlands | |||||||
Ball Corp. | 3.0 | Materials | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
11
FUND BASICS
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
February 28, 2023 | ||||||
Market Price1 | $ | 33.05 | ||||
Net Asset Value (NAV)1 | $ | 33.02 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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. |
PERFORMANCE REVIEW | ||||||||||||||
September 01, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Future Real Estate and Infrastructure Composite Index3 | |||||||||||
Shares | -2.66 | % | -2.58 | % | -3.85 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | Future Real Estate and Infrastructure Composite Index consist of the FTSE Global Core Infrastructure 50/50 Index and the FTSE EPRA/NAREIT Developed Index. The FTSE Global Core Infrastructure 50/50 Index give participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation. It is not possible to invest directly in an unmanaged index. The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
12
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Prologis, Inc. REIT | 5.9 | % | Real Estate | United States | ||||||
Transurban Group | 4.8 | Industrials | Australia | |||||||
National Grid PLC | 4.4 | Utilities | United Kingdom | |||||||
NextEra Energy, Inc. | 4.0 | Utilities | United States | |||||||
American Tower Corp. REIT | 3.6 | Real Estate | United States | |||||||
Vinci SA | 3.3 | Industrials | France | |||||||
Equinix, Inc. REIT | 3.0 | Real Estate | United States | |||||||
Digital Realty Trust, Inc. REIT | 2.9 | Real Estate | United States | |||||||
Alexandria Real Estate Equities, Inc. REIT | 2.6 | Real Estate | United States | |||||||
Xcel Energy, Inc. | 2.6 | Utilities | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2023 |
5 | 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. |
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
FUND BASICS
Goldman Sachs Future Tech Leaders Equity ETF
as of February 28, 2023
FUND SNAPSHOT |
| |||||
February 28, 2023 | ||||||
Market Price1 | $ | 23.19 | ||||
Net Asset Value (NAV)1 | $ | 23.20 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 01, 2022–February 28, 2023 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI All Country World Index3 | |||||||||||
Shares | -3.79 | % | -3.67 | % | 3.32 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,975 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2023. It is not possible to invest directly into an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
14
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/234 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Cadence Design Systems, Inc. | 3.4 | % | Information Technology | United States | ||||||
KLA Corp. | 3.1 | Information Technology | United States | |||||||
HubSpot, Inc. | 3.0 | Information Technology | United States | |||||||
United Microelectronics Corp. | 2.9 | Information Technology | Taiwan | |||||||
Marvell Technology, Inc. | 2.8 | Information Technology | United States | |||||||
MercadoLibre, Inc. | 2.8 | Consumer Discretionary | Brazil | |||||||
Motorola Solutions, Inc. | 2.8 | Information Technology | United States | |||||||
Palo Alto Networks, Inc. | 2.4 | Information Technology | United States | |||||||
Infineon Technologies AG | 2.3 | Information Technology | Germany | |||||||
Kingdee International Software Group Co. Ltd. | 2.3 | Information Technology | China |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 28, 2023 |
5 | 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). Figures above may not sum to 100% due to rounding. |
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.
15
PORTFOLIO RESULTS
Index Definition
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.
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.
MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. The Developed Markets countries in the MSCI EAFE Index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.
MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.
The MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market. With 25 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Russia
16
GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.6% | ||||||||
Communication Services – 26.5% | ||||||||
49,782 | Alphabet, Inc., Class C* | $ | 4,495,315 | |||||
55,397 | Bumble, Inc., Class A* | 1,339,500 | ||||||
32,431 | CTS Eventim AG & Co. KGaA (Germany)* | 2,139,250 | ||||||
17,276 | Electronic Arts, Inc. | 1,916,599 | ||||||
30,082 | Live Nation Entertainment, Inc.* | 2,167,709 | ||||||
18,583 | Meta Platforms, Inc., Class A* | 3,250,910 | ||||||
79,465 | NetEase, Inc. (China) | 1,225,965 | ||||||
13,506 | Sea Ltd. ADR (Singapore)* | 843,990 | ||||||
65,543 | Snap, Inc., Class A* | 665,261 | ||||||
57,988 | Tencent Holdings Ltd. (China) | 2,538,337 | ||||||
21,500 | T-Mobile US, Inc.* | 3,056,870 | ||||||
27,960 | Walt Disney Co. (The)* | 2,785,096 | ||||||
|
| |||||||
26,424,802 | ||||||||
|
| |||||||
Consumer Discretionary – 26.8% | ||||||||
60,674 | Amazon.com, Inc.* | 5,717,311 | ||||||
16,083 | Basic-Fit NV (Netherlands)*(a) (b) | 566,943 | ||||||
10,457 | Etsy, Inc.* | 1,269,585 | ||||||
106,910 | Farfetch Ltd., Class A (United Kingdom)* | 548,448 | ||||||
5,755 | LVMH Moet Hennessy Louis Vuitton SE (France) | 4,815,409 | ||||||
96,438 | Meituan, Class B (China)*(b) | 1,672,108 | ||||||
1,463 | MercadoLibre, Inc. (Brazil)* | 1,784,860 | ||||||
59,728 | Moncler SpA (Italy) | 3,661,143 | ||||||
29,551 | NIKE, Inc., Class B | 3,510,363 | ||||||
6,081 | Ulta Beauty, Inc.* | 3,154,823 | ||||||
|
| |||||||
26,700,993 | ||||||||
|
| |||||||
Consumer Staples – 6.1% | ||||||||
605,622 | Budweiser Brewing Co. APAC Ltd. (China)(b) | 1,813,124 | ||||||
251,110 | Davide Campari-Milano NV (Italy) | 2,821,472 | ||||||
54,740 | Proya Cosmetics Co. Ltd., Class A (China) | 1,437,066 | ||||||
|
| |||||||
6,071,662 | ||||||||
|
| |||||||
Health Care – 2.2% | ||||||||
17,484 | Guardant Health, Inc.* | 540,081 | ||||||
8,411 | Illumina, Inc.* | 1,675,471 | ||||||
|
| |||||||
2,215,552 | ||||||||
|
| |||||||
Industrials – 2.6% | ||||||||
75,919 | Experian PLC (United Kingdom) | 2,578,113 | ||||||
|
| |||||||
Information Technology – 20.4% | ||||||||
1,023 | Adyen NV (Netherlands)*(b) | 1,459,397 | ||||||
14,195 | Apple, Inc. | 2,092,485 | ||||||
486,038 | Locaweb Servicos de Internet SA (Brazil)*(b) | 455,250 | ||||||
14,757 | Mastercard, Inc., Class A | 5,243,014 | ||||||
107,521 | MediaTek, Inc. (Taiwan) | 2,551,328 | ||||||
19,398 | NVIDIA Corp. | 4,503,440 | ||||||
236,560 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3,967,317 | ||||||
|
| |||||||
20,272,231 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – 4.3% | ||||||||
42,698 | Ball Corp. | 2,400,055 | ||||||
15,175 | Koninklijke DSM NV (Netherlands) | 1,878,064 | ||||||
|
| |||||||
4,278,119 | ||||||||
|
| |||||||
Real Estate – 3.5% | ||||||||
17,484 | American Tower Corp. REIT | 3,462,007 | ||||||
|
| |||||||
Utilities – 6.2% | ||||||||
122,961 | EDP Renovaveis SA (Spain) | 2,531,068 | ||||||
51,317 | NextEra Energy, Inc. | 3,645,046 | ||||||
|
| |||||||
6,176,114 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $115,320,974) | $ | 98,179,593 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $115,320,974) | $ | 98,179,593 | ||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
575,036 | 4.475 | % | $ | 575,036 | ||||
(Cost $575,036) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 99.2% |
| |||||||
(Cost $115,896,010) |
| $ | 98,754,629 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8% |
| 852,653 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 99,607,282 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||||
Investment Abbreviations: | ||||
ADR | —American Depositary Receipt | |||
PLC | —Public Limited Company | |||
REIT | —Real Estate Investment Trust | |||
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Denmark – 1.8% | ||||||||
49,317 | Genmab A/S ADR (Health Care)* | $ | 1,852,347 | |||||
|
| |||||||
France – 0.8% | ||||||||
2,336 | Sartorius Stedim Biotech (Health Care) | 764,752 | ||||||
|
| |||||||
Italy – 0.5% | ||||||||
25,394 | Stevanato Group SpA (Health Care) | 552,319 | ||||||
|
| |||||||
Japan – 5.5% | ||||||||
96,260 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 2,398,462 | ||||||
18,335 | Hoya Corp. (Health Care) | 1,813,108 | ||||||
68,760 | Kyowa Kirin Co. Ltd. (Health Care) | 1,471,463 | ||||||
|
| |||||||
5,683,033 | ||||||||
|
| |||||||
Netherlands – 1.0% | ||||||||
2,780 | Argenx SE ADR (Health Care)* | 1,017,536 | ||||||
|
| |||||||
Switzerland – 0.9% | ||||||||
1,558 | Lonza Group AG (Health Care) | 932,223 | ||||||
|
| |||||||
United Kingdom – 5.3% | ||||||||
39,972 | AstraZeneca PLC (Health Care) | 5,265,061 | ||||||
94,247 | Oxford Nanopore Technologies PLC (Health Care)* | 238,469 | ||||||
|
| |||||||
5,503,530 | ||||||||
|
| |||||||
United States – 83.5% | ||||||||
65,231 | 2seventy bio, Inc. (Health Care)* | 879,966 | ||||||
23,177 | Agios Pharmaceuticals, Inc. (Health Care)* | 586,610 | ||||||
14,484 | Alexandria Real Estate Equities, Inc. REIT (Real Estate) | 2,169,414 | ||||||
3,941 | Align Technology, Inc. (Health Care)* | 1,219,740 | ||||||
46,024 | Allogene Therapeutics, Inc. (Health Care)* | 292,252 | ||||||
5,777 | Alnylam Pharmaceuticals, Inc. (Health Care)* | 1,106,007 | ||||||
10,517 | Axonics, Inc. (Health Care)* | 631,967 | ||||||
12,796 | Beam Therapeutics, Inc. (Health Care)* | 514,911 | ||||||
9,855 | Biogen, Inc. (Health Care)* | 2,659,470 | ||||||
27,776 | BioMarin Pharmaceutical, Inc. (Health Care)* | 2,766,212 | ||||||
99,655 | Boston Scientific Corp. (Health Care)* | 4,655,882 | ||||||
38,092 | Bristol-Myers Squibb Co. (Health Care) | 2,626,824 | ||||||
20,446 | Catalent, Inc. (Health Care)* | 1,394,826 | ||||||
7,884 | Cooper Cos., Inc. (The) (Health Care) | 2,577,832 | ||||||
17,052 | CSL Ltd. (Health Care) | 3,407,160 | ||||||
6,280 | Cytokinetics, Inc. (Health Care)* | 272,301 | ||||||
6,418 | Danaher Corp. (Health Care) | 1,588,648 | ||||||
31,404 | Dexcom, Inc. (Health Care)* | 3,486,158 | ||||||
39,235 | Edwards Lifesciences Corp. (Health Care)* | 3,156,063 | ||||||
16,320 | Eli Lilly & Co. (Health Care) | 5,079,110 | ||||||
28,312 | Exelixis, Inc. (Health Care)* | 483,569 | ||||||
55,329 | Gilead Sciences, Inc. (Health Care) | 4,455,644 | ||||||
54,265 | Halozyme Therapeutics, Inc. (Health Care)* | 2,604,177 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
3,118 | IDEXX Laboratories, Inc. (Health Care)* | 1,475,562 | ||||||
10,938 | Illumina, Inc. (Health Care)* | 2,178,850 | ||||||
9,718 | Inari Medical, Inc. (Health Care)* | 546,735 | ||||||
13,430 | Insulet Corp. (Health Care)* | 3,711,515 | ||||||
17,556 | Intuitive Surgical, Inc. (Health Care)* | 4,027,171 | ||||||
3,575 | iRhythm Technologies, Inc. (Health Care)* | 420,706 | ||||||
2,246 | Mettler-Toledo International, Inc. (Health Care)* | 3,220,113 | ||||||
29,643 | Neurocrine Biosciences, Inc. (Health Care)* | 3,056,193 | ||||||
12,652 | Novanta, Inc. (Information Technology)* | 1,985,225 | ||||||
7,838 | Sage Therapeutics, Inc. (Health Care)* | 326,374 | ||||||
11,878 | Sarepta Therapeutics, Inc. (Health Care)* | 1,450,660 | ||||||
18,915 | Seagen, Inc. (Health Care)* | 3,398,836 | ||||||
5,089 | Shockwave Medical, Inc. (Health Care)* | 968,131 | ||||||
14,118 | Ultragenyx Pharmaceutical, Inc. (Health Care)* | 628,110 | ||||||
16,915 | Veeva Systems, Inc., Class A (Health Care)* | 2,802,139 | ||||||
3,219 | Waters Corp. (Health Care)* | 1,000,755 | ||||||
5,881 | West Pharmaceutical Services, Inc. (Health Care) | 1,864,453 | ||||||
20,458 | Zimmer Biomet Holdings, Inc. (Health Care) | 2,534,132 | ||||||
13,478 | Zoetis, Inc. (Health Care) | 2,250,826 | ||||||
|
| |||||||
86,461,229 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.3% | ||||||||
(Cost $110,610,673) | $ | 102,766,969 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | 755,826 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 103,522,795 | ||||||
|
|
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 | |||
|
Sector | % of Market Value | |||
Health Care | 96.0 | % | ||
Real Estate | 2.1 | |||
Information Technology | 1.9 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.9% | ||||||||
Australia – 0.0% | ||||||||
688,618 | Carbon Revolution Ltd. (Consumer Discretionary)*(a) | $ | 51,081 | |||||
|
| |||||||
Belgium – 1.3% | ||||||||
61,599 | Umicore SA (Materials) | 2,062,334 | ||||||
|
| |||||||
China – 3.1% | ||||||||
48,614 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 2,824,517 | ||||||
2,004,421 | Xinyi Solar Holdings Ltd. (Information Technology) | 2,139,888 | ||||||
|
| |||||||
4,964,405 | ||||||||
|
| |||||||
Denmark – 5.8% | ||||||||
59,756 | Chr Hansen Holding A/S (Materials) | 4,154,311 | ||||||
56,280 | Novozymes A/S, Class B (Materials) | 2,720,173 | ||||||
27,842 | Orsted AS (Utilities)(b) | 2,440,638 | ||||||
|
| |||||||
9,315,122 | ||||||||
|
| |||||||
Finland – 3.2% | ||||||||
108,645 | Neste OYJ (Energy) | 5,264,314 | ||||||
|
| |||||||
France – 1.2% | ||||||||
44,660 | Imerys SA (Materials) | 1,992,044 | ||||||
|
| |||||||
Germany – 3.3% | ||||||||
149,735 | Infineon Technologies AG (Information Technology) | 5,321,982 | ||||||
|
| |||||||
Ireland – 1.1% | ||||||||
28,276 | Kingspan Group PLC (Industrials) | 1,846,582 | ||||||
|
| |||||||
Italy – 3.6% | ||||||||
1,033,418 | Enel SpA (Utilities) | 5,827,115 | ||||||
|
| |||||||
Japan – 10.4% | ||||||||
27,089 | Daikin Industries Ltd. (Industrials) | 4,642,607 | ||||||
56,885 | Horiba Ltd. (Information Technology) | 3,031,862 | ||||||
8,129 | Keyence Corp. (Information Technology) | 3,514,421 | ||||||
81,257 | Kurita Water Industries Ltd. (Industrials) | 3,674,655 | ||||||
37,927 | Nidec Corp. (Industrials) | 1,920,086 | ||||||
|
| |||||||
16,783,631 | ||||||||
|
| |||||||
Netherlands – 5.8% | ||||||||
91,229 | Aalberts NV (Industrials) | 4,454,296 | ||||||
39,550 | Koninklijke DSM NV (Materials) | 4,894,724 | ||||||
11,111 | Pryme NV (Industrials)*(b) | 9,622 | ||||||
|
| |||||||
9,358,642 | ||||||||
|
| |||||||
Norway – 1.1% | ||||||||
1,084,307 | Aker Carbon Capture ASA (Industrials)* | 1,643,771 | ||||||
161,321 | Circa Group AS (Materials)* | 94,174 | ||||||
|
| |||||||
1,737,945 | ||||||||
|
| |||||||
Spain – 4.1% | ||||||||
573,542 | Iberdrola SA (Utilities) | 6,608,545 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Sweden – 0.4% | ||||||||
68,360 | Re:NewCell AB, Class A (Materials)*(a) | 605,031 | ||||||
|
| |||||||
Switzerland – 4.8% | ||||||||
110,355 | ABB Ltd. (Industrials) | 3,683,013 | ||||||
14,577 | Sika AG (Materials) | 4,104,423 | ||||||
|
| |||||||
7,787,436 | ||||||||
|
| |||||||
Taiwan – 2.2% | ||||||||
379,213 | Delta Electronics, Inc. (Information Technology) | 3,565,681 | ||||||
|
| |||||||
United Kingdom – 2.4% | ||||||||
941,946 | DS Smith PLC (Materials) | 3,846,458 | ||||||
|
| |||||||
United States – 45.1% | ||||||||
10,592 | Albemarle Corp. (Materials) | 2,693,652 | ||||||
36,965 | Aptiv PLC (Consumer Discretionary)* | 4,298,290 | ||||||
84,804 | Ball Corp. (Materials) | 4,766,833 | ||||||
105,013 | Bloom Energy Corp., Class A (Industrials)* | 2,277,732 | ||||||
21,943 | Danaher Corp. (Health Care) | 5,431,551 | ||||||
58,721 | Danimer Scientific, Inc. (Materials)*(a) | 151,500 | ||||||
30,473 | Darling Ingredients, Inc. (Consumer Staples)* | 1,928,027 | ||||||
32,143 | DocuSign, Inc. (Information Technology)* | 1,971,973 | ||||||
36,163 | Ecolab, Inc. (Materials) | 5,763,297 | ||||||
77,014 | Energy Recovery, Inc. (Industrials)* | 1,699,699 | ||||||
43,413 | Itron, Inc. (Information Technology)* | 2,421,143 | ||||||
74,304 | NextEra Energy, Inc. (Utilities) | 5,277,813 | ||||||
118,821 | Nuvve Holding Corp. (Industrials)* | 123,574 | ||||||
425,922 | Oatly Group AB ADR (Consumer Staples)*(a) | 937,028 | ||||||
38,808 | Schneider Electric SE (Industrials) | 6,260,636 | ||||||
127,774 | Shoals Technologies Group, Inc., Class A (Industrials)* | 3,135,574 | ||||||
16,912 | Smart Wires Technology Ltd. SDR (Industrials)* | 95 | ||||||
11,215 | SolarEdge Technologies, Inc. (Information Technology)* | 3,565,473 | ||||||
86,156 | Tattooed Chef, Inc. (Consumer Staples)*(a) | 108,557 | ||||||
21,556 | Trane Technologies PLC (Industrials) | 3,987,213 | ||||||
22,161 | Waste Connections, Inc. (Industrials) | 2,967,801 | ||||||
18,904 | Waste Management, Inc. (Industrials) | 2,831,063 | ||||||
126,875 | Westrock Co. (Materials) | 3,983,875 | ||||||
27,437 | Wolfspeed, Inc. (Information Technology)* | 2,029,789 | ||||||
42,794 | Xylem, Inc. (Industrials) | 4,392,804 | ||||||
|
| |||||||
73,004,992 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $192,719,571) | $ | 159,943,340 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments (continued)
February 28, 2023 (Unaudited)
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.9%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
1,450,409 | 4.475 | % | $ | 1,450,409 | ||||
(Cost $1,450,409) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% |
| |||||||
(Cost $194,169,980) |
| $ | 161,393,749 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 345,172 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 161,738,921 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||||
Investment Abbreviations: | ||||
ADR | —American Depositary Receipt | |||
PLC | —Public Limited Company | |||
SDR | —Swedish Depositary Receipt | |||
|
Sector Name | % of Market Value | |||
Industrials | 32.4 | % | ||
Materials | 25.9 | |||
Information Technology | 17.1 | |||
Utilities | 12.5 | |||
Health Care | 3.4 | |||
Energy | 3.3 | |||
Consumer Discretionary | 2.7 | |||
Consumer Staples | 1.8 | |||
Securities Lending Reinvestment Vehicle | 0.9 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 97.3% | ||||||||
Communication Services – 2.4% | ||||||||
15,306 | Cellnex Telecom SA (Spain)*(a) | $ | 577,211 | |||||
|
| |||||||
Energy – 1.7% | ||||||||
2,579 | Cheniere Energy, Inc. | 405,780 | ||||||
|
| |||||||
Health Care – 1.3% | ||||||||
46,140 | Chartwell Retirement Residences (Canada) | 312,130 | ||||||
|
| |||||||
Industrials – 14.1% | ||||||||
142,577 | Airports of Thailand PCL NVDR (Thailand)* | 293,495 | ||||||
81,794 | Enav SpA (Italy)(a) | 362,410 | ||||||
14,696 | Ferrovial SA (Spain) | 409,265 | ||||||
1,632 | Norfolk Southern Corp. | 366,906 | ||||||
120,673 | Transurban Group (Australia) | 1,153,910 | ||||||
6,877 | Vinci SA (France) | 786,484 | ||||||
|
| |||||||
3,372,470 | ||||||||
|
| |||||||
Materials – 2.7% | ||||||||
933 | Linde PLC (United Kingdom) | 325,029 | ||||||
862 | Martin Marietta Materials, Inc. | 310,208 | ||||||
|
| |||||||
635,237 | ||||||||
|
| |||||||
Real Estate – 50.3% | ||||||||
4,215 | Alexandria Real Estate Equities, Inc. REIT | 631,323 | ||||||
10,906 | American Homes 4 Rent, Class A REIT | 338,304 | ||||||
4,303 | American Tower Corp. REIT | 852,037 | ||||||
2,845 | AvalonBay Communities, Inc. REIT | 490,819 | ||||||
27,121 | Big Yellow Group PLC REIT (United Kingdom) | 398,605 | ||||||
25,847 | CTP NV (Netherlands)(a) | 357,436 | ||||||
6,607 | Digital Realty Trust, Inc. REIT | 688,648 | ||||||
1,052 | Equinix, Inc. REIT | 724,060 | ||||||
8,223 | Equity LifeStyle Properties, Inc. REIT | 563,358 | ||||||
6,252 | Equity Residential REIT | 390,875 | ||||||
2,658 | Extra Space Storage, Inc. REIT | 437,640 | ||||||
18,140 | Goodman Group REIT (Australia) | 242,942 | ||||||
45 | Hoshino Resorts REIT, Inc. REIT (Japan) | 249,422 | ||||||
59,286 | Ingenia Communities Group REIT (Australia) | 158,319 | ||||||
17,246 | Invitation Homes, Inc. REIT | 539,110 | ||||||
185 | Nippon Prologis REIT, Inc. REIT (Japan) | 394,677 | ||||||
11,399 | Prologis, Inc. REIT | 1,406,637 | ||||||
839 | Public Storage REIT | 250,819 | ||||||
1,644 | SBA Communications Corp. REIT | 426,371 | ||||||
39,530 | Segro PLC REIT (United Kingdom) | 394,054 | ||||||
5,875 | Terreno Realty Corp. REIT | 365,484 | ||||||
32,305 | UNITE Group PLC (The) REIT (United Kingdom) | 384,452 | ||||||
7,502 | Ventas, Inc. REIT | 364,972 | ||||||
18,794 | Vonovia SE (Germany) | 475,355 | ||||||
6,872 | Welltower, Inc. REIT | 509,353 | ||||||
|
| |||||||
12,035,072 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – 24.8% | ||||||||
9,330 | AES Corp. (The) | 230,265 | ||||||
2,881 | American Water Works Co., Inc. | 404,435 | ||||||
9,077 | CMS Energy Corp. | 535,271 | ||||||
40,598 | Enel SpA (Italy) | 228,919 | ||||||
21,488 | Engie SA (France) | 315,295 | ||||||
5,900 | Eversource Energy | 444,624 | ||||||
83,438 | National Grid PLC (United Kingdom) | 1,058,629 | ||||||
13,476 | NextEra Energy, Inc. | 957,200 | ||||||
2,460 | Orsted AS (Denmark)(a) | 215,644 | ||||||
15,296 | Veolia Environnement SA (France) | 459,228 | ||||||
5,384 | WEC Energy Group, Inc. | 477,346 | ||||||
9,620 | Xcel Energy, Inc. | 621,163 | ||||||
|
| |||||||
5,948,019 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 97.3% | ||||||||
(Cost $25,877,838) | $ | 23,285,919 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7% | 650,804 | �� | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 23,936,723 | ||||||
|
|
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: | ||||
NVDR | —Non-Voting Depository Receipt | |||
PLC | —Public Limited Company | |||
REIT | —Real Estate Investment Trust | |||
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.6% | ||||||||
Communication Services – 11.3% | ||||||||
114,706 | Cellnex Telecom SA (Spain)*(a) | $ | 4,325,723 | |||||
30,506 | Electronic Arts, Inc. | 3,384,336 | ||||||
352,656 | Kuaishou Technology (China)*(a) | 2,358,678 | ||||||
40,880 | Match Group, Inc.* | 1,693,250 | ||||||
14,572 | NAVER Corp. (South Korea) | 2,296,060 | ||||||
295,013 | NetEase, Inc. (China) | 4,551,382 | ||||||
39,608 | Sea Ltd. ADR (Singapore)* | 2,475,104 | ||||||
342,926 | Snap, Inc., Class A* | 3,480,699 | ||||||
50,176 | Trade Desk, Inc. (The), Class A* | 2,807,849 | ||||||
71,449 | Yandex NV, Class A (Russia)*(b) | — | ||||||
|
| |||||||
27,373,081 | ||||||||
|
| |||||||
Consumer Discretionary – 4.0% | ||||||||
23,183 | Etsy, Inc.* | 2,814,648 | ||||||
5,535 | MercadoLibre, Inc. (Brazil)* | 6,752,700 | ||||||
|
| |||||||
9,567,348 | ||||||||
|
| |||||||
Health Care – 1.9% | ||||||||
46,428 | Hoya Corp. (Japan) | 4,591,162 | ||||||
|
| |||||||
Industrials – 1.4% | ||||||||
69,248 | Nidec Corp. (Japan) | 3,505,739 | ||||||
|
| |||||||
Information Technology – 78.2% | ||||||||
3,264 | Adyen NV (Netherlands)*(a) | 4,656,374 | ||||||
149,409 | AppLovin Corp., Class A* | 2,017,022 | ||||||
7,521 | ASM International NV (Netherlands) | 2,576,256 | ||||||
20,264 | Aspen Technology, Inc.* | 4,296,171 | ||||||
20,879 | Atlassian Corp., Class A* | 3,431,046 | ||||||
26,046 | BILL Holdings, Inc.* | 2,204,273 | ||||||
42,062 | Cadence Design Systems, Inc.* | 8,115,442 | ||||||
12,763 | CDW Corp. | 2,583,486 | ||||||
56,292 | Datadog, Inc., Class A* | 4,307,464 | ||||||
486,686 | Delta Electronics, Inc. (Taiwan) | 4,576,233 | ||||||
119,041 | Dynatrace, Inc.* | 5,062,814 | ||||||
53,551 | Entegris, Inc. | 4,564,152 | ||||||
50,860 | Fidelity National Information Services, Inc. | 3,222,998 | ||||||
79,748 | Hamamatsu Photonics KK (Japan) | 3,910,852 | ||||||
18,788 | HubSpot, Inc.* | 7,268,326 | ||||||
157,868 | Infineon Technologies AG (Germany) | 5,611,051 | ||||||
30,043 | Jack Henry & Associates, Inc. | 4,934,262 | ||||||
14,496 | Keysight Technologies, Inc.* | 2,318,780 | ||||||
2,991,697 | Kingdee International Software Group Co. Ltd. (China)* | 5,572,152 | ||||||
19,537 | KLA Corp. | 7,411,947 | ||||||
429,734 | Luxshare Precision Industry Co. Ltd., Class A (China) | 1,850,804 | ||||||
150,150 | Marvell Technology, Inc. | 6,779,273 | ||||||
209,653 | MediaTek, Inc. (Taiwan) | 4,974,782 | ||||||
50,752 | Micron Technology, Inc. | 2,934,481 | ||||||
38,012 | MKS Instruments, Inc. | 3,684,503 | ||||||
25,334 | Motorola Solutions, Inc. | 6,658,029 | ||||||
33,108 | ON Semiconductor Corp.* | 2,562,890 | ||||||
30,313 | Palo Alto Networks, Inc.* | 5,710,060 | ||||||
57,899 | Procore Technologies, Inc.* | 3,878,654 | ||||||
162,036 | Qualtrics International, Inc., Class A* | 2,741,649 | ||||||
57,050 | RingCentral, Inc., Class A* | 1,884,932 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
218,922 | Sangfor Technologies, Inc., Class A (China) | 4,497,668 | ||||||
9,792 | ServiceNow, Inc.* | 4,231,809 | ||||||
284,868 | Silergy Corp. (China) | 5,441,283 | ||||||
22,143 | Snowflake, Inc., Class A* | 3,418,436 | ||||||
8,993 | Tokyo Electron Ltd. (Japan) | 3,083,824 | ||||||
194,055 | UiPath, Inc., Class A* | 2,879,776 | ||||||
531,610 | Unimicron Technology Corp. (Taiwan) | 2,233,252 | ||||||
4,204,232 | United Microelectronics Corp. (Taiwan)* | 6,892,184 | ||||||
1,100,669 | Vanguard International Semiconductor Corp. (Taiwan) | 3,341,436 | ||||||
1,252,200 | Venustech Group, Inc., Class A (China) | 5,340,813 | ||||||
397,047 | Viavi Solutions, Inc.* | 4,343,694 | ||||||
21,662 | Wolfspeed, Inc.* | 1,602,555 | ||||||
26,339 | Workday, Inc., Class A* | 4,885,094 | ||||||
31,935 | Zscaler, Inc.* | 4,188,275 | ||||||
|
| |||||||
188,681,257 | ||||||||
|
| |||||||
Real Estate – 1.8% | ||||||||
16,324 | SBA Communications Corp. REIT | 4,233,629 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 98.6% | ||||||||
(Cost $307,346,177) | $ | 237,952,216 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4% | 3,322,779 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 241,274,995 | ||||||
|
|
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. |
| ||||
Investment Abbreviations: | ||||
ADR | —American Depositary Receipt | |||
REIT | —Real Estate Investment Trust | |||
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Assets and Liabilities
February 28, 2023 (Unaudited)
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 $115,320,974, $110,610,673, $192,719,571 and $25,877,838, respectively)(a) | $ | 98,179,593 | $ | 102,766,969 | $ | 159,943,340 | $ | 23,285,919 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 575,036 | — | 1,450,409 | — | ||||||||||||||
Cash | 1,067,855 | 575,108 | 1,663,539 | 361,709 | ||||||||||||||
Foreign currency, at value (cost $368,715, $100,652, $609 and $280,088, respectively) | 375,063 | 104,300 | 657 | 278,997 | ||||||||||||||
Receivables: | ||||||||||||||||||
Dividends | 35,813 | 135,932 | 137,624 | 20,127 | ||||||||||||||
Foreign tax reclaims | 7,873 | 1,743 | 85,764 | 4,253 | ||||||||||||||
Securities lending income | 657 | — | 4,494 | — | ||||||||||||||
Investments sold | — | — | 907 | — | ||||||||||||||
Total assets | 100,241,890 | 103,584,052 | 163,286,734 | 23,951,005 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | 575,036 | — | 1,450,409 | — | ||||||||||||||
Management fees | 59,572 | 61,257 | 96,762 | 14,282 | ||||||||||||||
Foreign bank overdraft (cost $0, $0, $639 and $0, respectively) | — | — | 642 | — | ||||||||||||||
Total liabilities | 634,608 | 61,257 | 1,547,813 | 14,282 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 122,103,095 | 117,394,743 | 199,114,636 | 27,902,274 | ||||||||||||||
Total distributable loss | (22,495,813 | ) | (13,871,948 | ) | (37,375,715 | ) | (3,965,551 | ) | ||||||||||
NET ASSETS | $ | 99,607,282 | $ | 103,522,795 | $ | 161,738,921 | $ | 23,936,723 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 3,975,000 | 3,325,000 | 5,200,000 | 725,000 | ||||||||||||||
Net asset value per share: | $25.06 | $31.13 | $31.10 | $33.02 |
(a) | Includes loaned securities having a market value of $542,866, $–, $1,369,696 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS FUTURE ETFS
Statements of Assets and Liabilities (continued)
February 28, 2023 (Unaudited)
Future Tech Leaders Equity ETF | ||||||
Assets: | ||||||
Investments at value (cost $307,346,177) | $ | 237,952,216 | ||||
Cash | 3,392,675 | |||||
Receivables: | ||||||
Dividends | 47,087 | |||||
Foreign tax reclaims | 27,478 | |||||
Total assets | 241,419,456 | |||||
Liabilities: | ||||||
Payables: | ||||||
Management fees | 144,259 | |||||
Foreign bank overdraft (cost $207) | 202 | |||||
Total liabilities | 144,461 | |||||
Net Assets: | ||||||
Paid-in capital | 382,783,572 | |||||
Total distributable loss | (141,508,577 | ) | ||||
NET ASSETS | $ | 241,274,995 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 10,400,000 | |||||
Net asset value per share: | $23.20 |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations
For the Six Months Ended February 28, 2023 (Unaudited)
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 $12,993, $6,094, $119,560 and $12,613, respectively) | $ | 225,637 | $ | 336,690 | $ | 1,074,417 | $ | 246,892 | ||||||||||
Non cash dividend income | 97,550 | — | — | — | ||||||||||||||
Securities lending income — unaffiliated issuer | 3,800 | 36 | 38,279 | 220 | ||||||||||||||
Total investment income | 326,987 | 336,726 | 1,112,696 | 247,112 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 321,156 | 381,195 | 604,603 | 78,493 | ||||||||||||||
Trustee fees | 7,513 | 7,882 | 9,152 | 6,252 | ||||||||||||||
Total expenses | 328,669 | 389,077 | 613,755 | 84,745 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,682 | ) | (52,351 | ) | 498,941 | 162,367 | ||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | (1,904,982 | ) | (3,978,400 | ) | (3,582,470 | ) | (849,708 | ) | ||||||||||
In-kind redemptions | — | 1,237,202 | 1,106,880 | 3,714 | ||||||||||||||
Foreign currency transactions | (5,396 | ) | (4,421 | ) | 3,649 | 2,691 | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | 1,276,247 | 6,838,759 | 7,099,829 | 48,317 | ||||||||||||||
Foreign currency translations | 8,762 | 3,339 | 2,617 | 2,407 | ||||||||||||||
Net realized and unrealized gain (loss) | (625,369 | ) | 4,096,479 | 4,630,505 | (792,579 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (627,051 | ) | $ | 4,044,128 | $ | 5,129,446 | $ | (630,212 | ) |
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2023 (Unaudited)
Future Tech Leaders Equity ETF | ||||||
Investment income: | ||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $24,670) | $ | 441,789 | ||||
Securities lending income — unaffiliated issuer | 366 | |||||
Total investment income | 442,155 | |||||
Expenses: | ||||||
Management fees | 828,563 | |||||
Trustee fees | 10,367 | |||||
Total expenses | 838,930 | |||||
NET INVESTMENT LOSS | (396,775 | ) | ||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain (loss) from: | ||||||
Investments — unaffiliated issuers | (37,339,116 | ) | ||||
In-kind redemptions | 520,385 | |||||
Foreign currency transactions | (15,949 | ) | ||||
Net change in unrealized gain (loss) on: | ||||||
Investments — unaffiliated issuers | 29,650,778 | |||||
Foreign currency translations | 756 | |||||
Net realized and unrealized loss | (7,183,146 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,579,921 | ) |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets
Future Consumer Equity ETF | Future Health Care Equity ETF | |||||||||||||||||||||
For the Six Months Ended | For the Period November 9, 2021* to August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Period November 9, 2021* to August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income (loss) | $ | (1,682 | ) | $ | 198,811 | $ | (52,351 | ) | $ | (162,050 | ) | |||||||||||
Net realized loss | (1,910,378 | ) | (4,106,857 | ) | (2,745,619 | ) | (2,416,068 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 1,285,009 | (18,419,972 | ) | 6,842,098 | (14,682,986 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (627,051 | ) | (22,328,018 | ) | 4,044,128 | (17,261,104 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | — | (202,678 | ) | (102 | ) | — | ||||||||||||||||
From return of capital | — | (74,347 | ) | — | — | |||||||||||||||||
Total distributions to shareholders | — | (277,025 | ) | (102 | ) | — | ||||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 11,233,800 | 120,508,199 | 7,942,928 | 129,642,436 | ||||||||||||||||||
Cost of shares redeemed | — | (8,902,623 | ) | (10,245,168 | ) | (10,600,323 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 11,233,800 | 111,605,576 | (2,302,240 | ) | 119,042,113 | |||||||||||||||||
TOTAL INCREASE | 10,606,749 | 89,000,533 | 1,741,786 | 101,781,009 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 89,000,533 | $ | — | $ | 101,781,009 | $ | — | ||||||||||||||
End of period | $ | 99,607,282 | $ | 89,000,533 | $ | 103,522,795 | $ | 101,781,009 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | For the Six Months Ended February 28, 2023 (Unaudited) | For the Period November 9, 2021* to August 31, 2022 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 498,941 | $ | 1,061,992 | $ | 162,367 | $ | 276,661 | ||||||||||||||
Net realized loss | (2,471,941 | ) | (2,878,218 | ) | (843,303 | ) | (547,285 | ) | ||||||||||||||
Net change in unrealized gain (loss) | 7,102,446 | (42,812,576 | ) | 50,724 | (2,643,761 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 5,129,446 | (44,628,802 | ) | (630,212 | ) | (2,914,385 | ) | |||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (617,909 | ) | (755,496 | ) | (209,691 | ) | (211,263 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 6,046,721 | 191,443,464 | 1,628,238 | 27,100,977 | ||||||||||||||||||
Cost of shares redeemed | (22,643,478 | ) | (32,339,953 | ) | (826,941 | ) | — | |||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (16,596,757 | ) | 159,103,511 | 801,297 | 27,100,977 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (12,085,220 | ) | 113,719,213 | (38,606 | ) | 23,975,329 | ||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 173,824,141 | $ | 60,104,928 | $ | 23,975,329 | $ | — | ||||||||||||||
End of period | $ | 161,738,921 | $ | 173,824,141 | $ | 23,936,723 | $ | 23,975,329 |
* | Commencement of operations. |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
Future Tech Leaders Equity ETF | ||||||||||||||
For the Six Months Ended February 28, 2023 (Unaudited) | For the Period September 14, 2021* to August 31, 2022 | |||||||||||||
From operations: |
| |||||||||||||
Net investment income (loss) | $ | (396,775 | ) | $ | 74,214 | |||||||||
Net realized loss | (36,834,680 | ) | (38,383,334 | ) | ||||||||||
Net change in unrealized gain (loss) | 29,651,534 | (99,046,678 | ) | |||||||||||
Net decrease in net assets resulting from operations | (7,579,921 | ) | (137,355,798 | ) | ||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | (48,204 | ) | (9,965 | ) | ||||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 14,092,872 | 422,677,334 | ||||||||||||
Cost of shares redeemed | (7,597,184 | ) | (42,904,139 | ) | ||||||||||
Net increase in net assets resulting from share transactions | 6,495,688 | 379,773,195 | ||||||||||||
TOTAL INCREASE (DECREASE) | (1,132,437 | ) | 242,407,432 | |||||||||||
Net assets: |
| |||||||||||||
Beginning of period | $ | 242,407,432 | $ | — | ||||||||||
End of period | $ | 241,274,995 | $ | 242,407,432 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS FUTURE ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
30 | 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
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 31 |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
32 | 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
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. | 33 |
GOLDMAN SACHS FUTURE ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
February 28, 2023 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs 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 |
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.
35
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF, income distributions, if any, are declared and paid annually. For Goldman Sachs Future Real Estate and Infrastructure Equity ETF income distributions, if any, are declared and paid semi-annually. 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
36
GOLDMAN SACHS FUTURE ETFS
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 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.
37
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2023:
FUTURE CONSUMER EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 16,049,234 | $ | — | $ | — | ||||||
Europe | 22,999,308 | — | — | |||||||||
North America | 56,890,940 | — | — | |||||||||
South America | 2,240,111 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 575,036 | — | — | |||||||||
Total | $ | 98,754,629 | $ | — | $ | — | ||||||
FUTURE HEALTH CARE EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 5,683,033 | $ | — | $ | — | ||||||
Europe | 10,622,707 | — | — | |||||||||
North America | 86,461,229 | — | — | |||||||||
Total | $ | 102,766,969 | $ | — | $ | — | ||||||
FUTURE PLANET EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 25,313,717 | $ | — | $ | — | ||||||
Europe | 61,573,550 | — | — | |||||||||
North America | 73,004,897 | 95 | — | |||||||||
Oceania | 51,081 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,450,409 | — | — | |||||||||
Total | $ | 161,393,654 | $ | 95 | $ | — | ||||||
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 | $ | 644,099 | $ | 293,495 | $ | — | ||||||
Europe | 6,748,019 | — | — | |||||||||
North America | 14,045,136 | — | — | |||||||||
Oceania | 1,555,170 | — | — | |||||||||
Total | $ | 22,992,424 | $ | 293,495 | $ | — |
(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. |
38
GOLDMAN SACHS FUTURE ETFS
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 | $ | 71,493,408 | $ | — | $ | — | ||||||
Europe | 17,169,405 | — | — | |||||||||
North America | 142,536,703 | — | — | |||||||||
South America | 6,752,700 | — | — | |||||||||
Total | $ | 237,952,216 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the
Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2023, contractual and effective net unitary management fee rates 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
39
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
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 Six Months Ended to February 28, 2023 (Unaudited) | For the Period November 9, 2021* to August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 475,000 | $ | 11,234,739 | 3,800,001 | $ | 120,483,990 | ||||||||||
Shares Redeemed | — | — | (300,001 | ) | (8,899,985 | ) | ||||||||||
NET INCREASE IN SHARES | 475,000 | $ | 11,234,739 | 3,500,000 | $ | 111,584,005 | ||||||||||
Goldman Sachs Future Health Care Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended to February 28, 2023 (Unaudited) | For the Period November 9, 2021* to August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 250,000 | $ | 7,942,928 | 3,725,001 | $ | 129,641,934 | ||||||||||
Shares Redeemed | (325,000 | ) | (10,245,168 | ) | (325,001 | ) | (10,600,323 | ) | ||||||||
NET INCREASE IN SHARES | (75,000 | ) | $ | (2,302,240 | ) | 3,400,000 | $ | 119,041,611 | ||||||||
Goldman Sachs Future Planet Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended to February 28, 2023 (Unaudited) | For the Fiscal Year Ended August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 200,000 | $ | 6,013,542 | 5,375,000 | $ | 191,424,437 | ||||||||||
Shares Redeemed | (750,000 | ) | (22,638,478 | ) | (1,050,000 | ) | (32,343,100 | ) | ||||||||
NET INCREASE IN SHARES | (550,000 | ) | $ | (16,624,936 | ) | 4,325,000 | $ | 159,081,337 |
* | Commencement of operations |
40
GOLDMAN SACHS FUTURE ETFS
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended to February 28, 2023 (Unaudited) | For the Period November 9, 2021* to August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 50,000 | $ | 1,628,238 | 700,001 | $ | 27,101,017 | ||||||||||
Shares Redeemed | (25,000 | ) | (826,941 | ) | (1 | ) | (40 | ) | ||||||||
NET INCREASE IN SHARES | 25,000 | $ | 801,297 | 700,000 | $ | 27,100,977 | ||||||||||
Goldman Sachs Future Tech Leaders Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended to February 28, 2023 (Unaudited) | For the Period September 14, 2021* to August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 675,000 | $ | 14,090,210 | 11,700,000 | $ | 422,462,591 | ||||||||||
Shares Redeemed | (325,000 | ) | (7,562,890 | ) | (1,650,000 | ) | (42,748,691 | ) | ||||||||
NET INCREASE IN SHARES | 350,000 | $ | 6,527,320 | 10,050,000 | $ | 379,713,900 |
* | Commencement of operations |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Future Consumer Equity ETF | $ | 8,296,332 | $ | 5,793,440 | ||||||
Goldman Sachs Future Health Care Equity ETF | 15,152,632 | 14,016,349 | ||||||||
Goldman Sachs Future Planet Equity ETF | 11,269,674 | 10,567,937 | ||||||||
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | 3,539,399 | 3,716,890 | ||||||||
Goldman Sachs Future Tech Leaders Equity ETF | 50,063,972 | 48,566,299 |
41
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Future Consumer Equity ETF | $ | 9,380,931 | $ | — | ||||||
Goldman Sachs Future Health Care Equity ETF | 7,864,244 | 10,076,416 | ||||||||
Goldman Sachs Future Planet Equity ETF | 5,593,703 | 21,322,457 | ||||||||
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | 1,603,791 | 808,867 | ||||||||
Goldman Sachs Future Tech Leaders Equity ETF | 11,107,762 | 6,294,791 |
7. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% 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 February 28, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
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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 six months ended February 28, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2023:
Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2023 | ||||||||||||||
Goldman Sachs Future Consumer Equity ETF | $ | — | $ | 1,350,850 | $ | (775,814 | ) | $ | 575,036 | |||||||||
Goldman Sachs Future Health Care Equity ETF | — | 316,373 | (316,373 | ) | — | |||||||||||||
Goldman Sachs Future Planet Equity ETF | 1,990,428 | 7,802,519 | (8,342,538 | ) | 1,450,409 | |||||||||||||
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | — | 1,089,645 | (1,089,645 | ) | — | |||||||||||||
Goldman Sachs Future Tech Leaders Equity ETF | 706,501 | 4,848,214 | (5,554,715 | ) | — |
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards 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 | ||||||||||||||||
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 | ) |
As of February 28, 2023, the Funds’ 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 | $ | 116,259,231 | $ | 111,044,503 | $ | 195,288,256 | $ | 26,173,811 | $ | 316,394,261 | ||||||||||
Gross unrealized gain | 2,868,461 | 3,754,088 | 159,943,340 | 341,913 | 8,396,989 | |||||||||||||||
Gross unrealized loss | (20,373,063 | ) | (12,031,622 | ) | (193,837,847 | ) | (3,229,805 | ) | (86,839,034 | ) | ||||||||||
Net unrealized gains (losses) | $ | (17,504,602 | ) | $ | (8,277,534 | ) | $ | (33,894,507 | ) | $ | (2,887,892 | ) | $ | (78,442,045 | ) |
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.
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GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 28, 2023 (Unaudited)
8. TAX INFORMATION (continued) |
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.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of 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.
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9. OTHER RISKS (continued) |
Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except the Future Planet Equity ETF) trading individually or in the aggregate at any point in time.
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.
10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS FUTURE ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS FUTURE ETFS
Fund Expenses — Six Months ended 2/28/2023 (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 September 1, 2022 and held for the six months ended February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid*** | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid* | Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid** | ||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 985.45 | $ | 3.69 | $ | 1,000 | $ | 1,039.75 | $ | 3.79 | $ | 1,000 | $ | 1,032.82 | $ | 3.77 | $ | 1,000 | $ | 973.36 | $ | 3.67 | $ | 1,000 | $ | 962.08 | $ | 3.65 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,021.08 | + | 3.76 | 1,000 | 1,021.07 | + | 3.76 | 1,000 | 1,021.08 | + | 3.75 | 1,000 | 1,021.08 | + | 3.76 | 1,000 | 1,021.08 | + | 3.76 |
+ | 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 February 28, 2023. 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 |
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GOLDMAN SACHS FUTURE ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited)
Background
The 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 (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at meetings held on September 19-20, 2022 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund, to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual
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GOLDMAN SACHS FUTURE ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited) (continued)
Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted 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 Funds and their service providers 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, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are actively-managed ETFs that seek long-term growth of capital, except for the Goldman Sachs Future Planet Equity ETF, which seeks long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fundamental equity investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees noted that the 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 launched on November 9, 2021, November 9, 2021, July 13, 2021, November 9, 2021, and September 14, 2021, respectively, and did not yet have a meaningful performance history.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In particular, the Trustees reviewed analyses prepared by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”) regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
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GOLDMAN SACHS FUTURE ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited) (continued)
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (g) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued until September 30, 2023.
50
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 $2.30 trillion in assets under supervision as of December 31, 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 Community Municipal Bond ETF |
Goldman Sachs Defensive 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
|
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 Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds 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, 2023 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.
© 2023 Goldman Sachs. All rights reserved. 313717-OTU-1781861 FTRETFSAR-23
ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(e) Not applicable.
(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. 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. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, 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. |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
(a)(1) | Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on November 3, 2022. | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(a)(3) | Not applicable to open-end investment companies. | |||
(a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs ETF Trust | ||
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 3, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 3, 2023 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 3, 2023 |